While acknowledging that ongoing uncertainty complicates policymaking, Federal Reserve Chair Powell gave a mostly green light for monetary policy easing in September, following a policy pause that has lasted since the end of last year. Noting that inflation remains elevated, Powell stated that “the balance of risks appears to be shifting.” In particular, the central…
An expected impact of the virus crisis was a need for more residential space, as people used homes for more purposes including work. Home size correspondingly increased in 2021 as interest rates reached historic lows. However, as interest rates increased in 2022 and 2023, and housing affordability worsened, the demand for home size has trended…
Townhouse construction expanded more than 9 percent on a year-over-year basis per data from the second quarter of 2025. According to NAHB analysis of the most recent Census data of Starts and Completions by Purpose and Design, during the second quarter of 2025, single-family attached starts totaled 45,000. Over the last four quarters, townhouse construction starts totaled…
Existing home sales rebounded in July as mortgage rates retreated from the recent peak and home price growth slowed, according to the National Association of Realtors (NAR). This rebound was also supported by inventory improvements, with housing supply at its highest level since May 2020. Despite the ever-so-slight improvement in housing affordability, higher mortgage rates…
While new homes remain largely unaffordable, builder efforts to improve housing affordability paid dividends in the second quarter of 2025, according to the latest data from the National Association of Home Builders (NAHB)/Wells Fargo Cost of Housing Index (CHI). The CHI results from the second quarter of 2025 show that a family earning the nation’s…
Single-family built-for-rent construction fell back in the second quarter, as a higher cost of financing crowded out development activity. According to NAHB’s analysis of data from the Census Bureau’s Quarterly Starts and Completions by Purpose and Design, there were approximately 12,000 single-family built-for-rent (SFBFR) starts during the second quarter of 2025. This is down significantly relative…
Nonfarm payroll employment increased in 30 states and the District of Columbia in July compared to the previous month, while decreasing in 20 states. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 73,000 in July, falling short of expectations and following significant downward revisions to the previous two months’…
