6 posts published by Paul Emrath, Fan-Yu Kuo, Robert Dietz, Jing Fu, Na Zhao, and Jesse Wade during September 2025| eyeonhousing.org
Although shortages are not quite as widespread as they were in 2021, obtaining lots remains a challenge for many builders, according to recent results from the NAHB/Wells Fargo Housing Market Index (HMI) survey. In special questions on the May 2025 HMI survey, 38% of single-family builders characterized the supply of lots as low, and another...| Eye On Housing
Almost all of new single-family homes started in 2024 used either an air/ground source heat pump or a forced air system for the primary heating equipment (97%), according to the Census’s Survey of Construction. Additionally, 20% percent of homes also used a secondary type of heating equipment. Heating Systems The type of heating system installed…| Eye On Housing
The top ten builders captured a record 44.7% of all new U.S. single-family home closings in 2024, up 2.4 percentage points from 2023 (42.3%). This is the highest share ever captured by the top ten builders since NAHB began tracking BUILDER magazine data on new single-family home closings in 1989. The 2024 share constitutes 306,932 closings…| Eye On Housing
The share of self-employed in construction remains just under 23%, a new post-pandemic norm. While this is significantly higher than an economy-wide average of 10% of the employed labor force, for construction, these rates are historically low. Across the nation, construction self-employment rates range from 38% in Maine to 13% in Nevada. As of 2023,…| Eye On Housing
7 posts published by Jesse Wade, Catherine Koh, Jing Fu, Natalia Siniavskaia, Eric Lynch, and Robert Dietz during August 2025| eyeonhousing.org
The count of open, unfilled positions in the construction industry increased in July, per the June Bureau of Labor Statistics Job Openings and Labor Turnover Survey (JOLTS) as the national labor market cooled. The number of open jobs for the overall economy decreased from 7.36 million in June to 7.18 million in July. The July reading...| Eye On Housing
House price growth continued to slow in the second quarter of 2025, as the housing market faces mounting pressure from high mortgage rates, elevated inventory, and persistent economic uncertainty. After years of rapid growth, the District of Columbia and 27 metro areas recorded modest house price declines during this quarter, highlighting the regional variations in…| Eye On Housing
Builder confidence for future sales expectations received a slight boost in July with the extension of the 2017 tax cuts, but elevated interest rates and economic and policy uncertainty continue to act as headwinds for the housing sector. Builder confidence in the market for newly built single-family homes was 33 in July, up one point…| Eye On Housing
7 posts published by Na Zhao, Jesse Wade, Catherine Koh, Jing Fu, Natalia Siniavskaia, and Eric Lynch in the year 2025| eyeonhousing.org
Private residential construction spending inched up 0.1% in June, registering the first monthly gain after six consecutive declines. This modest increase was primarily driven by more spending on single-family construction and home improvements. Despite this increase, total spending was 5.3% lower than a year ago, as the housing sector continues to navigate the economic uncertainty...| Eye On Housing
Single-family construction declined in the second quarter of 2025 for almost all tracked markets, according to the NAHB Home Building Geography Index (HBGI). Meanwhile, multifamily construction continued to expand in low population density markets, which have shown remarkable strength due to for-sale affordability challenges. The HBGI tracks single-family and multifamily permits across seven population density…| Eye On Housing
The percentage of new apartment units that were absorbed within three months after completion rose in the second quarter, according to the Census Bureau’s latest release of the Survey of Market Absorption of New Multifamily Units (SOMA). The survey covers new units in multifamily residential buildings with five or more units. The number of new...| Eye On Housing
Average mortgage rates in August continued their steady decline and are now at their lowest rate since last November. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.59%, 13 basis points (bps) lower than July. Meanwhile, the 15-year rate declined 15 bps to 5.71%. Compared to a year ago, the 30-year rate is higher…| Eye On Housing
Wood framing continues to dominate the U.S. single-family home construction market, according to NAHB analysis of 2024 Census Bureau data. In 2024, wood framing accounted for 94% of all completed single-family homes, reinforcing its position as the leading construction method. Concrete-framed homes represented 5% of completions, while steel-framed homes remained relatively rare, comprising less than…| Eye On Housing
Despite historically low self-employment rates and the rising market share of top ten builders, residential construction remains an industry dominated by independent entrepreneurs, with nearly 80% of home builders and specialty trade contractor firms being self-employed independent contractors. Even among firms with paid employees, the industry continues to be dominated by small businesses, with 63%…| Eye On Housing
The National Association of Home Builders (NAHB) conducts an annual member census to better understand the composition and characteristics of the people who belong to its organization. In 2024, 35% of NAHB’s membership was comprised of builder members—single-family and multifamily builders, residential and commercial remodelers, commercial builders, land developers, and manufacturers of modular/panelized/log homes. The…| Eye On Housing
The missing middle construction sector includes development of medium-density housing, such as townhouses, duplexes and other small multifamily properties. The multifamily segment of the missing middle (apartments in 2- to 4-unit properties) has generally disappointed since the Great Recession. For the second quarter of 2025, there were 5,000 2- to 4-unit housing unit construction starts. This represents…| Eye On Housing
National Association of Home Builders Discusses Economics and Housing Policy| eyeonhousing.org
High mortgage rates, rising construction costs and economic uncertainty continue to deter many potential home buyers during this summer season. Sales of newly built single-family homes edged 0.6% lower in July, falling to a seasonally adjusted annual rate of 652,000 from an upwardly revised reading in June, according to newly released data from the U.S.…| Eye On Housing
Elevated mortgage rates, weak buyer traffic and ongoing supply-side challenges continued to act as a drag on builder confidence in August, as sentiment levels remain in a holding pattern at a low level. Builder confidence in the market for newly built single-family homes was 32 in August, down one point from July, according to the…| Eye On Housing
Despite the brief retreat in mortgage rates and increased supply, existing home sales dropped to 7-month low in April, according to the National Association of Realtors (NAR). This unexpected decline suggests buyers' activity continues to be constrained by economic uncertainty and ongoing affordability challenges even with improved market conditions. While existing home inventory improved, the| Eye On Housing | National Association of Home Builders Discusses Economics an...
House price growth slowed in the first quarter of 2025, partly due to a decline in demand and an increase in supply. Persistent high mortgage rates and increased inventory combined to ease upward pressure on house prices. These factors signaled a cooling market, following rapid gains seen in previous years. Nationally, according to the quarterly| Eye On Housing | National Association of Home Builders Discusses Economics an...
Mortgage rates continued their upward trend in May due to market volatility triggered by fiscal concerns and weaker U.S. Treasury demand. According to Freddie Mac, the average 30-year fixed-rate mortgage rose to 6.82% — a 9-basis-point (bps) increase from April. The 15-year fixed-rate mortgage increased by 5 bps to 5.95%. The 10-year Treasury yield, a| Eye On Housing | National Association of Home Builders Discusses Economics an...
With home building volumes lower, labor shortages have eased considerably since record levels set in 2021 but remain relatively widespread in a historic context, according to results from the latest NAHB/Well Fargo Housing Market Index (HMI) survey. The February 2024 HMI survey asked builders about shortages in 16 specific trades. The percentage of builders reporting| Eye On Housing | National Association of Home Builders Discusses Economics an...
With the end of 2024 approaching, NAHB’s Eye on Housing is reviewing the posts that attracted the most readers over the last year. In June, Chief Economist Rob Dietz highlighted the importance of both new and existing home inventory in understanding housing market dynamics, emphasizing that while rising inventory may signal price moderation, the current| Eye On Housing | National Association of Home Builders Discusses Economics an...
As we reported earlier, immigrants make one in four construction workers. The share is significantly higher (31%) among construction tradesmen. In some states, reliance on foreign-born labor is particularly evident, with immigrants comprising 40% of the construction workforce in California and Texas. Supported by a substantial increase in immigration to the United States since 2022,| Eye On Housing | National Association of Home Builders Discusses Economics an...
The percentage of new apartment units that were absorbed within three months of completion rose from 50% to 55% in the second quarter of 2024, according to the Census Bureau’s latest release of the Survey of Market Absorption of New Multifamily Units (SOMA). The survey covers new units in multifamily residential buildings with five or| Eye On Housing | National Association of Home Builders Discusses Economics an...
Steadily rising mortgage rates coupled with ongoing affordability challenges kept many potential home buyers on the sidelines in October. Sales of newly built, single-family homes in October declined 17.3% to a 610,000 seasonally adjusted annual rate, according to newly released data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.| Eye On Housing | National Association of Home Builders Discusses Economics an...
Existing home sales in October rebounded from a 14-year low and posted the first annual increase in more than three years, as buyers took advantage when mortgage rates briefly reached a 2-year low in late September, according to the National Association of Realtors (NAR). While elevated home prices persist due to the lock-in effect, we| Eye On Housing | National Association of Home Builders Discusses Economics an...
Reflecting the sharp increase in net immigration of recent years, the number of new immigrants joining the construction industry rose substantially in 2022. According to the latest American Community Survey (ACS), the industry managed to attract close to 130,000 new workers coming from outside the U.S. to help with persistent labor shortages. For comparison, this| Eye On Housing | National Association of Home Builders Discusses Economics an...
