December 2025 NAHB News....1-4 NCHBA News....5-6 HBAGC News....7-19
Builder Sentiment Flat in November Amid Headwinds
Market uncertainty worsened by the government shutdown along with economic uncertainty stemming from tariffs and rising construction costs kept builder confidence firmly in negative territory in November. Builder confidence in the market for newly built single-family homes rose one point to 38 in November, according to the latest NAHB/Wells Fargo Housing Market Index (HMI). In a further sign of ongoing challenges for the housing market, the latest HMI survey also revealed that 41% of builders reported cutting prices in November, a record high in the post-Covid period and the first time this measure has passed 40%. Meanwhile, the average price reduction was 6% in November, the same rate as the previous month. The use of sales incentives was 65% in November, tying the share in September and October. Derived from a monthly survey that NAHB has been conducting for more than 40 years, the NAHB/Wells Fargo HMI gauges builder perceptions of current single-family home sales and sales expectations for the next six months as “good,” “fair” or “poor.” The survey also asks builders to rate traffic of prospective buyers as “high to very high,” “average” or “low to very low.” Scores for each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view conditions as good than poor. The HMI index gauging current sales conditions increased two points to 41, the index measuring future sales fell three points to 51 and the gauge charting traffic of prospective buyers posted a one-point gain to 26.
NAHB Applauds Delay of Energy Rule NAHB Chairman Buddy Hughes commended HUD after the agency issued a six-month delay in the implementation of mandatory energy code policy for multifamily developers. NAHB has been urging HUD to rescind the Biden administration’s determination which set the 2021 International Energy Conservation Code (IECC) and ASHRAE 90.1-2019 as the mandatory minimum energy standards for its single-family and multifamily housing programs.
IBS Centrals: Another Great Reason to Attend IBS Among the many great things about the International Builders’ Show® (IBS) are the centrals. IBS centrals offer a great opportunity to connect with like-minded professionals during the Show, which takes place Feb. 17–19 in Orlando. The centrals are lounge-like areas where you can explore new ideas, refine your skills and learn from experts in your industry niche. There are IBS centrals for custom building, design, international, multifamily, remodeling and sales. The Centrals are open to all IBS registrants. Register for IBS at BuildersShow.com. Multifamily Loan Purchase Caps to Rise 20% in 2026 The Federal Housing Finance Agency (FHFA) announced on Nov. 24 that the 2026 multifamily loan purchase caps for Fannie Mae and Freddie Mac will be $88 billion for each, for a combined total of $176 billion to support the multifamily market. The 2026 caps represent a 20.5% increase from 2025. As in 2025, when the cap for each Enterprise was $73 billion, multifamily loans that finance workforce housing will be excluded from the 2026 limits. All other mission-driven loans remain subject to volume caps.
New WOTUS Rule Brings Clarity In a move championed by NAHB, the EPA and U.S. Army Corps of Engineers have announced a proposed updated definition of “waters of the United States” (WOTUS) that would provide builders much-needed clarity by defining which waters are subject to federal jurisdiction under the Clean Water Act while continuing to protect our nation’s vital waterways. The proposed rule was published on Nov. 20 in the Federal Register for a 45-day comment period.
NAHB Backs Proposed ESA Reforms In a move supported by NAHB, the U.S. Interior Department has announced four proposed regulatory rules regarding reforms to the Endangered Species Act (ESA) that would rescind changes made during the Biden administration that have created regulatory barriers that hinder housing development and economic activity. Each of the four ESA rulemakings were identified by NAHB as deregulatory priorities in a letter that NAHB sent to OMB in May.
Confidence in the market for new multifamily housing increased year-over- year in the third quarter, according to the Multifamily Market Survey (MMS) released recently by NAHB. The MMS produces two separate indices. The Multifamily Production Index (MPI) had a reading of 46, up six points year-over-year, while the Multifamily Occupancy Index (MOI) had a reading of 74, down one point year-over-year. The MPI measures builder and developer sentiment about production conditions in the apartment and condo market on a scale of 0 to 100. The MOI measures the multifamily housing industry's perception of occupancies in existing apartments on a scale of 0 to 100. The MPI and MOI are scaled so that a number below 50 indicates that more respondents report conditions are poor than report conditions are good.
Remodeling Gains Market Share As the nation’s housing stock ages and new homes remain out of reach for many buyers, remodeling is capturing a growing share of the residential construction market. NAHB’s recent analysis of 25 years of Quarterly Census of Employment and Wages (QCEW) data suggests that the rise of remodelers is a sustained structural shift rather than a temporary post-pandemic surge. Over the past 25 years, the number of remodeling companies has nearly doubled, from fewer than 69,000 in 2000 to more than 128,000 in the first quarter of 2025.
Multifamily Developer Confidence Increases in Q3
Chamber Hosts Housing Summit In partnership with NAHB, the U.S. Chamber of Commerce on Nov. 6 hosted a daylong housing summit that included discussions featuring industry leaders, members of Congress and others that looked at ways to boost the housing supply. The event spotlighted NAHB-supported policies and initiatives, including Sens. Pete Ricketts (R-Neb.) and Tina Smith (D-Minn.) discussing the ROAD to Housing Act, legislation that recently passed the Senate. In conjunction with the event, the American Enterprise Institute and the Chamber released a report entitled “Strong Foundations: A Playbook for Housing and Economic Growth.”
NAHB Endorses Bipartisan Immigration Reform Bill
Immigration policy is shaping the U.S. labor market as home builders adapt to ever- changing employment eligibi- lity and immigration compli- ance requirements. Now, NAHB has endorsed the Dignity Act, a bipartisan immigration reform bill. The bill aims to modernize America's immigration system by protecting the nation's borders and preserving critical workforces. The Dignity Act would create a new pathway for permanent work author- ization for undocumented workers that meet clear criteria, including: Complying with federal and state laws; Paying back taxes; Completing a comprehensive criminal background check; Beginning to pay income taxes; and Paying an annual restitution fee of $1,000 into a training fund that will develop the next generation of skilled American labor. As the Trump administration ramps up immigration enforcement, NAHB members can use the short publication “When ICE Comes Calling: Best practices for business owners to use during ICE raids” to understand the rights and responsibilities of employers on the jobsite.
The HBAGC’s Advocacy Committee focuses on two primary goals: educating the public through the "Framing the Issue" podcast and addressing policy issues in collaboration with REBIC, particularly in Cabarrus, Gaston, Iredell, Union, and SC counties. Key Initiatives Framing the Issue Podcast: Aims to reshape public perception of the building industry by addressing the challenges faced by the Gen Z demographic in affording homes. The podcast serves as an educational tool and a platform for advocacy. Policy and Candidate Engagement: The Committee will identify and prioritize local policy issues, creating actionable and measurable goals. It will also develop legislative suggestions for the NCHBA Government Affairs team and engage with potential candidates for the 2026 election cycle. 501 c (4) Establishment: The HBAGC is in the process of establishing a 501 c (4) entity, allowing for corporate contributions to support educational initiatives and campaign finance, fostering the growth of pro-business local politicians. Committee Participation Open Positions: Roles such as Chair, Vice Chair, and Trustees are open, with responsibilities including setting goals, leading initiatives, and reporting to the HBAGC Board. Engagement Opportunities: Informational Zoom sessions are available for those interested in joining the committee, with applications being collected in early December and selections announced mid-December. This strategic approach aims to enhance advocacy efforts, influence policy-making, and promote smart-growth in the Charlotte region. Email Jen Schuster at jen@hbacharlotte.com to learn more!
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