Eye On Housing
Residential construction loan volume reached a post-Great Recession high during the second quarter of 2022, as home building activity and new home sales slowed. Outstanding builder loan balances are rising as development debt is being held longer as new homes remain in inventory longer. Loan balances will decline in coming quarters as the development loan market becomes more costly and… Read More ›
The total market share of non-site built single-family homes (modular and panelized) was at 2% of single-family completions in 2021, according to Census Bureau Survey of Construction data and NAHB analysis. This share has been steadily declining since early-2000s despite the high-level of interest for non-site built construction. In 2021, there were 24,000 total single-family units built using modular (10,000)… Read More ›
Despite the pandemic-triggered suburban flight and presumed shifts in preferences towards more spacious living, a rising share of new for-sale homes were built on smaller lots. According to the latest Survey of Construction (SOC), more than two thirds of new single-family detached homes sold in 2021 were built on lots smaller than one-fifth of an acre. This is the highest… Read More ›
The construction labor market is cooling off as economic activity slows in response to tighter monetary policy. However, the July data shows stability concerning the number of open, unfilled jobs in the construction industry. This trend will likely weaken during the second half of 2022 due to the policy decisions by the Federal Reserve. The count of open construction jobs… Read More ›
The missing middle construction sector includes development of medium-density housing, including townhouses, duplexes and other small multifamily properties. While townhouse construction has trended higher in recent quarters, the multifamily segment of the missing middle (apartments in 2 to 4 unit properties) has disappointed. For 2021, there were only 12,000 starts of such residences. This is flat from from 2020, during a period… Read More ›
New home sales in July fell to their lowest level since January 2016 as the industry grapples with supply chain disruptions that are delaying new home building projects and raising housing costs as mortgage interest rates increased. The U.S. Department of Housing and Urban Development and the U.S. Census Bureau estimated sales of newly built, single-family homes in July at… Read More ›
According to NAHB analysis of quarterly Census data, the count of multifamily, for-rent housing starts surged during the second quarter of 2022. At 142,000 units started, this was the largest quarter for rental multifamily construction since the second quarter of 1986. The market share of rental units of multifamily construction starts bounced back to 96%. In contrast, the historical low… Read More ›
An expected impact of the virus crisis is a need for more residential space, as people use homes for more purposes including work. During the housing boom of recent quarters, this led to a rise for new single-family home size. However, as the housing market weakens this trend appears to be reversing. According to second quarter 2022 data from the… Read More ›
NAHB’s analysis of Census Data from the Quarterly Starts and Completions by Purpose and Design survey indicates custom home building registered relatively flat conditions for the second quarter of 2022. There were 53,000 total custom building starts during the second quarter of the year. This marks a 2% decline compared to the second quarter of 2021 in terms of year-over-year change. Over… Read More ›
According to NAHB analysis of the most recent Census data of Starts and Completions by Purpose and Design, during the second quarter of 2022 single-family attached starts totaled 38,000, which is 9.5% lower than the second quarter of 2021. Nonetheless, over the last four quarters, townhouse construction starts totaled 148,000 units, 7% higher than the prior four quarter total (138,000). However,… Read More ›