Sales of new homes drop by double-digits

New home buyers are being deterred by higher prices, and that became readily apparent in April with a big slump in sales numbers for homes. Sales of new, single-family homes dropped by 16.6% in April, falling to their weakest pace in two years, according to data from the Department of Housing and Urban Development and

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New home sales rise despite 20% price gains

Sales of new homes jumped in August even as buyers had to contend with prices making steady gains. The higher development costs and prices of building materials have sent new home costs soaring, with the median price rising 20% from one year ago. In August, the median sales price for a new home hit $390,000,

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Home builders target less densely populated areas

The National Association of Home Builders says that building firms have shown a notable suburban shift in recent months, with small metro suburbs the only region to post a second-quarter gain in new single-family home construction in the last quarter. Home construction in small metro suburbs has increased 10.6 in the last quarter on an

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NAR voices support for Trump environmental reforms

President Donald Trump’s proposal to reform the National Environmental Policy Act has won the backing of the National Association of Realtors. NAR President Vince Malta (pictured) said the proposed changes should help to modernize environmental standards while also helping to alleviate housing shortages. The NEPA changes would be the first serious amendment to the Act

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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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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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New home starts fall for 3rd successive month

New construction of single-family homes saw an uptick, but a decline in multifamily production for apartments and condos meant an overall decrease of 4% in housing starts last month, according to new data from the Commerce Department. Single-family home starts rose 1.3% to 876,000 units in July, with the largest increase seen in the South.

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Buyers face longer delays as they search for the ‘right’ home

Amid a continued shortage of available housing inventory, buyers are spending significant amounts of time searching for the right home. According to a new survey from the National Association of Home Builders, some 54 percent of active buyers say they’ve been searching for three months or longer to find their perfect home. The reasons that

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Affordability concerns are slowing down new home construction

Rising housing affordability concerns are causing a slowdown in new home construction, according to a U.S. Commerce Department report published last week. The report noted that single-family housing starts fell by 1.8 percent in October compared to the previous month. “This month’s decrease in single-family starts isn’t a surprise given the drop in our builder

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Affordability problems hit new home sales

New single-family home sales edged upwards slightly in August, but the rise wasn’t enough to impress economists or make up for the shortfall in existing home inventories.

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