Housing and Urban Development (HUD) Secretary Scott Turner announced yesterday that HUD is terminating the Biden-era Affirmatively Furthering Fair Housing (AFFH) rule.
NAHB named the winners of its 12th annual Best of IBS™ Awards during the NAHB International Builders’ Show® (IBS) in Las Vegas. The awards were presented during a ceremony held on the final day of the show.
On the latest episode of NAHB’s podcast, Housing Developments, CEO Jim Tobin and COO Paul Lopez broadcast live on-site at the 2025 International Builders’ Show (IBS) in Las Vegas with Guy Minnix of LG Pro Builder.
The percentage of new apartment units that were absorbed within three months after completion continued to trend downwards, according to the Census Bureau’s latest release of the Survey of Market Absorption of New Multifamily Units (SOMA). The survey covers new units in multifamily residential buildings with five or more units. The number of new multifamily units completed reached a new peak in the third quarter of 2024, its third straight quarter recording a record high number of completions. Apartments The percentage of apartments absorbed within three months has fallen significantly from its peak of 75% in the third quarter of 2021, as shown in the graph above. Currently, the rate stands at 50% which is coupled with an uptick in completions, as the SOMA estimates show a new high of completions at 143,600 units in the third quarter of 2024. This outpaces the level of completions a year ago, which stood at 84,830, by almost 70%. The level of multifamily units reaching completion has onlycontinued to grow since the number of units under construction peaked at over one million in 2023. Along with the three-month absorption rate and completions, SOMA reports absorption rates within six-months, nine-months, and 12-months of completion. Solely focusing on the 12-month absorption rate, it fell to its lowest level since the start of the pandemic, registering a rate of just 90%. This means that 10% of the 90,630 apartments completed in the fourth quarter of 2023 remain unoccupied. As completions have risen over the past year, the supply of available apartments has increased. Additionally, regional SOMA data points to the Northeast as a possible explanation for a lower 12-month absorption rate, as nearly 23% of the fourth quarter completions in 2023 remain unoccupied. This is well above any other region, with the Midwest at 7%, the South at 9% and the West at 5%. Condominiums and Cooperative Units The absorption rate for new condominiums and cooperative units fell to 63% for the quarter, down 1 percentage point from the previous quarter. Total completions of new condominiums and cooperative units, according to the SOMA, fell over the quarter from 4,452 to 4,008. Quarterly completions of these units peaked in the second quarter of 2018, at 7,996 completions but have steadily fallen since. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.
An NAHB-supported congressional resolution that overturns the Biden administration’s recent attempt to ban certain natural gas water heaters was approved by the House on Thursday.
More than 81,000 builders, remodelers, developers and other home building professionals filled the exhibit halls of the Las Vegas Convention Center as the National Association of Home Builders (NAHB) hosted the 81st NAHB International Builders’ Show® (IBS), the largest annual light construction show in the world, Feb. 25-27. This marks the largest show in 17 years.
Gary Campbell, a Lowell, Mass.-based real estate developer and remodeler with more than 30 years of experience in the construction field, today was elected 2025 third vice chairman of the National Association of Home Builders (NAHB) during the association’s International Builders’ Show in Las Vegas.
Bob Peterson, a Fort Collins, Colo.-based remodeler and home builder with more than 40 years of experience in the construction field, was elected 2025 second vice chairman of the National Association of Home Builders (NAHB) during the association’s International Builders’ Show in Las Vegas.
Bill Owens, a Worthington, Ohio-based, remodeler and home builder with more than 40 years of experience in the residential construction industry, was elected as the 2025 first vice chairman of the National Association of Home Builders (NAHB) during the association’s International Builders’ Show in Las Vegas.
Buddy Hughes, a Lexington, N.C.-based home builder and developer with more than 45 years of experience in the home building industry, was elected as the 2025 chairman of the National Association of Home Builders (NAHB) during the association’s International Builders’ Show in Las Vegas.