2025 Second Quarter State-Level GDP Data
Real gross domestic product (GDP) increased in 48 states in the second quarter of 2025 compared to the first quarter, according to the U.S. Bureau of Economic Analysis (BEA). Mississippi and Arkansas reported declines, while the District of Columbia reported no change during this time. Growth was geographically broad but varied considerably in magnitude, ranging from […]
State/Local Property Tax Revenue Share Falls for Third Straight Quarter
In the second quarter of 2025, property tax revenue for state and local governments recorded a new high, although it decreased as a share of total tax revenue. . On a seasonally adjusted basis, state and local government property tax revenue grew 0.7% over the quarter, according to the Census Bureau’s quarterly summary of state […]
Mortgage Rates Continue Downward Trend in September
Average mortgage rates in September trended lower as the bond market priced in expectations of rate cuts by the Federal Reserve. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.35%, 24 basis points (bps) lower than August. Meanwhile, the 15-year rate declined 21 bps to 5.50%. Despite the recent drop, rates remain higher than […]
Existing Home Sales Fall in August Amid Higher Mortgage Rates
Existing home sales dipped in August as elevated mortgage rates and higher home prices continued to sideline buyers, according to the National Association of Realtors (NAR). August sales reflected deals closed in June and July, when mortgage rates remained above 6.5%, about 50 basis points higher than current levels. Mortgage rates have hovered between 6.5% […]
New Home Sales Post Unexpected Large Gain in August
A modest drop in mortgage rates led to a surprisingly large jump in new home sales in August, though the figure may be revised downward in the coming month. Sales of newly built single-family homes jumped 20.5% in August to a seasonally adjusted annual rate of 800,000 from an upwardly revised reading in July, according […]
Single-Family Construction Loan Volume Falls Back
The NAHB Land Acquisition, Development and Construction (AD&C) loan survey in the second quarter reported tightening credit conditions for builders. Consequently, FDIC data reporting the outstanding volume of 1-4 family construction loans fell in the second quarter. The total volume of all AD&C loans fell for the sixth straight quarter, led by declines in other […]
Beyond the Official Unemployment Rate: A Deep Dive into U.S. Unemployment
In August, the official, or standardly referenced, unemployment rate rose slightly to 4.3%, up from 4.2% in July. This marks the highest level in nearly four years, though it remains historically low. Although the national unemployment rate provides a broader view of labor market conditions, it often obscures significant variations at the local level. In […]
Single-Family Homes Are Built Faster in 2024
Building a new single-family home took less time in 2024 compared to the previous two years. On average, it now takes 9.1 months from start to finish. That includes 1.4 months for authorization to start construction and another 7.6 months to finish construction. Data from the Census Bureau’s Survey of Construction shows that single-family construction […]
State-Level Employment Situation: August 2025
The latest government state employment report paints a mixed picture of the job market. While a few states saw modest employment gains, most areas showed little to no progress. The pace of hiring appears to be slowing, raising concerns about the strength of the recovery. Nonfarm payroll employment increased in 32 states in August compared […]
Who are NAHB Associate Members?
Every year since 2008, the NAHB has conducted a member census in order to better understand the composition and characteristics of the people who belong to its organization. Similar to a previous post about builder members, NAHB conducted a related analysis of its associate members. In 2024, 65% of NAHB’s members were associate members—those involved […]
Women in Construction Reach Highest Share in Two Decades
In 2024, the number of women employed in the construction industry rose to around 1.34 million. Women now represent 11.2% of the construction workforce, the highest share in the past 20 years. This rise aligns with the growing presence of white-collar jobs in the industry. As the industry continues to face a persistent shortage of skilled […]
The Fed Cuts and Projects More Easing to Come
After a monetary policy pause that began at the start of 2025, the Federal Reserve’s monetary policy committee (FOMC) voted to reduce the short-term federal funds rate by 25 basis points at the conclusion of its September meeting. This move decreased the target federal funds rate to an upper rate of 4.25%. Economically, the cut […]
Housing Starts Remain Soft Ahead of Fed Meeting
Challenging affordability conditions continue to act as headwinds for the housing industry, but the sector could see lower interest rates in the near future with the Federal Reserve expected to cut short-term interest rates this afternoon. Overall housing starts decreased 8.5% in August to a seasonally adjusted annual rate of 1.31 million units, according to a […]
Builder Confidence Steady but Future Sales Expectations Hit Six-Month High
Builder sentiment levels remained unchanged in September but lower mortgage rates and expectations that the Federal Reserve will soon cut the federal funds rate led to higher future sale expectations in the coming months. Builder confidence in the market for newly built single-family homes was 32 in September, unchanged from the August reading, according to […]
Shelter Inflation Continued to Cool
Inflation accelerated to a seven month high in August as tariff-related costs continued to pass through to consumers, according to the Bureau of Labor Statistics’ (BLS) latest report. Core goods prices, which exclude volatile food and energy, rose by 1.5% in August, the fastest annual pace since May 2023. Meanwhile, housing inflation continued to show […]
Builders Stay Cautious as Single-Family Permits Extend Downtrend
Single-family housing permits slipped for the seventh month in a row, highlighting affordability headwinds and weak demand. While multifamily permits ticked up, the sector’s volatility leaves the outlook uncertain. The split underscores a housing market still under strain, with single-family softness weighing on broader growth prospects. Over the first seven months of 2025, the total […]
Household Real Estate Asset Values Reach New High
The market value of household real estate assets rose to $49.3 trillion in the second quarter of 2025, according to the most recent release of U.S. Federal Reserve Z.1 Financial Accounts. The value rose by 2.7% from the first quarter and is 1.1% higher than a year ago. This measure of market value estimates the […]
Parking Trends in Newly Completed Single-Family Homes, 2024
In 2024, 65% of newly completed single-family homes featured two-car garages, according to NAHB’s analysis of the Census’s Survey of Construction data. The share of new homes with three or more car garages stood at 15%, continuing a downward trend from its peak of 24% in 2015 and decreasing 2 percentage points from 2023. On […]