New single-family home sales posted a small decline in January as housing demand was affected by a jump in mortgage rates. The January pace of sales was nonetheless solid due to a lack of resale inventory and ongoing need for new construction. The U.S. Department of Housing and Urban Development and the U.S. Census Bureau…
According to NAHB analysis of quarterly Census data, the market share of rental units of multifamily construction starts increased to 94.2% during the fourth quarter of 2021. In contrast, the historical low share of 47% was set during the third quarter of 2005, during the condo building boom. An average share of 80% was registered…
National home prices grew at an unsustainable pace in December, supported by strong demand and record-low inventory. Home price appreciation is expected to slow in the coming quarters as rising mortgage rates price some homebuyers out of the market. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, reported by S&P Dow Jones Indices, rose…
An expected impact of the virus crisis is a need for more residential space, as people use homes for more purposes including work. Recent data confirms this impact on the market continues to occur. According to fourth quarter 2021 data from the Census Quarterly Starts and Completions by Purpose and Design and NAHB analysis, median…
NAHB’s analysis of Census Data from the Quarterly Starts and Completions by Purpose and Design survey indicates custom home building expanded by 10.8% in 2021 amid strong demand for move-up purchases given a rise in existing home equity. There were 49,000 total custom building starts during the final quarter of 2021. This marks a 11.4% gain from…
Despite record-low inventory and higher prices, existing home sales jumped in January as buyers expected further rate increases and locked in current low rates, according to the National Association of Realtors (NAR). However, investors with all-cash offers were squeezing out first-time and young homebuyers. More supply especially at lower-end market is needed in order to…
According to NAHB analysis of the most recent Census data of Starts and Completions by Purpose and Design, townhouse construction jumped 28.1% in 2021. As housing demand has shifted to more suburban and exurban areas and housing affordability headwinds persist, medium-density construction lagged for much of 2020. However, demand for medium density neighborhoods returned as the…
