The missing middle construction sector includes development of medium-density housing, such as townhouses, duplexes and other small multifamily properties. While townhouse construction has trended higher in recent quarters, the multifamily segment of the missing middle (apartments in 2- to 4-unit properties) has disappointed. For 2021, there were only 12,000 starts of such residences. This is flat from from 2020, during a period… Read More ›

According to NAHB analysis of quarterly Census data, the count of multifamily, for-rent housing starts remained elevated during the fourth quarter of 2022. For the fourth quarter, 133,000 multifamily residences started construction. For 2022 as whole, 525,000 rental apartments started construction. The market share of rental units of multifamily construction starts increased to almost 98% as the already small condo… Read More ›

As elevated mortgage rates and tight inventory continue to weaken housing demand, the volume of existing home sales declined for a twelfth consecutive month as of January, according to the National Association of Realtors (NAR). This is the longest run of declines since 1999. While mortgage rates have stabilized in January, they are likely to see a rise in the… Read More ›

NAHB’s analysis of Census Data from the Quarterly Starts and Completions by Purpose and Design survey indicates custom home building gained market share during 2022. There were 44,000 total custom building starts during the fourth quarter of the year. This marks a 10% decline compared to the fourth quarter of 2021 as the overall home building market softened. Nonetheless, over the course… Read More ›

NAHB analysis of the most recent Quarterly Sales by Price and Financing published by the U.S. Census Bureau reveals that cash purchases made 11.2% of new home sales in the fourth quarter of 2022—the largest share since 1990. The share of cash purchases has climbed each of the past four quarters and six of the last seven. Although the median prices… Read More ›

According to NAHB analysis of the most recent Census data of Starts and Completions by Purpose and Design, during the fourth quarter of 2022, single-family attached starts totaled 37,000, which is 8% lower than the fourth quarter of 2021. Over the course of 2022, townhouse construction starts totaled 148,000 units, which is effectively unchanged from 2021. Using a one-year moving average,… Read More ›