The Half-Decade Housing Crucible: Performance, Strategy, and the Policy Paradox of U.S. Homebuilding (2020-2025)
I. Executive Overview: A Sector Defined by Extremes
The U.S. homebuilding sector navigated a period of unprecedented volatility between 2020 and 2025. This half-decade began with a massive, pandemic-induced demand surge characterized by historically low borrowing costs, which quickly transitioned into a severe monetary shock as the Federal Reserve aggressively tightened policy to combat soaring inflation. This report analyzes the performance of leading publicly traded home builders, including D.R. Horton (DHI), Lennar (LEN), and PulteGroup (PHM), alongside major private entities, detailing their adaptive strategies during this turbulent cycle. Furthermore, this analysis offers a critical assessment of the proposed 50-year mortgage, a controversial policy designed to address affordability.
1.1. Introduction to the Analysis Scope (2020–2025)
The trajectory of the U.S. housing market during this period can be segmented into two distinct phases: the period of supercharged demand and peak pricing power (2020–2022), and the period of high interest rates and operational efficiency focus (2023–2025). Publicly traded home builders demonstrated profound resilience, adapting swiftly through tactical financial incentives and capital-efficient land strategies. The ability of these industry giants to leverage their scale and integrated financial services allowed them to maintain profitability and capture greater market share, even as overall housing affordability deteriorated.
The second major theme of this era, increasingly relevant in 2025, is the policy debate surrounding long-term affordability solutions. Specifically, the proposed 50-year mortgage represents a key policy concept that aims to mitigate the immediate impact of high rates on monthly payments. While offering immediate financial relief, this mechanism raises profound concerns regarding its long-term systemic financial stability implications and its potential impact on generational wealth creation.
1.2. Summary of Core Findings
The analysis reveals that the largest builders successfully transformed macro headwinds into competitive advantages:
Operational Resilience and Margin Management: Major builders maintained robust profitability despite market turbulence by strategically employing deep rate buydowns. These financing incentives averaged between 5% and 6% of gross home sales revenue in 2023, a calculated sacrifice of nominal margin to keep units closing and maintain essential volume.
Accelerated Market Consolidation: The sheer complexity and capital requirements of the high-rate environment acted as a severe barrier to entry for smaller firms. This led to rapid sector consolidation, enabling the top ten builders to capture a record 44.7% of all new single-family closings in 2024.
The Policy Paradox of Long-Term Debt: The 50-year mortgage offers a marginal reduction in monthly payments, potentially lowering the required income threshold and qualifying an estimated 3.4 million additional households for homeownership. However, this demand-side stimulus inherently risks accelerating housing price inflation across the market and forces buyers into a generational debt structure, potentially doubling the total interest paid over the life of the loan and severely eroding early-stage equity accumulation.
1.3. The Macro Context as the Primary Driver
The dramatic pivot from an ultra-low rate environment (where 30-year fixed rates were around 3.15% in 2021) to a restrictive high-rate environment (reaching peaks near 7.00% in 2023) required a fundamental strategic shift for home builders. The sector moved rapidly from a focus on maximizing pricing power during 2021 and 2022 to prioritizing volume maintenance through financing innovation in 2023 and 2024. This macroeconomic volatility was the single most defining element driving corporate strategy, land allocation, and ultimately, builder profitability over the five-year horizon.
II. The Macroeconomic Environment Shaping the Sector (2020–2025)
2.1. The Monetary Whiplash and Its Effect on Demand
The housing market experienced an extreme oscillation in response to Federal Reserve actions. Following the initial pandemic response, sustained low rates spurred massive buyer demand, rapidly depleting existing inventory and forcing many buyers toward new construction. As monetary policy shifted aggressively in 2022 to combat inflation, the subsequent surge in interest rates drastically increased the cost of a mortgage. The 30-year fixed rate average spiked from a trough of 3.15% in 2021 to 5.53% in 2022, and peaked around 7.00% in 2023. This sudden increase in borrowing costs effectively stalled transaction volume, especially in the resale market, which compelled builders to pivot swiftly from aggressive price appreciation to strategic incentives.
This rapid change in the interest rate environment created a profound structural advantage for the largest public homebuilders. High rates incentivized existing homeowners who possessed "golden handcuffs"—mortgages secured at sub-4% rates—to remain in place, causing the supply of existing homes to dry up dramatically. This structural constraint funneled the remaining buyer demand almost exclusively toward the new construction market. The largest builders, uniquely equipped with captive financing arms, were positioned to leverage rate buydowns, effectively subsidizing the consumer's monthly payment and mitigating the impact of the Federal Reserve’s tightening cycle. This capability allowed them to maintain sales velocity where smaller, less capitalized builders could not, thus increasing the relative market share and competitive necessity of large public builders as the primary source of housing supply.
2.2. Inflationary Pressures and Supply Chain Management
The period was also marked by severe construction inflation. Residential construction costs jumped to 14.0% in 2021 and reached an alarming peak of 15.7% in 2022, marking the highest rate recorded since 1980-81. This dramatic cost escalation was driven by global supply chain disruptions originating from the COVID-19 pandemic, coupled with volatility in key construction materials. For instance, input costs for steel, lumber, cement, and asphalt saw significant instability. Highway construction, in particular, was affected by crude oil price volatility, amplified by geopolitical tensions, which drove up the cost of petroleum-based products like asphalt.
During the 2021–2022 surge, demand was so exceptionally robust that builders managed to achieve peak gross margins despite these rising costs. D.R. Horton (DHI), for example, saw its Gross Profit Margin peak at 31.37% in fiscal year 2022. Builders were highly successful in passing on cost increases directly to consumers, benefiting immensely from rapid home price appreciation. Cost pressures moderated substantially in the subsequent years, with residential inflation stabilizing to 2.5% in 2023 and an anticipated 3.4% in 2024. This stabilization provided a critical operational reprieve, allowing firms like DHI to improve construction cycle times in 2025, shifting focus from raw cost mitigation toward operational efficiency.
The following table summarizes the defining macroeconomic shifts that framed the operating environment for the homebuilding sector:
| Year | 30-Year Fixed Rate Average | Residential Construction Inflation % | Market Context |
|---|---|---|---|
| 2020 | 3.1% | 4.5% | Initial pandemic uncertainty, low rates established |
| 2021 | 3.2% | 14.0% | Historic demand surge, material cost spike accelerates |
| 2022 | 5.5% | 15.7% (highest on record) | Aggressive Fed tightening, builder pricing power peaks |
| 2023 | 7.0% | 2.5% | Affordability crisis peaks, incentives replace price hikes |
| 2024 | 6.9% | 3.4% | Consolidation strengthens, focus on rate buydowns continues |
III. The Consolidation of Power: Public Giants and Select Private Players
3.1. Market Share Dynamics and Scale
A defining characteristic of the 2020-2025 period was the dramatic increase in market influence exerted by the largest homebuilders. In 2024, the top ten builders in the United States captured a record 44.7% of all new single-family home closings, representing 306,932 closings. This share is the highest recorded since the National Association of Home Builders (NAHB) began tracking this data in 1989. This phenomenon is not merely an increase in size but a structural consolidation.
The immense financial flexibility required to survive the 2023-2024 interest rate environment—specifically the large capital reserves needed to fund the costly financial incentives—was largely exclusive to the most capitalized public builders. Smaller, private firms often lacked the balance sheet capacity or the in-house financing arms to offer 5% to 6% rate buydowns. As a result, market volatility, rather than hindering the giants, acted as a powerful competitive moat, accelerating the trend toward oligopoly in the national housing market by effectively squeezing out less agile competitors.
3.2. Public Leaders: Volume, Revenue, and Strategy
The top echelon of public builders maintained their dominance through strategic execution, product diversification, and rigorous capital management:
D.R. Horton (DHI): DHI firmly retained its position as the largest U.S. homebuilder by volume, recording 93,311 closings in 2024 and generating $33.832 billion in gross revenue. Their strategy emphasizes broad market appeal, offering communities that target a wide range of segments including entry-level, move-up, active adult, and luxury buyers. This wide product mix provides DHI with greater operational flexibility across changing demand environments compared to rivals who focus predominantly on niche segments. DHI’s commitment to capital efficiency is evidenced by its strong financial health, reporting total debt to total capital of 19.8% in fiscal 2025, alongside significant shareholder returns through the repurchase of 30.7 million shares for $4.3 billion, reducing the outstanding share count by 9%.
Lennar Corp. (LEN): Maintaining a tight race with DHI, Lennar closed 80,210 homes in 2024, generating $33.778 billion in gross revenue. Lennar operates a strategy focused on maximizing returns through a standardized, simplified process, often utilizing its large scale to secure favorable pricing and land terms.
PulteGroup (PHM): Ranking third, PulteGroup achieved 31,219 closings and $17.319 billion in revenue in 2024. PulteGroup has shown notable success in managing margin compression, reporting a Home Sale Gross Margin of 26.2% in the third quarter of 2025, coupled with a unit backlog valued at $6.2 billion.
NVR (NVR) and Toll Brothers (TOL): NVR (22,836 closings, $10.292 billion revenue) is known for its asset-light land option model, which minimizes capital risk by avoiding outright land ownership. Toll Brothers (10,813 closings, $10.563 billion revenue) specializes in the luxury segment, allowing the company to maintain a high average selling price (ASP), demonstrated by its high revenue relative to its closing volume compared to the volume leaders.
3.3. Profile of Key Private Builders
While public companies dominate headlines, large private builders remain crucial, particularly in regional markets. These entities often employ strategies tailored to local market conditions or specific affordability segments:
Clayton Properties Group: A prominent private entity owned by Berkshire Hathaway, Clayton focuses heavily on affordability and site-built housing, often leveraging their parent company’s vertical integration benefits. In 2024, Clayton closed 10,095 units with $3.992 billion in revenue, positioning them as the 11th largest builder nationally. Their structure allows them to blend manufacturing efficiency, common in manufactured homes, with traditional construction to achieve better cost control.
David Weekley Homes: This builder operates across 19 markets and was recognized as No. 17 on the 2024 Builder 100 list. Private builders like David Weekley Homes often differentiate themselves by focusing on customization, customer service, and strong local relationships, contrasting with the high-volume, standardized approach often adopted by the largest public corporations.
| Company (Ticker) | Type | 2024 Total Closings | 2024 Gross Revenue ($B) | Strategic Note |
|---|---|---|---|---|
| D.R. Horton (DHI) | Public | 93,311 | $33.83 | Largest by volume, broad market focus |
| Lennar Corp. (LEN) | Public | 80,210 | $33.78 | Volume leader, emphasis on move-up segments |
| PulteGroup (PHM) | Public | 31,219 | $17.32 | Strong margins, diversified portfolio |
| NVR (NVR) | Public | 22,836 | $10.29 | Asset-light land option model |
| Toll Brothers (TOL) | Public | 10,813 | $10.56 | Luxury segment specialist, high ASP |
| Meritage Homes (MTH) | Public | 15,611 | $6.34 | Key focus on affordable/first-time buyers |
| Clayton Properties Group | Private | 10,095 | $3.99 | Affordability and site-built housing (Berkshire Hathaway) |
IV. Financial Trajectories and Resilience Strategies
4.1. The Profit Cycle: Peak Margins to Tactical Compression
The financial performance of the major public builders reflects the economic extremes of the period. The initial low-rate environment led to peak profitability, with DHI reporting a 22.61% operating margin and a 17.61% net profit margin in fiscal 2022. However, as the Federal Reserve began raising rates, market demand cooled, forcing builders to choose between price preservation and volume maintenance.
Post-2022, margins experienced necessary deceleration. DHI's Gross Profit Margin decreased to 25.91% in 2024 and further to 24.80% by mid-2025. This margin compression was a deliberate, tactical sacrifice necessary to keep homes affordable and maintain inventory velocity in a challenging environment. Despite this internal pressure, the sector's strategic adaptation was rewarded by the capital markets. Over the five-year stretch from November 2020 to November 2025, PulteGroup delivered an outstanding return of 197.63%, D.R. Horton achieved 112.02%, and Lennar delivered 84.07% to shareholders.
4.2. Capital Efficiency and Land Acquisition Shifts
The financial success of the largest builders stems heavily from sophisticated risk management, particularly concerning land assets. The sector has increasingly favored land control models over outright land ownership, a crucial strategy that minimizes capital deployment risk. D.R. Horton’s approach includes controlling a significant portion of its land and lot position through purchase contracts (options) and prioritizing the purchase of finished lots from partners like Forestar and other land developers.
This asset-light model provides substantial operating flexibility. When market demand or interest rates change unfavorably, builders can rapidly slow down lot takedowns and renegotiate existing land deals, reducing exposure to depreciating assets. The immense profitability achieved during the 2021-2022 boom, combined with these capital-light strategies, generated significant free cash flow. Rather than aggressively investing all available capital into owned land during the subsequent market slowdown, major firms demonstrated strong financial discipline. D.R. Horton allocated substantial cash flow toward debt management and opportunistic share repurchases, reducing its outstanding share count by 9% in 2025. This demonstrates a shift in the primary strategic goal of the public housing giants: moving from merely maximizing unit volume to maximizing Return on Equity (ROE) and Total Shareholder Return (TSR) by leveraging capital efficiency and opportunistic use of cash flow.
4.3. The Dominance of Mortgage Rate Buydowns
The rapid increase in mortgage rates created an affordability chasm, rendering many newly built homes financially inaccessible. To bridge this gap, builders utilized their in-house financial services to offer deep interest rate buydowns, effectively subsidizing the consumer's financing cost. This strategy became the dominant sales tool in 2023 and 2024.
The cost of these incentives was substantial, averaging between 5% and 6% of the builders’ home sales revenue in 2023. The objective was typically to lower the buyer’s effective rate to a "sweet spot" of approximately 5.99%, costing the builder between 3% and 5% of the sales price, depending on the underlying market rate.
Builders are using their integrated financial platforms to strategically price their product. By offering buydowns, they are subsidizing the financing without necessarily dropping the nominal list price of the home, which protects the perceived asset value on their balance sheets and helps maintain local market integrity. This flexibility to subsidize financing provides a critical competitive advantage, differentiating new construction from the existing home resale market, which cannot offer similar financial incentives. Consequently, the profitability of these major homebuilders is now highly dependent on their ability to optimize their balance sheets to fund these necessary consumer incentives while maintaining acceptable margin stability.
| Metric | PulteGroup (PHM) | D.R. Horton (DHI) | Lennar Corp (LEN) |
|---|---|---|---|
| 5 Year Stock Return (Approx. Nov 2020 - Nov 2025) | 197.63% | 112.02% | 84.07% |
| 3 Year Stock Return (Approx. Nov 2022 - Nov 2025) | 180.21% | 78.20% | 54.84% |
| 2022 Peak Gross Margin | N/A | 31.37% | N/A |
| 2024 Net Income | N/A | $4.76B | $3.89B |
| Debt to Total Capital (2025 Q4) | N/A | 19.8% | N/A |
V. Policy Intervention: A Critical Analysis of the 50-Year Mortgage Proposal
In response to the severe affordability crisis—where home prices have risen approximately 45% in five years, significantly outpacing wage growth, and pushing the median age of a first-time buyer to 40—a policy proposal for a 50-year mortgage has been introduced. The underlying rationale is that extending the loan term will fundamentally reduce the monthly payment, thereby expanding the pool of potential homeowners.
5.1. Short-Term Affordability Gains
From a monthly budget perspective, the 50-year mortgage does achieve its immediate goal of lowering the monthly cost of ownership. For a typical home priced at $415,200 with a 10% down payment and a 6.17% interest rate, the shift from a 30-year term to a 50-year term would reduce the monthly payment from approximately $2,288 to $2,022, representing a savings of $266, provided the interest rate remains unchanged.
More cautiously, assuming a higher rate for the longer term (e.g., a 6.3% 30-year rate versus a 6.8% 50-year rate on a $420,000 home), the savings would be smaller, approximately $110 per month (from $2,080 to $1,970). While this marginal saving may appear modest, it is crucial for families near the qualifying income threshold. The reduction in required qualifying income, from $99,840 to $94,560 in one calculated example, would potentially render homeownership achievable for an estimated 3.4 million additional U.S. households. For these buyers, it offers a path to market entry that may, in many cases, provide a better long-term financial outcome than perpetual renting, assuming sound underwriting and continued home price appreciation.
5.2. Long-Term Debt Trap and Equity Erosion
The short-term benefit is immediately offset by profound long-term financial liabilities and structural weaknesses. The primary drawback is the massive accrual of interest over the expanded term, leading to what some analysts describe as a "generational debt trap". For a $400,000 loan, extending the term from 30 years to 50 years (assuming a constant rate of 6.3%) increases the total interest paid from approximately $497,120 to over $1,050,800, representing more than double the total interest paid over the life of the loan.
This structure severely erodes housing’s historical role as a mechanism for building generational wealth. The average homeowner typically sells after about 12 years of ownership. In the early years of a 50-year loan, the amortization schedule is heavily front-loaded with interest, causing principal paydown—and thus equity accumulation—to slow significantly, perhaps "to a crawl". UBS Securities analysis suggests that extending a mortgage to 50 years could significantly slow equity accumulation. If a buyer sells after the average ownership period, they will have paid down substantially less principal than under a 30-year mortgage, leaving less accumulated capital for their next purchase or for family wealth transfer. By reducing the principal paid down during the average ownership period, the 50-year mortgage undermines the forced savings component of homeownership, locking families into extended debt cycles rather than accelerating wealth creation.
5.3. Increased Systemic Risk and The Inflationary Feedback Loop
A fundamental criticism leveled by economic experts is that the 50-year mortgage proposal misdiagnoses the affordability crisis, which is predominantly a structural supply shortage. Introducing a policy that primarily stimulates demand by increasing borrower purchasing capacity without addressing supply constraints is highly problematic.
By marginally reducing the monthly payment, the 50-year mortgage allows borrowers to qualify for a higher total loan amount. This influx of aggregate purchasing power into a market characterized by limited housing inventory creates an immediate inflationary feedback loop, driving up nominal housing prices. Analysts warn that any monthly savings gained from the 50-year loan could be "totally negated by rising home prices". Consequently, the policy, while intended to alleviate affordability issues, could accelerate asset inflation, disproportionately benefiting existing homeowners and builders at the expense of entry-level buyers.
Furthermore, the minimal equity accumulation inherent in the 50-year structure increases systemic financial risk. Homeowners with little equity are significantly more vulnerable to being "underwater"—owing more on the mortgage than the home is worth—if a market correction occurs. This heightened exposure increases the risk of default for lenders and borrowers alike, potentially destabilizing the mortgage and housing ecosystem. Real progress, as noted by economists, must derive from policies that expand supply and reduce regulatory burdens, rather than manipulating debt duration.
Table 4: Amortization Comparison: 30-Year vs. 50-Year Mortgage Cost Profile
| Metric (Calculated Example: $420k Home, 20% Down, $336k Loan) | 30-Year Term (6.3% Rate) | 50-Year Term (6.8% Rate) | Key Implication |
|---|---|---|---|
| Monthly Payment (P&I) | $2,080 | $1,970 | $110 Monthly Savings |
| Total Interest Paid (Full Term) | $488,000 | $850,000 | Nearly double the interest burden if taken to full term |
| Total Cost of Home | $820,800 | $1,186,000 | Structural wealth transfer to lender |
| Equity Accumulation Rate (Early Years) | Standard Amortization | Severely delayed principal paydown |
VI. Conclusion and Outlook
6.1. The Homebuilding Sector: Adapting to the New Normal
The major publicly traded home builders have proven their capacity to adapt to extreme and rapidly shifting economic environments between 2020 and 2025. Their strategic flexibility, characterized by capital-efficient land models (such as options contracts) and the aggressive, tactical deployment of financing incentives (rate buydowns costing 5-6% of revenue), allowed them to withstand the severe shock of high interest rates. This period of high volatility has served as a competitive purification, cementing the market dominance of the top tier, which now controls a record share of new single-family closings. These companies are strategically positioned for stable, albeit possibly slower, volume growth through efficient operational execution and continuous balance sheet optimization. The focus has decisively shifted from maximizing price in a boom to maintaining volume and Return on Equity in a high-cost environment.
6.2. Policy Recommendation: Supply-Side Necessity
The proposal for a 50-year mortgage is an intervention driven by political pressure to show action on the affordability crisis. While it offers a short-term palliative by reducing the immediate monthly hurdle and expanding homeownership access to approximately 3.4 million additional households , it fundamentally fails to address the core structural problem of insufficient housing supply.
This policy is best characterized as a demand-side financial manipulation that introduces significant long-term risk. It locks first-time buyers into potentially doubling their lifetime interest payments and critically slows the accumulation of equity, thereby undermining housing’s fundamental role as the primary engine of middle-class and generational wealth transfer. Furthermore, by enhancing aggregate borrower capacity, the policy risks accelerating housing price inflation, negating the marginal monthly savings for future buyers.
Sustainable housing affordability requires policies focused on expanding supply, which includes reducing restrictive zoning regulations, alleviating excessive regulatory costs, and expediting the entitlement process for new construction projects. The operational efficiency demonstrated by the major homebuilders suggests they possess the capacity and scale to deliver volume if these structural supply-side constraints are effectively addressed, eliminating the need for debt structures that mortgage the future financial health of prospective homeowners.
Referenced Sources
Incentives Remain 'Name of the Game' for Builders in 2024 - Builder Magazine
eyeonhousing.org
Top Ten Builder Share Rises Again in 2024 - Eye On Housing
nar.realtor
50-Year Mortgage: Opportunities and Trade-Offs of a Longer Loan
cssiservices.com
Understanding the 50-Year Mortgage Concept: A Solution to Affordability or a Long-Term Trap? - CSSI Services
investopedia.com
Trump Floats 50-Year Mortgages—But Would You Want One? - Investopedia
bankrate.com
Mortgage Rate History: 1970s To 2025 - Bankrate
morningstar.com
Home builders are struggling, and it's not just because new houses aren't affordable
theguardian.com
How can we make the housing crisis even worse? Donald Trump has a plan
edzarenski.com
Construction Inflation 2024
azmag.gov
MAG FY 2024 Construction Cost Trend Analysis Report - Maricopa Association of Governments
morningstar.com
Key Metrics - DR Horton Inc DHI - Morningstar
tradingview.com
Can D.R. Horton Outperform Peers Amid Supply-Chain Stabilization? — TradingView News
builderonline.com
2025 Builder 100 list - Builder Magazine
investor.drhorton.com
Strategy - D.R. Horton Investor Relations
investor.drhorton.com
D.R. Horton, Inc., America's Builder, Reports Fourth Quarter and Fiscal 2025 Earnings and Increases Quarterly Dividend to $0.45 Per Share
multifamilydive.com
The top 10 home builders of 2025 | Multifamily Dive
newsroom.pultegroup.com
PulteGroup Reports Third Quarter 2025 Financial Results - Newsroom Pulte Group
pultegroupinc.com
PulteGroup Reports Third Quarter 2025 Financial Results
underthehardhat.org
The 12 biggest home builders in the US in 2025
davidweekleyhomes.com
David Weekley Homes Ranks No. 17 on Builder 100 List
seekingalpha.com
DHI/PHM/LEN - Seeking Alpha
zondahome.com
New Home Lot Supply Index - Zonda
nar.realtor
Builders Are Sweetening the Deal: Why Home Buyers May Want to Take a Look
realtor.com
50-Year Mortgage Calculator: Will You Die Before You Own Your Home Outright?
apnews.com
White House's 50-year mortgage proposal has one notable benefit but a number of drawbacks | AP News
triblive.com
Expert says 50-year mortgage proposal would be a 'generational debt' trap | TribLIVE.com
worldwidelandtransfer.com
The 50-Year Mortgage Proposal: What It Means for Your Real Estate Future
lightboxre.com
Land Strategy Is Shifting as Builder-Developers Rethink Site Selection Insights - LightBox
Who Are the Leading Home Builders in the U.S.? | NAHB
ubs.com
What would a 50-year mortgage actually mean for homebuyers? - UBS
nahb.org
Home Building Geography Index (HBGI) | NAHB
datainsightsmarket.com
United States Home Construction Market 2025 Trends and Forecasts 2033: Analyzing Growth Opportunities
americanprogress.org
Build, Baby, Build: A Plan To Lower Housing Costs for All - Center for American Progress
fred.stlouisfed.org
5/1-Year Adjustable Rate Mortgage Average in the United States (DISCONTINUED) (MORTGAGE5US) | FRED
fred.stlouisfed.org
Mortgage Rates | FRED | St. Louis Fed
macrotrends.net
Lennar Net Income 2011-2025 | LEN - Macrotrends
global.morningstar.com
LEN Lennar Corp Class A Key Metrics, Performance & Growth - Morningstar Canada
morningstar.com
DHI Stock Price Quote - D.R. Horton Inc - Morningstar
fred.stlouisfed.org
New Privately-Owned Housing Units Started: Total Units (HOUST ...
tradingeconomics.com
United States 30-Year Mortgage Rate - Trading Economics
census.gov
New Residential Construction Press Release - U.S. Census Bureau
census.gov
New Residential Construction - U.S. Census Bureau
davidweekleyhomes.com
Celebrating 45 Years! - David Weekley Homes