Mortgage application activity continued to decline in August as elevated US treasury yields pushed mortgage rates higher. The Mortgage Bankers Association’s (MBA) Market Composite Index, a measure of total mortgage application volume, declined 3.2% month-over-month in August on a seasonally adjusted basis, marking the sixth...
The National Association of Home Builders (NAHB) conducts an annual census to better understand the composition and characteristics of its members. In 2025, 35% of NAHB’s membership was comprised of builder members—single-family and multifamily builders, residential and commercial remodelers, commercial builders, land developers, and manufacturers...
Building a new single-family home took less time in 2025 compared to the previous three years. On average, it now takes 8.8 months from start to finish. That time includes 1.4 months for authorization to start construction and another 7.4 months to finish construction. Data...
The average time needed to complete construction of a multifamily building after obtaining authorization edged down in 2025, according to the 2025 Survey of Construction (SOC) from the Census Bureau. On average, it took 18.9 months from permit to completion, about 0.7 months shorter than...
The U.S. labor market rebounded in August, with nonfarm payrolls increasing by 162,000 and upward revisions adding 55,000 jobs to June and July. The unemployment rate held steady at 4.1%, as both employment and the labor force participation rate rose over the month. August’s gain...
In the second quarter of 2026, the national median price for a new single-family home was $410,700, $25,000 lower than the national median price of an existing home, which stood at $435,700. This marks the largest difference between the national median trends for existing and...
Mortgage rates increased in August as Treasury yields remained elevated amid persistent inflation concerns. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.67% in August, up 13 basis points (bps) over July. Since the conflict in the Middle East began, the 30-year mortgage rate...
The share of new homes with patios dipped below 61% for the first time since 2019, according to NAHB tabulation of data from the Survey of Construction (conducted by the U.S. Census Bureau with partial funding from the Department of Housing and Urban Development). Of...
Private residential construction spending fell further in July, marking its fourth consecutive monthly decline. According to the latest construction spending data from the U.S. Census Bureau, private residential construction spending stood at a seasonally adjusted annual rate (SAAR) of $859.0 billion in July, down 1.3%...
U.S. house prices continued to rise in the second quarter of 2026, with most states and metropolitan areas recording annual gains. Elevated borrowing costs and affordability constraints remained important headwinds, while limited housing supply continued to support prices in many markets, particularly across parts of...
The number of open positions in the construction sector increased in July per the Bureau of Labor Statistics Job Openings and Labor Turnover Survey (JOLTS). The current level of open jobs is down from three years ago due to declines in construction activity, particularly in...
Home building trends diverged across geographies in the second quarter of 2026. According to the Home Building Geography Index (HBGI), single-family construction declined in nearly all geographic categories, although the contraction eased in most markets from the first quarter. Multifamily construction expanded across six of...
Household debt delinquency rates showed signs of stabilization in the second quarter of 2026 as overall share of delinquency balances edged lower and the transition to seriously delinquent debt declined for the second consecutive quarter. According to the latest Quarterly Report on Household Debt and...
Single-family construction lending fell slightly in the second quarter, according to data released by the Federal Deposit Insurance Corporation. The volume of 1-4 family residential construction and land development loans outstanding was down 0.4% from the first quarter. The total volume of outstanding AD&C loans,...
The percentage of new apartment units that were absorbed within three months after completion was down five percentage points in the first quarter, according to the Census Bureau’s latest release of the Survey of Market Absorption of New Multifamily Units (SOMA). An apartment or condo...
New single-family home size had been falling since 2015 in response to declining affordability conditions. An exception occurred in 2021, when new home size increased as interest rates reached historic lows. However, as mortgage interest rates increased in 2022 and 2023 and affordability worsened, demand...
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 showing signs of slowing, with real consumer spending unchanged in July. Households are pulling back...
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 segment of the missing middle (apartments in 2- to 4-unit properties) has generally disappointed since...
