National Association of Home Builders Economic Research Blog

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 ...
Existing Home Sales Rose in February
Existing Home Sales Rose in February
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Following the sharp decline last month, existing home sales bounced back in February as housing affordability improved. Lower mortgage rates and moderating home price growth helped pull buyers back to ...
AD&C Loan Volume Falls Despite Declining Financing Costs
AD&C Loan Volume Falls Despite Declining Financing Costs
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Single-family construction lending fell in the fourth quarter, according to data released by the Federal Deposit Insurance Corporation (FDIC). The decline in the outstanding volume of acquisition, development and construction ...
Lower Mortgage Rates Boost Refinancing While Purchase Activity Slows
Lower Mortgage Rates Boost Refinancing While Purchase Activity Slows
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Mortgage application activity increased month-over-month as the 30-year fixed mortgage rates reached a three-year low. The Mortgage Bankers Association’s (MBA) Market Composite Index, a measure of total mortgage application volume, ...
U.S. Economy Loses 92,000 Jobs in February
U.S. Economy Loses 92,000 Jobs in February
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The U.S. labor market weakened in February, as payroll employment declined and the unemployment rate rose to 4.4%. The cooling labor market could place the Federal Reserve in a challenging ...
Builders Identify Key Long-Term Forces Shaping Housing Demand and Industry Health
Builders Identify Key Long-Term Forces Shaping Housing Demand and Industry Health
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Home builders are keenly aware of the complex long-term outlook ahead for the home building industry. A recent NAHB/Wells Fargo HMI survey asked builders to assess the impact of 14 ...
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