New home sales hit hard by COVID-19

Sales of new homes were going strong in 2020 until the coronavirus began disrupting economic activity in the country. As a result, sales of new-built single family homes fell by 15.4% in March compared to one year ago, to just 627,000 units, according to data released Thursday from the U.S. Census Bureau and Department of

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New home sales hit 12-year high

New home sales enjoyed their best three-month performance since 2007 after seeing a big uptick in November, according to U.S. Commerce Department data published Monday. Economists say low mortgage rates and unemployment combined with strong sales growth led to the boost in sales. All told, sales of new single-family homes jumped 1.3% in November to

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Decks are becoming less popular in new homes, data shows

Outdoor decks are losing popularity among home buyers, and so fewer new properties are being built with them according to the latest census data, the National Association of Home Builders reported this week. The data shows that just 22.6% of new homes built in 2018 feature decks, down a full percentage point from a year

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New home sales fall slightly in October

The number of new home sales in the U.S. fell slightly last month, but they remain almost 10% higher than they were this time last year, according to data released by the Commerce Department this week. In addition, the last two months in new home sales represent the highest monthly sales rate since October 2007,

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Pricey building lots add to cost of new home construction

If you’re looking for the culprit behind the rising costs of new home construction, look no further than lot prices, which rose so fast that they outpaced inflation in 2018. That’s according to a new report from the National Association of Home Builders, which said the average lot price that year reached $49,500, a record

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New home prices tumble in September

Median prices for newly built homes dropped significantly last month, but not because builders are offering any special discounts or deals. Rather, the drop came due to a greater mix of price points builders are now selling at, CNBC reported. The median price of a new home was $299,400 in September, down 8% from the

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Unconventional loans grow in popularity

With home prices on the rise, a growing number of buyers are turning to unconventional types of loans to finance their purchases, especially in some western southern markets. Unconventional financing now accounts for around 28% of the new home build market, according to a new analysis of U.S. Census Bureau data by the National Association

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Housing starts decline, but builders say they’re okay with it

Housing starts fell by a fairly alarming 9.4% in September to a seasonally adjusted rate of 1.26 million units, according to new data from the Commerce Department. The multifamily sector, which includes apartments and condos, saw new starts fall by 28.2% to just 338,000. Single-family home starts were up 0.3% to 918,000 units. The decline

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Single-family housing starts up in June, but not enough to meet demand

Single-family home construction was boosted last month, offering small relief to markets affected by an ongoing shortage of available homes for sale. But economists say the pace of construction still isn’t fast enough to meet buyer demand. Last June saw an increase in single-family housing starts, which helped to offset a drop in multifamily production.

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Lower birth rates and their negative effect on housing

U.S. birth rates have fallen to their lowest levels in over three decades. Just 3.8 million births were recorded in the country last year, which is down 2% from a year ago and the fourth year in a row in which the rate has declined, according to data from the Center for Disease Control and

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