Builder sentiment improved for the third straight month, and builders expect market conditions will continue to improve with Republicans winning control of the White House and Congress. Builder confidence in the market for newly built single-family homes was 46 in November, up three points from October, according to the National Association of Home Builders (NAHB)/Wells…
With elevated interest rates and rising home prices, 103.5 million households in the United States cannot afford a $495,750 median-priced new home. The growing affordability crisis makes housing a top issue for voters in the 2024 presidential election. Both presidential candidates have offered housing policy proposals to address our nation’s housing supply and affordability challenges….
Approximately 2.3 million tax returns filed for tax year 2023 utilized the Energy Efficient Home Improvement credit (25C tax credit), according to the latest IRS clean energy tax credit statistics. Through May 23rd of the 2024 tax filing season for 2023 returns, almost 138 million tax returns had been filed with the IRS, which indicates…
The total market share of non-site built single-family homes (modular and panelized) was just 3% of single-family homes in 2023, according to completion data from the Census Bureau Survey of Construction data and NAHB analysis. This is a slight increase from the 2% share in 2022. This share has been steadily declining since the early-2000s…
NAHB’s featured topic for the second quarter HBGI reveals that 17.5% of single-family and 8.6% of multifamily construction takes place in second home areas. Recent NAHB analysis found that the total count of second homes across the US was 6.5 million, which accounts for 4.6% of the total housing stock. For this analysis, a second…
Despite high mortgage rates, the lack of resale homes and pent-up demand drove solid growth in single-family permits across nearly all regions in the second quarter. In contrast, multifamily construction permit activity experienced declines across all regions for the second quarter of 2024. These trends are tabulated from the recent release of the National Association…
The average completion time of a single-family house in 2023 was approximately 10.1 months, breaking down to 1.5 months for authorization to start construction and another 8.6 months to finish construction. According to the Census Bureau’s Survey of Construction, the permit-to-completion time has been on an upward trend since 2015. Currently, it is almost 3…
