Tag Archive for ‘home building’

Multifamily Built-for-Rent Remains Elevated

According to NAHB analysis of quarterly Census data, the count of multifamily, for-rent housing starts remained elevated during the third quarter of 2023. For the quarter, 104,000 multifamily residences started construction. Of this total, 101,000 were built-for-rent. The market share of rental units of multifamily construction starts was near an all-time high of 98% for the third quarter as the… Read More ›

Home Size Trending Lower

An expected impact of the virus crisis was a need for more residential space, as people use homes for more purposes including work. Home size correspondingly increased in 2021 as interest rates reached historic lows. However, as interest rates increased in 2022 and 2023, and housing affordability worsened, the demand for home size has trended lower. According to third quarter… Read More ›

Declines for Custom Home Building

NAHB’s analysis of Census Data from the Quarterly Starts and Completions by Purpose and Design survey indicates a slowing market for custom home building after a recent gain in market share. There were 50,000 total custom building starts during the third quarter of the year. This marks an almost 17% decline compared to the third quarter of 2022, consistent with weakness experienced… Read More ›

Flat Readings for Single-Family Built-for-Rent

Single-family built-for-rent construction has cooled as investor interest has pulled back on tighter financial conditions, leading to flat construction conditions after recent gains. According to NAHB’s analysis of data from the Census Bureau’s Quarterly Starts and Completions by Purpose and Design, there were approximately 17,000 single-family built-for-rent (SFBFR) starts during the third quarter of 2023. This is more than 6% higher… Read More ›

Best Quarter for Townhouse Construction Since 2007

Despite weakness for single-family construction in 2023, townhouse construction recorded the best quarter for starts in 16 years. According to NAHB analysis of the most recent Census data of Starts and Completions by Purpose and Design, during the third quarter of 2023, single-family attached starts totaled 43,000, which is 16% higher than the third quarter of 2022. This represents an acceleration… Read More ›

Single-Family Starts Flat in October

Single-family construction held steady in October as high mortgage rates depressed demand but more buyers turned to new homes because of a lack of existing inventory. Overall housing starts increased 1.9% in October to a seasonally adjusted annual rate of 1.37 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census… Read More ›

Builder Sentiment Down Again, but Better Building Conditions are in View

High mortgage rates that approached 8% earlier this month continue to hammer builder confidence, but recent economic data suggest housing conditions may improve in the coming months. Builder confidence in the market for newly built single-family homes in November fell six points to 34 in November, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI)…. Read More ›

Single-Family Permits Down in September 2023

Over the first nine months of 2023, the total number of single-family permits issued year-to-date (YTD) nationwide reached 693,908. On a year-over-year (YoY) basis, this is 13.3% below the September 2022 level of 800,424. Year-to-date ending in September, single-family permits declined in all four regions. The range of permit decline spanned 10.8% in the Northeast to 19.3% in the West…. Read More ›

Builders and Lenders Agree: Credit is Tightening

During the third quarter of 2023, availability of loans for residential Land Acquisition, Development & Construction (AD&C) continued to tighten, according to both NAHB’s survey on AD&C Financing and the Federal Reserve’s survey of senior loan officers.  Each of the surveys produces a net easing index that is positive when credit is easing and negative when credit is tightening. In… Read More ›

Porches on New Homes as Popular as Ever

Porches have been a popular home feature, consistently ranking in the top 10 in the NAHB surveys of recent and prospective home buyers published in What Home Buyers Really Want.  And porches remain as popular as ever specifically on new homes, according to NAHB tabulation of the latest Survey of Construction (SOC, conducted by the U.S. Census Bureau with partial… Read More ›