Market Research

Analysis and trends impacting construction, housing and development markets.

Latest News

  • June housing starts and completions exceed estimates

    June housing starts and completions exceed estimates

    On July 17, 2026, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development released their new residential construction report for June 2026.

    According to the report, privately-owned housing completions in June were at a seasonally adjusted annual rate of 1,392,000, 3.3% above the revised May estimate of 1,347,000 and 1.5 percent% above the June 2025 rate of 1,372,000.

    Privately-owned housing starts in June were at a seasonally adjusted annual rate of 1,427,000, 19% above the revised May estimate of 1,199,000 and 3.5% above the June 2025 rate of 1,379,000. Single-family housing starts in June were at a rate of 895,000, a small 0.2% decline from the revised May figure of 897,000.

    Privately-owned housing units authorized by building permits in June were at a seasonally adjusted annual rate of 1,367,000, only 3% below the revised May rate of 1,410,000. Single-family authorizations in June were at a rate of 871,000, 2.4% below the revised May figure of 892,000.

    Read Full Article

     

  • Mortgages average 6.49%

    Mortgages average 6.49%

    According to Freddie Mac’s Primary Mortgage Market Survey, released on July 9, 2026, the 30-year fixed-rate mortgage (FRM) averaged 6.49%. This report demonstrates that the FRM has remained relatively unchanged.

    “The 30-year fixed-rate mortgage averaged 6.49% this week,” said Sam Khater, Freddie Mac’s Chief Economist. “Mortgage rates have not changed much recently, but economic growth and housing affordability continue to improve for homebuyers as they shop for homes in today’s market.”

    The most recently measured FRM is up from last week, when it averaged 6.43%. In July 2025, around this same time, the 30-year FRM averaged 6.72%. The 15-year FRM averaged 5.82%, up from the previous week when it averaged 5.79%. A year ago at this time, the 15-year FRM averaged 5.86%.

    Read Full Article

  • Single-story home starts increase in 2025

    Single-story home starts increase in 2025

    According to the recent release of the Census Bureau’s Survey of Construction, while the gap between one-story and two-or-more-story shares has been relatively stable since 2021, 2025 saw a slight decrease in two-or-more-story starts. Two-or-more story starts dropped in 2025 to 51.4% from 52.2% in 2024.

    Meanwhile, the share of new homes with one story rose from 47.5% to 48.6%. Despite the decline, more than half of new homes built nationally in 2025 were two or more stories, though this share varied significantly across the nation.

    New homes started in the Midwest and the South generally favored single-story homes, while the Northeast and the West had higher shares of two or more stories.

    Read Full Article

Exclusive Feature

  • Mortgage rates average 6.52%

    Mortgage rates average 6.52%

    On June 11, 2026, Freddie Mac released the results of its Primary Mortgage Market Survey, showing the 30-year fixed-rate mortgage reached an average of 6.52%.

    “The 30-year fixed-rate mortgage averaged 6.52% this week,” said Sam Khater, Freddie Mac’s Chief Economist. “Stronger employment momentum has helped existing home sales reach a five-month high. Importantly, we’re seeing homebuyers look past the short-term rate fluctuations and actively enter the market, signaling renewed confidence in homeownership opportunities.”

    The most recent 30-year FRM reached a 6.52% average, up from last week’s 6.48%. A year ago at this time, the 30-year FRM averaged 6.84%. Meanwhile, the 15-year FRM averaged 5.84%, up from last week’s average of 5.79%. A year ago at this time, the 15-year FRM averaged 5.97%.

    Read Full Article

  • NAHB study analyzes homebuilding regulatory costs

    NAHB study analyzes homebuilding regulatory costs

    A new study from the National Association of Home Builders (NAHB) analyzed homebuilding regulatory costs, comparing results from the 2026 survey to a previous one conducted in 2021. The 2026 survey revealed that, on average, regulations imposed by the government at all levels account for $131,734, or 26.4%, of the final price of a new single-family home built for sale. Of this amount, $46,795 is due to a higher price for the finished lot, a direct result of regulations imposed during the lot’s development. The remaining $84,939 is the result of regulatory costs imposed on the builder during construction, after the builder purchases the finished lot.

    According to the study, regulatory costs are one of several factors, including record increases of tariff rates on building materials, ongoing skilled labor shortage, a decrease in available lots and tighter lending conditions, currently limiting the supply of housing, particularly housing for the entry-level market.

    Read Full Article

  • Mortgage rates decrease to 6.48%

    Mortgage rates decrease to 6.48%

    On June 4, 2026, Freddie Mac announced that the 30-year fixed-rate mortgage (FRM) averaged 6.48%, according to its Primary Mortgage Market Survey. The FRM decreased from the week before, when it averaged 6.53%. A year ago at this time, the 30-year FRM averaged 6.85%.

    “The 30-year fixed-rate mortgage decreased to 6.48% this week,” said Sam Khater, Freddie Mac’s Chief Economist. “With mortgage rates in the mid-6% range and income growth outpacing home price growth, housing affordability is marginally improving.”

    The 15-year FRM averaged 5.79%, down from the week prior when it averaged 5.87%. A year ago at this time, the 15-year FRM averaged 5.99%.

    Read Full Article

  • Mortgage rates average 6.41% in May

    Mortgage rates average 6.41% in May

    According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.41% in May 2026, up 7 basis points (bps) over April. Additionally, the average 15-year rate averaged 5.76% in May, up 7 bps from April and up 33 basis points since the end of February.

    The 10-year Treasury yield, a key benchmark for long-term borrowing, averaged 4.47% last month, 16 bps higher than in April. Stronger-than-expected inflation pushed yields upward, with the 10-year yield reaching 4.6% during the month. Rising energy prices kept inflation high, as fuel oil prices increased 5.8% and gasoline prices rose 5.4%.

    Persistently high inflation has also impacted household budgets, with the personal saving rate falling to 2.6% in April.

    Read Full Article 

  • Builder confidence increases in May

    Builder confidence increases in May

    The National Association of Home Builders (NAHB) released the NAHB/Wells Fargo Housing Market Index (HMI) for May 2026. The HMI is based on a monthly survey of single-family builders who are asked to rate three specific conditions of the housing market: present sales of new single-family homes, expected sales of single-family homes for the next six months and traffic of prospective buyers of new single-family homes. Builder confidence in the market for newly built single-family homes increased three points to 37 in May.

    The survey revealed that 32% of builders cut prices in May, down from 36% in April. However, the use of sale incentives was up 61% in May, a slight increase from 60% in April.

    Key factors that can impact the HMI include interest rates, employment rates, material costs and inflationary pressures.

    Read Full Article

  • Private residential construction spending increases in April

    Private residential construction spending increases in April

    Private residential construction spending was up 0.8% in April 2026, following the monthly gain of 0.6% in March. Gains in single-family and home improvement spending largely drove this increase. Overall, total private residential construction spending was 1.7% higher than a year ago.

    According to the latest construction spending data from the U.S. Census, single-family construction spending increased 1.4% in April, consistent with the steady builder confidence reflected in the National Association of Home Builders/Wells Fargo Housing Market Index.

    Improvement spending also increased in April, rising 0.4% for the month and remaining a bright spot year over year, with spending up 7.5% from April 2025.

    Read Full Article 

  • Private residential construction spending increases in April

    Private residential construction spending increases in April

    Private residential construction spending was up 0.8% in April 2026, following the monthly gain of 0.6% in March. Gains in single-family and home improvement spending largely drove this increase. Overall, total private residential construction spending was 1.7% higher than a year ago.

    According to the latest construction spending data from the U.S. Census, single-family construction spending increased 1.4% in April, consistent with the steady builder confidence reflected in the National Association of Home Builders/Wells Fargo Housing Market Index.

    Improvement spending also increased in April, rising 0.4% for the month and remaining a bright spot year over year, with spending up 7.5% from April 2025.

    Read Full Article 

  • Construction employment increases in 32 states

    Construction employment increases in 32 states

    Construction employment rose in 32 states from April 2025 to April 2026, according to an analysis of new federal data released by the Associated General Contractors of America (AGC)on May 22, 2026. Texas added the most construction jobs, adding approximately 18,700 jobs, followed by North Carolina, Ohio, Louisiana, Illinois and Missouri. Louisiana had the largest percentage gain in the span of 12 months.

    “It’s encouraging to see construction employment increasing in many parts of the country,” said Ken Simonson, the AGC’s chief economist.

    In April 2026, Florida added the most construction jobs with 6,000, followed by Texas with 3,500, Massachusetts with 3,100, North Carolina with 2,700 and New Mexico with 2,600.

    Read More

  • March sees lowest saving rates since June 2022

    March sees lowest saving rates since June 2022

    According to the latest data from the Bureau of Economic Analysis, March 2026 saw the lowest personal saving rates since June 2022. On a year-over-year basis, personal income was 2.5% higher in March than in April 2025. As consumer spending outpaced income growth, the personal saving rate fell to 2.6%. This data point implies households are drawing more heavily on savings to support spending.

    Personal income was essentially unchanged in April 2026, following a 0.5% gain in March. Personal consumption expenditure rose 0.5% in April, following a 1% increase in March. Real spending, which was adjusted to remove inflation, increased 0.1% in April, with expenditure goods declining 0.2% and spending on services up 0.2%.

    Read More

  • Construction sees life in custom homebuilding

    Construction sees life in custom homebuilding

    The custom home market is not as heavily impacted by the interest rate cycle in comparison to other forms of homebuilding, making it a relative bright spot in residential construction. While overall single-family construction has been down 5% for the first four months of 2026, custom homebuilding is providing relief in the homebuilding.

    According to the National Association of Home Builders’ (NAHB) analysis of Census data from the Quarterly Starts and Completions by Purpose and Design survey, there were 36,000 total custom building starts during the first quarter of 2026. This is up 3% relative to the first quarter of 2025.

    Currently, the market share of custom builds, based on a one-year moving average, is 20% of total single-family starts.

    Read More

  • 10 cities lead new home construction

    10 cities lead new home construction

    Consumer Affairs analyzed data on new building permits and new-construction home sales across the 150 largest U.S. metros in early 2026.  The data ranked areas based on both the number of new-build permits issued and the number of new homes sold, with each factor weighted equally. Based on the analysis, 10 cities are leading the charge in new home construction, with thousands of new housing permits issued and more than 15,000 newly constructed homes sold.

    Four of the top cities in new home construction were in Texas, with Dallas holding the leading spot. The city had 11,327 new building permits issued and over 3,000 new construction homes sold.

    Houston follows closely behind in second place, followed by New York, Phoenix, Atlanta and Los Angeles, respectively. Austin, Texas, ranked No. 7, followed by Washington, D.C., Charlotte, N.C. and San Antonio.

    Read More

  • HUD releases report on best homebuilding practices

    HUD releases report on best homebuilding practices

    The Department of Housing and Urban Development (HUD) released the State and Local Best Practices for Home Construction Report, a series of regulatory actions for state and local governments to increase efficiency and ease regulatory barriers to housing construction and affordability. The report provides a clear starting point for all state and local governments to begin or continue an active effort to remove unnecessary burdens to home construction. Best practices are sorted into three categories: Cut Home Construction Costs, Unlock Land for New Housing Supply and Accelerate Construction Timelines.

    “HUD is encouraging our state and local partners to take inventory of their regulations and policies and make changes that will lower the cost to build and enable more efficient housing supply growth,” said HUD Secretary Scott Turner. “These best practices are an initial list of recommendations to facilitate growth while respecting communities’ unique needs. Adding efficiency to local building processes will result in more affordable homeownership opportunities for all Americans.”

    Read More

Exclusive Feature

  • Pending home sales pick up in March

    Pending home sales pick up in March

    Pending home sales picked up 1.5% in March 2026 despite mortgage rates varying throughout the month, suggesting that rising borrowing costs may have pushed homebuyers to act while the housing market conditions showed signs of improvement. While contract signings were down 1.1% year-over-year, the monthly gain points to underlying demand going into the spring buying season. Rates rose from around 6.11% in mid-March to 6.38% by month’s end.

    The Realtor.com® March 2026 Housing Trends Report showed pending listings increased 3.9% year-over-year, the third consecutive month of annual gains, while new listings surged 21.2% from February to 439,000, exceeding the typical seasonal jump and giving buyers the most fresh inventory to browse in several years.

    Read More

  • Single-family housing starts surge in March

    Single-family housing starts surge in March

    U.S. single-family homebuilding increased to a 13-month high in March. According to the Commerce Department’s Census Bureau, single-family housing starts, which account for ​the bulk of homebuilding, surged 9.7% to a seasonally adjusted annual rate of ‌1.032 million units, the highest level since February 2025.

    Single-family housing starts increased to a pace of 941,000 units in February from 898,000 units in January. They rose 8.9% year-on-year in March. Overall housing starts vaulted 10.8% to a pace of 1.502 million units and increased 10.8% year-on-year in March.

    Read More

  • NAR releases new homebuyer market data

    NAR releases new homebuyer market data

    According to newly released data from the National Association of Realtors (NAR), adults ages 61 to 79, otherwise known as the baby boomers, accounted for 42% of all homebuyers and 55% of all sellers over the past year. This generation overtook millennials in 2025 and maintains a firm grip on the housing market, relying on housing wealth accrued over decades to bypass the high prices, which challenge younger, potential homebuyers.

    “The housing market remains sharply divided between homeowners with equity and first-time buyers trying to break in,” said Jessica Lautz, NAR’s deputy chief economist, in the report.

    As a result of these market dynamics, the share of first-time buyers among all homebuyers decreased to 21% over the last year, the lowest level since NAR began tracking the metric in 1981. Millennials, ages 27 to 45, who historically make up the bulk of first-time buyers, saw their overall buyer share drop from 29% to 26%.

    Read More 

  • More interest in construction trades among young adults

    More interest in construction trades among young adults

    A new survey from the National Association of Homebuilders (NAHB) reported a positive attitude amongst young adults, ages 18 to 25, towards the construction trades. In a positive development for the home building industry, the share interested in a career in the construction trades doubled from 3% in 2016 to 6% in 2026.

    Closing the housing deficit will necessarily entail recruiting younger workers willing to start a career in the construction trades. While most young adults know the field in which they want, or currently have, a career, certainty about career choice is waning. In 2016, 74% knew the field they wanted to work in. In 2026, that share is down to 65%. The drop is likely associated with broader economic uncertainty and changing labor market dynamics. However, NAHB’s survey revealed an improved interest in careers in residential construction.

    Read More 

  • Housing Affordability Reaches Best Level Since January 2022
    ,

    Housing Affordability Reaches Best Level Since January 2022

    Housing affordability began the year on its strongest footing since August 2022. In January 2026, the First American Data & Analytics Real House Price Index (RHPI) showed housing affordability improved nearly 11% compared with 2025. The improvement in affordability reflects a favorable combination of factors: Mortgage rates were 0.9 percentage points lower than a year ago, nominal house price growth nationally slowed to 0.6% and household income increased by 3.1%.

    While affordability remains more than 60& below its pre-pandemic five-year average, the recent progress offers a meaningful reprieve for prospective homebuyers. However, the strength of affordability gains varies across markets. For example, Cape Coral, Fla., stands out as the most improved among the top 100 markets, with affordability up more than 17% year-over-year.

    Read More

  • An Overview of the Homeowner Market
    ,

    An Overview of the Homeowner Market

    A Redfin analysis of U.S. Census data from 2024, the most recent year for which data is available, broke down the share of three-bedroom-plus homes owned and occupied by each generation, by household type and size. According to the analysis, baby boomers living in one- to two-adult households own 28% of large homes in the U.S. By comparison, millennials with children living at home own 16% of those houses, barely more than half as much. Generation Z parents own less than 1% of the nation’s large homes.

    Millennials are the largest generation of parents in the U.S., and are also the largest generation in the nation, yet they own a relatively small share of family-sized housing. This dynamic can limit mobility for younger families, many of whom face both inventory and affordability challenges when trying to upgrade to bigger homes.

    “Younger buyers are looking to move into single-family homes in specific neighborhoods, those with a family-friendly vibe and highly rated schools,” said Brenda Beiser, a Redfin Premier agent in Philadelphia. “The problem is, younger families have a hard time finding those homes because the older people living in them can’t find anywhere they want to move to.”

    Read More

Exclusive Feature

  • Most homebuying Americans are not discouraged by Iran conflict

    Most homebuying Americans are not discouraged by Iran conflict

    In a recent survey from Redfin, 56% of respondents indicated the Iran war has no impact on their plans to make a major purchase. Economists say that this conflict has similar minimal repercussions on major purchasing activity as the federal government shutdown in October.

    In their report, even in areas with a concentrated military conversation, concerns of the Iran conflict rarely comes up between agents and buyers. Despite concerns of rising oil prices and mortgage rates, more Americans are concerned about continuing headwinds of tariffs and the job market. In total only 7% are cancelling plans to make a major purchase (which includes both houses and cars), while 18% of respondents are delaying the decision.

    “But as of the first week of March, most Americans were undeterred in plans to buy something costly like a home or car,” said Dana Anderson at Redfin.

    Read More 

  • Research shows architects seek building innovation influence

    Research shows architects seek building innovation influence

    On Feb. 25, 2026, the American Institute of Architects (AIA), in collaboration with Deltek and ConstructConnect, published the latest Architect’s Journey to Specification report, exploring how architects make specification decisions and collaborate with building product manufacturers. 

    Innovation & Collaboration in the Architect’s Journey to Specification, provides comprehensive analysis of three key areas; how architects engage with manufacturers, adopt innovative technologies and integrate sustainability into their design processes. 

    “By understanding these trends, the profession can strengthen collaboration, accelerate innovation, and advance sustainable practices that benefit clients and communities,” said AIA EVP/Chief Executive Officer Carole Wedge, FAIA. 

    Read More

  • HOA fee rates climb in homes for sale

    HOA fee rates climb in homes for sale

    According to the recent Homeowners Association Report from Realtor.com®, homeowners associations (HOAs) continued their steady growth across the U.S. housing market in 2025, with nearly 44% of homes for sale now subject to a monthly HOA fee. That rate has climbed from 34.3% in 2019 to 43.6% in 2025, underscoring how HOA fee obligations have become an increasingly common part of the total cost of buying a home.

    “HOAs are no longer confined to condos or brand-new developments,” said Joel Berner, senior economist at Realtor.com®. “The HOA-heavy construction boom earlier in the decade is now filtering into the existing-home market, and many of those newer communities were built with shared amenities, private roads and common spaces that require ongoing maintenance. At the same time, rising insurance costs, stricter building safety standards and higher labor and material prices are pushing associations to raise dues, making monthly HOA fees a much more common—and more costly—feature of homeownership than they were even a few years ago.”

    Read More

  • Gen Z home ownership ticked up in 2025

    Gen Z home ownership ticked up in 2025

    Generation Z’s (Gen Z), individuals born between 1997 and 2012, home ownership rate rose in 2025. According to a Redfin analysis of the Current Population Survey’s Annual Social and Economic Supplement, more than 27.1% of Gen Z individuals nationwide owned their homes, up from 26.1% in 2024. The Gen Z home ownership rate’s increase allows builders to tap into a fresh clientele.

    While affordability improved slightly in 2025 from the year before and supply rose, high costs and economic uncertainty continued to act as a roadblock for clients looking into homebuying. Widespread economic uncertainty also put a dent in homebuying plans for many young Americans, with tariffs and lack of job security delaying major purchases. 

    “The reality is that with housing costs still historically high, many young Americans are making compromises on location, size or timing to get their foot in the homeownership door and start building equity,” said Asad Khan, a senior economist at Redfin. “Gen Zers… are making small gains in homeownership because they’re eager to buy, they’re making sacrifices, and because affordability has improved a bit at the margins–not because homes suddenly became affordable. We expect the slow progress to continue this year, with housing costs dipping slightly while wages rise.” 

    Read More

  • Remodeling Market Sentiment Index Improves

    Remodeling Market Sentiment Index Improves

    The recently released the NAHB/Westlake Royal Remodeling Market Index (RMI) of the fourth quarter of 2025, indicated a stronger remodeler confidence. The survey result of 64, is four points stronger than Q3 2025. This result despite often softer holiday activity reflects the increased demand for remodeling services. The current market is being shifted by life events like the need for age-in-place improvements and higher home equity allowing for HELOCs to be tapped.

    The survey looks at both the Current Conditions Index and the Future Indicators Index. Both indexes take into account the size of the remodeler as well. They each boasted stronger results than Q3.

    “Both components increased quarter-over-quarter and are above the break-even point of 50,” said  Eric Lynch, CBE, economist in the survey research group for NAHB. “The component measuring the current rate at which leads and inquiries are coming in rose five points to 54 while the component measuring backlog of remodeling jobs added two points to 58.”

    Read More 

  • Michigan homebuilding reports increased activity in 2025

    Michigan homebuilding reports increased activity in 2025

    A recent release from the Home Builders Association of Michigan (HBAM) announced that last year’s single-family home production grew by 4.7% in 2025. This was gauged by permit activity and exhibits that a total of 15,821 single-family  permits were issued. This is a welcome increase compared to 15,108 in 2024.

    This report also comes as the end of year data from the federal government is delayed due to the shutdown in the fall. The estimated average market value HBAM reported for new single-family homes built last year in the state was $475,024. This is a 6.5% increase in Michigan in 2025.

    ““The state housing authority has done a tremendous job in trying to expand these efforts, but more needs to be done,” said Bob Filka, CEO of the HBA of Michigan. “Streamlining regulatory processes and expanding the use of innovative financial mechanisms to support the production of more attainable housing in our state is critically important.” 

    Read More 

Exclusive Feature