Total housing starts for 2025 were 1.36 million, down 0.6% from the 1.37 million total in 2024. Single-family starts in 2025 totaled 943,000, down 6.9% from the previous year. Multifamily starts ended the year up 17.4% from 2024. “Single-family home building dipped in 2025 because of ongoing affordability challenges, fueled by high housing price-to-income ratios and elevated financing and construction costs,” said Buddy Hughes, a home builder and developer from Lexington, North Carolina. “NAHB expects single-family starts will move slightly higher this year, as mortgage rates are expected to moderate.” “Multifamily construction was down in high-density markets but up in the low-rise sector,” said Jing Fu, NAHB senior director of forecasting and analysis. “Multifamily starts are anticipated to fall 5% in 2026 to an annual pace of 392,000 units and decline an additional 6% in 2027 to a 367,000 rate, leveling off near pre-pandemic levels.”