Mortgage application activity decreased month-over-month as the 30-year fixed mortgage rate rose. The Mortgage Bankers Association’s (MBA) Market Composite Index, a measure of total mortgage application volume, declined 4.3% from February on a seasonally adjusted basis but remained 30.8% higher than a year earlier. Applications...
Immigrants’ share of the construction workforce reached a record high in 2024, with foreign-born workers accounting for more than a quarter of the industry’s labor force (26.3%). The share is even higher among construction trades, for which one in three craftsmen is foreign-born. In several...
The U.S. labor market showed signs of a modest rebound in March following a weak February, as payroll employment increased and the unemployment rate edged down to 4.3%. Job growth was led by healthcare, construction, and transportation and warehousing. However, signs of cooling are emerging....
Mortgage rates, which dipped below 6% in February, climbed back up to end the month just under 6.4%. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.18% in March, 13 points (bps) higher than February. The average 15-year rate also increased by the same...
Consumer confidence in March rose to a three-month high as consumers’ improved view of current business and labor market conditions outweighed weaker future expectations. Despite the increase, consumers remained concerned as inflation expectations surged to a seven-month high due to the Iran war and job...
Private residential construction spending declined 0.8% in January 2026, following two months of gains. This decline was driven by lower spending across single-family, multifamily construction, and home improvement. Despite the monthly decline, total residential construction spending remained 2.3% higher than a year ago. According to...
The number of open positions in construction in February was down year-over-year, per the Bureau of Labor Statistics Job Openings and Labor Turnover Survey (JOLTS). The current level of open jobs is down measurably from three years ago due to declines in construction activity, particularly...
Single-family construction declined further in the fourth quarter in all but sparsely populated micro counties, according to the NAHB Home Building Geography Index (HBGI). Meanwhile, multifamily construction showed growth in all markets for the first time in over two years as it continued to strengthen...
Property tax revenue collected by state and local governments rose for the ninth consecutive quarter according to the Census Bureau’s quarterly summary of state and local tax revenue. Total tax revenue for state and local governments increased 2.1% over the quarter, with individual income tax...
The median age of owner-occupied homes has reached 42 years old, according to the latest data from the 2024 American Community Survey (ACS). The age of the housing stock is an important remodeling market indicator. Older homes tend to be less energy-efficient than newly built...
Around 47% of the U.S. housing stock was built in the 1980s and earlier. The median age of owner-occupied homes climbed to 42 years old in 2024, up from 31 in 2005 according to the latest data from the American Community Survey[1]. The U.S. owner-occupied...
In the fourth quarter of 2025, the median price for a new single-family home was $405,300, which was $9,600 lower than the median price of an existing home, which stood at $414,900. This marks the third consecutive quarter for which existing home prices have exceeded...
Residential demolition activity in 2025 declined 0.1% year-over-year but remained above pre-pandemic levels. According to NAHB analysis of data from Construction Monitor, permits pulled for residential demolition have been increasing since 2018, with the exception of 2020, when building-related activities broadly stalled. Demolition activity rebounded...
The market value of household real estate assets fell for the second consecutive quarter to $47.9 trillion in the fourth quarter of 2025, according to the most recent release of U.S. Federal Reserve Z.1 Financial Accounts. The fourth quarter level is 0.7% lower than the...
New home sales declined in January, reflecting typical monthly volatility as well as weather-related disruptions. On a three-month moving average basis, sales remain broadly in line with a year ago, suggesting underlying demand conditions have been relatively stable despite the month-to-month fluctuations. Meanwhile, builders continue...
According to NAHB analysis of quarterly Census data, the count of multifamily, for-rent housing starts increased year-over-year during the fourth quarter of 2025. For the quarter, 96,000 multifamily residences started construction. Of this total, 91,000 were built-for-rent. This built-for-rent total was 18% higher than in...
The Fed continued its current pause for rate reductions at the conclusion of the March meeting of the Federal Open Market Committee, the central bank’s monetary policy body. The Fed held the short-term federal funds rate at a top rate of 3.75%, the level set...
Residential building material price growth accelerated in February after slowing a month prior, according to the latest Producer Price Index release from the Bureau of Labor Statistics. Since the BLS collects pricing data during the week of the 13th, these figures were finalized before the...
