Tax Bill Talking Points Featured in Monthly Update
Diana Carroll2025-05-30T14:15:51-05:00The update provides the latest messaging framework to help members articulate housing priorities and latest news related to the tax bill and tariffs.
NAHB Members Provide Final Recommendations for New WOTUS Rule
Diana Carroll2025-05-30T12:19:36-05:00NAHB members concluded their participation in multiple “waters of the United States” (WOTUS) listening sessions with strong showings in Washington, D.C., and Salt Lake City. In total, 12 NAHB members and four staff members from NAHB and state home builder associations (HBAs), representing 11 states, provided oral statements at listening sessions.
Statement from NAHB Chairman Buddy Hughes on DOL Decision to Pause Job Corps Center Operations
Diana Carroll2025-05-30T13:17:26-05:00NAHB Chairman Buddy Hughes issued the following statement after the Department of Labor announced it was pausing Job Corps center operations nationwide.
Supreme Court Limits Scope of Environmental Reviews in Federal Permitting
Diana Carroll2025-05-30T09:15:44-05:00In a major victory for the housing and infrastructure sectors, the U.S. Supreme Court issued a unanimous decision yesterday significantly curbing the scope of environmental reviews of infrastructure and other building projects under the National Environmental Policy Act (NEPA).
Multifamily Absorption Moves Lower for New Apartments
Jesse Wade2025-05-30T08:22:42-05:00The percentage of new apartment units that were absorbed within three months after completion continued to trend lower, 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 pulled back slightly in the fourth quarter of 2024 but remained elevated near historical highs after posting a third straight quarter of above 100,000 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 45%, coupled with 126,100 units completed in the fourth quarter of 2024. The large number of units completed each quarter continues to be a positive sign on the overall inflation front, as shelter inflation remains stubbornly high. More new apartments should help slow rent growth to lower levels in the coming months. 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 remained at its lowest level since the start of the pandemic, registering a rate of just 90%. This means that 10% of the 99,850 apartments completed in the first quarter of 2024 remain unoccupied a year after completion. Regional SOMA data indicates that apartments completed over a year ago remain unoccupied primarily in the Midwest (12%) and the South (12%). The Northeast reported only 2%, while the West reported 6%. Condominiums and Cooperative Units The 3-month absorption rate for new condominiums and cooperative units rose one percentage point up to 67%. Total completions of new condominiums and cooperative units, according to the SOMA, fell in the fourth quarter from 4,793 to 2,880. Completions of these units peaked in the second quarter of 2018 at 7,996 and has steadily fallen since then. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.
Appeals Court Temporarily Reinstates Trump’s Tariffs
Diana Carroll2025-05-29T18:18:25-05:00A federal appeals court has temporarily restored President Trump’s power to impose tariffs by claiming a national emergency.
Treasury Yield Increase Drives Mortgage Rates Higher in May
Catherine Koh2025-05-29T15:15:52-05:00Mortgage rates continued their upward trend in May due to market volatility triggered by fiscal concerns and weaker U.S. Treasury demand. According to Freddie Mac, the average 30-year fixed-rate mortgage rose to 6.82% — a 9-basis-point (bps) increase from April. The 15-year fixed-rate mortgage increased by 5 bps to 5.95%. The 10-year Treasury yield, a benchmark for mortgage rates, averaged 4.38% in May, with the most recent weekly yield surpassing 4.50%. Long-term treasury yields spiked following two events: first, a credit rating downgrade by Moody’s Ratings, and then, a tepid auction of the 20-year treasury. The weak demand for long-term government bonds necessitated a higher yield to attract investors. At the core of the market unease is concern over the growing fiscal deficit that intensified as the new “One Big Beautiful Bill” threatens to further widen the federal deficit, which stood at $1.9 trillion as of January 2025. The combination of weakening fiscal credibility and poor auction performance suggests a possible upward repricing of long-term borrowing costs. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.
Future-Proof Your Builds: Upcoming Webinars Explore Top Industry Trends
Diana Carroll2025-05-29T13:15:11-05:00To help builders, designers and other industry professionals stay ahead, the NAHB Leading Suppliers Council (LSC) will host three can’t-miss webinars June 4 and 5 to examine rising trends in home building. Whether you’re laying foundations or future-proofing your business, these sessions will help you plan for what’s next.
Federal Court Blocks Most of Trump’s Tariffs but Market Uncertainty Remains
Diana Carroll2025-05-29T10:18:20-05:00A federal court on May 28 ruled that most of President Trump’s tariffs that were instituted on the broad claim of national emergencies are illegal.
NAHB Members: Get Up to Speed on the 2024 IECC in June 18 Webinar
Diana Carroll2025-05-28T13:18:27-05:00Join NAHB for a members-only webinar on June 18 highlighting the code usability improvements of the 2024 IECC and their cost implications for residential construction.