According to the annual data from the Census Bureau’s Survey of Construction (SOC), a total of 29,000 5,000+ square-foot homes were started in 2022, down from 33,000 in 2021.  In the boom year of 2006, the number of new 5,000+ square foot homes reached a peak of 45,000.   In 2007, the number fell to 37,000.  In 2008, only 20,000 such homes were… Read More ›

Lot values for single-family detached spec homes continued to rise in 2022, with the national value and six out of nine Census divisions setting new nominal records, according to NAHB’s analysis of the Census Bureau’s Survey of Construction (SOC) data. The U.S. median lot value for single family detached for-sale homes started in 2022 stands at $56,000, with half of… Read More ›

Consumer confidence saw another decline in September as consumers expressed growing concerns about the future, primarily driven by persistent inflation and expectations of higher interest rates lasting for an extended period. The Consumer Confidence Index, reported by the Conference Board, fell 5.7 points from 108.7 to 103.0 in September, the lowest level since May 2023. The Present Situation Index rose… Read More ›

Elevated mortgage rates and challenging affordability conditions pushed new home sales down to their weakest rate since March. Sales weakened in August with average mortgage rates above 7%. While some builders were able to offset that effect via mortgage rate buydowns, rates moved higher this month, suggesting the pace of new home sales will weaken further for September. Sales of… Read More ›

Of the roughly 1,005,000 single-family and 547,000 multifamily homes started in 2022, 59,000 (28,000 single-family and 31,000 multifamily) were built in age-restricted communities, according to NAHB tabulation of data from the Survey of Construction (SOC, conducted by the U.S. Census Bureau and partially funded by HUD).  A residential community can be legally age-restricted, provided it conforms the one of the… Read More ›