Single-Family and Multifamily Growth Solid but Trended in Opposite Directions in Last Half of 2021

New findings from the National Association of Home Builders (NAHB) Home Building Geography Index (HBGI) show that the rate of year-over-year single-family growth in all small and large metro urban, suburban and rural regional submarkets peaked in the second quarter of 2021.

While that expansion has cooled somewhat, growth rates in all markets remained in double-digits in the final quarter of 2021. In contrast, multifamily growth in all of these markets has been surging since the second quarter as some housing demand returned back to higher density markets.