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  • San Diego home sales exceed last year’s

    San Diego home sales exceed last year’s

    According to new Redfin data, San Diego homes are selling faster than they did in 2025. The typical San Diego home has been in 32 days after being listed, eight days fewer than last year. Single-family homes are selling the fastest.

    “A desirable single-family home may draw competing offers, while a condo, townhouse or other attached property may sit longer because of higher HOA fees, insurance costs or upcoming assessments,” said Redfin principal agent Rebecca Roman Stevens.

    California is among the three states leading in home sales, specifically in the luxury home market.

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  • HBGI Q2 2026 reveals geographical trends in residential construction

    HBGI Q2 2026 reveals geographical trends in residential construction

    According to the Home Building Geography Index (HBGI), announced on Sept. 1, 2026, home building trends diverged across geographies in Q2. While single-family construction declined in nearly all geographic categories, multifamily construction expanded across six of the seven categories. Activity was increasingly concentrated in large metro cores and suburban counties.

    The decrease in single-family construction in the second quarter eased as these geographies contracted at a slower pace than the previous quarter. Outlying counties in small metro areas reported growth, increasing by 0.9% following four consecutive quarterly declines. The geographic composition of single-family construction continued to shift toward smaller and less densely populated markets in Q2.

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  • Registration now open for Design & Construction Week

    Registration now open for Design & Construction Week

    Registration is now open for the 14th Annual Design & Construction Week (DCW). DCW includes the National Association of Home Builders’ (NAHB) International Builders’ Show® (IBS) and the National Kitchen and Bath Association (NKBA) Kitchen & Bath Industry Show (KBIS).

    The largest trade show for the residential design and building industry will take place from Feb. 2-4, 2027, at the Las Vegas Convention Center.

    NAHB estimates over 120,000 attendees with educational opportunities spanning 120 sessions across nine education tracks and 2,350 exhibiting brands at IBS 2027.

    “The International Builders’ Show is where the housing industry comes together to shape the future of home building. Whether you’re looking to discover the latest innovations, gain valuable business insights or build relationships with industry leaders, there is simply no substitute for being at IBS,” said NAHB Chairman Bill Owens. “If you want to stay competitive and connected in today’s evolving market, this is the event you can’t afford to miss.”

    NKBA will present its show programming, including the NEXTStage, the Design & Industry Awards and an enhanced Voices From the Industry (VFTI) conference. The association expects more than 600 exhibitors at KBIS 2027.

    “Our industry grows more interconnected and global each day and KBIS 2027 embodies that momentum,” said Bill Darcy, Global President & CEO of NKBA|KBIS. “As the hub uniting our industry, NKBA is excited to return to Las Vegas for an experience designed to build upon, and exceed, the energy and optimism of last year’s show. We’re committed to helping our community forge connections, discover new opportunities and drive business growth.”

    Register for IBS or KBIS

     

Housing Economy >

  • July residential construction spending cools to $859 billion

    July residential construction spending cools to $859 billion

    Private residential construction spending dipped again in July, marking the fourth consecutive month of decline. According to analysis of the U.S. Census Bureau’s latest construction spending data, the seasonally adjusted annual rate (SAAR) of spending was $859.0 billion in July.

    This is down 1.3% from the previous month’s estimate and down 7.3% year over year.

    Looking at each market, single-family construction spending decreased 3.2%. The National Association of Home Builders, in its analysis, noted that this aligns with the builder sentiment posted in August.

    Throughout 2026, builder confidence remained below the 50 index of neutral, as single-family spending reported a 6.5% year-over-year decline.

    While multi-family and renovation reported modest month-to-month results, both declined compared to 2025 results.

    “The index illustrates how spending on single-family construction has slowed since early 2024, reflecting the impacts of elevated interest rates and ongoing uncertainty over building material tariffs,” said NAHB Forecasting and Analysis economist Catherine Koh.

  • San Diego home sales exceed last year’s

    San Diego home sales exceed last year’s

    According to new Redfin data, San Diego homes are selling faster than they did in 2025. The typical San Diego home has been in 32 days after being listed, eight days fewer than last year. Single-family homes are selling the fastest.

    “A desirable single-family home may draw competing offers, while a condo, townhouse or other attached property may sit longer because of higher HOA fees, insurance costs or upcoming assessments,” said Redfin principal agent Rebecca Roman Stevens.

    California is among the three states leading in home sales, specifically in the luxury home market.

    Read Full Article

  • HBGI Q2 2026 reveals geographical trends in residential construction

    HBGI Q2 2026 reveals geographical trends in residential construction

    According to the Home Building Geography Index (HBGI), announced on Sept. 1, 2026, home building trends diverged across geographies in Q2. While single-family construction declined in nearly all geographic categories, multifamily construction expanded across six of the seven categories. Activity was increasingly concentrated in large metro cores and suburban counties.

    The decrease in single-family construction in the second quarter eased as these geographies contracted at a slower pace than the previous quarter. Outlying counties in small metro areas reported growth, increasing by 0.9% following four consecutive quarterly declines. The geographic composition of single-family construction continued to shift toward smaller and less densely populated markets in Q2.

    Read Full Article

Industry Developments >

  • Report from the show floor: BIS 2026

    Report from the show floor: BIS 2026

    Builder Media is a proud sponsor of the Building Industry Show (BIS) 2026.

    Presented by the Building Industry Association of Southern California (BIASC) at Renaissance Esmeralda Resort & Spa in Indian Wells, California, this show brings together the homebuilding industry for unparalleled networking opportunities, featuring renowned keynote speakers, fostering invaluable connections and much more.

    We thank everyone who attended our booth, where we were pleased to announce our latest magazine issues: the September issue of Builder and Developer, the September/October issue of American Infrastructure and the fall issue of Residential Contractor. 

    The show floor was thrumming with life, featuring regular contributors to Builder and Developer, such as HomeAid’s Scott Larson. 

    Thank you to everyone who came to our booth and for the great turnout for BIS 2026.

    We’ll see you next year.

    Cheers! 

     

  • Cross Creek West expands with luxury offerings

    Cross Creek West expands with luxury offerings

    Cross Creek West, a 1,258-acre master-planned community in Fulshear, Texas, announced the start of its north phase of development.

    With this next stage, the community is introducing new builders, David Weekley Homes, Toll Brothers and Partners in Building, who will offer 65-, 70- and 80-foot-wide homesites.

    The developer expects to add 250 homesites by the end of the year and over 3,000 homes at total build-out.

    “With over 160 home sales this year, Cross Creek West has grown quickly, and this new phase will meet that demand,” said Sam Seligmann, Vice President and General Manager of Cross Creek West. “Earlier this year, we expanded our floor plan portfolio by introducing two of the five new builders, Coventry Homes and Ravenna Homes. With the newest addition of builders in our north tract being David Weekley Homes, Toll Brothers and Partners in Building.”

    Toll Brothers will deliver six floor plans with four distinct elevations per plan for 65-foot homesites.

    Partners in Building will offer the community’s new 80-foot homesites for custom homes.

    David Weekley Homes will introduce plans from its new Texas series for 65-foot homesites.

    Other builders in the community with new offerings include Highland Homes,  Newmark Homes, Ravenna Homes, Coventry Homes, Perry Homes and Westin Homes.

    Photo depicts Toll Brothers’ new offering in Cross Creek West

    Read Full Article 

  • David Weekley Homes introduces new executives

    David Weekley Homes introduces new executives

    David Weekley Homes announced two new additions to its C-suite. The company’s first-ever Chief Marketing Officer, Julian Duncan and Adam Zylman joined the team as Chief Financial Officer. 

    Both new hires are Rice University alumni with Houston roots. 

    “Adam and Julian bring tremendous experience that will be valuable as we continue to grow David Weekley Homes,” said Jay Brown, Chief Executive Officer of David Weekley Homes. “Adam’s experience investing in and building businesses will bring valuable perspective to our financial strategy. Julian’s experience building brands and connecting with customers will strengthen our marketing. They both put people and culture first, which makes them a great fit for Weekley.”

    Duncan brings to the company experience leading global brands, including the Houston Rockets, where he previously served as Chief Marketing and Strategy Officer.

    Zylman will take over as CFO as Heather Humphrey prepares to retire after a 33-year tenure with the builder. Zylman brings to the company two decades of financial planning leadership.

    Read Full Article 

     

Market Research >

  • Prime land prices rise, outlying land readjusts

    Prime land prices rise, outlying land readjusts

    Well-located land is in high demand, as seen in research from John Burns Research and Consulting (JBREC). The company’s 2Q26 Residential Land Survey of the top land brokers nationwide reported the following: Demand remains lower than it was a few years ago. In 2Q24, 76% of brokers rated land demand as Hot or On Fire, but by 2Q26, that number decreased to 33%. However, finished lot prices continue to rise in high-quality A-B locations, up +5% year over year (YOY), while prices fell -2% YOY in farther-out C-D locations.

    Higher-quality land is in higher demand, but there are still factors builders and developers should keep an eye on. Developers are encouraged to look out for easing growth. Meanwhile, builders may be able to push for better terms in negotiations with developers in some markets, particularly in oversupplied C-D areas.

    Read Full Article

  • Mortgage rates hold steady

    Mortgage rates hold steady

    Results from Freddie Mac’s Primary Mortgage Market Survey revealed that the 30-year fixed-rate mortgage (FRM) averaged 6.66% on Aug. 27, 2026. This is the second time in August that mortgage rates have averaged 6.66%. Mortgage rates remain relatively unchanged throughout the month, holding steady.

    “Mortgage rates changed little this week, averaging 6.66%,” said Sam Khater, Freddie Mac’s Chief Economist. “The economy remains resilient, demonstrated by steady consumer spending and rising household incomes. More homes coming on the market and slower price growth in many areas are giving buyers better options and helping create a more balanced housing market.”

    The current FRM is slightly up from last week’s average of 6.65%. A year ago at this time, the 30-year FRM averaged 6.56%. The 15-year FRM averaged 5.98%, up from last week when it averaged 5.95%. A year ago at this time, the 15-year FRM averaged 5.69%.

    Read Full Article

  • Pace of new home sales softens

    Pace of new home sales softens

    According to newly released data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, newly built single-family home sales declined 10.5% in July to a seasonally adjusted rate of 607,000, following an upward estimate of new home sales in June. New home sales were 6.3% lower than a year earlier, according to July data.

    A survey from the National Association of Home Builders shows that a majority of builders continue to offer incentives, including mortgage rate buy-downs, to accelerate the pace of new home sales. There is still hope in the industry as builders continue to outperform the broader market.

    Read Full Article

  • Berkshire Hathaway doubles down on housing market investment

    Berkshire Hathaway doubles down on housing market investment

    Berkshire Hathaway just raised its stake in the housing game, upping its stock in production builder Lennar to an estimated 30% or $1.157 billion. That’s not the only builder the firm bolstered its investment in. Berkshire Hathaway also purchased stakes in D.R. Horton, the nation’s largest homebuilder, valued at around $580,000.

    This all comes about a month after Berkshire Hathaway closed on its $8.5 billion all-cash acquisition of Taylor Morrison.

    What does this investment say about the future of housing?

    Berkshire Hathaway’s new CEO, Greg Abel, who started the role in January, sees the market making a major comeback from the slump that builders are widely reporting in 2026.

    With increased federal investment from the 21st Century ROAD to Housing Act, big bets are being placed on the future of the built environment.

    Read Full Article 

  • Slump continues in July AIA/Deltek Architecture Billings Index

    Slump continues in July AIA/Deltek Architecture Billings Index

    The American Institute of Architects (AIA) recently released the AIA/Deltek Architecture Billings Index® (ABI) for July. The score is 46.6, a dip from June.

    Important to note, it reports on all architectural billings, not residential alone. Multifamily residential received a stronger score than overall at 48.4.

    AIA announced that the slump in billings is the longest in the ABI’s history, now surpassing three and a half years.

    “Macroeconomic uncertainty continues to weigh on the built environment,” said AIA Chief Economist Richard Branch. “High oil prices are putting upward pressure on inflation and may lead to even higher rates in the back half of the year. This will put additional pressure on developers and may lead to a further weakening in billings.”

    Read Full Article 

  • Mattamy Homes announces new CEO

    Mattamy Homes announces new CEO

    Mattamy Homes, a family-owned homebuilder in North America that just surpassed 150,000 homes delivered, announced the retirement of its current CEO, Keith Bass.

    Bass has led the company since 2020 and will retire Sept. 1, 2026.

    Chris Lindhorst, the current Chief Operating Officer at Mattamy Homes, will succeed him as CEO.

    Lindhorst joined the company in early 2026 and previously served as Regional President at D.R. Horton.

    “It is an honor to have the opportunity to lead Mattamy Homes U.S.,” said Lindhorst. “Keith and the broader leadership team have built a strong business with an outstanding reputation, talented people and a clear vision for the future. I am excited to work alongside our teams across the United States to build on that momentum, continue delivering for our customers and create long-term value for the business.”

    Read Full Article 

  • Pace of new home sales softens

    Pace of new home sales softens

    According to newly released data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, newly built single-family home sales declined 10.5% in July to a seasonally adjusted rate of 607,000, following an upward estimate of new home sales in June. New home sales were 6.3% lower than a year earlier, according to July data.

    A survey from the National Association of Home Builders shows that a majority of builders continue to offer incentives, including mortgage rate buy-downs, to accelerate the pace of new home sales. There is still hope in the industry as builders continue to outperform the broader market.

    Read Full Article

  • KBIS 2027 Calls for Presenters

    KBIS 2027 Calls for Presenters

    The Kitchen & Bath Industry Show (KBIS) is now accepting speaker submissions for NEXTStage and the LUXURY Lounge at KBIS 2027. Additionally, the KBIS Podcast Studio is seeking hosts to record live on the show floor.

    KBIS 2027 will be at the Las Vegas Convention Center from Feb. 2- 4, 2027.

    Experienced professionals are encouraged to apply for a space on NEXTStage, the LUXURY Lounge, the KBIS Podcast Studio or all three. Candidates will be evaluated on expertise in the architecture and design community, speaking experience, social media presence and a memorable point of view. Applications are open through Oct. 2, 2026, and will be reviewed as they come in.

    Interested professionals can apply here. Nominations are also welcome; please email KBIS@flyingcamel.com, with the subject line “KBIS Speaker” and a brief explanation of their qualifications and relevant experience.

     

     

  • California scores most expensive mid-year home sale

    California scores most expensive mid-year home sale

    The most expensive U.S. home sale of July came from a Bel Air estate in California, known as Casa Encantada. The luxury home sold for $130 million, making it the second-most expensive home sale of 2026 so far.

    The other three top sales also came from Southern California: a beachfront Malibu mansion, an architectural gem in Orange County and a Beverly Hills compound. The most expensive mid-summer sales also include two townhouses in Manhattan, New York, and three oceanfront Florida estates.

    All 10 of July’s most expensive homes sold for at least $40 million.

    Luxury and custom homes continue to provide light in the midst of a struggling housing market.

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  • Mattamy Homes announces delivery of 150,000 homes

    Mattamy Homes announces delivery of 150,000 homes

    Mattamy Homes, a privately held homebuilder founded in 1978, announced that it has delivered over 150,000 homes in the U.S. and Canada.

    The builder delivered 8,453 homes in FY 2025, compared to 50,000 homes in its first 30 years of business.

    In 2026, the builder appears to be accelerating its land acquisition, with new developments announced in Arizona, Florida and Calgary, in the past two months.

    “This milestone reflects the consistency and dedication of our team members across the US,” said Keith Bass, CEO of Mattamy Homes US. “Every home we deliver represents a family we have the privilege to serve. As we continue to grow, our focus remains on building high-quality homes and communities that meet the needs of today’s buyers.”

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  • Mortgage rates average 6.69%

    Mortgage rates average 6.69%

    As of Aug. 6, 2026, mortgage rates averaged 6.69%, according to Freddie Mac’s Primary Mortgage Survey (PMS). These results are up from last week’s average of 6.66%. A year ago at this time, the 30-year FRM averaged 6.63%.

    “The 30-year fixed-rate mortgage averaged 6.69% this week,” said Sam Khater, Freddie Mac’s Chief Economist. “While mortgage rates continue to influence affordability, the housing market is showing signs of adjustment, with listing prices modestly below year-ago levels and for-sale inventory improving from the limited supply seen in recent years.”

    The 15-year FRM averaged 6.01%, down from the previous week’s 6.04%. A year ago at this time, the 15-year FRM averaged 5.75%.

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  • PulteGroup launches expansion to Northwest Florida

    PulteGroup launches expansion to Northwest Florida

    PulteGroup, one of the nation’s largest builders, announced expansion to Northwest Florida, launching its Panhandle Division.

    The builder, which delivered an estimated 29,572 homes in 2025, has a long history in the Sunshine State. It first expanded to Sarasota in 1997, then acquired Florida-based builder DiVosta a year later.

    PulteGroup announced Taylor Larza to lead the new division as Vice President and Market Manager.

    “The opportunity to build a new division from the ground up is an exciting challenge and a tremendous honor,” said Larza. “I’m eager to help establish a strong foundation for our Panhandle Division while continuing to work closely with our Northeast Florida team, which will continue to support our operational functions as we develop. I’m grateful for the experiences, relationships, and support I’ve received throughout my career at PulteGroup, and I look forward to this next chapter of growth and opportunity.”

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  • Highland Homes purchases 100 acres for self development

    Highland Homes purchases 100 acres for self development

    Highland Homes, one of Texas’ most prominent builders, launches its self-development arm with the purchase of 100 acres in Melina. The builder estimates that the land will include 400 homesites ranging from 45 to 60 feet wide.

    Highland, overseeing the development, believes the lots will be ready by the end of the year, with home sales to begin in spring 2027.

    Highland Homes currently builds in 11 Austin-area communities and more than 100 in Texas. With these new avenues of self-development, the builder estimates delivering 600 homes in the near future to the Georgetown area.

    “This is a natural next step for Highland Homes in Central Texas,” said Jeff Stinson, Senior Vice President of Land for Highland Homes. “Developing these projects allows us to time supply to properly meet buyer demand. We’re excited to work with such esteemed partners to bring these communities to life.”

    Photo Courtesy of Highland Homes

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  • Dream Finders Homes acquires Beazer Homes for $2.2 billion

    Dream Finders Homes acquires Beazer Homes for $2.2 billion

    It’s official: Dream Finders Homes (DFH) will acquire Beazer Homes in a $2.2 billion deal. This comes after multiple public rounds of offers from DFH to acquire the Atlanta-based builder.

    The offer values Beazer Homes at $33.50 per share, up from Dream Finders’ last offer in July of $32.00 per share.

    The combined company will operate in 26 markets across high-demand areas in the Mid-Atlantic, Southeast, the Midwest, Texas and the West.

    “As someone who started Dream Finders from the ground up, I know what it takes to build a culture that puts homebuyers first and that’s exactly what I see in Beazer,” said Patrick Zalupski, Founder, CEO and Co-Chairman of Dream Finders. “They have built something genuinely special – a talented team, strong communities, and a culture that puts customers at the center of everything they do. That resonates deeply with us. This combination is the next meaningful step in our journey to become a top 5 national homebuilder, expanding our geographic reach, broadening the range of buyers we can serve and strengthening the integrated services we offer families from contract to close.”

    Dream Finders then reaffirmed its full-year 2026 outlook of 9,250 homes. It’s unclear whether the combined builder will hold the same energy-efficient priorities of Beazer Homes.

    “Over nearly 20 years, we have transformed Beazer into one of the nation’s largest homebuilders through a strategy focused on delivering on energy-efficient homes and best-in-class customer experiences,” said Allan P. Merrill, Chairman, President and CEO of Beazer Homes. “This transaction represents the culmination of a comprehensive review of opportunities to maximize value and provides Beazer shareholders with a significant and certain cash return in an uncertain market. I am proud of our people and want to thank our entire organization for their exceptional work to ensure that, together with Dream Finders, we continue providing homebuyers across the country with a high-quality product and outstanding service.”

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  • Highland Homes announces restructuring

    Highland Homes announces restructuring

    Highland Homes, the Texas-based homebuilder, announced a new division-led organizational structure. Under the new structure, local functional teams will report directly to a Division President.

    With that comes the posting of new Division Presidents: Jarod Mouton to lead Houston, and John DePasquale to lead Highland’s Central Texas division, serving the Austin and San Antonio markets.

    This change is designed to strengthen local market leadership, sharpen accountability and bring decision-making closer to the customers and communities it serves.

    “Highland’s success has always come from understanding what homebuyers value in each market and empowering our people to deliver it,” said Aaron Graham, Chairman and CEO of Highland Homes. “This structure brings leadership and decision-making closer to our customers while giving our senior functional leaders greater capacity to advance the products, technology and growth strategies that will shape Highland’s future. We were deliberate about the structure, the leaders and the timing, and I’m confident it positions us to serve our customers and employee owners even better in every market.”

    Highland also announced several promotions as part of the new structure. Stephen Chambers has been promoted to Chief Operating Officer and will lead Architectural Services and New Product Development, Supply Chain, Information Technology, Marketing and MarTech.

    Jeff Stinson is promoted to Chief Strategy and Land Officer; he will lead enterprise strategy and land initiatives to support Highland’s long-term growth. Amy Jones is promoted to Senior Vice President of Sales and Marketing in Dallas-Fort Worth.

    The changes follow months of planning and preparation to ensure the structure, leadership and timing were right for Highland. The company expects the division-led framework to strengthen its ability to serve homebuyers, create opportunities for its employee owners and build on its position in every Texas market it serves.

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  • Starter-home affordability improves for 8th consecutive month

    Starter-home affordability improves for 8th consecutive month

    According to a new analysis from Redfin, starter-home affordability is improving. The income needed to afford an average U.S. starter home is down 1.5% from a year ago, marking eight straight months of declines as price growth cools. Affordability for entry-level homes is improving more than the overall market; the income needed to buy the typical U.S. home is down just 0.5% because price growth remains stronger at higher price points as affluent buyers remain active.

    “We consider a home affordable if a buyer taking out a mortgage would spend no more than 30% of their income on their monthly housing payment. Starter homes are those in the 5th to 35th percentile for sale prices,” said Redfin in its analysis. “This is based on a Redfin analysis of median home sale prices, prevailing mortgage rates and property-tax payments and assumes a 15% down payment. This report focuses on June 2026, the most recent period for which data is available.”

    The analysis found that the income needed to buy a starter home is declining while earnings are rising. The typical American household earns an estimated $87,599, about $17,000 more than what is needed to buy the median-priced U.S. starter home.

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  • Danielian Associates Architects + Planners Acquires Irwin Partners Architects

    Danielian Associates Architects + Planners Acquires Irwin Partners Architects

    Danielian Associates Architects + Planners (DA) announced that Irwin Partners Architects (IPA) joined the team as a Danielian Associates company.

    Bringing together two of Orange County’s longest-standing residential design firms, the partnership expands the expertise and resources available to clients while preserving the trusted relationships, personalized service and experienced team that have defined IPA for more than 60 years.

    IPA, as a Danielian Associates company, will continue serving its clients through the same leadership, project teams, and client relationships, now supported by Danielian’s well-versed design teams.

    Together, the firms offer expanded expertise in senior housing, rehabilitation and adaptive reuse, affordable housing, build-to-rent, multifamily, mixed-use, master-planned communities and community planning, creating a stronger team ready to serve the evolving housing market across the country.

     

    “For nearly six decades, Danielian has been committed to exceptional residential design and lasting client relationships,” said John Danielian, AIA, LEED AP, President of Danielian Associates. “IPA has built an outstanding reputation through its talented team and trusted client partnerships. Together, we are creating an even stronger firm while maintaining the values that have defined both organizations.”

     

    Joining DA allows us to build on everything our clients already value about Irwin Partners,” said Greg Irwin, head of Irwin Partners Architects. “The people they know and trust remain the same. We now have more resources behind our team to better serve them.”

    Together, Danielian Associates and Irwin Partners are building on more than a century of combined residential design experience, creating a stronger platform to serve clients with the same trusted relationships, expanded expertise and greater resources for the future. Danielian Associates Architects + Planners proudly announces that Irwin Partners Architects has joined the team as a Danielian Associates company.

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  • Residential construction spending averages $877.1 billion in June

    Residential construction spending averages $877.1 billion in June

    On Aug. 3, 2026, the United States Census Bureau released its Monthly Construction Spending in June 2026 report. According to the report, residential construction was at a seasonally adjusted annual rate of $877.1 billion in June, 0.3% (±1.3%)* below the revised May estimate of $879.9 billion.

    Total construction spending during June 2026 was estimated at a seasonally adjusted annual rate of $2,166.5 billion, 0.1% (±0.8%)* below the revised May estimate of $2,168.5 billion. The June figure is 3.2% below the June 2025 estimate of $2,237.7 billion. During the first six months of this year, construction spending amounted to $1,046.9 billion, 3.5% below the $1,084.5 billion for the same period in 2025.

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