NAHB analysis of the Survey of Construction (SOC) shows that 72.4% of new single-family homes started in 2023 were built on slab foundations, 16.6% were built with full or partial basements, and 9.9% with crawl spaces. The share of new homes built on slabs has risen steadily from 45.8% in 2000 to 72.4% in 2023….
Inputs to residential construction, goods less food and energy, rose 0.19% in the month of June according to the most recent producer price index (PPI) report published by the U.S. Bureau of Labor Statistics. The index for inputs to residential construction, goods less food and energy, represents building materials used in residential construction. In May,…
Both overall and core inflation continued to slow in June, as a decline in gasoline prices offset the increase in shelter costs. This is another dovish signal for future monetary policy, following a significant downward revision to the job report. Despite a slowdown in the year-over-year increase, shelter costs continue to put upward pressure on…
Lot values for single-family detached spec homes continued to rise, with national values reaching a new high in 2023, according to NAHB’s analysis of the Census Bureau’s Survey of Construction (SOC) data. The U.S. median lot value for single family detached for-sale homes started in 2023 stood at $58,000, with half of the lots valued…
The Market Composite Index, a measure of mortgage loan application volume by the Mortgage Bankers Association’s (MBA) weekly survey, increased by 8.2% on a seasonally adjusted (SA) basis from May to June. In comparison to June 2023, the index is up by 1.0%. The Purchase and Refinance indices, over the month, are up by 4.1%…
Close to two thirds (65%) of new single-family detached homes sold in 2023 were built on lots under 9,000 square feet, which is less than 1/5 of an acre. According to the latest Survey of Construction (SOC), this is the highest share on record and reflects stark changes in the lot size distribution over the…
Reaching the highest level of multifamily completions since 1987, 450,000 multifamily units were completed in 2023, with 216,000 units completed in buildings with fewer than 50 units according to NAHB Analysis of the Census Bureau’s Characteristics of Units in New Multifamily Buildings Completed. This was the highest number of units in such buildings since 2006….
