Construction spending (not adjusted for inflation) totaled $2.027 trillion in October at a seasonally adjusted annual rate, up 0.6% from the upwardly revised September rate and up 11% year-over-year (y/y), the Census Bureau reported today. However, without a deflator, it is impossible to say how much of the y/y gain is in units vs. price. Private residential construction rose 1.2% for the month, with single-family homebuilding up 1.1% (
Some Americans who have been priced out of the tight residential real estate market are turning to prefabricated homes, helping to power a nascent recovery in sales of a far less expensive home-buying option.Shipments of manufactured homes were up for five months in a row through August, the most recent month for which data is available, according to the Census Bureau. They have risen by 7% to a seasonally adjusted annualized rate of 89,000 from
Homebuilders are providing options buyers can’t find in the existing-home sales market.Newly built homes account for a small share of the home sales market, generally around 10%. But builders have grown that percentage this year and will make further gains in 2024. Even with higher mortgage rates, new-home sales are rising because builders are bringing more inventory onto the market than they did before the COVID-19 pandemic. By contrast, the m
Sales of new U.S. single-family homes surged to a 19-month high in September as the annual median house price dropped by the most since 2009 amid discounts offered by builders to woo buyers, but mortgage rates flirting with 8% could curb demand.A chronic shortage of previously owned houses is driving buyers to new construction, a situation that builders are taking advantage of by giving a range of incentives to improve affordability. The bulk of
Data: RentCafe; Note: Includes buildings with 50 or more units; New York metro numbers do not include the Bronx or Staten Island; Table: Kavya Beheraj/AxiosNew apartment construction is on track to top a 50-year high, with nearly 461,000 units expected to be built across the U.S. this year, according to a new report.Why it matters: A housing shortage in the U.S. has contributed to the rising cost of both renting and buying.What's
While artificial intelligence can't replace the human brain, tools like Midjourney are supercharging the home design process.These days, there's no shortage of news about artificial intelligence. Some industries are dominated by praise and excitement for how AI can make life easier, while other professional sectors lament the loss of jobs and human touch. The truth is usually somewhere in the middle, and the world of home design is no exception.S
With a dearth of existing homes on the market, builders have been ramping up production to meet buyer demand. Newly built single-family properties comprised a record share of homes on the market in the second quarter of the year, making up nearly one-third of housing inventory nationwide, according to new research from Redfin. New-home sales typically make up only about 10% of the market.The National Association of REALTORS® predicts that new-ho
Housing starts increased 3.9% between June and July to a seasonally adjusted annual rate of 1.45M units, according to data released Tuesday by the US Census Bureau New housing starts ticked up slightly between June and July as demand for new construction pushed homebuilders to increase production.Housing starts increased 3.9 percent between June and July to a seasonally adjusted annual rate of 1.45 million units — 5.9 percent higher
The shortage of affordable multifamily housing continues nationwide. The good news is that developers and architects are bringing solutions to the multifamily market.It’s no secret that affordable housing is in short supply. Both the single-family and multifamily market struggle to meet the need. According to the National Low Income Housing Coalition, not a single one of the 50 states(link is external) has an adequate supply of rental
Relocation buyers are moving greater distances. Cash buyers are tough competitors. The relief in home prices likely is over. Know the factors impacting your clients’ home search the most.The real estate market is poised for better days ahead as the short-lived “housing recession” comes to an end.Lawrence Yun, chief economist at the National Association of REALTORS®, said Wednesday during NAR’s quarterly Real Estate Forecast Sum
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