Single-Family Construction Slows in Post-Covid Hot Markets
According to the latest findings from the National Association of Home Builders (NAHB) Home Building Geography Index (HBGI), the increase in single-family home building activity that occurred in the aftermath of the COVID-19 pandemic, in large metro outlying counties and exurban areas, has shown a marked decline over the past 12 months. The findings are for the third quarter of 2022.
“The single-family construction slowdown is not just limited to regions of the country that experienced the fastest production growth over the past year,” said Jerry Konter, NAHB chairman and a home builder and developer from Savannah, Georgia. “Home building activity has slowed in nearly all regions, and large and small metro markets, as high mortgage rates, elevated inflation and stubbornly high construction costs act as a drag on consumer demand and housing affordability.”