Despite recent easing mortgage rates and improved inventory, existing home sales fell to a 14-year low in September as elevated home prices are causing potential buyers to hold out for lower rates, according to the National Association of Realtors (NAR). Sales remained sluggish as the...
While the lack of affordable housing dominates the headlines across the nation, congressional districts with higher shares of renter households are disproportionately affected by the current affordability crisis. Geographically, the districts with the largest housing cost burdens are heavily concentrated in California, Florida, and the...
Nonfarm payroll employment increased in 41 states and the District of Columbia in September compared to the previous month, while eight states saw a decrease. Nevada reported no change. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 254,000 in...
Nationally, nearly 140 million people in the United States routinely commuted to work, according to NAHB analysis of the 2023 American Community Survey data. Among these people, approximately 23.8 million people spent more than 90 minutes each day going to and from their place of...
Homeownership is an important voter issue for the upcoming election with both presidential candidates putting forth housing policies to tackle the housing affordability crisis. In a recent NAHB post, the national homeownership rate sat at 65%, but there are large disparities in homeownership when broken...
Nearly 1.3 million tax returns filed for tax year 2023 utilized the Residential Clean Energy Credit (25D tax credit), according to the latest IRS clean energy tax credit statistics. Through May 23rd of the 2024 tax filing season for 2023 returns, almost 138 million tax...
With the Federal Reserve beginning an easing of monetary policy and builder sentiment improving, single-family starts posted a modest gain in September while multifamily construction continued to weaken because of tight financing and an ongoing rise in completed apartments. Overall housing starts decreased 0.5% in...
With inflation gradually easing and builders anticipating mortgage rates will moderate in coming months, builder sentiment moved higher for a second consecutive month despite challenging affordability conditions. Builder confidence in the market for newly built single-family homes was 43 in October, up two points from...
During the second quarter of 2024, the volume of total outstanding acquisition, development and construction (AD&C) loans posted the largest year-over-year percentage decline since 2012, as interest rates remain elevated before the beginning of the Fed cutting short-term interest rates in September. AD&C loan conditions...
We’re excited to introduce a new way for you to stay informed about the latest trends in housing and construction economics: our Eye on Housing Highlights video series! For each edition, we will highlight top research topics including construction statistics, housing affordability, policy research, NAHB...
Over the first eight months of 2024, the total number of single-family permits issued year-to-date (YTD) nationwide reached 685,923. On a year-over-year (YoY) basis, this is an increase of 11.5% over the August 2023 level of 615,453. Year-to-date ending in August, single-family permits were up...
In 2023, 64.8% of all new single-family homes started were built within a community or homeowner’s association. This share increased from the 62.6% recorded in 2022, according to data tabulated from the Census Bureau’s Survey of Construction (SOC). This marks the third highest share since...
Nationally, across the 86 million owner-occupied homes in the U.S., the average annual real estate taxes paid in 2023 was $4,112, according to NAHB analysis of the 2023 American Community Survey. Homeowners in New Jersey continued to pay the highest real estate taxes, paying an...
Prices for inputs to new residential construction—excluding capital investment, labor, and imports—decreased 0.6% in September according to the most recent Producer Price Index (PPI) report published by the U.S. Bureau of Labor Statistics. Compared to a year ago, this index was down 0.1% in September...
Residential improvement spending softened in 2023 due to elevated interest rates, high inflation, and sluggish home sales. According to the Bureau of Economic Analysis’ National Income and Product Accounts (NIPA), expenditures for residential home improvements rose 2% to $363 billion in 2023, from $356 billion...
Inflation continued to ease in September and remained at a 3-year low as shelter costs continued to moderate. Shelter costs, the main driver of inflation since early 2023, saw their annual growth rate fall below 5% for the first time since February 2022. With the...
The NAHB/Westlake Royal Remodeling Market Index (RMI) for the third quarter of 2024 posted a reading of 63, down two points compared to the previous quarter. Remodelers remain optimistic about the market even though the overall RMI edged down for the third consecutive quarter. Some...
Real gross domestic product (GDP) increased in 49 states and the District of Columbia in the second quarter of 2024 compared to the first quarter of 2024 according to the U.S. Bureau of Economic Analysis (BEA). Alaska reported an economic contraction during this time. The...
