Over the last 10 years, the price distribution of new homes has changed significantly, as new homes have grown more expensive. Builders blame a weakness among first-time buyers and rising regulatory burdens as the reason for the shift in focus in the pricier tiers of the new-home sector following the Great Recession.The number of new homes that sold for less than $250,000 started to decline prior to the Great Recession. Sales in this segment have
Builders like to spotlight the latest trends in their model homes to entice buyers. These are some of the trends they’re featuring lately.1. Quartz countertops: Buyers are showing willingness to spend the most in upgrading their kitchens, and one of their first targeted upgrades tends to be the countertop, says Lesley McCarthy, Builders Design regional vice president. They’re opting for quartz over granite. Granite has become the standard in
Even as real estate professionals across the country grapple with a persistent shortage of homes available for sale, some agents are facing a different kind of challenge: convincing buyers to consider existing properties when builders are briskly turning out new homes a short distance away.That’s the situation in the coastal South Carolina city of Myrtle Beach, where a strong supply of new homes is prompting many buyers to shun properties that
The pace of construction is a major influence over whether housing prices remain affordable in a city, according to a recent article at Forbes.com. Between 2010 and 2016, an overall annual rise in national housing permits led to major metros issuing permits for projects "in the [high-$400,000 or low-$500,000] figures annually," according to Census data. But three metros stood above the rest: Dallas-Fort Worth-Arlington, Texas; New York-Newark-Jer
Builder confidence in the newly built single-family market soared to a 12-year high this month, according to the National Association of Home Builders/Wells Fargo Housing Market Index. The index rose six points to a 71 reading, the highest level since June 2005.Builders are showing more confidence over current sales conditions, sales expectations over the next six months, and current buyer traffic.Also, "builders are buoyed by President Trump's a
With the cost of building materials jumping 25 percent year over year, according to the National Association of Home Builders' NAHB/Wells Fargo Housing Market Index, builders are increasingly concerned about how this will affect home buyers in the new-construction market. In 2016, builders ranked the cost of building materials low on their list of concerns—but now it's one of their top five.The increased cost of lumber is a chief catalyst. "Neg
Sales of newly built, single-family homes increased 3.7 percent last month, reaching a seasonally adjusted annual rate of 555,000 units, the Commerce Department reports."We can expect further growth in new home sales throughout the year, spurred on by employment gains and a rise in household formations," says Robert Dietz, chief economist of the National Association of Home Builders. "As the supply of existing homes remains tight, more consumers
Office construction is on the rise across the U.S., and 2017 is expected to be another mega year for the sector.Indeed, 2017 is expected to surpass office construction starts from 2016 by 10 percent – or 10 million more square feet than in 2016, according to Dodge Date & Analytics’ 2017 Dodge Construction Outlook. Dodge forecasters are predicting that this year the office sector will post the largest surge in starts than any other segment
Many markets are calling for greater new-home construction to meet buyer demand and counter housing shortages plaguing many areas. But the homebuilding industry is facing a big challenge in meeting that call: They can’t find enough skilled workers.The Bureau of Labor Statistics Job Openings and Labor Turnover Survey shows that nearly 200,000 construction industry jobs are unfilled across the country, an increase of 81 percent in just two years.
Housing production nationwide edged up 11.3 percent on a seasonally adjusted basis in December due to a surge in multifamily construction, the Commerce Department reported this week. Multifamily production – often viewed as volatile month-to-month – surged 57 percent to 431,000 units in December.Single-family starts, on the other hand, fell 4 percent to a seasonally adjusted annual rate of 795,000 units. But builder sentiment remains high for
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