Home builder sentiment has fallen to its lowest level since August 2020 due to rising construction costs pushing new home prices up. That has left some buyers sidelined while making it more difficult for builders to secure loans. The National Association of Home Builders/Wells Fargo Housing Market Index fell by two points to 81, below
Builders have started auctioning new homes to the highest bidder
May 27, 2021 by
Home builders are fending off so many interested buyers that they have had to stop signing new sales contracts in order to focus on catching up with existing orders. That’s according to a report in Bloomberg this week, which said that builders have been overwhelmed as buyers turn to the new home market to make
Lawmakers push for action on high lumber prices
May 19, 2021 by
Home builders say that the affordability of new homes will rest on the government’s ability to help reduce the cost of building materials such as lumber. The skyrocketing cost of lumber and other materials has pushed new home prices to record highs. At the end of March, the median sales price of a new built
New homes make up for a quarter of housing inventory
May 14, 2021 by
As the supply of existing homes for sale continues to dry up, it’s perhaps no surprise to learn that newly built homes are making up larger proportion of housing inventory in the U.S. With builders now trying to ramp up production where possible, newly constructed homes accounted for 25.7% of all single-family homes listed for
Builders take drastic measures to deal with rising lumber costs
April 26, 2021 by
Home builders say they have adopted a range of tactics to try and protect themselves from the rising cost of lumber, which is perhaps the single-most important building material that goes into any new home. The price of lumber has risen dramatically over the last year and remains extremely volatile, and that’s having a negative
Freddie Mac says 4 million more homes needed to meet housing demand
April 19, 2021 by
Analysis by Freddie Mac has revealed that the U.S. needs almost 4 million more homes to be listed for sale in order to meet the current high level of demand. Freddie Mac said in its analysis that there’s a total shortfall of 3.8 million homes for sale in the U.S., a 52% increase in the
5 Major Benefits Of Purchasing Pre Construction Homes
March 26, 2021 by
Photo by Alex Shutin on Unsplash If you are just getting started in investing your hard-earned savings in lucrative areas that yield the maximum potential, we have two words for you: real estate. One of the smartest investments is to put your money in the property market, especially the Canadian property market. This is because
Buying Land to Build a House
February 24, 2021 by
So many people imagine building their dream home in an ideal location. Finding that location and buying land to build a house is the first step in fulfilling this dream. Paying for this lot with cash is the ideal scenario but with lot prices climbing into the hundreds of thousands of dollars range, most buyers
Lumber prices rise again, impacting home affordability
February 19, 2021 by
Lumber prices hit another record high last week, with the price having risen now by more than 170% in the last 10 months, according to a report by the National Association of Home Builders. That’s bad news for buyers, as home builders have responded by increasing the prices of new homes. The soaring cost of
Higher building material costs could push new home prices up
February 2, 2021 by
New home sales fell slightly at the end of 2020 due to higher prices offsetting the strong demand from buyers that was seen throughout the year, according to data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. Although sales of new homes grew 1.6% in December, we saw much
