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Market Share for Modular and Other Non-Site Built Housing in 2025 – Eye On Housing

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The total market share of non-site-built single-family homes (modular and panelized) was just 3% of single-family homes in 2025, according to NAHB analysis of completion data from the U.S. Census Bureau’s Survey of Construction (SOC). This matched the 3% market share recorded in both 2023 and 2024. The market share of non-site-built homes has been steadily declining since the early 2000s, despite growing interest in non-site-built construction. This low market share runs counter to some media commentary that suggests recent gains in off-site construction. Nonetheless, there is potential for market share gains in the years ahead as builders seek to improve productivity in the residential construction sector.

In 2025, approximately 30,000 single-family homes were built using modular (14,000) and panelized/pre-cut (16,000) construction methods, out of 975,000 completed single-family homes. It is worth noting that the Census Bureau’s definitions of off-site construction are relatively narrow. In a separate survey, the Home Innovation Research Labs‘ Survey of U.S. Home Builders reports a higher share for panelized construction (5%–12%) due to its broader definition of “panelized” construction.

While the Census-measured market share is small, there is potential for expansion. The 3% market share recorded in 2025 represents a decline from the years preceding the Great Recession. In 1998, 7% of completed single-family homes were built using modular (4%) or panelized (3%) construction methods. This represented the highest market share during the 1992–2025 period.

Two notable regional concentration exists in the Northeast and the Midwest. These two regions recorded the highest market shares of homes built using non-site-built methods. In the Northeast, 8% (5,000 homes) of the region’s 61,000 completed single-family homes were built using non-site-built methods. In the Midwest, 5% (6,000 homes) of the region’s 124,000 completed single-family homes were built using these methods. However, in absolute terms, the South continues to be the largest market for this type of construction, with 16,000 homes built using non-site-built methods.

With respect to multifamily construction, approximately 3% of multifamily buildings (structures rather than individual units) were built using modular and panelized methods. This was significantly lower than the 7% share recorded in 2023 but was in line with the average over the last five years. Panelized construction methods accounted for the larger share (2%) of non-site-built multifamily construction. Prior to 2024, the highest combined share of modular and panelized construction in multifamily buildings occurred in 2000 and 2011, when 5% of multifamily buildings were constructed using modular (1%) or panelized (4%) methods.



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Remodeling Market Sentiment Remains Stable in Third Quarter Despite Headwinds – Eye On

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In the third quarter of 2026, the NAHB Remodeling Market Index (RMI) posted a reading of 62, up one point compared to the previous quarter. The RMI has remained within a narrow band between 59 and 70 for the past four years. Remodeler sentiment remains the standout sector within the housing industry, when compared to its single-family and multifamily counterparts.

Despite sentiment remaining stable, remodelers report that economic uncertainty is making some potential customers hesitant to move forward with projects. Labor shortages, exacerbated by immigration enforcement and competition from data center construction, are extending the time it takes to complete projects. Nevertheless, remodeling is gaining share in the overall construction market, as it is somewhat less sensitive than new construction to the current elevated interest rates. NAHB’s projection for remodeling activity will remain stable in 2026 and grow slightly in 2027, which is consistent with today’s reading.

The RMI is based on a survey that asks remodelers to rate various aspects of the residential remodeling market “good”, “fair” or “poor.” Responses from each question are converted to an index that lies on a scale from 0 to 100. An index number above 50 indicates a higher proportion of respondents view conditions as good rather than poor.

Current Conditions

The Remodeling Market Index (RMI) is an average of two major component indices: the Current Conditions Index and the Future Indicators Index. 

The Current Conditions Index is an average of three components: the current market for large remodeling projects ($50,000 or more), moderately-sized projects ($20,000 to $49,999), and small projects (under $20,000).

In the third quarter of 2026, the Current Conditions Index averaged 70, which remained unchanged for the third consecutive quarter. The component measuring large remodeling projects increased two points to 66, while the small projects component inched down one point to 73, and the moderately-sized projects component decreased two points to 71.

Future Indicators

The Future Indicators Index is an average of two components: the current rate at which leads and inquiries are coming in, and the current backlog of remodeling projects. 

In the third quarter of 2026, the Future Indicators Index averaged 54, up two points from the previous quarter. Both the component measuring backlog of remodeling jobs and the current rate at which leads and inquiries increased two points to 56 and 53, respectively, for the quarter.

For the full set of RMI tables, including regional indices and a complete history for each RMI component, please visit NAHB’s RMI web page.



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Market Share of 5,000+ Sq. Ft. Homes Edges Higher in 2025 – Eye On Housing

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New homes with 5,000 square feet or more of living space posted an increase in market share last year. In 2025, 27,000 homes of this size were started, accounting for 2.9% of all new homes started. Both the number and market share of homes with 5,000 square feet or more increased from 2024, according to annual data from the Census Bureau’s Survey of Construction (SOC).

The number of homes started with more than 5,000 square feet increased from 24,000 in 2024 to 27,000 in 2025. The number peaked at 45,000 in 2006 before declining during the Great Recession to a low of 11,000 in 2009. Since 2013, the number has remained consistently above 20,000, reaching a recent peak of 33,000 in 2021.

Of the total number of new homes started in 2025, 2.9% had 5,000+ square feet or more of finished space, up from 2.3% in 2024. In 2015, the 5,000+ square foot share reached a record high of 3.9%.  Since then, it has fluctuated between 2.3% and 3.1%.

Tabulating the major characteristics among homes of 5,000 square feet or more started in 2025, 86% have a porch, 73% have a finished basement, 73% have four or more bathrooms, 68% have a patio, 66% have a three-or-more-car garage, 57% have five or more bedrooms, and 51% belong to a community association.



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Single-Family Starts Rebound but Market Challenges Persist – Eye On Housing

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Single-family housing starts rebounded in August, but production remains down 4.7% year to date as builders contend with rising construction costs, lot and labor shortages, and economic uncertainty.

Overall housing starts decreased 2.6% in August to a seasonally adjusted annual rate of 1.28 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. This pace reflects the number of housing units builders would begin over the next 12 months if August’s activity were sustained.

Within this overall number, single-family starts increased 7.6% to a seasonally adjusted annual rate of 918,000 units and were up 5.2% from August 2025. The multifamily sector, which includes apartment buildings and condos, decreased 21.7% to an annualized 357,000 pace and was down 14.6% from a year earlier.

Regionally, on a year-to-date basis, combined single-family and multifamily starts were 10% higher in the Northeast, 0.4% lower in the Midwest, 2.4% lower in the South, and 3% lower in the West.

Overall permits decreased 2.7% to a 1.39-million-unit annualized rate in August. Single-family permits decreased 1.8% to an 878,000-unit rate but were up 1.3% compared to August 2025. Multifamily permits decreased 4.3% to an annualized 516,000 pace but were up 7.5% from a year earlier.

Looking at regional permit data on a year-to-date basis, total permits were 12.5% higher in the Northeast, 2.7% higher in the Midwest, 3.5% lower in the South, and 1.7% higher in the West. For single-family permits, the Midwest has shown resilience with single-family permits up 2.9% year to date, while the Northeast, South, and West continue to post declines. Year-to-date declines in single-family permits show builders remain cautious about future construction, a trend reflected in our recent builder surveys.

The total number of housing units under construction stood at 1.27 million in August, down 3.2% from a year earlier. Single-family homes under construction totaled 589,000, a 3.4% year-over-year decline. Multifamily units under construction fell to 682,000, down 3% from a year ago and well below the peak of more than 1 million units reached in December 2023.

Housing completions also continued to soften. Single-family completions fell to an annual rate of 816,000 units, down 22.9% from a year earlier. Multifamily completions for buildings with five or more units declined 35.7% year over year to a 302,000-unit pace.



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Housing Starts Retreat on Market Headwinds – Eye On Housing

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Housing starts fell in July as economic uncertainty, rising construction costs, labor shortages and elevated financing expenses continued to challenge builders.

Overall housing starts decreased 12.4% in July to a seasonally adjusted annual rate of 1.24 million units, according to a report from the U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau. This pace reflects the number of housing units builders would begin over the next 12 months if July’s activity were sustained.

Within the total, single-family starts decreased 9.9% to an 808,000 seasonally adjusted annual rate and were down 15.7% compared to July 2025. On a year-to-date basis, single-family starts are down 6.9%. Given recent volatility, the three-month moving average provides a clearer signal, falling to 865,000 units.

Multifamily starts, which include apartment buildings and condominiums, decreased 16.8% from June to July to an annualized 431,000 pace. The three-month moving average for multifamily construction has trended lower to 414,000 units, and activity is 8.9% lower compared to year-earlier levels.

Regionally, on a year-to-date basis, combined single-family and multifamily starts were 11.7% higher in the Northeast, 3.0% lower in the South, 3.8% lower in the West, and 4.5% lower in the Midwest. Single-family starts were down in all four regions.

The total number of housing units under construction stood at 1.26 million in July, down 6.0% from a year earlier. Single-family homes under construction stood at 579,000 units, a 7.2% year-over-year decline. Multifamily units under construction slowed Single-to 683,000, down from peaks above 1 million units in December 2023 and 4.9% lower than a year ago.

Single-family completions slowed to an annualized rate of about 878,000 units, down 12.8% from a year earlier. On the same note, multifamily completions for buildings with five or more units declined 25.6% year over year to a 329,000-unit pace. On a year-to-date basis, total completions across both sectors are down 11.4%, reflecting ongoing challenges in the residential construction sector.

Looking ahead, overall permits increased 5.0% in July to an annualized rate of 1.44 million units. Single-family permits increased 2.5% to an 894,000-unit rate and are up 1.1% compared to July 2025. Multifamily permits climbed 9.4% to an annualized 549,000 pace and are up 6.4% compared to July 2025. Looking at regional permit data on a year-to-date basis, total permits were 14.3% higher in the Northeast, 2.6% higher in the Midwest, 2.1% higher in the West, but 4.7% lower in the South. For single-family permits, the Midwest was the only region to post an increase, rising 2.3%, reflecting relative strength in that region’s residential construction market.



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U.S. Labor Market Softens in July – Eye On Housing

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The U.S. labor market weakened in July, with nonfarm payrolls down 23,000 and downward revisions cutting another 103,000 jobs from May and June. Although the unemployment rate edged lower to 4.1%, the decline reflected a smaller labor force rather than stronger hiring, as overall participation fell to its lowest level since early 2021. July marked the 7th monthly job loss over the last year and a half.

Wage growth also cooled, with average hourly earnings rising 3.2% year-over-year in July to $37.62, down from 3.4% in June and the slowest pace of 2026. Despite the slowdown, wage gains continue to outpace inflation, consistent with productivity-supported real wage growth.

National Employment

According to the Employment Situation Summary reported by the Bureau of Labor Statistics (BLS), total nonfarm payroll employment decreased by 23,000 in July, following a downwardly revised gain of 20,000 in June. Revisions to prior months were broadly negative again this month. The change for May was revised down by 66,000, from a preliminarily reported +129,000 to +63,000, while the change for June was revised down by 37,000, from a preliminary +57,000 to +20,000. Combined, these revisions subtracted 103,000 jobs from previously reported totals, compared with the 74,000 downward revision reported in the prior month.

Job growth in 2026 has moderated further. Through July, monthly payroll gains have averaged 61,000 on the current data vintage, down from the 92,000 pace reported through June, reflecting both July’s soft print and the downward revisions to May and June. This compares with an average of just 10,000 per month in 2025 and 122,000 per month in 2024. Over the past 12 months, total nonfarm employment has grown by 316,000 in total, a considerably slower pace of expansion than earlier in the cycle.

The unemployment rate declined to 4.1% in July from 4.2% in June. The decrease was driven by a shrinking labor force rather than stronger hiring. Over the month, the number of unemployed persons fell by 178,000 to 6.9 million, while the number of employed persons declined by 87,000. Combined, the civilian labor force contracted by 264,000 in July.

Meanwhile, the labor force participation rate—the proportion of the population either looking for a job or already holding a job—fell 0.1 percentage point to 61.4% in July. This marks the lowest level since February 2021 and remains well below its pre-pandemic level of 63.3% recorded at the start of 2020. Among prime working-age individuals (aged 25 to 54), the participation rate rose 0.1 percentage point to 83.4%, partially reversing June’s sharp 0.6-point decline and suggesting that the drop in labor force participation in July was not widespread.

Industry-level results were mixed in July. Employment declined in local government education (-50,000) and retail trade (-19,000), while financial activities continued to trend down (-14,000). Health care employment continued to increase (+22,000), although at a slower pace than its average monthly gain over the prior 12 months. The July release also showed an increase in temporary layoffs, with the number of people on temporary layoff rising to 921,000.

Construction Employment

Employment in the overall construction sector rose by 22,000 jobs in July, following a gain of 5,000 in June. Within the industry, residential construction employment edged up by 2,100, its first monthly increase in four months, while non-residential construction added approximately 20,000 jobs.

Residential construction employment stood at 3.3 million in July, including 914,600 workers employed by builders and remodelers, down from 915,100 in June, and 2.3 million residential specialty trade contractors.

The six-month moving average of job gains for residential construction employment remains negative, reflecting an average monthly loss of approximately 5,350 jobs and declines in four of the past six months. Over the last 12 months, residential construction has shed a net of 44,200 jobs, marking the seventeenth consecutive month of year-over-year decline. Despite these losses, residential construction employment remains 1,281,200 positions above its post-Great Recession low, with that cushion widening modestly from 1,279,100 in June as July’s small gain offset part of the prior months’ losses.

Meanwhile, the unemployment rate for construction workers fell to 4.6% in July on a seasonally adjusted basis, down sharply from 6.2% in June. A year earlier, the construction unemployment rate stood at 4.2%. Despite the month-to-month volatility, the year-over-year comparison still points to modestly softer conditions for the trades than a year ago.



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Remodeling Market Sentiment Remains in Positive Territory in Second Quarter – Eye On Housing

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In the second quarter of 2026, the NAHB Remodeling Market Index (RMI) posted a reading of 61, down one point compared to the previous quarter. The RMI has remained in the low 60s consistently over the past year.

Even with this slight decline from the previous quarter, remodeler sentiment remains the standout sector within the housing industry, outperforming both its single-family and multifamily counterparts.  

With current mortgage rates above the median outstanding rate for existing homeowners, the incentive to remodel instead of purchasing a new home given the low levels of existing inventory persists due to this lock-in effect. Additionally, homeowners are sitting on record high real estate asset gains which they are able to tap into making it easier to fund remodeling projects. However, ongoing economic uncertainty and current cost pressures due to inflation are causing project delays, especially for larger ones. In the latest RMI survey, 74% of remodelers reported that their suppliers have increased prices of materials since March due to higher fuel costs, with the average increase in materials prices over that span being 6.7%. 

Nevertheless, based on the positive sentiment from the RMI and structural demand tailwinds, NAHB’s forecast for remodeling spending remains robust both in the short-term and over the long run.

The RMI is based on a survey that asks remodelers to rate various aspects of the residential remodeling market “good”, “fair” or “poor.” Responses from each question are converted to an index that lies on a scale from 0 to 100. An index number above 50 indicates a higher proportion of respondents view conditions as good rather than poor.

Current Conditions

The Remodeling Market Index (RMI) is an average of two major component indices: the Current Conditions Index and the Future Indicators Index. 

The Current Conditions Index is an average of three components: the current market for large remodeling projects ($50,000 or more), moderately-sized projects ($20,000 to $49,999), and small projects (under $20,000).

In the second quarter of 2026, the Current Conditions Index averaged 70, unchanged from the previous quarter. The component measuring moderately-sized remodeling projects increased four points to 73, while the small projects component remained unchanged at 74 and the large projects component decreased three points to 64. 

Future Indicators

The Future Indicators Index is an average of two components: the current rate at which leads and inquiries are coming in, and the current backlog of remodeling projects.

In the second quarter of 2026, the Future Indicators Index averaged 52, down two points from the previous quarter. Both components decreased quarter-over-quarter but still remain above the break-even point of 50. The component measuring backlog of remodeling jobs was down two points to 54, while the component measuring the current rate at which leads and inquiries are coming in edged down one point to 51.

For the full set of RMI tables, including regional indices and a complete history for each RMI component, please visit NAHB’s RMI web page.



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Top Ten Builder Market Share Falls in 2025 – Eye On Housing

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The top ten builders accounted for 43.6% of all new U.S. single-family home closings in 2025, down 1.2 percentage points from 2024 (44.8%), based on BUILDER magazine data.

The 2025 share constitutes 295,959 closings out of 679,083 new single-family houses sold in 2025. However, closings by the top ten builders only represent 29.5% of new single-family home completions,  a wider measure of home building that covers not-for-sale home construction. That share is down 0.6 percentage points from 2024 (30.1%), Also of note, the top 15 builders accounted for more than half of all closings (50.1%) for the second consecutive year.

Historically, the market share  for closings among the top ten builders has trended upward, albeit unevenly. Starting in 1989, this share was 8.7% and took approximately a decade  to double to 18.7% in 2000. It achieved a pre-Great Recession peak of 28.2% in 2006   then dropped below that level for about a decade until it reached 31.5% in 2018. After declining in 2019 and 2020, the share rebounded and exceeded 40% for the first time in 2022 (43.5%). A record high was achieved in 2024 (44.8%) before slipping to 43.6% in 2025.

Similar to closings, the trend for completions among the top ten builders has been rising, but with reduced volatility. The share started at 5.6% in 1989 and reached double digits ten years later at 11.3%. It achieved a pre-Great Recession peak of 17.9% in 2006 before falling for two consecutive years. Since 2009, the share has remained on an upward trajectory, breaking the 20% threshold for the first time in 2015 (21.0%). A record high was achieved in 2024 (30.1%), before slipping to 29.5% in 2025.

The top five highest producing builders did not change from 2024 to 2025, with D.R. Horton maintaining its position as America’s largest single-family home builder. D.R. Horton captured 12.8% of the for-sale market with 87,168 closings, marking a fifth consecutive year with a market share above 10%, and the 24th consecutive year atop the list. Nevertheless, this was D.R. Horton lowest share since 2021 (10.7%). Meanwhile, Lennar (the second largest builder) saw its market share in 2025 increase to a series-high of 12.2%. That was only 0.6 percentage points behind D.R. Horton, the closest difference since 2018. Results also show that 2025 marked the fourth year in a row where the top five builders accounted for more than a third (34.8%) of overall closings, with PulteGroup, NVR, and Meritage Homes achieving 4.4%, 3.2%, and 2.2% respectively.

The list of the top ten builders (all publicly traded companies) did not change from 2024 to 2025.  Most of the top ten builders experienced little to no change from 2024 to 2025 in terms of their share of the for-sale market, with the exceptions of D.R. Horton (-0.8 pp) and Lennar (+0.5 pp).

Builder Magazine will release Local Leaders data on the top ten builders in the top 50 largest new-home markets in the U.S. where ranking is determined by the number of single-family permits, which NAHB will analyze in a later post.



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U.S. Labor Market Remains Resilient in May – Eye On Housing

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Despite rising inflation and ongoing economic uncertainty, the U.S. labor market remained resilient in May. Nonfarm payrolls increased for the third consecutive month, and the unemployment rate held steady at 4.3%. Job gains were concentrated in leisure and hospitality, local government, and health care, while financial activities experienced a decline in payroll employment.

Wage growth moderated in May, with average hourly earnings rising 3.4% year-over-year. This pace is 0.5 percentage points lower than a year ago. Importantly, wage growth has been outpacing inflation for nearly two years, which typically occurs as productivity increases.

National Employment

According to the Employment Situation Summary reported by the Bureau of Labor Statistics (BLS), total nonfarm payroll employment increased by 172,000 in May, following an upwardly revised gain of 179,000 jobs in April. This marked the third consecutive month of job gains following a period of volatile payroll growth.

Employment gains for the previous two months were revised higher. The monthly change in total nonfarm payroll employment for March was revised upward by 29,000 from +185,000 to +214,000, while the change for April was revised upward by 64,000 from +115,000 to +179,000. Combined, these revisions added 93,000 more jobs than previously reported.

Job growth in early 2026 has improved notably compared with 2025 but has yet to fully match the pace observed in 2024. Through May, monthly payroll gains have averaged 114,000, compared with 10,000 per month in 2025 and 122,000 per month in 2024.

The unemployment rate remained unchanged at 4.3% in May. Over the month, the number of persons unemployed declined by 66,000, while the number of persons employed rose by 149,000.

Meanwhile, the labor force participation rate—the proportion of the population either looking for a job or already holding a job—remained unchanged at 61.8%. This marks the lowest level since November 2021 and remains below its pre-pandemic level of 63.3% recorded at the beginning of 2020. Among prime working-age individuals (aged 25 to 54), the participation rate rose 0.1 percentage points to 83.9%.

Job gains in May were slightly more broad-based than in recent months. Employment increased by 70,000 in leisure and hospitality, 55,000 in local government, and 35,000 in health care. In contrast, employment in financial activities declined by 22,000 and has fallen by 107,000 since its recent peak in May 2025. Federal government employment, which experienced a sharp decline last fall, increased modestly by 1,000 jobs in May.

Construction Employment

Employment in the overall construction sector rose by 17,000 jobs in May, following a gain of 9,000 in April. Within the industry, residential construction added 900 jobs, while non-residential construction added 15,700 jobs.

Residential construction employment now stands at 3.3 million in May, including 925,000 workers employed by builders and remodelers and nearly 2.4 million residential specialty trade contractors.

Despite the monthly gain, residential construction employment continues to show signs of weakness. The six-month moving average of job gains for residential construction remains negative, reflecting an average monthly loss of 1,300 jobs and declines in three of the past six months. Meanwhile, over the last 12 months, residential construction has shed a net of 33,300 jobs, marking the fifteenth consecutive annual decline and the longest stretch of annual losses since the Great Recession. However, residential construction has gained 1,303,900 positions from its post-Great Recession low.

Meanwhile, the unemployment rate for construction workers rose to 5.2% in May on a seasonally adjusted basis, though it remains relatively low compared with historical norms.



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Remodeling Market Sentiment Edges Down but Remains Positive in First Quarter – Eye On

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In the first quarter of 2026, the NAHB/Westlake Royal Remodeling Market Index (RMI) posted a reading of 62, down two points compared to the previous quarter. Despite this decline, the overall reading has been solidly in positive territory since Q1 2020.

Remodeler sentiment remained generally positive in the first quarter, even as many remodelers are still working to manage their customers’ cost expectations. Only a relatively small share report homeowners putting projects on hold due to economic and political uncertainty.

Ongoing positive remodeler sentiment is consistent with NAHB’s outlook, given an aging housing stock and the lock-in effect of elevated mortgage rates keeping owners in the homes longer. In the first quarter, remodelers reported 21% of their projects were associated with home improvements made shortly after a purchase, while only 4% were for homeowners’ projected to ready a home for sale.

The RMI is based on a survey that asks remodelers to rate various aspects of the residential remodeling market “good”, “fair” or “poor.” Responses from each question are converted to an index that lies on a scale from 0 to 100. An index number above 50 indicates a higher proportion of respondents view conditions as good rather than poor.

Current Conditions

The Remodeling Market Index (RMI) is an average of two major component indices: the Current Conditions Index and the Future Indicators Index. 

The Current Conditions Index is an average of three components: the current market for large remodeling projects ($50,000 or more), moderately-sized projects ($20,000 to $49,999), and small projects (under $20,000). In the first quarter of 2026, the Current Conditions Index averaged 70, edging down one point from the previous quarter. All three components remained well above 50 in positive territory. The component measuring small remodeling projects was the only one to experience a quarterly gain, inching up one point to 74. Both the moderate and large remodeling projects components were down two points to 69 and 67, respectively.

Future Indicators

The Future Indicators Index is an average of two components: the current rate at which leads and inquiries are coming in, and the current backlog of remodeling projects. 

In the first quarter of 2026, the Future Indicators Index averaged 54, down two points from the previous quarter. Both components decreased quarter-over-quarter but are above the break-even point of 50. The component measuring the current rate at which leads and inquiries are coming in edged down one point to 53, while the component measuring backlog of remodeling jobs dropped three points to 58.

For the full set of RMI tables, including regional indices and a complete history for each RMI component, please visit NAHB’s RMI web page.



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