Existing home sales in October fell to the lowest level since August 2010, as limited inventory and higher mortgage rates continued to weigh on homebuyers, according to the National Association of Realtors (NAR). Low resale inventory and strong demand continued to drive up existing home prices, marking the fourth consecutive month of year-over-year median sales price increase. However, recent declines… Read More ›

NAHB’s analysis of Census Data from the Quarterly Starts and Completions by Purpose and Design survey indicates a slowing market for custom home building after a recent gain in market share. There were 50,000 total custom building starts during the third quarter of the year. This marks an almost 17% decline compared to the third quarter of 2022, consistent with weakness experienced… Read More ›

Despite weakness for single-family construction in 2023, townhouse construction recorded the best quarter for starts in 16 years. According to NAHB analysis of the most recent Census data of Starts and Completions by Purpose and Design, during the third quarter of 2023, single-family attached starts totaled 43,000, which is 16% higher than the third quarter of 2022. This represents an acceleration… Read More ›

Single-family construction held steady in October as high mortgage rates depressed demand but more buyers turned to new homes because of a lack of existing inventory. Overall housing starts increased 1.9% in October 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. Census… Read More ›

Confidence in the market for new multifamily housing was in negative territory for the third quarter, according to 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) had a reading of 38 – well below the break-even point of 50 –… Read More ›

High mortgage rates that approached 8% earlier this month continue to hammer builder confidence, but recent economic data suggest housing conditions may improve in the coming months. Builder confidence in the market for newly built single-family homes in November fell six points to 34 in November, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI)…. Read More ›