Although high construction costs and elevated interest rates continue to hamper housing affordability, builders expressed cautious optimism in March as a lack of existing inventory is shifting demand to the new home market. 

Meanwhile, multifamily growth was robust throughout much of the nation at the end of 2022, with the notable exception in high-density markets.

Buyer incentives, along with stabilizing mortgage rates during the month of January, increased the pace of new home sales for the month. However, in a sign of current market weakness, sales are down 19.4% compared to a year ago.

In most markets, developers face challenges with regulatory costs and delays, and obtaining financing for new construction, according to NAHB.

Housing construction weakened in January as ongoing affordability conditions fueled by high mortgage rates and building material costs challenged the market, said Alicia Huey, chairman of the National Association of Home Builders.

The five trade shows gave DCW attendees an amazing opportunity to visit five industry trade events with just one badge.

Following a brief uptick in new home sizes in 2021, the average size of a new home dropped slightly from 2,525 square feet to 2,480 square feet in 2022, and the percentage of new homes with 3+ full bathrooms and 3+ car garages dipped to 33% and 17%, respectively. 

Küberit USA will debut its new integrated process for profile selection, sample acquisiiton, and resources for specification support at this week’s TISE. 

Single-family housing starts posted a double-digit percentage gain in December, but production is running well below a rate of 1 million units annually, indicating ongoing weakness in the housing market as high construction costs and elevated interest rates continue to present affordability challenges.