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By comparison, the rural single-family home building market share has grown from 2.6% over the past four years to 12% in Q1.
“Higher interest rates and construction costs, along with shortages of key materials such as transformers and concrete, have contributed to all single-family markets posting a negative year-over-year building growth rate, but this is particularly true for the largest, densest metro areas,” said NAHB chief economist Robert Dietz.
“This latest data indicates that the pace of single-family construction in the first quarter of 2023 has slowed from pandemic-induced highs, but a turning point is coming into view with a rebound led particularly in more affordable, lower-density areas,” added NAHB chairman Alicia Huey.
The multifamily sector also remained resilient throughout much of the nation, but Huey stressed that the multifamily building market faces risks of slowing later this year.
Read next: Commercial, multifamily mortgage delinquency rates spike in Q1
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