New home sales declined in November amid rising prices

Sales of new homes fell by 14% in November, well below expectations, due to rising prices that analysts say are forcing many prospective buyers out of the picture. The report from the U.S. Census Bureau said that while sales fell in November, the median price of newly built homes rose by 19% from the same

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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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Lumber price drop will save $40K per home, but buyers are unlikely to see it

Toll Brothers Chief Executive Doug Yearley has said the recent fall in lumber prices is helping builders realize some significant savings in terms of the cost of building new homes. But home buyers won’t see those savings, as they’re only helping to offset the rising costs of other building materials, he said. Yearley told CNBC’s

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Lumber prices fall fast, but building costs remain high

Lumber prices have dropped like a stone in recent weeks following months of record highs, but builders are still waiting to see the benefits of that fall. Meanwhile, new home prices keep on rising. The high price of lumber has long been cited as one of the main factors driving up home prices over the

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Existing homes become pricier than new builds

New homes in the U.S. have traditionally always been more expensive than existing homes, but recent data suggests that the opposite is now true. According to the National Association of Realtors, in March the median price of an existing single-family home hit a record high of $334,500. Also that month, the U.S. Census Bureau released

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Lumber prices rise again, impacting home affordability

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

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Builders say cheaper lumber could relieve rising home prices

The cost of new homes has been steadily climbing due to rising lumber prices, but a new report says that relief could now be on the way. That’s because lumber futures are showing signs of falling, according to builders recently surveyed by Zonda, a research firm formerly known as Meyers Research. That could be a

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Rising lumber costs add $14K to the price of new homes

The average price of a new single-family home has risen by 14% due to a spike in the price of software lumber, according to a report by the National Association of Home Builders. The report said that new single-family home prices have risen by $14,116 since April 17, while new multifamily homes have increased in

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