New Construction - Real Estate, Updates, News & Tips

How Affordable Housing is Changing

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

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8 Real Estate Trends

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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New-Home Sales Slip in June but Remain Elevated Amid Low Inventory

New-home sales drooped 2.5% from May to a seasonally adjusted rate of 697,000 — 23.8% higher than June 2022, according to data released Wednesday by the US Census Bureau Sales of newly built single-family homes dipped modestly in June but remained significantly elevated from their 2022 levels, according to data released Wednesday by the U.S. Census Bureau.New-home sales drooped 2.5 percent from May to a seasonally adjusted rate of 697

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US Single-Family Housing Starts to Drop as Building Permits Hit 12-Month High

U.S. single-family homebuilding fell in June, but permits for future construction rose to a 12-month high as a severe shortage of previously owned houses for sale supports new construction.The decline in housing starts reported by the Commerce Department on Wednesday partially retraced an abnormally large 18.7% surge in May, which had pushed groundbreaking on single-family housing projects to an 11-month high.Builders' efforts to ramp up construc

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Mortgage Demand Grows, Driven by Sales of New Homes

Mortgage rates turned higher again last week. But the increase did not cut into mortgage demand, as buyers sought newly built homes.Total mortgage application volume rose 3% compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. An additional adjustment was made for the Juneteenth holiday.Applications for a mortgage to purchase a home rose 3% for the week but were 21% lower year over year. Th

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New Home Construction Surges by Most in 3 Decades in May

Groundbreaking on U.S. single-family homebuilding projects surged in May by the most in more than three decades and permits for future construction also climbed, suggesting the housing market may be turning a corner after getting clobbered by Federal Reserve interest rate hikes.Still, even with the Fed skipping a rate hike this month for the first time since early 2022, credit conditions remain in the process of tightening, and tha

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Home Builders Turn Bullish for the First Time in Nearly a Year

‘A bottom is forming for single-family home building,’ economist says  The shortage of previously-owned sales is helping to buoy builders’ confidence. With mortgage rates above 6%, many homeowners find little incentive to sell—nearly 92% have an outstanding mortgage with a rate below 6%, according to a recent survey conducted by Redfin RDFN, -3.04%, a brokerage and real estate listings company. And 23.5% of

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Single-Family Rental Construction More Active than Ever

Dive Brief: Over 14,500 new single-family rental homes were constructed across the country in 2022. This marks an all-time high, up 47% from 2021 and more than double the peak yearly construction rate before the COVID-19 pandemic, according to a new study from RentCafe.The trend shows no sign of slowing. Nearly 44,700 new build-to-rent homes — defined in the study as horizontal apartment-style units in neighborhoods of 50 or more — are u

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New Construction Buoys Bare Spring Real Estate Market

Home buyers flock to new builds in an effort to find more options amid persistently low inventory. More buyers are deciding to build a new home because they can’t find an existing property in the current low-inventory environment, and the increased demand is prompting home construction to ramp up. The new-home market is experiencing a strong turnaround after a sluggish fall and winter, and builders are feeling more optimistic as new homes make

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Construction Jobs Down in March

U.S. job openings as recorded by the Bureau of Labor Statistics fell to 9.6 million in March, the lowest level since April of 2021. This marks the third consecutive month of decline and points to ongoing success in the cooling of the labor market. The construction sector faced similar declines with the number of openings in the industry falling from 404,000 in February to 341,000 in March.Additionally, though hires increased 33,000 in the constru

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