The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced the following new residential sales statistics for December 2022:
High mortgage rates, elevated construction costs running well above the inflation rate and flagging consumer demand due to deteriorating affordability conditions have dragged builder sentiment down every month in 2022.
The US LBM Foundation, a nonprofit organization founded by leading specialty building materials distributor US LBM, recently donated $300,000 to the Gary Sinise Foundation to support the construction of a mortgage-free, specially adapted smart home for retired U.S. Army Captain Jason Church.
WASHINGTON -- Confidence in the market for new multifamily housing was mixed in the second quarter of 2022, according to results from the Multifamily Market Survey (MMS) released today by the National Association of Home Builders (NAHB). The MMS produces two separate indices. The Multifamily Production Index (MPI) decreased six points to 42 compared to the previous quarter, dragged down largely by the for-sale condo sector. The Multifamily Occupancy Index (MOI) fell eight points to 60.
Testifying at a Senate Finance Committee hearing on July 20 regarding the role of tax incentives in affordable housing, the National Association of Home Builders (NAHB) told Congress that the housing affordability crisis is far-reaching and will require action on several fronts, not just the tax arena.
Biden-Harris administration Housing Supply Action Plan to help close a housing supply gap in 5 years.
More than 10,000 NAHB members from all 50 states and Puerto Rico sent a letter to President Biden on April 27 calling on the White House to take immediate action as the growing housing affordability crisis is pushing the housing market to an inflection point that threatens to derail the current housing and economic expansion.
Rising interest rates and inflation cool down the housing market, which has caused lumber prices to fall.