In March 2025, private residential construction spending in the U.S. declined by 0.4%, marking the end of a five-month growth streak. This downturn was primarily driven by a 1.2% decrease in home improvement expenditures, reflecting subdued remodeling activity in the first quarter. Despite this monthly dip, overall spending remained 2.8% higher than in March 2024, indicating some resilience in the housing market. Single-family construction spending saw a modest 0.1% increase for the month but was still 0.8% lower compared to the previous year. Multifamily construction spending remained flat in March…
Read MoreMonth: May 2025
The Homes Americans are Buying are Older Than Ever
The average age of a house in the U.S. is 36 years old, and in 2024, many people leaned towards purchasing an older home. There are two main reasons: lack of new supply and affordability. Over the past two decades, housing construction has significantly slowed, particularly in the East Coast and Rust Belt regions, leading to a median age of sold homes exceeding 60 years in cities like New York, Pittsburgh, and Cleveland. Older homes are more affordable and often sell for 15% less than the median price of all…
Read MoreRemodel of the Week: Ruby Hills, Pleasanton, California
MSK Design Build undertook a comprehensive renovation of a 1997 executive home in Ruby Hill, Pleasanton, California, transforming it into a modern luxury residence. The clients, a professional couple with two children, aimed to replace the outdated pink-and-floral interior with a contemporary design suitable for both family living and entertaining. Key objectives included creating an open-plan kitchen and great room, converting a formal dining room into an elegant bar and games area, and replacing a powder room with a wine room featuring a waterfall. The design team, led by Kelly…
Read MoreFraming Lumber Prices
Since April 18, 2025, framing lumber prices fell by 0.6%, declining to about $480 per 1,000 board feet, and softwood lumber is priced about 23% higher compared to a year ago. Although there are many concerns about tariffs, NAHB continues to track the latest lumber prices and study the overview within the U.S. framing lumber market. Lumber and plywood prices showed slight declines week-over-week, with the Random Lengths framing lumber composite price down 0.6%, though still 23.5% higher year-over-year. Lumber futures remained flat for the week but have dropped 15.2%…
Read MoreRemodeling Market Poised for Growth in 2025
The U.S. remodeling market is poised for growth in 2025, driven by an aging housing stock, high levels of home equity, and favorable demographics, according to the National Association of Home Builders (NAHB). Nearly half of owner-occupied homes were built before 1980, with a median age of 41 years, prompting homeowners to invest in renovations rather than relocate. NAHB forecasts a 5% increase in residential remodeling activity for 2025, followed by a 3% gain in 2026. The NAHB/Westlake Royal Remodeling Market Index indicates sustained positive sentiment among remodelers since mid-2020,…
Read MoreResidential Building Worker Wage Growth Slows Amid Softer Labor Market
Wage growth for residential building workers slowed in March 2025, reflecting a softening in the construction labor market, Wage growth for residential building workers slowed in March 2025, reflecting a softening in the construction labor market, according to the U.S. Bureau of Labor Statistics. Average hourly earnings rose to $38.76, a 4.5% increase from the previous year—down from a peak of 9.3% year-over-year growth in June 2024. The decline points to easing pandemic-related labor shortages and a shift in according to the U.S. Bureau of Labor Statistics. Average hourly earnings…
Read MoreHome Depot Releases May 2025 Pro Forecast Outlook
Home Depot’s May 2025 Pro Forecast highlights ongoing supply chain constraints and heightened demand as key drivers behind rising material costs, particularly for lumber and steel. These pressures are expected to continue affecting budgets and timelines across the construction and remodeling industries. The company advises contractors and builders to stay informed on price trends and adapt procurement strategies accordingly. To support professionals facing these challenges, Home Depot is expanding its distribution infrastructure. New distribution centers are slated to open in Detroit, southern Los Angeles, San Antonio and Toronto, aiming to…
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