Mortgage rates that averaged 7.06% in May per Freddie Mac, the highest monthly average since last November, put a damper on new home sales last month.

Persistently high mortgage rates are keeping many prospective buyers on the sidelines, and home builders are also dealing with higher rates for construction and development loans, chronic labor shortages and a dearth of buildable lots.

While single-family construction expanded in the first quarter despite higher mortgage rates, multifamily construction for 2024 is experiencing a notable slowdown primarily because financing conditions.

Confidence in the market for new multifamily housing declined year-over-year in the first quarter of 2024, according to results from the Multifamily Market Survey (MMS) released by the National Association of Home Builders (NAHB). 

Sales of newly built, single-family homes in February edged 0.3% lower to a 662,000 seasonally adjusted annual rate, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.

A lack of existing inventory that continues to drive buyers to new home construction, coupled with strong demand and mortgage rates below last fall’s cycle peak helped push builder sentiment above a key marker in March.

The NAHB International Builders' Show (IBS) announced the winners of the Best of IBS Awards. Emser Tile, a designer and producer of tile and natural stone, has been recognized with the Best of IBS Award in the Kitchen and Bath products category. 

Tight lending standards and the high cost of development loans continue to impede the financing of new multifamily projects.

The National Association of Home Builders (NAHB) released its NAHB/Westlake Royal Remodeling Market Index (RMI) for the fourth quarter, posting a reading of 67, increasing two points compared to the previous quarter.

In a sign that lower mortgage rates continue to boost the housing market, single-family production surpassed the million mark for the second straight month in December.