Trends
Is Single-Family Built-for-Rent the Future of Rental Housing?
Although a small segment within the overall housing industry, single-family built-for-rent has growth opportunity in the wake of the COVID-19 pandemic as various demographics seek out lower-density areas and living spaces, while also providing the flexibility of renting.
Lot Values Down in 2019
Median single-family lot prices came down in 2019, breaking their relentless climb for the first time since 2013, according to NAHB’s analysis of the Census Bureau’s Survey of Construction data, The 2019 median lot price was $45,000, which amounts to a 9% decline since 2018, when half of the lots were selling at or above $49,500.
Lumber Prices Trending Downward from Mid-September Peak but Still High
Framing lumber prices peaked above $950 per thousand board feet in mid-September, according to Random Lengths, and have been on a slow, downward trajectory since then. For the week ending Oct. 16, prices stood above $750 per thousand board feet, down nearly $200 since their all-time high last month.
Market Share of Offsite Housing in 2019
According the U.S. Census Bureau data and NAHB’s analysis, the share of non-site built single-family homes declined to 3% of single-family completions in 2019. However, this percentage is expected to rise moderately in 2020 and in the years ahead.
Regional Variations on Most Popular Exterior Wall Materials
What were the most popular exterior wall materials on homes started in 2019? Four types of materials dominate but there are large regional differences.
Median Single-Family Lot Size Hits Record Low
The median lot size for new single-family detached homes that were sold in 2019 dropped to a record-low 8,177 square feet, down 390 square feet since 2018, according to the latest figures from the Census Bureau.
How Long Does it Take to Build a Single-Family Home?
The average completion time of a single-family house is around 8.1 months, which usually includes a little over a month from authorization to start and another seven months to finish the construction, according to the 2019 Survey of Construction (SOC) from the Census Bureau.
A Suburban Shift for Home Building
Evidence of a suburban shift for consumer home buying preferences as a result of the COVID-19 pandemic can be found in the second quarter NAHB Home Building Geography Index.
Nearly Half a Million Construction Workers Hired in June
After an accelerated pace of layoffs in March and April stemming from the COVID-19 pandemic, construction sector hiring roared back in May and posted a slower but solid pace in June, according to the latest data from the BLS Job Openings and Labor Turnover Survey (JOLTS).
Coronavirus Likely to Add Momentum to Increased Home Building in Smaller Markets
The COVID-19 pandemic is likely to hasten a housing trend already taking place across the nation – residential construction activity that is expanding at a more rapid rate in lower density markets such as smaller cities and rural areas. Multifamily development is also proceeding at a brisk pace in areas where education and health services dominate. These are among the findings of the latest quarterly NAHB Home Building Geography Index (HBGI).
