Tag Archive for ‘single-family’

Stucco and Vinyl were the Most Common Siding Materials on New Homes in 2022

According to the annual data from the Census Bureau’s Survey of Construction (SOC), stucco was the most common principal siding material on new single-family homes started in 2022 (28%), followed by vinyl siding (26%), fiber cement siding (such as Hardiplank or Hardiboard (21%) and, brick or brick veneer (18%). Far smaller shares of single-family homes started last year had wood or wood… Read More ›

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 ›

2022 Single-Family Starts by Census Division

According to NAHB analysis of the Survey of Construction (SOC), new single-family starts decreased in 2022. Nationally, 1,018,495 new single-family units started construction in 2022, 10% fewer than the number of units started in 2021. It marked the first decrease since 2011 but was still the second highest count since the Great Recession. Among all nine Census divisions, the South… Read More ›

Single-Family Home Size Moves Lower to More than a Decade Low

An expected impact of the virus crisis is 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 housing affordability worsened, the demand for home size has trended lower. According to second quarter 2023 data… 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 custom home building gained market share during recent quarters but experienced a drop for construction starts. There were 49,000 total custom building starts during the second quarter of the year. This marks almost an 8% decline compared to the second quarter of 2022, consisting with… Read More ›

Slight Decline for Single-Family Built-for-Rent

Single-family built-for-rent construction has cooled as investor interest has pulled back on tighter financial conditions. According to NAHB’s analysis of data from the Census Bureau’s Quarterly Starts and Completions by Purpose and Design, there were approximately 20,000 single-family built-for-rent (SFBFR) starts during the second quarter of 2023. This is more than 4% lower than the second quarter of 2022. Over the… Read More ›

Single-Family Starts Edge Higher in July but Rising Rate Concerns Persist

A lack of existing inventory and solid demand for housing helped offset rising mortgage rates and push single-family production higher in July, even as builders continue to grapple with elevated construction and financing costs as well as a lack of skilled labor. Overall housing starts increased 3.9% to a seasonally adjusted annual rate of 1.45 million units, according to a… Read More ›

Single-Family Permits Decrease in June 2023

Over the first six months of 2023, the total number of single-family permits issued year-to-date (YTD) nationwide reached 449,226. On a year-over-year (YoY) basis, this is 20.9% below the June 2022 level of 567,798. Year-to-date ending in June, single-family permits declined in all four regions. The Northeast posted the lowest decline of 11.0%, while the West region reported the steepest… Read More ›

Pace of Sales Cool in June

Rising mortgage rates and elevated construction costs put a damper on new home sales last month. The U.S. Department of Housing and Urban Development and the U.S. Census Bureau estimated sales of newly built, single-family homes in June at a 697,000 seasonally adjusted annual pace, which is a 2.5% decline over a downwardly revised reading of 715,000 in May. However,… Read More ›

Single-Family Starts Decline in June but Permits Post Gain

Single-family production fell back after four straight monthly gains as elevated construction costs and rising mortgage rates led to a reduction in home building activity and affordability conditions worsened for home buyers. Overall housing in June decreased 8% to a seasonally adjusted annual rate of 1.43 million units, according to a report from the U.S. Department of Housing and Urban… Read More ›