The National Association of Home Builders (NAHB)/Wells Fargo Cost of Housing Index (CHI) found that in the third quarter of 2024, a family earning the nation’s median income of $97,800 needed 38% of its income to cover the mortgage payment on a median-priced new home.
October housing starts fell to 1.31 million units annually, with single-family starts down 6.9% but up 9.3% year-to-date. Despite rising mortgage rates, builders remain positive about 2025's outlook, anticipating regulatory improvements and Federal Reserve interest rate cuts to boost construction activity.
Builder confidence increased to 46 in November, marking the third consecutive monthly gain. While optimism grows over potential Republican regulatory relief, challenges persist, including labor shortages, lot availability, and elevated material prices. Price cuts remained steady at 31% of builders, with average reductions of 5%.
Approximately 90% of metro markets (196 out of 226, or 87%) registered home price gains in the third quarter of 2024, as the 30-year fixed mortgage rate ranged from 6.08% to 6.95%, according to the National Association of Realtors’ latest quarterly report.
Despite a slowdown in Q3 2024 construction sector activity, home renovation professionals express optimism for Q4, according to Houzz's latest Renovation Barometer.
With the Federal Reserve beginning an easing of monetary policy and builder sentiment improving, single-family starts posted a modest gain in September while multifamily construction continued to weaken because of tight financing and an ongoing rise in completed apartments.
Builder sentiment for new single-family homes increased in October, despite ongoing affordability challenges. The National Association of Home Builders reports optimism for 2025 market conditions, with builders anticipating easing inflation and moderating mortgage rates. The upcoming election remains a key factor in housing policy outlook.
Luxury flooring brand Riva Spain opens four new "Riva Corners" in Massachusetts, showcasing their high-quality, sustainable wood products. The expansion reflects the brand's growth in the region, with business tripling over two years.
Mohawk Builder Multifamily welcomed 11 designers from across the country to its inaugural design summit in Alpharetta, Georgia, to build relationships, garner feedback on flooring products in development, and share insights about the company's investments in innovation and sustainability.
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