Custom Home Building Share Declines
According to data from the Census Bureau’s Survey of Construction (SOC), the custom home share decreased to 17.8 percent of all single-family homes started in 2020—the lowest the annual custom home share...
The National Association of Home Builders
More New Homes Built with Air Conditioning
The Census Bureau’s Survey of Construction (SOC) provides valuable information on the characteristics of new homes started construction, such as air conditioning and heating system installations. Air Conditioning In 2020, 95.4 percent of new single-family...
Private Residential Spending Increased in July
NAHB analysis of Census Construction Spending data shows that total private residential construction spending rose 0.5% in July to a seasonally adjusted annual rate of $773.0 billion. Total private residential construction spending...
June Single-Family Permits Up 35 Percent From Last Year
Over the six months of 2021, the total number of single-family permits issued year-to-date (YTD) nationwide reached 589,146. On a year-over-year (YoY) basis, this is a 35.9% increase over the June 2020 level of...
Housing Starts Down in July on Supply Chain Challenges
Housing production declined in July due to rising prices and limited availability of lumber and other building materials. Overall housing starts decreased 7.0% to a seasonally adjusted annual rate of 1.53 million...
June Gains for Private Residential Spending
NAHB analysis of Census Construction Spending data shows that total private residential construction spending rose 1.1% in June to a seasonally adjusted annual rate of $763.4 billion. Total private residential construction spending...
Housing Starts Solid But Permits Weaken in June
Housing production was steady in June, although permit issuance weakened as higher construction costs and other supply limitations are deferring and delaying some construction projects. Overall housing starts increased 6.3% to a...
Lot Size Remains Low in 2020
The median lot size of a new single-family detached home sold in 2020 stands at 8,306 square feet, or just under one-fifth of an acre. This is slightly larger but statistically not...
What Areas Grew the Most? Single-Family Home Building in 2020
According to NAHB analysis of the Survey of Construction (SOC), new single-family starts expanded at a fast pace in 2020. Nationally, 993,635 new single-family units were started in 2020, 12% higher than the units...
Shortages Cause Builders to Raise Prices, Pre-Order Materials
Recent posts have discussed how builders are facing widespread shortages of many building materials, and how materials prices for the same house have increased by 26 percent over the past year. Results from a follow-on NAHB...
Private Residential Spending Edges Up in May
NAHB analysis of Census Construction Spending data shows that total private residential construction spending rose 0.2% in May to a seasonally adjusted annual rate of $751.7 billion. Total private residential construction spending...
Why Builder Lumber Prices Remain Higher Than Headlines Suggest
Lumber futures prices have decreased by 52 percent (on a front-month basis) over the past seven weeks as mill prices have fallen 48 percent over the same period.[1] In contrast, prices paid by...
Private Residential Spending Rises Modestly in April
NAHB analysis of Census Construction Spending data shows that total private residential construction spending rose 1.0% in April to a seasonally adjusted annual rate of $729.2 billion. Total private residential construction spending...
The Aging Housing Stock
The median age of owner-occupied homes is 39 years, according to the latest data from the 2019 American Community Survey. Compared to a median age of 31 years in 2005, the U.S....
Builders Report 26 Percent Increase in Material Prices
A post published last week discussed how record numbers of builders were reporting on broad-based shortages of building materials and products. The source of the information was the May survey for the NAHB/Wells Fargo Housing...
Building Materials Prices Continue to Set Record Highs
Prices paid for goods used in residential construction ex-energy rose 1.7% in April (not seasonally adjusted) and have increased 12.4% over the past 12 months, according to the latest Producer Price Index...
March Gains for Private Residential Spending
NAHB analysis of Census Construction Spending data shows that total private residential construction spending rose 1.7% in March to a seasonally adjusted annual rate of $725.3 billion. Total private residential construction spending...
Home Buyers’ Preferences Shift Towards New Construction
According to the latest What Home Buyers Really Want*, 60% of home buyers would prefer a newly-built home over an existing home. In other words, all else equal, their first preference would be...
Second Homes: 15 Percent of New Home Sales
Last week’s post reported on first-time home buyers from the February survey for the NAHB/Wells Fargo Housing Market Index (HMI). According to the same source, second homes (i.e., homes sold to buyers who are not going...
Private Residential Spending Hits Record High
NAHB analysis of Census Construction Spending data shows that total private residential construction spending rose 2.5% in January to a seasonally adjusted annual rate of $713 billion, reaching a record high. Total...
Nearly 90 Percent of Builders Have Trouble Getting Appliances
In the survey results described in one of last week’s posts, prices of building material ranked as the number one problem among NAHB’s single-family builders, and availability of building materials ranked second. These concerns are not surprising,...
Single-Family Permits End on a Strong Note in 2020
For 2020, the total number of single-family permits issued year-to-date (YTD) reached 977,863 nationwide. On a year-over-year (YoY) basis, this is a 14.5% increase over the December 2019 level of 854,158. Year-to-date ending in...
Lumber Headlines Broad-Based Increases in Building Materials Prices
Prices paid for goods used in residential construction ex-energy rose 2.1% in January (not seasonally adjusted) and have increased 6.8% over the past 12 months, according to the latest Producer Price Index...
Private Residential Spending Up 3.1% in December
NAHB analysis of Census Construction Spending data shows that total private residential construction spending rose 3.1% in December 2020 to a seasonally adjusted annual rate of $691.0 billion. Total private residential construction...
A Significant Shift in Interest for Newly-Built Homes
According to NAHB’s latest Housing Trends Report, 15% of adults were considering a home purchase in the fourth quarter of 2020, up from 11% a year earlier. Further analysis reveals a significant shift...
Gains for Housing Share of GDP
Housing has staged a dramatic turnaround since the Spring of 2020. Due to low mortgage interest rates, a renewed focus on the importance of home, an evolving geography of housing demand, and a lack of...
Housing Starts End Strong
Total housing starts posted a 5.8 percent increase in December (1.67 million units) compared to an upwardly revised November estimate of 1.58 million units according to the joint data release from the Census Bureau...
Private Residential Spending Is on the Rise
NAHB analysis of Census Construction Spending data shows that total private residential construction spending rose 2.7% in November to a seasonally adjusted annual rate of $658.1 billion. Total private residential construction spending...
Second Home Markets Show Construction Growth
For the third quarter of 2020, NAHB’s Home Building Geography Index (HBGI) found construction gains for traditional second home markets. High-concentration second home counties were defined based on the proportion of the...
Custom Home Building Annual Share Increases
According to data from the Census Bureau’s Survey of Construction (SOC), the custom home share increased to 20.2 percent of all single-family homes started in 2019. Contractor-built or owner-built houses – that together make...