Home prices declined for the third straight month in September as the housing market continues to cool. In September, all 20 metro areas experienced negative home price appreciation. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, reported by S&P Dow Jones Indices, fell at...
Information obtained from the US Census Bureau’s Survey of Construction (SOC) and tabulated by NAHB, shows the share of new homes with a two-story foyer decreased in 2021. For 2021, most new single-family homes were built without a two-story foyer nationally and regionally. According to...
New home sales rebounded in October despite higher mortgage rates, likely due to low existing home inventory and builders using incentives to attract buyers to the new home market. The U.S. Department of Housing and Urban Development and the U.S. Census Bureau estimated sales of...
The missing middle construction sector includes development of medium-density housing, including townhouses, duplexes and other small multifamily properties. While townhouse construction has trended higher in recent quarters, the multifamily segment of the missing middle (apartments in 2 to 4 unit properties) has disappointed. For 2021,...
According to NAHB analysis of quarterly Census data, the count of multifamily, for-rent housing starts remained elevated during the third quarter of 2022. At 141,000 units started, this was the largest quarter for rental multifamily construction since the second quarter of 1986. The market share...
An expected impact of the virus crisis was a need for more residential space, as people use homes for more purposes including work. During the housing boom after covid, this led to a rise for new single-family home size. However, as the housing market weakens...
Nonfarm payroll employment increased in 42 states in October compared to the previous month while eight states and the District of Columbia lost jobs. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 261,000 in October, following a gain of...
NAHB’s analysis of Census Data from the Quarterly Starts and Completions by Purpose and Design survey indicates custom home building expanded during the third quarter of 2022 despite broader market weakness. There were 59,000 total custom building starts during the third quarter of the year....
As higher mortgage rates continue to weaken housing demand, the volume of existing home sales has declined for nine consecutive months as of October, according to the National Association of Realtors (NAR). This is the longest run of declines since 1999. The average 30-year fixed...
According to NAHB analysis of the most recent Census data of Starts and Completions by Purpose and Design, during the third quarter of 2022 single-family attached starts totaled 38,000, which is 12% higher than the third quarter of 2021. Over the last four quarters, townhouse...
Single-family built-for-rent construction leveled off during the third quarter of 2022 as the overall housing market slowed. This occurred after an exceptionally strong second quarter for rental housing production. According to NAHB’s analysis of data from the Census Bureau’s Quarterly Starts and Completions by Purpose...
Confidence in the market for new multifamily housing declined significantly in the third quarter of 2022, according to results from the Multifamily Market Survey (MMS) released today by the National Association of Home Builders (NAHB). The MMS produces two separate indices. The Multifamily Production Index...
Elevated mortgage rates, high construction costs for concrete and other building materials, and weakening demand stemming from deteriorating affordability conditions continue to act as a drag on single-family housing production. Overall housing starts decreased 4.2% to a seasonally adjusted annual rate of 1.43 million units...
During the third quarter of 2022, credit continued to become less available and generally more costly on loans for Acquisition, Development & Construction (AD&C) according to NAHB’s Survey on AD&C Financing. To analyze credit availability, responses from the NAHB survey are used to construct a...
Elevated interest rates, stubbornly high building material costs and declining affordability conditions that are pushing more buyers to the sidelines continue to drag down builder sentiment. Builder confidence in the market for newly built single-family homes posted its 11th straight monthly decline in November, dropping...
The prices of building materials decreased 0.2% in October (not seasonally adjusted) following a 0.5% decline in September according to the latest Producer Price Index (PPI) report. The index has decreased four of five months for the first time since 2015. The PPI for goods...
Over the first nine months of 2022, the total number of single-family permits issued year-to-date (YTD) nationwide reached 800,424. On a year-over-year (YoY) basis, this is 7.4% below the September 2021 level of 864,184. Year-to-date ending in September, single-family permits declined in all four regions....
As a previous post has shown, the share of new homes with patios increased for the sixth year in a row in 2021, to a post-2004 high of 63.0 percent At the same time, the share with decks was trending in the opposite direction, declining...
