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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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  • Mortgage rates average 6.66%

    Mortgage rates average 6.66%

    On July 30, 2026, Freddie Mac released the latest results of its Primary Mortgage Market Survey, showing the 30-year fixed-rate mortgage (FRM) averaged 6.66%. This was up from the week prior’s average of 6.58%. A year ago at this time, the 30-year FRM averaged 6.72%.

    “The 30-year fixed-rate mortgage averaged 6.66% this week,” said Sam Khater, Freddie Mac’s Chief Economist. “The housing market continues to benefit from more available inventory, providing prospective homebuyers with additional options and helping support buyer activity as mortgage rates fluctuate.”

    The 15-year FRM averaged 6.04%, up from the previous week when it averaged 5.96%. A year ago at this time, the 15-year FRM averaged 5.85%.

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  • A More Balanced Market is Here

    A More Balanced Market is Here

    The housing market finally feels more normal. Buyers have more choices, bidding wars have become less common and builders are once again competing through incentives, pricing and product mix, rather than simply selling into a market defined by scarcity. New-home months’ supply has recently moved above 10 months, well above its 5.8-month pre-pandemic average from 2000 through 2019. Resale inventory has also increased across much of the country, even if it remains below historical norms nationally.

    Those developments have restored a measure of normalcy to the housing market, but they also raise an important question: Has the market worked through its long-running supply shortage? Measures such as months’ supply provide a useful snapshot of current market conditions because they reflect both the number of homes on the market and the pace at which homes are selling. So, that means months’ supply can improve when inventory rises, sales slow or a mix of both. While it is a useful measure of near-term market balance, it does not necessarily tell us whether the housing market has restored the normal level of for-sale vacancy associated with a healthy market.

    A healthy housing market needs more than homes currently listed for sale. It also needs a modest stock of homeowner inventory which is vacant for sale. That vacancy cushion allows households to relocate, grow, downsize and move as their housing needs change without creating persistent upward pressure on prices. When vacant homes for sale fall well below their historical norm, the market has less flexibility to accommodate those everyday transitions. 

    Comparing today’s homeowner vacancy rate with its 1993-2003 average provides a useful way to evaluate that longer-run balance. We use that period as a reference point because it predates the housing boom and bust and offers a relatively stable pre-boom benchmark for normal for-sale vacancy. Unlike for-sale inventory, which measures how many homes are currently on the market, the homeowner vacancy rate measures the share of owner-side housing stock that is vacant and available for sale.

    The chart compares these two perspectives. The horizontal axis tracks the level of new-home months’ supply, a short-run market-balance measure that reflects both the number of new homes available for sale and the pace at which they are selling. The dashed vertical line marks the pre-pandemic average from 2000 through 2019. The vertical axis measures the structural balance of the for-sale housing market using the homeowner vacancy rate relative to its 1993-2003 average. Values below zero indicate a structural shortage, zero indicates balance and values above zero indicate structural surplus.

    The path through the chart tells the story. During the pandemic housing boom, builders were selling into an exceptionally tight market characterized by historically low months’ supply and very little for-sale vacancy. Over the past several years, new-home months’ supply recovered rapidly as builders completed more homes and demand moderated in a higher-rate environment. Movement along the vertical axis, however, has been much slower. Although the homeowner vacancy rate has improved from its lows, it still points to a structural shortage of nearly 500,000 fewer vacant homes for sale than would be implied by the historical homeowner vacancy norm.

    Viewed together, the chart suggests the new-home market has returned to a more balanced selling environment faster than the broader for-sale market has rebuilt its normal level of vacancy. At first glance, those observations may seem contradictory, but they’re measuring different things. Inventory responds relatively quickly to changes in construction activity and sales, while homeowner vacancy reflects the slower process of rebuilding the market’s normal level of available homes. That’s why today’s market can feel considerably healthier than it did during the pandemic housing boom, while still reflecting the cumulative effects of years of underbuilding.

    Looking ahead to the second half of 2026, builders are likely to continue operating in a softer, more competitive market than they experienced during the pandemic housing boom. Higher new-home inventory, coupled with improving resale supply in many markets, means sales will continue to depend on affordability, incentives and product positioning.

    The longer-run adjustment has been much slower. The homeowner vacancy rate suggests the market has not yet restored the level of for-sale vacancy that historically characterized a balanced housing market. Rebuilding that vacancy cushion takes considerably longer because it depends on expanding the stock of homes available for sale over time, rather than changes in demand or listings over the course of a few months. 

    Inventory has recovered meaningfully since the pandemic, but restoring structural housing balance takes considerably longer. That suggests the underlying need for additional housing continues to support residential construction, even as builders navigate a softer and more competitive near-term selling environment.

    By Odeta Kushi. She is the deputy chief economist at First American. She can be reached at MGinnaty@firstam.com

    This is the full column, read the print version here.

  • Redefining the Single-Story Home Design

    Redefining the Single-Story Home Design

    Tri Pointe Homes continues to set the standard for high-quality houses

    For 17 years, Tri Pointe Homes has built 330 neighborhoods and 15 master planned communities, winning over 270 separate awards for its innovative builds. 

    Tri Pointe Homes’ innovative design is reflected in Carlisle Ridge Plan 2, a single-story 3,447-square-foot home designed to blend outdoor living with high-end luxury. Located in Las Vegas, Carlisle Ridge Plan 2 was honored with an Award of Merit and is nominated for the Gold Nugget for Best Single-Family Detached Home – 3,001 to 3,499 Square Feet.

    Building a Legacy  

    In 2009, during the Great Recession, Doug Bauer, Tom Mitchell and Mike Grubbs set off on their own to create what they hoped would be the next generation of homebuilders. With their combined 25 years of experience in the homebuilding industry, the three founded Tri Pointe Homes. 

    Since then, the company has delivered over 58,000 homes and has built a reputation as one of the largest homebuilders in the United States.  

    In May 2026, Sumitomo Forestry Group acquired Tri Pointe Homes, marking a new era for the builder. By combining the company’s premium brand and local operating expertise with Sumitomo Forestry’s global resources, the partnership supports expanded scale, efficiency and long-term growth across the U.S. housing market. 

    “Joining the Sumitomo Forestry Group marks an exciting new chapter for Tri Pointe Homes,” said Tri Pointe Homes’ Chief Executive Officer Doug Bauer. “With a shared strategic vision, values and culture, we are well positioned to accelerate our growth while continuing to deliver design-driven homes and exceptional customer experiences.”

    Tri Pointe Homes builds every community with practices and healthier living features in mind through its LivingSmart program. The program includes the latest in smart technology and energy-saving features, with the five areas of the LivingSmart initiative including EnergySmart, HealthSmart, HomeSmart, WaterSmart and EarthSmart. 

    Those same features were installed in Carlisle Ridge’s Plan 2 project. 

    Prioritizing Outdoor Living 

    The project was designed to break away from the typical single-story floor plan. Carlisle Ridge Plan 2 features three to four bedrooms, three-and-a-half bathrooms and three-bay garage.

    With an overall goal to prioritize outdoor living, the project was designed to flow around the home’s outside environment. 

    The home’s main feature is the detached wing, which can function as both a casita or an additional gathering space. This addition truly defines luxurious, outdoor living. The mixture of concrete, circular slabs and patterned tile adorning the floor connects the outdoor space between the main home and the detached room, making it feel like one cohesive structure. 

    A pocket door connects the inside of the home with the patio, allowing for outdoor dining at the bartop or the patio table, located conveniently in front of the stainless steel grill. 

    The backyard feels like a luxury resort to parallel the elevated, high-end lifestyle of the nearby Las Vegas Strip. 

    A Fresh Take on Design 

    The home’s unique exterior design drew inspiration from mid-century modern butterfly homes. The roof appears to fly away from the main entry and front courtyard. 

    The same elevation is reflected inside with slanted roofs, making the home’s interior feel as dynamic as the exterior. 

    Both the living and dining areas focus on the back of the home to be engulfed in views of the Las Vegas skyline. The primary suite was strategically designed to wrap around both spaces, creating an expansive layout throughout the home’s interior. Picture frame windows allow natural light to feed into the suite, opening up the room and creating a calm atmosphere. 

    The star of the kitchen is the island cooktop, situated to take in views of the courtyard. The kitchen’s open layout and ample storage space prioritize functionality without sacrificing style. 

    Carlisle Ridge Plan 2 reflects Tri Pointe Homes’ dedication to beautiful design, advanced architecture and elevated living. 

    Photos courtesy of Jeffrey Aron and Tri Pointe Homes. 

    By Taylor Moore. She is the Assistant Editor at Builder and Developer and can be reached at taylor@builder.media. 

    This story is featured in our August issue of Builder and Developer. Read the print version here. 

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