Single-family spending increased 1.4% in April while remodeling rose 0.4% and remained 7.5% higher year-on-year.
National Association of Home Builders
Inventory rises to a 9.4-month supply as the median price increases to $422,500.
Canadian import taxes reach about 45% for many producers supplying U.S. builders.
Builders face economic uncertainty and affordability challenges, including higher construction costs, labor shortages, and elevated financing expenses.
Higher duty rates through 2025 drive a drop in softwood lumber imports, but sawmill output is unchanged as residential construction demand weakens.
At a median home price of $413,595 and a 30-year mortgage rate of 6%, 88.2 million households are priced out, and a $1,000 increase prices out 156,405 more.
Rental vacancies improve slightly in 2024, but owner vacancy rates remain below 1% nationwide.
Revised data shows production sits 7.5% above 2017 levels despite flat recent output and declining industry employment.
House passed companion bill in January; Senate committee version expands thinning and limits legal delays.