Single-Family Production Shows Signs of Stirring Across the US

By Jesse Wade
NAHB – Eye on Housing
March 5, 2024
Category: Finance & Economics
Region: United States

Led by larger urban metro markets, single-family growth rates are showing signs of a turnaround as moderating mortgage rates and a lack of existing inventory are contributing to a gradual upward trend, according to the latest findings from the NAHB Home Building Geography Index (HBGI) for the fourth quarter of 2023. The lowest single-family year-over-year growth rate in the fourth quarter of 2023 occurred in micro counties, which posted an 11.7% decline. …Nationally, from the Census Bureau’s monthly new residential construction survey, single-family permits for the three final months of the year (fourth quarter) were over 20% higher than the previous year’s level. The HBGI growth rates, which are based on a moving average of permit rates, began to rise as permit levels in the fourth quarter of 2023 increase by 24.8% nationally compared to the fourth quarter of 2022.

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