National Association of Home Builders Economic Research Blog

Mortgage Rates Continue to Trend Lower in November
Mortgage Rates Continue to Trend Lower in November
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The average mortgage rate in November continued to trend lower to its lowest level in over a year. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.24% in November, ...
Number of Bathrooms in New Single-Family Homes in 2024
Number of Bathrooms in New Single-Family Homes in 2024
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Single-family homes started in 2024 typically had two full bathrooms, according to the U.S. Census Bureau’s Annual Survey of Construction. Homes with three full bathrooms continued to have the second ...
House Price Appreciation by State and Metro Area: Third Quarter 2025
House Price Appreciation by State and Metro Area: Third Quarter 2025
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House prices continued to rise in the third quarter of 2025, though the pace of growth slowed as elevated mortgage rates, affordability challenges, and persistent economic uncertainty weighed on consumer ...
Single-Family Construction Loan Volume Rises in the Third Quarter
Single-Family Construction Loan Volume Rises in the Third Quarter
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Single-family construction lending picked up in the third quarter, amidst the overall cooling lending environment. Loan balances for 1-4 family construction grew to $91.2 billion in the third quarter, registering ...
About 7% of New Homes Are Teardowns
About 7% of New Homes Are Teardowns
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In 2024, 6.9% of new single-family detached homes were teardowns (structures torn down and rebuilt in older neighborhoods), and another 20.1% were built on infill lots in older neighborhoods, according ...
Property Taxes by State – 2024
Property Taxes by State – 2024
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Nationally, across the 87 million owner-occupied homes in the U.S., the average amount of annual real estate taxes paid in 2024 was $4,271, according to NAHB analysis of the 2024 ...
Share of New Homes with Decks Edges Lower
Share of New Homes with Decks Edges Lower
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The share of new homes with decks edged down from 17.6% in 2023 to a new all-time low of 17.4% in 2024, according to NAHB tabulation of data from the ...
Building Material Prices Continued to Rise in September
Building Material Prices Continued to Rise in September
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Aggregate residential building material prices rose at their fastest pace since January 2023 in the latest Producer Price Index release from the Bureau of Labor Statistics. Input energy prices increased ...
Where Renters and Owners Face the Highest Cost Burdens
Where Renters and Owners Face the Highest Cost Burdens
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The housing affordability crisis continues to disproportionately affect renters, with more than half of renter households experiencing high-cost burdens — i.e., paying 30% or more of their income on rent ...
September Jobs Report Highlights a Cooling but Still Growing Labor Market
September Jobs Report Highlights a Cooling but Still Growing Labor Market
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The long-delayed September jobs report revealed that the U.S. economy added 119,000 jobs while the unemployment rate climbed to its highest level in nearly four years. Combined with downward revisions ...
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High mortgage rates, rising construction costs and economic uncertainty continue to deter many potential home buyers during this summer season. Sales of newly built single-family homes edged 0.6% lower in July, falling to a seasonally adjusted annual rate of 652,000 from an upwardly revised reading...

According to NAHB analysis of quarterly Census data, the count of multifamily, for-rent housing starts increased during the second quarter of 2025. For the quarter, 109,000 multifamily residences started construction. Of this total, 102,000 were built-for-rent. This built-for-rent total was 21% higher than the second...

While acknowledging that ongoing uncertainty complicates policymaking, Federal Reserve Chair Powell gave a mostly green light for monetary policy easing in September, following a policy pause that has lasted since the end of last year. Noting that inflation remains elevated, Powell stated that “the balance...

An expected impact of the virus crisis was a need for more residential space, as people used homes for more purposes including work. Home size correspondingly increased in 2021 as interest rates reached historic lows. However, as interest rates increased in 2022 and 2023, and...

Townhouse construction expanded more than 9 percent on a year-over-year basis per data from the second quarter of 2025. According to NAHB analysis of the most recent Census data of Starts and Completions by Purpose and Design, during the second quarter of 2025, single-family attached...

Existing home sales rebounded in July as mortgage rates retreated from the recent peak and home price growth slowed, according to the National Association of Realtors (NAR). This rebound was also supported by inventory improvements, with housing supply at its highest level since May 2020....

While new homes remain largely unaffordable, builder efforts to improve housing affordability paid dividends in the second quarter of 2025, according to the latest data from the National Association of Home Builders (NAHB)/Wells Fargo Cost of Housing Index (CHI). The CHI results from the second...

Single-family built-for-rent construction fell back in the second quarter, as a higher cost of financing crowded out development activity. According to NAHB’s analysis of data from the Census Bureau’s Quarterly Starts and Completions by Purpose and Design, there were approximately 12,000 single-family built-for-rent (SFBFR) starts...

Nonfarm payroll employment increased in 30 states and the District of Columbia in July compared to the previous month, while decreasing in 20 states. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 73,000 in July, falling short of expectations...

NAHB’s analysis of Census Data from the Quarterly Starts and Completions by Purpose and Design survey indicates year-over year growth for custom home builders amid broader single-family home building weakness. The custom building market is less sensitive to the interest rate cycle than other forms...

Single-family housing starts posted a modest gain in July as builders continue to contend with challenging housing affordability conditions and a host of supply-side headwinds, including labor shortages, elevated construction costs and inefficient regulatory costs. Led by solid multifamily production, overall housing starts increased 5.2%...

Both real and nominal wage growth for residential building workers slowed during the second quarter of 2025, reflecting a broader cooling in the construction labor market, according to the latest report from the U.S. Bureau of Labor Statistics (BLS). In nominal terms, average hourly earnings...

Elevated mortgage rates, weak buyer traffic and ongoing supply-side challenges continued to act as a drag on builder confidence in August, as sentiment levels remain in a holding pattern at a low level. Builder confidence in the market for newly built single-family homes was 32...

Single-family housing permits continued a downhill trend for the sixth month in a row. The continuous decline in single-family permits highlights persistently weak housing demand, tied to affordability challenges like high mortgage rates. Builders appear cautious amid economic uncertainty, labor constraints, and rising inventories. The...

For the fourteenth consecutive quarter, builders and developers reported tighter credit conditions on loans for residential Land Acquisition, Development & Construction (AD&C) in NAHB’s quarterly survey on AD&C Financing.   In the second quarter of 2025, the NAHB survey’s net easing index posted a reading...

Prices for residential building materials rose again in July, marking the largest year-over-year increase in over two years. The underlying price growth trend remained the same, with service prices continuing to grow at a faster pace than goods prices. Similar to last month, parts for...

Real GDP growth rebounded in the second quarter, driven by a turnaround in the trade balance and stronger consumer spending. According to the “advance” estimate released by the Bureau of Economic Analysis (BEA), real gross domestic product (GDP) expanded at an annual rate of 3.0%...

Overall consumer credit continued to rise in 2025, but the pace of growth remains slow. Student loan balances also rose year-over-year as borrowers resumed payments following the end of pandemic-era relief. Meanwhile, credit card and auto loan debt both experienced their slowest annual growth rates...

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