Townhouse construction expanded 10% during 2024, outpacing the rest of the single-family home building market. According to NAHB analysis of the most recent Census data of Starts and Completions by Purpose and Design, during the fourth quarter of 2024, single-family attached starts totaled 44,000. Over the last four quarters (2024 as a whole), townhouse construction starts totaled…

In a clear sign illustrating the housing affordability challenges facing Americans, the National Association of Home Builders (NAHB)/Wells Fargo Cost of Housing Index (CHI) found that in the fourth quarter of 2024, a family earning the nation’s median income of $97,800 needed 38% of its income to cover the mortgage payment on a median-priced new…

Single-family built-for-rent construction posted year-over-year declines for the fourth quarter of 2024, as a higher cost of financing crowded out development activity. This slowdown is similar to the deceleration of multifamily construction in recent quarters. According to NAHB’s analysis of data from the Census Bureau’s Quarterly Starts and Completions by Purpose and Design, there were approximately…

Constrained housing affordability conditions due to ongoing, elevated interest rates led to a reduction in single-family production to start the new year. Overall housing starts decreased 9.8% in January to a seasonally adjusted annual rate of 1.37 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S….

Over 2024, the total number of single-family permits issued year-to-date (YTD) nationwide reached 981,834. On a year-over-year (YoY) basis, this is an increase of 8.0% over the 2023 level of 909,227. Year-to-date ending in December, single-family permits were up in all four regions. The range of permit increases spanned 11.1% in the Midwest to 6.2%…

Borrowers and lenders agreed that credit for residential Land Acquisition, Development & Construction (AD&C) tightened further in the fourth quarter of 2024, according to NAHB’s survey on AD&C Financing and the Federal Reserve’s survey of senior loan officers. The net easing index derived from the NAHB survey posted a reading of -16.3, while the similar…