Single-Family Permits Continue to Weaken in Early 2026
Residential permitting in Q1 2026 shows a widening gap between single‑family and multifamily construction. Single‑family permits slipped 7.6% YoY to 214,655 units, while multifamily permits rose 7.1% to 121,404 units. The decline was nationwide, with the Northeast hardest hit at a 17.1% drop, whereas multifamily activity surged in the Northeast (+47%) and West (+38%). Elevated financing costs and affordability pressures continue to suppress single‑family builds, even as rental demand fuels multifamily growth.
Residential Building Worker Wages Remain Soft in Early 2026 Amid Slower Housing Activity
Residential building workers saw nominal hourly earnings rise 2.1% year‑over‑year in March 2026, a sharp slowdown from the 9.4% peak in mid‑2024. After inflation adjustment, real wages actually fell 1.2% YoY, indicating earnings are not keeping pace with price growth....
State-Level Employment Situation: March 2026
In March 2026 U.S. nonfarm payrolls rose by 178,000, reversing February's 133,000‑job loss. Gains were concentrated in Texas (+46,800), California (+28,700) and Florida (+28,100), while 15 states shed jobs, led by Oregon’s 4,800‑job decline. The construction sector added a net...
Student Housing Construction Investment Holds Steady in the First Quarter of 2026
Private fixed investment in student dormitories ticked up 0.1% in Q1 2026, reaching a seasonally adjusted annual rate of $3.9 billion. This marks the third consecutive quarterly gain, even as elevated interest rates persist, while year‑over‑year investment remains essentially flat. The sector...
Young Adults Report More Interest in the Construction Trades: 2026 Survey
The National Association of Home Builders (NAHB) reports a 1.2 million‑unit housing deficit and a $11 billion annual cost from construction‑trade labor shortages. A 2026 survey of 18‑25‑year‑olds shows interest in construction trades doubled to 6%, though overall career certainty fell to...
Existing Home Sales Fell in March
Existing home sales in March dropped 3.6% to a seasonally adjusted annual rate of 3.98 million, the lowest level since June 2025. Tight inventory rose modestly to 1.4 million units, creating a 4.1‑month supply, while median home prices climbed 1.4% to $408,800, marking...
A 25-Basis-Point Decline in the Mortgage Rate Prices-In 1.42 Million Households
A 25‑basis‑point (0.25 percentage‑point) drop in mortgage rates could make monthly payments affordable for an estimated 1.42 million additional households, expanding the pool of qualified borrowers. Simultaneously, incorporating the lower operating costs of energy‑efficient homes into underwriting can deliver an equivalent 75‑basis‑point...
How Housing Affordability Conditions Vary Across States and Metro Areas
NAHB’s 2026 priced‑out estimates reveal that over 65 % of households in 39 states and the District of Columbia cannot afford a median‑priced new home. New Hampshire tops the unaffordability chart with 83.4 % of its households priced out, while even lower‑priced...
Builder Sentiment Edges Lower on Affordability Concerns
Builder confidence for new single‑family homes slipped one point to 36 in February, according to the NAHB/Wells Fargo Housing Market Index. Affordability pressures—high price‑to‑income ratios and rising land and construction costs—drove the decline for a second consecutive month. While price‑cutting fell...
How Rising Costs Affect Home Affordability
Housing affordability remains a pressing concern, with 65% of U.S. households unable to afford a median-priced new home in 2026. Elevated mortgage rates amplify the impact of even modest home‑price increases, pushing more families out of the market. The National...
Cost of Credit for Builders & Developers at Its Lowest Since 2022
The NAHB’s AD&C Financing survey shows that in Q4 2025 the cost of credit for residential builders fell to its lowest level since 2022. Contract rates dropped across land acquisition, development, speculative and pre‑sold single‑family loans, and effective rates fell even...
Existing Home Sales Retreat Amid Low Inventory
Existing home sales slipped 8.4% in January to a seasonally adjusted 3.91 million units, the lowest level since August 2024. Inventory remained tight at 1.2 million homes, providing only a 3.7‑month supply and keeping resale prices elevated. The median existing‑home price rose 0.9%...