National Association of Home Builders Economic Research Blog

Which Local Markets Track National Trends the Most: 2024 Single-Family MAI
Which Local Markets Track National Trends the Most: 2024 Single-Family MAI
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The National Association of Home Builders developed the Single-Family Market Association Index (MAI) to measure how closely single-family building permits in metro areas follow national patterns. By comparing local and ...
The Fed Cuts amid Partly Cloudy Conditions
The Fed Cuts amid Partly Cloudy Conditions
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With the government shutdown limiting the quantity of economic data available to markets and policymakers, the central bank’s Federal Open Market Committee (FOMC) enacted a widely anticipated 25 basis point ...
Home Price Growth Slows
Home Price Growth Slows
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Home prices in August grew at the lowest annual rate in over two years, according to the recent release of the S&P Cotality Case-Shiller Home Price Index (seasonally adjusted – ...
Two-Story Foyer Trend Stabilizes in 2024
Two-Story Foyer Trend Stabilizes in 2024
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In 2024, nearly a quarter of new homes were built with a two-story foyer, virtually unchanged from 2023, according to data obtained from the Census Bureau’s Survey of Construction (SOC) ...
Inflation Picks Up in September
Inflation Picks Up in September
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Inflation increased in September to the fastest pace since the start of the year, showing tariff pressure on prices continues to materialize gradually, according to the Bureau of Labor Statistics ...
Existing Home Sales Increase in September
Existing Home Sales Increase in September
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Existing home sales rose to a seven-month high in September as mortgage rates eased and inventory improved, according to the National Association of Realtors (NAR). Resale inventory matched to the ...
Where are Porches Most Common for Newly-Built Homes?
Where are Porches Most Common for Newly-Built Homes?
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Although the share of new homes with porches edged down in 2024, porches continue to rank as the most common outdoor feature on new homes, according to NAHB tabulation of ...
How COVID-19 Reshaped the U.S. Labor Market and Housing Demand
How COVID-19 Reshaped the U.S. Labor Market and Housing Demand
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Between February 2020 and June 2022, the U.S. labor market experienced the deepest downturn on record followed by the fastest recovery in at least a century. The COVID-19 pandemic disrupted ...
Median Age of Construction Labor Force Holds at 42 
Median Age of Construction Labor Force Holds at 42 
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The median age of construction labor force is 42, one year older than a typical worker in the national labor force, according to NAHB analysis of the most recent 2023 ...
Non-Conventional Financing for New Home Sales Loses Ground in 2024
Non-Conventional Financing for New Home Sales Loses Ground in 2024
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Nationwide, the share of non-conventional financing for new home sales accounted for 31% of the market per NAHB analysis of the 2024 Census Bureau Survey of Construction (SOC) data. This ...
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The share of minority-owned new residential builders and remodelers has more than doubled since the Great Recession, with noticeable gains from 2017 to 2022. Nevertheless, when compared to the overall U.S. population, minority-owned firms continue to be underrepresented within both housing sectors. New Residential Builders...

The average time needed to complete construction of a multifamily building after obtaining authorization edged down in 2024, according to the 2024 Survey of Construction (SOC) from the Census Bureau. On average, it took 19.6 months from permit to completion, about 0.3 months shorter than...

Though the rate of inflation peaked in June 2022, consumer prices continued to increase throughout 2023 and 2024 as inflation drove further price growth, according to 2024 CPI review from the Bureau of Labor Statistics. Nonetheless, the rate of inflation slowed from 3.4% in 2023...

Median square foot prices for new single-family detached (SFD) homes started in 2024 grew modestly, according to NAHB’s analysis of the latest Survey of Construction (SOC) data. For custom, or contractor-built, homes, the median price was $166 per square foot of floor space, up slightly...

Only 17% of NAHB builder members build age-restricted housing for people age 55 or older, according to 2024 Member Census.  This is up two percentage points from the previous year.  However, this share has remained within a narrow band (15%-17%) since the question was added...

Consumer confidence fell to a five-month low as consumers remain concerned about reignited inflation and a weakening labor market amid economic uncertainty. The labor market differential, which measures the gap between consumers viewing job as plentiful and hard-to-get, has narrowed for nine straight month and...

The count of open, unfilled positions in the construction industry decreased in August, per the Bureau of Labor Statistics Job Openings and Labor Turnover Survey (JOLTS). The decline occurred as home building weakened in 2025. The number of open jobs for the overall economy was...

In 2024, approximately 43,000 homes were built in age-restricted communities, representing just over 3% of all housing starts. According to the Census Bureau’s Survey of Construction, roughly three-quarters of these homes (32,000) were single-family units. The remaining 11,000 were multifamily units, which marked the lowest...

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...

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...

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...

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...

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...

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...

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,...

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 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....

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....

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