Beyond the Board Statistics

The NAHB/Wells Fargo Cost of Housing Index (CHI) measures the share of a typical family’s income required to cover the mortgage payment on a median-priced home. In Q2 2026, a typical U.S. family needed to allocate 34% of pre-tax income for a new home and 36% for an existing home — figures that climb to

After surging to more than 20% year-over-year during the post-pandemic building boom of 2021–2022, residential building material prices fell sharply and stabilized through 2023 and 2024. Now, prices appear to be creeping back up, rising 5% year-over-year as of mid-2026 — the highest rate since December 2022. While still modest compared to the volatility of

Housing inventory has shifted from well below normal levels to a meaningful surplus in the last couple of years, while price growth has slowed sharply from its 2021 peak. As inventory has increased, price appreciation has cooled, reinforcing the inverse relationship between supply and price pressure.

Home prices climbed sharply from 2021 through mid-2022, reaching a peak before softening and becoming more volatile through 2023–2025. Overall, prices have stabilized slightly below peak levels but remain elevated compared to pre-pandemic values.

Inflation surged through 2021–2022, peaking in 2022–2023, before steadily easing into 2024 and 2025. However, both core inflation and shelter costs remain elevated relative to pre-pandemic levels, suggesting persistent underlying price pressure.

Active listings rose modestly in 2025, finishing December up 12.1% year-over-year, but still below pre-pandemic levels. Inventory followed a typical seasonal pattern—building through midyear before tapering off into year-end—while remaining meaningfully lower than peak years like 2017–2019.

7/16, southwest, FOB mill, 8/7/2026, $155.00 7/16, southwest, FOB mill, 8/20/2025, $184 *Prices remain subdued, reflecting the broader slowdown in demand.

New residential construction showed mixed signals in July, with permits rising 5% from June to an annual rate of 1.44 million. However, starts fell 12.4% from the prior month to 1.24 million units, and completions also pulled back, dropping 9.1% to 1.21 million. All three measures remain below their year-ago levels, reflecting the continued hesitation