Tag Archive for ‘multifamily’

Slow Rebound in Single-Family Permits in November

Over the first eleven months of 2019, the total number of single-family permits issued year-to-date (YTD) nationwide reached 791,452. On a year-over-year (YoY) basis, this is a 1.0% decline over the November 2018 level of 799,679.   Year-to-date ending in November, single-family permits reported declines in three regions and a slight increase in the South. The Northeast reported the steepest… Read More ›

A Decade of Home Building: The Long Recovery of the 2010s

Home building in the 2010s was a story of the Long Recovery. After the Great Recession, the number of home builders declined significantly, and housing production was unable to meet buyer demand. This deficit of housing in the United States continues to exist because of persistent supply-side headwinds for builders, creating a critical housing affordability challenge for renters and homebuyers…. Read More ›

Single-Family Starts Rebound Continues in November

According to estimates from the Housing and Urban Development and Commerce Departments, single-family starts expanded in November, albeit off downwardly revised numbers from prior months. The three-month moving average for single-family construction is currently at a post-recession high, which combined with strong reporting from the NAHB/Wells Fargo Housing Market Index (HMI), indicates future growth ahead. Single-family starts increased 2.4% to… Read More ›

Regional Data on Single-Family Permits in October

Over the first ten months of 2019, the total number of single-family permits issued year-to-date (YTD) nationwide reached 727,301. On a year-over-year (YoY) basis, this is a 1.6% decline over the October 2018 level of 739,120. Year-to-date ending in October, single-family permits reported declines in three regions and a slight increase in the South. The Northeast reported the steepest decline… Read More ›

Millennial Areas Front and Center to Housing Affordability Challenges

The third cut of NAHB’s Home Building Geography Index (HBGI) defines “Millennial counties” as those having at least a 26% share of total population belonging to the Millennial generation (born between 1981-1997). The top 25% of counties with a high millennial concentration represent 62% of the U.S. population. These counties also constitute 59% and 80% of single-family and multifamily construction,… Read More ›

Multifamily Built-for-Rent: 93% Market Share

An elevated rental share of multifamily construction is holding typical apartment size below levels seen during the pre-Great Recession period. As multifamily developers build more for-sale housing units in the years ahead, the average size of multifamily homes is likely to rise. According to third quarter 2019 data, the average per unit square footage of multifamily housing construction starts was 1,133, off from… Read More ›

Rebound for Single-Family Starts Continues

According to estimates from the U.S. Housing and Urban Development and Commerce Department, single-family starts increased in October, consistent with solid levels for the NAHB/Wells Fargo Housing Market Index (HMI). Thanks to lower mortgage interest rates, the seasonally adjusted annual pace of single-family permits has been rising since April, the rate of single-family starts has been increasing since May, and… Read More ›

Declines in Single-Family Permits Across the Country in September

Over the first nine months of 2019, the total number of single-family permits issued year-to-date (YTD) nationwide reached 647,244. On a year-over-year (YoY) basis, this is a 2.6% decline over the September 2018 level of 664,665. Year-to-date ending in September, single-family permits reported declines in all four regions. Midwest reported the steepest decline by 6.4%. The West, Northeast, the South,… Read More ›

Modular and Other Non-Site Built Housing In 2018

The total market share of non-site built single-family homes was 3% of single-family completions in 2018, according to Census Bureau Survey of Construction data and NAHB analysis. This share is expected to rise moderately in 2019 and in the years ahead, due to the ongoing labor shortage in the residential construction sector and the need to lift labor productivity amid declining housing affordability…. Read More ›

Total Housing Starts Down on Multifamily, Single-Family Edges Up

According to estimates from the U.S. Housing and Urban Development and Commerce Department, single-family starts edged up in September, consistent with recent gains for the NAHB/Wells Fargo Housing Market Index (HMI). However, the headline measure of total housing starts was down 9.4% for the month due to a large decline in the volatile multifamily sector. Single-family starts increased 0.3% to… Read More ›