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US NAHB housing market index (Jul) actual: 33 vs 32 previous; est 33
ByAinvest
Thursday, Jul 17, 2025 10:00 am ET1min read
US NAHB housing market index (Jul) actual: 33 vs 32 previous; est 33
Despite the trend towards smaller lots in new single-family detached spec home construction, lot values continued to rise in 2024. The national median lot value for single-family detached for-sale homes started in 2024 stood at $60,000, according to the National Association of Home Builders (NAHB) analysis of the Census Bureau’s Survey of Construction (SOC) data [1]. This median value outpaced U.S. inflation, reaching a new high for the year.The increase in lot values is notable given the dramatic shift towards smaller lots in recent years. Since the housing boom of 2005-2006, the share of lots under 1/5 of an acre rose from 48% to 65% in 2024. Despite this trend, lot values have continued to appreciate, reflecting the ongoing challenges builders face in obtaining lots. The NAHB/Wells Fargo Housing Market Index (HMI) survey for May 2025 reported that 64% of builders rated the supply of developed lots as low or very low [1].
Regional variations in lot values are significant. New England and the Pacific divisions have the most expensive lots. In New England, half of the single-family detached spec homes started in 2024 were built on lots valued at or over $150,000, with a median lot size three times the national median. The Pacific division, despite having smaller lots, had the highest median lot value of $152,000 in 2024. The Middle Atlantic division also hit a new record high in 2024, with half of the lots for SFD spec home starts valued at or above $97,000. In contrast, the East South Central and South Atlantic divisions had the lowest median lot values, at $48,000 and $53,000, respectively [1].
The US NAHB housing market index for July 2025 stood at 33, slightly higher than the previous month's estimate of 32. This indicates a positive sentiment in the housing market, reflecting the ongoing demand for housing despite the challenges in lot availability [2].
References:
[1] https://eyeonhousing.org/2025/07/lot-values-trend-higher-in-2024/
[2] NAHB Housing Market Index, July 2025
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