New home sales hit a 682,000 unit pace in 2024 even as construction labor productivity rose 1.3% from 2022 to 2023 and weekly construction earnings averaged $1,008 in 2023. Meanwhile, the pressure points are easy to spot in the cost and workforce data, from labor shortages impacting 83% of firms to framing cost overruns and energy efficiency adoption climbing to 36,000 completed ENERGY STAR homes in 2023. Put together, these figures explain why building activity can strengthen while affordability, materials pricing, and skilled labor remain in constant tension.
Key Takeaways
- New home sales were 682,000 units in 2024 (seasonally adjusted annual rate, SAAR).
- The median asking price of new homes in the U.S. in 2024 was about $410,400 (Redfin dataset; Zillow/Redfin markets).
- Freddie Mac reported 30-year fixed-rate mortgage average of 6.67% for the week ending July 2024.
- $1.38 trillion value of residential construction put in place in 2023 (seasonally adjusted annual rate summary for residential).
- Single-family construction is projected to add 1.5 million housing units by 2028 (Freddie Mac forecast on housing supply).
- Residential construction labor productivity increased 1.3% from 2022 to 2023 (output per hour for construction activities).
- Construction industry average hourly earnings were $35.16 in May 2024 (BLS, production and nonsupervisory).
- Construction employment was 7.9 million in May 2024 (BLS CES).
- Steel mill products price index increased 8.6% in 2023 (PPI for steel mill products).
- Producer Price Index for construction inputs (selected materials) increased 4.1% year-over-year in 2024 (BLS PPI construction-related series).
- The Housing Cost Index (HCI) increased to 301.6 in 2024 (2000=100) for new single-family homes (select data series).
- Energy-efficient new homes under ENERGY STAR accounted for 36,000 homes completed in 2023 (ENERGY STAR program).
- Residential sector accounted for 20% of U.S. energy-related CO2 emissions in 2022 (EIA).
- Net-zero ready building adoption reached 28% of new construction projects in 2024 (market survey).
- US multifamily building permits totaled 450,000 in 2023 (permit volume by structure type for that year).
New home sales totaled 682,000 in 2024 as construction costs and labor shortages reshaped demand and delivery.
Related reading
01 · Category
Industry Trends6 stats
01
New home sales were 682,000 units in 2024 (seasonally adjusted annual rate, SAAR).
02
The median asking price of new homes in the U.S. in 2024 was about $410,400(Redfin dataset; Zillow/Redfin markets).
03
Freddie Mac reported 30-year fixed-rate mortgage average of 6.67% for the week ending July 2024.
04
Mortgage delinquencies for residential mortgages were 3.2% in 2024 Q1 (MBA).
05
Mortgage purchase applications were down 5% year-over-year in 2024 (MBA).
06
The NAHB/Wells Fargo Housing Market Index (HMI) averaged 34 in 2024 (monthly index average capturing homebuyer sentiment/conditions).
Interpretation
Industry Trends Interpretation
For the Industry Trends outlook, demand and financing conditions appear to be improving slightly in 2024, with new home sales at 682,000 units and the NAHB/Wells Fargo HMI averaging 34 while mortgage rates remain still-elevated at 6.67% and purchase applications are down 5% year over year.
02 · Category
Housing Supply2 stats
01
$1.38 trillion value of residential construction put in place in 2023 (seasonally adjusted annual rate summary for residential).
02
Single-family construction is projected to add 1.5 million housing units by 2028 (Freddie Mac forecast on housing supply).
Interpretation
Housing Supply Interpretation
In the housing supply category, residential construction reached a $1.38 trillion put-in-place pace in 2023 and Freddie Mac expects single-family building to add 1.5 million units by 2028, signaling steady momentum in expanding the supply of homes.
03 · Category
Labor & Productivity8 stats
01
Residential construction labor productivity increased 1.3% from 2022 to 2023 (output per hour for construction activities).
02
Construction industry average hourly earnings were $35.16in May 2024 (BLS, production and nonsupervisory).
03
Construction employment was 7.9 million in May 2024 (BLS CES).
04
Residential building construction employment was 1.4 million in May 2024 (BLS industry employment).
05
Labor shortages affected 83% of construction firms in 2022 (survey on construction workforce challenges).
06
BLS reports the construction labor force participation rate increased to 66.4% in 2023 (construction-related labor force).
07
Employment in construction increased 2.0% from 2023 to 2024 (BLS CES change).
08
Construction worker median weekly earnings were $1,008in 2023 (BLS).
Interpretation
Labor & Productivity Interpretation
Labor & Productivity looks resilient as residential construction labor productivity rose 1.3% from 2022 to 2023 and construction employment grew 2.0% from 2023 to 2024, even while labor shortages still hit 83% of construction firms in 2022.
04 · Category
Cost & Pricing7 stats
01
Steel mill products price index increased 8.6% in 2023 (PPI for steel mill products).
02
Producer Price Index for construction inputs (selected materials) increased 4.1% year-over-year in 2024 (BLS PPI construction-related series).
03
The Housing Cost Index (HCI) increased to 301.6 in 2024 (2000=100) for new single-family homes (select data series).
04
Asphalt shingle prices increased by 10.4% in 2023 (producer price index for shingles).
05
Lumber price index declined 9.0% from January to December 2023 (CME/price index for dimensional lumber).
06
Concrete ready-mix price index increased 6.1% in 2023 (industry price index).
07
HUD reports 11.2 million households were severely cost-burdened (paying >50% of income for housing) in 2022.
Interpretation
Cost & Pricing Interpretation
Cost pressures in homebuilding stayed elevated in 2023 and 2024 as multiple key inputs rose, with steel mill products up 8.6% in 2023, shingles up 10.4% in 2023, and ready-mix concrete up 6.1% in 2023, while housing costs for new single-family homes climbed to 301.6 on the 2000=100 Housing Cost Index in 2024 and 11.2 million households were severely cost-burdened in 2022.
05 · Category
Sustainability & Energy4 stats
01
Energy-efficient new homes under ENERGY STAR accounted for 36,000 homes completed in 2023 (ENERGY STAR program).
02
Residential sector accounted for 20% of U.S. energy-related CO2 emissions in 2022 (EIA).
03
Net-zero ready building adoption reached 28% of new construction projects in 2024 (market survey).
04
The U.S. residential construction industry used green building practices in 46% of projects in 2023 (Dodge/industry survey).
Interpretation
Sustainability & Energy Interpretation
Sustainability and energy are becoming mainstream in homebuilding, with 28% of new construction projects being net-zero ready in 2024 and green building practices used in 46% of projects in 2023.
More related reading
06 · Category
Permits & Starts1 stats
01
US multifamily building permits totaled 450,000 in 2023 (permit volume by structure type for that year).
Interpretation
Permits & Starts Interpretation
In 2023, US multifamily building permits reached 450,000, showing strong permit activity in the Permits and Starts category and signaling continued pipeline momentum for future construction.
07 · Category
Labor & Wages1 stats
01
8.7% of construction workers were unemployed in 2024 Q1 (construction unemployment rate).
Interpretation
Labor & Wages Interpretation
In 2024 Q1, 8.7% of construction workers were unemployed, a clear labor market strain point within the Labor and Wages category.
08 · Category
Market Size2 stats
01
$1.46 trillion was the value of residential construction put in place in 2023 (seasonally adjusted annual rate summary for residential construction).
02
The median new home was 2,300 square feet in 2024 (typical size measure from housing market survey reporting).
Interpretation
Market Size Interpretation
From a Market Size perspective, residential homebuilding reached $1.46 trillion in 2023, and with the median new home at 2,300 square feet in 2024, the industry is sustaining very large construction volume alongside consistently sized new builds.
09 · Category
Cost Analysis3 stats
01
4.2% of builders reported paying above their original budget for framing due to cost increases in 2024 (framing cost overrun incidence).
02
Construction materials accounted for about 50% of total homebuilding costs for new single-family homes (share of costs attributed to materials).
03
Skilled labor accounted for 22% of total homebuilding costs for new single-family homes (share of costs attributed to labor).
Interpretation
Cost Analysis Interpretation
In 2024, 4.2% of builders overspent on framing due to cost increases, underscoring how cost pressure is concentrated, especially since construction materials make up about 50% of total new single-family homebuilding costs.
10 · Category
Materials & Supply3 stats
01
Steel rebar prices averaged $1,050per metric ton in 2023 in the U.S. (average annual price used in construction materials market tracking).
02
Average U.S. softwood lumber prices were $505per thousand board feet (MBF) in 2023 (annual average lumber price level).
03
Cement production capacity utilization was 73% in 2023 in the U.S. (utilization of cement industry capacity).
Interpretation
Materials & Supply Interpretation
In the U.S. materials and supply chain, 2023 pricing showed pressure but not a collapse, with steel rebar at $1,050 per metric ton and softwood lumber at $505 per thousand board feet while cement capacity ran at a 73% utilization rate.
Reference
Cite This Report
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APA
Thomas Lindqvist. (2026, February 13). Homebuilding Construction Industry Statistics. Gitnux. https://gitnux.org/homebuilding-construction-industry-statistics
MLA
Thomas Lindqvist. "Homebuilding Construction Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/homebuilding-construction-industry-statistics.
Chicago
Thomas Lindqvist. 2026. "Homebuilding Construction Industry Statistics." Gitnux. https://gitnux.org/homebuilding-construction-industry-statistics.
Sources & references
37 datasets cited across this report · attribution is report-level
+19 additional datasets cited (not shown individually)