Buyers have been drawn to new-home construction as existing housing inventories remain lean. Builders have struggled to ramp up construction even more due to the high demand as building materials, labor, and lot shortages loom.However, builders say they’re building as much as they can and as quickly as they can given such challenges.Housing starts for both single-family and multifamily homes rose 11.8% to a seasonally adjusted annual rate of 1.
New home construction has been pointed as a way out of the housing inventory crisis. But even with high buyer demand, builders have struggled to ramp up construction even more due to ongoing labor, lot, and materials shortages. Some markets are faring better than others in adding more new homes to their housing pipelines.Zonda, a homebuilding and multifamily data firm, recently selected five U.S. cities as markets of interest for new-home sales i
Glass is joining the list of building materials in short supply. A range of industries, including shower door manufacturers and window installers, are reporting glass shortages.Nearly two-thirds of home builders said that windows are their biggest material shortage, according to a recent survey from John Burns Real Estate Consulting. Rounding out the top four in additional shortages are umber, engineered wood products, and concrete, according to
The pandemic has prompted more Americans to want to supersize their homes. The median single-family square floor area as increased to 2,337 square feet as of the third quarter, while the average (mean) square footage of new single-family homes rose to 2,541, according to the latest Census Bureau data, as reported by the National Association of Home Builders.The average size of new single-family homes is 6.2% bigger since the lows reached dur
A record number of home builders are reporting a shortage of workers such as carpenters, painters, and electricians, the National Association of Home Builders reports. The shortages come at a time when demand is increasing for new homes. Builders are struggling to meet demand and faced with both surging prices for materials and shortages of lots.The share of builders reporting a shortage of labor reached a record high of 76% in Oct
High lumber prices are returning, and home buyers should brace themselves for impact. The prices can have an effect on the cost of a new home as well as on decks and remodels.Lumber prices had been falling this summer, but that appears to have been short-lived. In August, lumber prices had bottomed out, but framing lumber is now up by 40% since then.Lumber prices still remain below the peak reached in May of about $1,515 per 1,000 feet. On Tuesda
Printed homes are coming to a new community in Austin, Texas. Lennar, one of the nation’s largest homebuilders, announced it was partnering with the startup ICON to build the largest community of 3D-printed homes to date. The builder says the high-tech construction method will allow it to overcome current labor and materials shortages that have been pressing on the new-home construction industry over recent months.3D-printed homes are touted as
Homebuyers are rushing to purchase new homes. Sales of newly built, single-family homes jumped 14% in September compared to August, reaching a six-month high, the U.S. Department of Housing and Urban Development and U.S. Census Bureau reported Wednesday.Homebuyers appear to be shrugging off price increases, too. The median new-home sales price continued to increase to $408,800 in September, up 18.7% over a year ago.“Solid demand and ongoing bui
Homebuilding has ramped up over the last decade and notably accelerated sharply in 2020 during the pandemic, according to the National Association of Home Builders. Builders applied for 134% more single-family permits in 2020 compared to 2011. Permits are used as a gauge to measure future construction. Multifamily construction permits are 139% higher in that period.Construction has increased the most in Texas, which nabs the top spot for activity
Builders are up against short supplies of a variety of materials needed to build homes, such as wood paneling, ceiling joists, and pipes. They’re searching for substitutes to keep construction schedules on time, but the process is also adding to their costs.Supply shortages have become a common story in the homebuilding industry over the past year. More than 90% of builders say they have faced a shortage of appliances, framing lumber, plywood,
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