April 2026

Growing micro markets were a single-family outlier in late 2025

Single-family home construction declined across every major geography in the second half of 2025 except for sparsely populated micro counties, according to the latest Home Building Geography Index (HBGI) from the National Association of Home Builders. The HBGI, released March 30 and delayed by last fall’s federal government shutdown, tracks third- and fourth-quarter 2025 permit

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