U.S. house prices continued to rise in the first quarter of 2026, but appreciation slowed markedly from the rapid pace seen during the pandemic-era housing boom. Higher mortgage rates, persistent affordability challenges, and softer demand weighed on price growth nationally. At the same time, local...
State labor market conditions remained generally positive in April, with most states recording employment gains despite signs of moderating national job growth. Construction employment also posted modest gains across much of the country, while unemployment rates continued to vary widely by state, reflecting differences in...
The number of open positions in the construction sector edged higher in April, per the Bureau of Labor Statistics Job Openings and Labor Turnover Survey (JOLTS). The current level of open jobs is down measurably from three years ago due to declines in construction activity,...
Single-family construction declined across all geographies in the first quarter of 2026, according to the latest Home Building Geography Index (HBGI), as elevated interest rates, rising material costs, and labor shortages slowed home building activities at the start of the year. Meanwhile, multifamily construction remained...
Private residential construction spending was up 0.8% in April 2026, following the monthly gain of 0.6% in March. This increase was largely driven by gains in single-family, and home improvement spending. Moreover, total private residential construction spending was 1.7% higher than a year ago. According to the latest construction spending data from the U.S. Census, single-family construction spending increased 1.4% in April, consistent with the steady builder confidence reflected in the NAHB/Wells Fargo Housing Market Index (HMI). Despite the monthly gain, single-family construction spending was down 2.9% over a year...
Single-family construction lending rose marginally in the first quarter, according to data released by the Federal Deposit Insurance Corporation. The volume of loans outstanding was up 0.8% from the fourth quarter. This increase comes at a time when NAHB’s AD&C Financing Survey indicates a slight...
The percentage of new apartment units that were absorbed within three months after completion was up one percentage point in the fourth quarter, according to the Census Bureau’s latest release of the Survey of Market Absorption of New Multifamily Units (SOMA). The survey covers new...
In the first quarter of 2026, the median price for a new single-family home was $403,200, which was $1,400 lower than the median price of an existing home, which stood at $404,600. This marks the fourth consecutive quarter for which existing home prices have exceeded...
Personal income was essentially unchanged in April 2026, following a 0.5% gain in March, according to the latest data from the Bureau of Economic Analysis. On a year-over-year basis, personal income was 2.5% higher than in April 2025. As consumer spending outpaced income growth, the...
Elevated mortgage rates, higher inflation and economic uncertainty kept more buyers on the sidelines in April as ongoing affordability challenges continue. Sales of newly built single-family homes fell 6.2% in April to a seasonally adjusted annual rate of 622,000, according to data from the U.S....
Multifamily missing middle construction declined at the start of 2026. 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 generally disappointed since the...
According to NAHB analysis of quarterly Census data, the count of multifamily, for-rent housing starts increased year-over-year during the first quarter of 2026. For the quarter, 107,000 multifamily residences started construction. Of this total, 103,000 were built-for-rent. This built-for-rent total was 21% higher than in...
With overall single-family construction down 5% for the first four months of 2026, custom home building has been a relative bright spot. The custom building market is less sensitive to the interest rate cycle than other forms of home building but is more sensitive to...
Single-family built-for-rent (or built-to-rent, BTR) construction fell back in the first quarter of 2026, as a higher cost of financing, increased multifamily supply and policy concerns over Congressional legislation related to institutional capital froze parts of the development market. Fortunately, recent changes by the House...
First quarter 2026 data reveal softer conditions for townhouse construction volume as housing affordability challenges affect homebuyer demand. According to NAHB analysis of the most recent Census data of Starts and Completions by Purpose and Design, during the first quarter of 2026, single-family attached starts...
New single-family home size had been falling since 2015 in response to declining affordability conditions. An exception occurred in 2021, when new home size increased as interest rates reached historic lows. However, as mortgage interest rates increased in 2022 and 2023 and affordability worsened, demand...
Single-family housing starts declined in April as builders faced continued economic uncertainty and affordability challenges, including higher construction costs, ongoing labor shortages and elevated financing expenses. The latest housing starts and permits data suggest that the overall construction pipeline remains uneven across regions and property...
While housing affordability remains out of reach for millions of Americans, particularly first-time and entry-level buyers, conditions have improved modestly in the last year, according to the latest data from the National Association of Home Builders (NAHB)/Wells Fargo Cost of Housing Index (CHI). The CHI...
