Builders Started 918,000 Single-Family Homes as Permits Pile Up Unbuilt
The National Association of Home Builders has been measuring builder confidence since 1985, and in September 2026 it hit 32, tying the second-lowest reading on record outside the pandemic spring of 2020. Yesterday the Census Bureau explained why that number looks the way it does. Builders started work on single-family homes at a 918,000 annualized pace in August, and permitted but not yet started single-family units now stand near 100,000, a backlog that has grown even as builders break less ground. The housing slowdown is not being driven by a shortage of homes to build. It is being driven by builders refusing to add supply into a market where the monthly payment has never been higher.
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