National Association of Home Builders Economic Research Blog

Best Year for Missing Middle Construction Since 2007
Best Year for Missing Middle Construction Since 2007
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While not a huge jump, 2025 featured the highest construction volume for multifamily missing middle housing starts. The missing middle construction sector includes development of medium-density housing, such as townhouses, duplexes and ...
Builder Sentiment Inches Higher but Affordability Concerns Persist
Builder Sentiment Inches Higher but Affordability Concerns Persist
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Builder sentiment inched up in March even as builders continue to express affordability concerns stemming from elevated construction costs and shortages of buildable lots and labor. Builder confidence in the ...
Small Gains for New Single-Family Home Size
Small Gains for New Single-Family Home Size
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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 ...
Flat Conditions for Open Construction Jobs
Flat Conditions for Open Construction Jobs
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The number of open positions in construction in January was flat year-over-year, per the Bureau of Labor Statistics Job Openings and Labor Turnover Survey (JOLTS). The current level of open jobs ...
Custom Home Building Expanded in 2025
Custom Home Building Expanded in 2025
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In a year that saw a more than 6% decline for overall single-family housing starts, custom home building posted a gain. The custom building market is less sensitive to the ...
Weaker Conditions for Single-Family Built-for-Rent Housing
Weaker Conditions for Single-Family Built-for-Rent Housing
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Single-family built-for-rent (or built-to-rent, BTR) construction fell back in the fourth quarter of 2025, as a higher cost of financing and increased multifamily supply crowded out development. Housing legislation now ...
Flat Conditions for Townhouse Construction
Flat Conditions for Townhouse Construction
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Final data for 2025 reveal relatively flat conditions for townhouse construction volume in a year that saw broad-based declines for single-family home building. Townhouse construction ended 2025 with a soft ...
Single-Family Starts Remain Soft in January on Affordability Concerns
Single-Family Starts Remain Soft in January on Affordability Concerns
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Elevated construction costs and constrained affordability conditions led to a reduction in single-family housing starts in January. However, led by solid multifamily production, overall housing starts increased 7.2% in January ...
Inflation Steady Before War
Inflation Steady Before War
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After months of downward trend, inflation held steady at an eight-month low in February. This report does not reflect the recent surge in oil prices due to Iran conflict beginning ...
Single-Family Permits End 2025 on a Soft Note
Single-Family Permits End 2025 on a Soft Note
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Single-family permitting softened over the course of 2025 and finished the year weaker than the prior year. After showing some resilience in 2024, permitting activity gradually lost momentum as elevated ...
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