Total housing starts for 2025 were 1.36 million, down 0.6% from the 1.37 million total in 2024, according to the National Association of Home Builders (Washington, D.C.). Single-family starts in 2025 totaled 943,000, which is down 6.9% from the previous year, while multifamily starts ended the year up 17.4% from 2024.
“Single-family home building dipped in 2025 because of ongoing affordability challenges, fueled by high housing price-to-income ratios and elevated financing and construction costs,” said Buddy Hughes, a home builder and developer from Lexington, N.C. “NAHB expects single-family starts will move slightly higher this year, as mortgage rates are expected to moderate.”
“Multifamily construction was down in high-density markets but up in the low-rise sector,” added Jing Fu, NAHB’s senior director of forecasting and analysis. “Multifamily starts are anticipated to fall 5% in 2026 to an annual pace of 392,000 units and decline an additional 6% in 2027 to a 367,000 rate, leveling off near pre-pandemic levels.”
