Single-family construction declined further in the fourth quarter in all but sparsely populated micro counties, according to the NAHB Home Building Geography Index (HBGI). Meanwhile, multifamily construction showed growth in
The median age of owner-occupied homes has reached 42 years old, according to the latest data from the 2024 American Community Survey (ACS). The age of the housing stock is
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
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
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
Though new and existing homes remain largely unaffordable, the needle moved slightly in the right direction in the second half of 2025, according to the latest data from the National
U.S. house prices continued to rise at the close of 2025, though the pace of growth has slowed compared with the rapid gains of previous years. Elevated mortgage rates, affordability
Home improvement activity has remained elevated in the post-pandemic period, but both the volume of loan applications and the age profile of borrowers have shifted in notable ways. Data from
Reversing the post-pandemic rebound, the headship rates among young adults (the share of the population heading their own households) declined in 2024, according to NAHB’s analysis of the American Community
The U.S. labor market began 2026 at a surprisingly strong pace, while newly released benchmark revisions show that job growth in 2025 was considerably weaker than previously reported. Nonfarm payrolls
Persistently low homeowner and rental vacancy rates indicate that the U.S. housing market remains structurally undersupplied. Comparing 2024 abnormally low vacancy rates with long-run equilibrium levels across U.S. metropolitan markets,
According to the U.S. Census Bureau’s latest estimates, the U.S. resident population grew by 1,781,060 to a total population of 341,784,857. The population grew at a rate of 0.5%, a
After a rapid expansion of residential swimming pool and spa construction following the pandemic, permit levels in the latest monthly index for December fell to their lowest level since 2020.
Nationally, house prices continued to rise at a modest pace in the third quarter of 2025, as mentioned in our previous quarterly house prices post. However, this national trend masks
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
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
Builder confidence inched higher to end the year but still remains well into negative territory as builders continue to grapple with rising construction costs, tariff and economic uncertainty, and many
The central bank’s Federal Open Market Committee (FOMC) cut rates a third and final time in 2025, reducing the target range for the federal funds rate by 25 basis points