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Gains for Multifamily Missing Middle over Last Year
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...- Hoca
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- Forum: Wildlife photography
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Single-Family Home Size Trending Higher
An expected impact of the virus crisis was a need for more residential space, as people used 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 2023, and housing...- Hoca
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- Forum: Wildlife photography
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Slight Gains for Townhouse Construction
Townhouse construction expanded more than 2 percent on a year-over-year basis per data from the first quarter of 2025. According to NAHB analysis of the most recent Census data of Starts and Completions by Purpose and Design, during the first quarter of 2025, single-family attached starts...- Hoca
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- Forum: Wildlife photography
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Flat Custom Home Building Trends
NAHB’s analysis of Census Data from the Quarterly Starts and Completions by Purpose and Design survey indicates flat year-over year growth for custom home builders. The custom building market is less sensitive to the interest rate cycle than other forms of home building but is more sensitive to...- Hoca
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- Forum: Wildlife photography
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Flat Growth for Single-Family Built-for-Rent
Single-family built-for-rent construction posted flat growth on a year-over-year basis, as a higher cost of financing crowded out development activity. According to NAHB’s analysis of data from the Census Bureau’s Quarterly Starts and Completions by Purpose and Design, there were approximately...- Hoca
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- Forum: Wildlife photography
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Single-Family Starts Down on Economic and Tariff Uncertainty
Economic uncertainty stemming from tariff issues, elevated mortgage rates and rising building material costs pushed single-family housing starts lower in April. Overall housing starts increased 1.6% in April to a seasonally adjusted annual rate of 1.36 million units, according to a report from...- Hoca
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- Forum: Wildlife photography
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Soft Spring Selling Season Takes a Toll on Builder Confidence
Builder confidence fell sharply in May on growing uncertainties stemming from elevated interest rates, tariff concerns, building material cost uncertainty and the cloudy economic outlook. However, 90% of the responses received in May were tabulated prior to the May 12 announcement that the...- Hoca
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- Forum: Wildlife photography
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Cost of Credit Eases for Builders and Developers
The cost of credit for residential Land Acquisition, Development & Construction (AD&C) eased in the first quarter of 2025, according to NAHB’s survey on AD&C Financing. During the quarter, the average contract interest rate declined on three of the four categories of loans tracked in the NAHB...- Hoca
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- Forum: Wildlife photography
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Permit Activity Declines in March 2025
Permits continue a downhill trend for the third month in a row. Over the first three months of 2025, the total number of single-family permits issued year-to-date (YTD) nationwide reached 232,221. On a year-over-year (YoY) basis, this is a decline of 3.8% over the March 2024 level of 241311. For...- Hoca
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- Forum: Wildlife photography
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Highest Paid Occupations in Construction in 2024
Half of payroll workers in construction earn more than $60,320 and the top 25% make at least $81,510, according to the latest May 2024 Bureau of Labor Statistics Occupational Employment and Wage Statistics (OEWS) and analysis by the National Association of Home Builders (NAHB). In comparison...- Hoca
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- Forum: Wildlife photography
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Residential Mortgages Experience Weaker Demand in First Quarter
Overall demand for residential mortgages was weaker while lending standards for most types of residential mortgages were essentially unchanged according to the Federal Reserve Board’s April 2025 Senior Loan Officer Opinion Survey (SLOOS). For commercial real estate (CRE) loans, lending...- Hoca
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- Forum: Wildlife photography
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Inflation Eased Again in April
Inflation slowed to a 4-year low in April while shelter inflation remained elevated. Despite the easing, inflation may pick up in the coming months as possible inflationary pressure from enacted tariffs and other policy uncertainties continues to threaten economic growth and complicate the Fed’s...- Hoca
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- Forum: Wildlife photography
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Consumer Credit Slows in the First Quarter of 2025
Consumer credit continued to rise in early 2025, but the pace of growth has slowed. Student loan balances rose year-over-year as borrowers resumed payments following the end of pandemic-era relief. However, growth remains modest. Credit card and auto loan debt also increased, though both...- Hoca
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- Forum: Wildlife photography
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Multifamily Developer Confidence Falls in the First Quarter
Multifamily developers are starting the year in a cautious state, according to Q1 2025 results from the Multifamily Market Survey (MMS) released today by the National Association of Home Builders (NAHB). The MMS produces two separate indices. The Multifamily Production Index (MPI) decreased...- Hoca
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- Forum: Wildlife photography
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Fed Remains on Pause with Rising Uncertainty
The Federal Reserve remained on pause with respect to rate cuts at the conclusion of its May meeting, maintaining the federal funds rate in the 4.25% to 4.5% range. Characterizing current market conditions, the central bank noted that the “unemployment rate has stabilized at a low level in...- Hoca
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- Forum: Wildlife photography
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Student Housing Construction Investment Rises in the First Quarter of 2025
Private fixed investment in student dormitories increased by 2.3% in the first quarter of 2025, reaching a seasonally adjusted annual rate (SAAR) of $4.04 billion. This gain followed a 1.0% increase in the previous quarter. However, private fixed investment in dorms was 2% lower than a year ago...- Hoca
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- Forum: Wildlife photography
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Prices for New Homes Continue to Drop as Existing Rises
The median price for a new single-family home sold in the first quarter of 2025 was $416,900, a mere $14,600 above the existing home sale price of $402,300, according to U.S. Census Bureau and National Association of Realtors data (not seasonally adjusted – NSA). Typically, new homes carry a...- Hoca
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- Forum: Wildlife photography
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Mortgage Activity Levels Off in April as Rates Increase
Mortgage loan applications saw little change in April, as refinancing activity decreased. The Market Composite Index, which measures mortgage loan application volume based on the Mortgage Bankers Association (MBA) weekly survey, experienced a 0.4% month-over month increase on a seasonally...- Hoca
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- Forum: Wildlife photography
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Residential Building Worker Wage Growth Slows Amid Softer Labor Market
Wage growth for residential building workers continued to slow in March 2025, reflecting softening in the construction labor market, according to the latest report from the U.S. Bureau of Labor Statistics (BLS). On a nominal basis, average hourly earnings (AHE) for residential building workers...- Hoca
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- Forum: Wildlife photography
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Job Growth Slows Slightly in April
The U.S. job market slowed slightly in April, with notable downward revisions to February and March figures. The unemployment rate held steady at 4.2%. The labor market remains resilient despite growing economic uncertainty, though early signs of softening are beginning to emerge. In April, wage...- Hoca
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- Forum: Wildlife photography