The cost per square foot of a single-family home declines systematically as the home becomes larger, according to NAHB analysis of two recent data sources. In microeconomics, unit costs that decline as a business operation increases in size are called economies of scale. In home building, economies of scale may exist in several forms. It…
Median square foot prices (excluding record-high improved lot values) for new single-family detached (SFD) homes started in 2023 remained largely stable, according to NAHB’s analysis of the latest Survey of Construction data. For custom, or contractor-built, homes, the median price was $162 per square foot of floor space, not significantly different from $156 in 2022….
A majority of single-family homes started in 2023 continued to have two full bathrooms according to the latest release of the Census Bureau’s Survey of Construction. According to the latest data, 64.7% of new single-family homes started in 2023 had two full bathrooms, 23.8% had three full bathrooms, 6.9% had 4 or more full bathrooms,…
Sales of new homes rose unexpectedly in July, following significant revisions in the previous months data. Sales of newly built, single-family homes in July rose 10.6% to a 739,000 seasonally adjusted annual rate from significant upward revisions in June, according to newly released data from the U.S. Department of Housing and Urban Development and the…
An expected impact of the virus crisis was a need for more residential space, as people use homes for more purposes including work. Home size correspondingly increased in 2021 as interest rates reached historic lows. However, as interest rates increased in 2022 and 2023, and housing affordability worsened, the demand for home size has trended…
Single-family built-for-rent construction posted year-over-year gains as of the second quarter of 2024, as builders sought to add additional rental housing in a market facing ongoing, elevated mortgage interest rates. According to NAHB’s analysis of data from the Census Bureau’s Quarterly Starts and Completions by Purpose and Design, there were approximately 23,000 single-family built-for-rent (SFBFR) starts…
NAHB’s analysis of Census Data from the Quarterly Starts and Completions by Purpose and Design survey indicates gains for custom home building after some recent slowing. Custom home building typically involves home buyers less sensitive to changes for interest rates. There were 52,000 total custom building starts during the second quarter of 2024. This marks an almost…
