National Association of Home Builders Economic Research Blog

New Home Sales Close 2025 with Modest Gains
New Home Sales Close 2025 with Modest Gains
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New home sales ended 2025 on a mixed but resilient note, signaling steady underlying demand despite ongoing affordability and supply constraints. The latest data released today (and delayed because of ...
U.S. Economy Ends 2025 on a Slower Note
U.S. Economy Ends 2025 on a Slower Note
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Real GDP growth slowed sharply in the fourth quarter of 2025 as the historic government shutdown weighed on economic activity. While consumer spending continued to drive growth, federal government spending ...
Delinquency Rates Normalize While Credit Card and Student Loan Stress Worsens
Delinquency Rates Normalize While Credit Card and Student Loan Stress Worsens
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Delinquent consumer loans have steadily increased as pandemic distortions fade, returning broadly to pre-pandemic levels. According to the latest Quarterly Report on Household Debt and Credit from the Federal Reserve ...
Overall Housing Starts Inch Lower in 2025
Overall Housing Starts Inch Lower in 2025
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Despite a strong finish in December, single-family home building dipped in 2025 as persistent affordability challenges continued to weigh on the market. Total housing starts for 2025 were 1.36 million, ...
How Housing Affordability Conditions Vary Across States and Metro Areas
How Housing Affordability Conditions Vary Across States and Metro Areas
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The NAHB 2026 priced-out estimates show that the housing affordability challenge is widespread across the country. In 39 states and the District of Columbia, over 65% of households are priced ...
Builder Sentiment Edges Lower on Affordability Concerns
Builder Sentiment Edges Lower on Affordability Concerns
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Builder confidence in the market for newly built single-family homes fell one point to 36 in February, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index ...
How Rising Costs Affect Home Affordability
How Rising Costs Affect Home Affordability
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Housing affordability remains a critical issue, with 65% of U.S. households unable to afford a median-priced new home in 2026. When mortgage rates are elevated, even a small increase in ...
Cost of Credit for Builders & Developers at Its Lowest Since 2022
Cost of Credit for Builders & Developers at Its Lowest Since 2022
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The cost of credit for residential construction and development declined in the fourth quarter of 2025,  according to NAHB’s quarterly survey on Land Acquisition, Development & Construction (AD&C) Financing. In ...
Inflation Eased in January
Inflation Eased in January
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Inflation eased to an eight-month low in January, confirming a continued downward trend. Though most Consumer Price Index (CPI) components have resolved shutdown-related distortions from last fall, the shelter index ...
Existing Home Sales Retreat Amid Low Inventory
Existing Home Sales Retreat Amid Low Inventory
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Existing home sales fell in January to a more than two-year low after December’s strong rebound, as tight inventory continued to push home prices higher and winter storms weighed on ...
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Real gross domestic product (GDP) increased in all 50 states and the District of Columbia in the first quarter of 2023. According to the U.S. Bureau of Economic Analysis (BEA), the percent change in real GDP increased ranged from 12.4 percent in North Dakota to...

The count of open, unfilled jobs for the overall economy moved lower in May, falling to 9.8 million. While ongoing tight labor market conditions have likely confirmed one to two more Fed rate hikes through the start of the Fall, the JOLTS survey is another...

After two consecutive monthly declines, existing home sales saw a modest increase in May as mortgage rates were relatively steady in April, according to the National Association of Realtors (NAR). However, elevated mortgage rates and limited inventory continued to weight on homebuyers. Low resale inventory...

Consumer confidence in June rose to its highest level in 17 months as recession concerns eased. However, spending plans were mixed. Vacation intentions continued to improve, while the intention to buy homes and big-ticket appliances cooled further due to elevated mortgage rates. This shift in...

NAHB analysis of Census Construction Spending data shows that private residential construction spending rose 2.2% in May, as spending on single-family homes increased 1.7%. However, total private residential construction spending is still 11.6% lower compared to a year ago. The total construction monthly increase is...

The population of North Carolina rebounded strongly from a brief period of negative growth the state experienced in 2020 due to the COVID-19 pandemic. North Carolina’s population grew at a rate of 1.3% between 2021 and 2022, the ninth fastest of any state. By count,...

NAHB analysis of the Census Bureau’s quarterly state and local tax data shows that $174 billion in taxes were paid by property owners in the first quarter of 2023 (not seasonally adjusted).[1] In the four quarters ending Q1 2023, state and local governments collected $714...

The 2022 Survey of Construction (SOC) from the Census Bureau shows that the average completion time of a single-family house is around 9.6 months, including a little over a month from authorization to start and another 8.3 months to finish the construction. This is almost...

NAHB analysis of county level permit data and demographic data indicates that single-family home building in the first quarter of 2023 is occurring mostly in counties where baby boomers make up a majority of the population. The Census Bureau provides county level population age estimates...

A lack of existing inventory coupled with solid consumer demand helped to boost new home sales in May to their highest level since February 2022. Sales of newly built, single-family homes in May increased 12.2% to a 763,000 seasonally adjusted annual rate, according to newly...

The failure of several banks in 2023 and the ensuing stress in U.S. financial markets have had an effect that some builders and developers are beginning to notice, according to two recent NAHB surveys. In one of the surveys, roughly three-in-five builders and developers reported...

In a previous blog post, NAHB analyzed the national data released by BUILDER Magazine. Earlier this month, BUILDER Magazine also released Local Leaders data on the top 10 builders in the top 50 largest new-home markets in the U.S. (ranking determined by the number of...

Nonfarm payroll employment increased in 39 states and the District of Columbia in May compared to the previous month, while 11 states lost jobs. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 339,000 in May, following a gain of...

The Top 10 builders captured 43.2% of new single-family home closings (i.e., sales) in 2022, the highest percentage on record based on data released by BUILDER Magazine; this is a 9 percentage point increase from 2021, the largest year-over-year increase since NAHB’s tracking began in...

Limited existing inventory combined with solid demand and improving supply chains helped push single-family starts to an 11-month high in May. This occurred despite elevated interest rates and ongoing challenges for housing affordability. Overall housing starts in May increased 21.7% to a seasonally adjusted annual...

Solid demand, a lack of existing inventory and improving supply chain efficiency helped shift builder confidence into positive territory for the first time in 11 months. Builder confidence in the market for newly built single-family homes in June rose five points to 55, according to...

Over the first four months of 2023, the total number of single-family permits issued year-to-date (YTD) nationwide reached 268,205. On a year-over-year (YoY) basis, this is 29.0% below the April 2022 level of 377,713. Year-to-date ending in April, single-family permits declined in all four regions....

According to the latest Producer Price Index report, the prices of inputs to residential construction less energy (i.e., building materials) decreased 0.1% in May 2023 (not seasonally adjusted), following a 0.2% drop in April. The index has gained 0.3%, year-to-date, a stark contrast from the...

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