NAHB Now
- Labor Department Finalizes New Overtime Salary RequirementsThe U.S. Department of Labor (DOL) issued a final rule significantly increasing the salary level for determining overtime pay requirements for certain salaried employees.
- Study Highlights Housing Tradeoffs in Inclusionary Zoning PoliciesA recent report authored by the UCLA Lewis Center for Regional Policy Studies notes that although inclusionary zoning can help increase housing for low-income families, the mandates also suppress overall housing production if taken too far.
- New Nationwide Codes Mandate a Major Blow to Housing AffordabilityNAHB Chairman Carl Harris today issued a statement after the Biden administration announced that the U.S. Department of Housing and Urban Development (HUD) and U.S. Department of Agriculture (USDA) will insure mortgages for new homes only if they are built to the 2021 International Energy Conservation Code (IECC).
- U.S. Tile Makers Seek Duties Up to 800% on Indian Ceramic Tile ImportsA group of U.S. tile manufacturers have filed anti-dumping and countervailing duty petitions with the U.S. International Trade Commission (ITC) and U.S. Department of Commerce (DOC) seeking duties up to more than 800% on imports of ceramic tile from India.
- Protect Jobsite Workers by Focusing on Fall PreventionOSHA’s annual National Safety Stand-Down to prevent falls in construction begins Monday, May 6. Use valuable resources from OSHA and NAHB to educate workers on fall risks and help avoid preventable injuries.
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Eye On Housing
- How Rising Costs Affect Home AffordabilityNAHB recently updated its 2024 priced out estimates, showing how higher prices and interest rates affect housing affordability. The new estimates show that affordability is a serious problem even before any further price or interest rate increases. Already in 2024, 103.5 million households are not able to afford a median priced new home ($495,750[1]). This...
- U.S. Economic Growth Slows in First QuarterCompared to the fourth quarter of 2023, the U.S. economy grew at a noticeably slower pace in the first quarter of 2024 due to an increase in the trade deficit and weaker inventory investment. But it was still on solid ground supported by consumers, the government, and the housing industry. Meanwhile, the data from the...
- Housing Share of GDP Surpasses 16% for First Time Since 2022Housing’s share of the economy rose to 16.1% in the first quarter of 2024. The share remained below 16% for all of 2023 at 15.9% in each of the four quarters. This increase to above 16% marks the first-time housing’s share of GDP is above 16% since 2022. In the first quarter, the more cyclical...
- All-Cash Sales Dropped to Lowest in 3 YearsNAHB analysis of the most recent Quarterly Sales by Price and Financing report reveals that the share of new home sales backed by VA loans climbed substantially in the first quarter of 2024, while all-cash sales share fell by nearly 30%. However, the median purchase price of homes bought with cash continued to increase in...
- Despite Higher Mortgage Rates, New Home Sales Post Solid Gain in MarchDespite higher interest rates last month, new home sales rose in March due to limited inventory of existing homes. However, the pace of new home sales will be under pressure in April as mortgage rates moved above 7% this month, which is expected to moderate sales and increase the use of builder sales incentives this...
