National Association of Home Builders Economic Research Blog
PCE Inflation Remains Sticky
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The latest report shows the Federal Reserve’s preferred inflation gauge remains sticky in July, complicating the Fed’s path to its long-term 2% target. Meanwhile, consumer spending remains resilient but is ...
Multifamily Missing Middle Falls Back
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Multifamily missing middle construction declined during the second quarter of 2026. The missing middle construction sector includes development of medium-density housing, such as townhouses, duplexes and other small multifamily properties. The multifamily ...
Economic Uncertainty, Affordability Challenges Weigh on New Home Sales
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Elevated borrowing costs, rising inflation and broad economic uncertainty continue to curb buyer demand and hold back new home sales. Sales of newly built single-family homes declined 10.5% in July ...
Second Quarter 2026 Multifamily Construction Data
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According to NAHB analysis of quarterly Census data, the count of multifamily, for-rent housing starts increased year-over-year during the second quarter of 2026. For the quarter, 117,000 multifamily residences started ...
Cost of Materials Rises, Especially for Smaller Builders
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Material costs increased by 6.7% over the previous year, according to results from the survey for the July 2026 NAHB/Wells Fargo Housing Market Index (HMI). A large majority (72.9%) of ...
State-Level Employment Situation: July 2026
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The labor market continued to lose momentum in July, with total nonfarm payroll employment declining nationally and employment gains becoming more limited across states. While overall employment fell by 23,000 ...
Second Quarter Declines for Single-Family Built-to-Rent
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Single-family built-for-rent (SFBFR, or built-to-rent (BTR)) construction fell back in the second quarter of 2026, as a higher cost of financing, increased multifamily supply and policy concerns over Congressional legislation ...