Data from the Commerce Department shows that builders boosted construction activity as best they can in 2021 to meet buyer’s insatiable demand for new homes. The data shows that single-family home starts grew 13.4% in 2021 compared to the year before. However, those hoping for a repeat in 2022 may be disappointed, as builders say
New home building takes a hit on rising lumber costs
March 19, 2021 by
New home construction fell in February as the rising costs of building materials, especially lumber, weighed on builders. Data from the U.S. Department of Housing and Urban Development and Census Bureau published Wednesday shows that single-family and multifamily housing starts fell by 10.3% to a seasonally adjusted rate of 1.42 million units that month. Single-family
Buyers look to new homes, and inventory is drying up
November 30, 2020 by
The National Association of Home Builders says buyers are increasingly looking at new homes due to the low inventory of existing homes. In October, new home sales were up 41.5% compared to the same month last year, according to data from the Commerce Department. “Buyer traffic remained strong in October even as the country’s attention
Taylor Morrison reports record new home sales in June
July 15, 2020 by
In a validation of the health of the new home market, Taylor Morrison, the fifth largest homebuilder in the U.S., reported a record monthly gain in June in orders for new home construction, up 94% year-over-year. The builder also reported record sales in 22 housing markets across 11 states. “To experience our best sales month
Pricey building lots add to cost of new home construction
November 14, 2019 by
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
Cheap mortgage rates bite into already low housing inventories
October 18, 2019 by
More home buyers are being tempted onto the market by the incredibly low mortgage rates being offered, but they’re becoming increasingly frustrated at the limited choice of homes for sale. The combination of an unseasonable surge in buyer demand and reduced housing inventories, there simply aren’t enough homes to satisfy everyone who’s looking, CNBC reported.
Keeping Your Home Construction Project on Track
September 13, 2019 by
Home construction is a complicated process. Whether you’re building a home from scratch, or adding on to an existing home, there is a lot that you need to keep track of. If you don’t handle the whole process properly, you could quickly find that your home construction project is off track, delaying the completion date
Real Estate Inventory is Still Supply and Demand
June 21, 2017 by
It takes a long time to add new inventory to the real estate market once it’s needed – but it does happen. Real estate follows the most basic economic law of supply and demand.
New Home Inventory Increasing Buyer Interest
July 17, 2014 by
House building has been in a record low for years, but now builders are beginning construction on lots purchased during the recession. Construction is now helping to boost low inventory levels, and is increasing buyer interest in numerous markets. During the last 12 months there were more than 1 million residential housing permits issued. More
HUD: Housing Market Makes Notable Gains
March 11, 2014 by
The housing market has made notable gains in recent months in terms of home prices, foreclosures, and new-home construction, but government officials caution that the economy is not yet back to normal.
