Eye On Housing
For the third consecutive quarter, single-family growth rates were negative for all geographic sectors of the nation, as exurban areas posted the largest increase in market share for both single-family and multifamily construction, according to the latest findings from the National Association of Home Builders (NAHB) Home Building Geography Index (HBGI) for the third quarter of 2023. The lowest single-family… Read More ›
Tag Archive for ‘HBGI’
Large Metro Markets Show Biggest Slowdown in Single-Family Construction
Rising mortgage rates and elevated construction costs have taken a toll on the pace of single-family construction in markets across the nation, with the slowdown most pronounced in large metro areas. Multifamily market growth also fell in most areas of the country, according to the latest findings from the National Association of Home Builders (NAHB) Home Building Geography Index (HBGI)… Read More ›
Homeownership across US Counties
While US homeownership rates have been rising since 2015 and received an extra boost during the post-pandemic housing boom, they remain below the levels reached during the housing boom of the mid-2000s. With the national trends reflecting fundamental drivers of homeowners, local markets often tell different and unique stories. NAHB’s analysis of the 2021 5-year ACS county-level data reveals substantial… Read More ›
Single-Family Building Focused around Baby Boomers: Multifamily is Millennial Focused
NAHB analysis of county level permit data and demographic data indicates that single-family home building in the first quarter of 2023 is occurring mostly in counties where baby boomers make up a majority of the population. The Census Bureau provides county level population age estimates in 5 years intervals. For example: 0-4, 5-9, 10-14 through 85+. Using these estimates, we… Read More ›
Single-Family Construction Slowdown Less Pronounced in Lower Density Markets
While single-family home building has slowed significantly from pandemic-fueled highs because of higher interest rates and construction costs, the slowdown is less pronounced in lower density markets. On the other hand, multifamily market growth remained strong throughout much of the nation, according to the latest findings from the National Association of Home Builders (NAHB) Home Building Geography Index (HBGI) for… Read More ›
Single-Family Market Share Continues to Shift from Large Population Centers
While nationwide single-family housing starts have slowed in the past year, the largest drop on a percentage basis is occurring in the densest counties, due to high housing costs. Meanwhile, multifamily growth was robust throughout much of the nation at the end of 2022, with the notable exception in high-density markets, according to the latest findings from the National Association… Read More ›
Multifamily Construction Continues to Expand Outside Metro Core Areas
The most recent Home Building Geography Index (HBGI) shows that multifamily home building has continued to experience strong growth since the start of the pandemic. Due to the low single-family housing inventory and elevated unaffordability of single-family housing caused by high house prices and higher mortgage rates, demand for multifamily housing has remained solid over the past year. Except for… Read More ›
Covid Era Impacts on Working from Home and Housing Market Impacts
While the COVID-19 pandemic has triggered many social and economic disruptions, it has also changed working arrangements and has accelerated the shift to work from home (WFH). During the COVID-19 outbreak in the early of 2020, many businesses across the United States closed and millions of workers experienced the work from home trend out of necessity. This sudden and massive… Read More ›
Metro Areas Trail Lower Density Markets for Apartment Construction Growth
In the first quarter of 2022, multifamily home building showed greater growth across all regional markets compared to the first quarter of 2021, per the NAHB’s Home Building Geography Index (HBGI). Apartment construction far outpaced single-family building in all regional geographies but especially in lower density markets1. Low rental vacancy rates and rising rents gave multifamily developers confidence to continue… Read More ›
Large Metro Suburban Single-family Construction Slows
Recent developments in the first quarter of 2022 per NAHB’s Home Building Geography Index (HBGI), indicate single-family home building slowing in suburbs, with most other regional geographies following suit. Following the aftermath of COVID-19, home buyer preferences for the suburbs have eased. Supply-chain challenges and unfavorable economic conditions have reduced the pace of single-family residential construction across all regional submarkets…. Read More ›