National Association of Home Builders Economic Research Blog
New Single-Family Home Size Trends: Third Quarter 2025
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New single-family home size has been generally falling since 2015 as a response to declining affordability conditions. An exception occurred when new home size increased in 2021 as interest rates ...
Third Quarter 2025 Multifamily Construction Data
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According to NAHB analysis of quarterly Census data, the count of multifamily, for-rent housing starts increased during the third quarter of 2025. For the quarter, 119,000 multifamily residences started construction. ...
Soft Conditions for Single-Family Built-for-Rent
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Single-family built-for-rent construction fell back in the third quarter of 2025, as a higher cost of financing and increased multifamily supply crowded out development. According to NAHB’s analysis of data ...
Missing Middle Weakness
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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) ...
December Mortgage Activity Softens Even as Rates Ease
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Mortgage application activity declined in December despite a modest easing in mortgage rates. The Mortgage Bankers Association’s (MBA) Market Composite Index, a measure of total mortgage application volume, fell 5.3% ...
Builder Sentiment Loses Ground at Start of 2026
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Builder confidence moved lower to start the year as affordability concerns continue to weigh heavily with buyers, and builders continue to contend with rising construction costs. Builder confidence in the ...
Remodeling Market Sentiment Strengthens in Fourth Quarter of 2025
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In the fourth quarter of 2025, the NAHB/Westlake Royal Remodeling Market Index (RMI) posted a reading of 64, increasing four points compared to the previous quarter. Most remodelers are finding reasonably strong ...
Existing Home Sales Climb to Near 3-Year High in December
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Existing home sales rose in December to the fastest pace in nearly three years, but annual sales for 2025 remained at a 30-year low as elevated home prices and mortgage ...
Building Material Price Growth Remains Elevated in November
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Residential building material prices continued to experience elevated growth, according to the latest Producer Price Index release from the Bureau of Labor Statistics. Price growth has been above 3.0% since ...
New Home Sales Rise Year-Over-Year as Prices Stabilize
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The new home sector has played an increasingly important role in meeting housing demand as resale inventory remains constrained in many regions. The latest data released today (and delayed because ...