NAHB Analysis Highlights Positive Trends in the Housing Market
The latest report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau reveals positive growth in the housing market, with single-family housing starts reaching the highest rate of the year. Despite persistent challenges such as high construction costs, labor shortages, and tightening credit conditions, builders continue to navigate the industry landscape.
In April, overall housing starts increased by 2.2% to a seasonally adjusted annual rate of 1.40 million units. Within this figure, single-family starts saw a 1.6% increase to reach an 846,000 seasonally adjusted annual rate, although still 28.1% lower compared to the previous year. The multifamily sector, including apartments and condos, experienced a 3.2% increase to an annualized pace of 555,000 units.