As October began, homebuilding starts were up more than 8% compared to a year ago. But that increase in new homes on the market is still not enough to meet demand, says Lawrence Yun, chief economist of the National Association of REALTORS®. Housing starts in September were at a 1.42-million-unit production level on an annualized basis, but Yun says the annualized number of permits, 1.55 million homes, will better meet housing demand. Permit
Shoppers seeking newly constructed homes are facing sharply increased prices as the cost of lumber has soared to record highs. Many buyers are finding themselves priced out of the new-home market, builders say.Recent price spikes in lumber have added more than $16,000 to the typical cost of a new single-family home. The multifamily sector is also feeling the impact, with the typical apartment seeing an increase of more than $6,000, according to d
Expect to see a greater mix of stucco, vinyl, and fiber cement siding as you travel around new-construction neighborhoods. Twenty-seven percent of new single-family homes in 2019 used stucco as their siding material, according to data from the U.S. Census Bureau’s Survey of Construction.Vinyl siding was the second-most common option, at 25%, followed by fiber cement siding (such as HardiePlank or Hardie Board) at 21%. Only about 5% of new
Sales of newly built single-family homes in August reached their fastest pace since September 2006, the Commerce Department reported Thursday. They also attained another landmark: topping 1 million sales, to a seasonally adjusted annual rate of 1.01 million units. That marks a 43% jump when compared to last year.“Already, more new homes have sold in 2020 than did in all of 2019,” says Danielle Hale, realtor.com®’s chief economist. “With
Builders increased construction of single-family homes in August as buyers continued to swarm the new-home market. The pace of single-family starts last month reached its highest level since February, just before the COVID-19 pandemic ignited across the U.S.Single-family starts rose 4.1% in August to a seasonally adjusted annual rate, of 1.02 million the Commerce Department reported Thursday. Meanwhile, homebuilder sentiment last month rose to an
As home shoppers find fewer existing homes for sale, they’re increasingly turning to new construction, The Wall Street Journal reports. New single-family home sales jumped nearly 14% in July from June and are at the highest level since December 2006, the Commerce Department reports.“The demand feels really good right now,” Martin Connor, chief financial officer at Toll Brothers Inc., told The Wall Street Journal. “The longe
Buyers continue to rush to the new-home market. Sales of newly built single-family homes in July surged to the highest pace since 2006, jumping 36% higher than a year ago, the U.S. Department of Housing and Urban Development and U.S. Census Bureau reported Tuesday.The Midwest saw the largest spike in new-home sales last month, a 59% month-over-month increase in July. All four major regions of the U.S. posted annual gains in new home sales.“Cons
Housing is giving a boost to the economic recovery and housing inventories. Single-family and multifamily construction jumped nearly 23% last month, the Commerce Department reports. This marks the highest production rate since February.Broken out, single-family construction jumped in July by 8.2% to a seasonally adjusted annual rate of 940,000. The multifamily sector, which encompasses apartment buildings and condos, rose 58.4% to a 556,000 pace,
More buyers were out shopping for new homes last month. Single-family housing starts rose 17.2% in June to a seasonally adjusted annual rate of 831,000, the U.S. Commerce Department reports. The multifamily sector—which includes apartment buildings and condos—increased 17.5% last month.“The housing market is hot,” says Lawrence Yun, chief economist for the National Association of REALTORS®. “Home buyers have swiftly moved into the mark
Sales of newly built homes surged 55% year-over-year in June—the highest pace of sales growth in homebuilding since the housing boom back in 2005 and 2006, according to new data from John Burns Real Estate Consulting. The firm’s data tends to mirror U.S. Census Bureau reports.With a limited number of existing homes for sale, homebuilders are finding more buyers turning to them for options. This latest housing boom is being entirely driven by
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