According to the latest Survey of Construction (SOC), 42 percent of new single-family detached homes sold in 2022 were built on lots under 7,000 square feet, that is 0.16 of an acre. This is the highest share on record and reflects stark changes in the...
According to the annual data from the Census Bureau’s Survey of Construction (SOC), stucco was the most common principal siding material on new single-family homes started in 2022 (28%), followed by vinyl siding (26%), fiber cement siding (such as Hardiplank or Hardiboard (21%) and, brick...
According to the data released by Bureau of Economic Analysis (BEA), private fixed investment in student dormitories inched up 1% to a seasonally adjusted annual rate (SAAR) of $3.6 billion in the second quarter of 2022, after a 6.4% increase in the first quarter. Private...
NAHB analysis of the 2022 Census Bureau Survey of Construction (SOC) data shows that, nationwide, the share of non-conventional financing for new home sales accounted for 28.1% of the market, roughly the same as in 2021, at 28.8%. As in previous years, conventional financing dominated...
Rising mortgage rates and elevated construction costs have taken a toll on the pace of single-family construction in markets across the nation, with the slowdown most pronounced in large metro areas. Multifamily market growth also fell in most areas of the country, according to the...
NAHB analysis of Census Construction Spending data shows that private residential construction spending rose 1.4% in July after an increase of 1.5% in June and 3.5% in May. Spending stood at a seasonally adjusted annual pace of $879 billion. However, total private residential construction spending...
The recent employment data indicates that the labor market is cooling gradually due to rising interest rates. Total employment increased by 187,000 and the unemployment rate rose to 3.8% from 3.5%. Wage growth slowed. In August, wages grew at a 4.3% year-over-year growth rate, down...
According to NAHB analysis of the Survey of Construction (SOC), new single-family starts decreased in 2022. Nationally, 1,018,495 new single-family units started construction in 2022, 10% fewer than the number of units started in 2021. It marked the first decrease since 2011 but was still...
In June, national home prices continued to increase. Limited inventory and solid but weakened demand put upward pressure on home prices, despite rising mortgage rates. Locally, all 20 metro areas, reported by S&P Dow Jones Indices, had positive home price appreciation in June. The S&P...
The count of open, unfilled jobs for the overall economy continued to moved lower in July, falling to 8.8 million. While certain inflation readings have raised the likelihood of a September Federal Reserve interest rate increase, the JOLTS survey is another data point indicating an...
Wood framing remains the most dominant construction method for single-family homes in the U.S., according to NAHB analysis of 2022 Census Bureau data. For 2022 completions, 94% of new homes were wood-framed, another 6% were concrete-framed homes, and less than half a percent was steel-framed....
Interest rates on loans for Acquisition, Development & Construction (AD&C) continued to climb in the second quarter of 2023, according to NAHB’s quarterly Survey on AD&C Financing. Quarter-over-quarter, the contract interest rate increased on all four categories of loans tracked in the AD&C Survey: from...
The residential remodeling market has grown rapidly in the past few years, mainly fueled by changes in housing and lifestyle decisions during the pandemic period. According to National Income and Product Accounts (NIPA), expenditures for residential home improvements soared 13% to $328 billion in 2021,...
Data from the Census Bureau’s latest Survey of Market Absorptions of New Multifamily Units (SOMA) indicates that demand for newly completed multifamily units remains solid as mortgage rates continue to climb. Only an estimated 39% of the 82,310 unfurnished apartment units completed in the first...
Low existing inventory and solid demand more than offset rising mortgage rates and elevated construction costs to boost new home sales last month. Sales of newly built, single-family homes in July increased 4.4% to a 714,000 seasonally adjusted annual rate from a downwardly revised reading...
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 disappointed since the Great Recession. For the second quarter of 2023, there...
Existing home sales in July fell to the lowest level since January as limited inventory and higher mortgage rates continued to weight on homebuyers, according to the National Association of Realtors (NAR). Low resale inventory and strong demand continued to drive up existing home prices,...
According to NAHB analysis of quarterly Census data, the count of multifamily, for-rent housing starts remained elevated during the second quarter of 2023. For the second quarter, 138,000 multifamily residences started construction. Of this total, 135,000 were built-for-rent. The market share of rental units of...
