Refinancing activity surged in September, marking the largest monthly increase since the COVID-era of ultra-low interest rates. This increase followed mortgage rates dropping below 6.5% for the first time since October 2024 in anticipation of rate cuts that ultimately materialized. The Mortgage Bankers Association’s...
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....
