NAHB — Eye on Housing research. Open the original to read the full piece.
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Inflation slowed to 3.5% in June 2026 from 4.2% in May, driven primarily by a mid-June ceasefire agreement that stabilized oil markets and reduced energy prices, with gasoline prices falling 9.7% and the shelter index posting its smallest monthly increase since January 2021. The document notes that the relief was short-lived as the ceasefire collapsed in early July, pushing oil prices up 12% and renewing inflation concerns, while core CPI excluding food and energy rose 2.6% year-over-year in June.
The share of new single-family homes with two or more stories declined from 52.5% in 2024 to 51.4% in 2025 according to Census Bureau data, while single-story homes rose from 47.5% to 48.6%. Regional variations showed the Midwest and South favoring single-story construction while the Northeast and West maintained higher shares of multi-story homes, with three-or-more-story homes comprising 5.2% of new homes nationally in 2025.
According to NAHB analysis of the 2025 Survey of Construction, new single-family housing starts nationwide totaled 939,182 units, representing a 6.9% decline compared to 2024, with the South Atlantic division leading at 308,189 starts followed by West South Central at 171,247 starts. Only three of nine Census divisions posted year-over-year growth—East South Central rising 13.7%, East North Central up 8.0%, and Middle Atlantic up 4.0%—while the remaining six divisions declined, with New England experiencing the steepest drop at 26.3%.
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