Rising mortgage rates, elevated construction costs and limited existing inventory helped push housing affordability in the third quarter of 2023 to its lowest level in more than a decade. According to the National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index (HOI), just 37.4% of new and existing homes sold between the beginning of…
Read More
In a pre-emptive move, NAHB has joined a group of 11 other leading organizations in the construction industry to send a letter to Senate and House leaders that strongly opposes pending legislation by Sens. Lindsey Graham (R-S.C.) and Alex Padilla (D-Calif.) that would impose harmful and unjustified restrictions on access to the H-2B temporary seasonal…
Read More
Despite mortgage rates that are at a 23-year high, new home sales posted a double-digit percentage gain in September because of a lack of inventory in the resale market. Sales of newly built, single-family homes in September increased 12.3% to a 759,000 seasonally adjusted annual rate, according to newly released data by the U.S. Department…
Read More
In a positive development for NAHB and the housing industry, Federal Reserve Chairman Jerome Powell has signaled that the central bank is unlikely to raise rates further unless clear signs emerge that strong economic growth could trigger a rise in inflation. As reported by the Wall Street Journal, Powell said during an address in New…
Read More
Using the 2021 American Housing Survey (AHS), NAHB investigated the characteristics of recent home buyers – defined as households who purchased homes in the two years preceding the date the 2021 AHS was conducted – in a new special study. According to this criterion, roughly 10.2 million households recently bought and moved to a new…
Read More