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The US is 3.8 Million Homes Short

The U.S. housing market needs nearly 4 million single-family homes to meet the nation’s demand, according to a new analysis from Freddie Mac. The 3.8 million shortfall marks a 52% increase in the housing shortage since 2018.“This is what you get when you underbuild for 10 years,” says Sam Khater, Freddie Mac’s chief economist. “We should have almost four million more housing units if we had kept up with demand the last few years.”Lawr

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Where New Construction is Taking Off

Permits for residential construction are up 14% compared to a year ago, according to Census Bureau data, showing that development of new-home communities is ramping up amid surging buyer demand. Permits are a gauge of future home construction. “Builders are looking to grow wherever they can right now,” Rick Palacios Jr., an analyst with John Burns Real Estate Consulting, told realtor.com®. “COVID-19 has ignited demand in markets where ther

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Homebuilding Giant Launches $4B Single-Family Rental Venture

The pandemic has prompted more renters to seek out additional space, but owning a single-family home may not be attainable. As such, single-family rentals have become a growing business—one that is attracting homebuilders.Lennar, one of the nation’s largest homebuilders, announced it was creating the Upward America Venture, a platform that will acquire single-family homes to rent in high-growth markets across the country. It hopes to use that

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New-Home Sales Tumble as Builders Try to Catch Up

New homes remain in high demand among home shoppers, but sales are starting to fall as builders slow down inventory. Persistent delays from supply shortages, rising material costs, and labor shortages continue to press on the homebuilding industry as builders frantically try to meet the surging demand for new homes since the pandemic.Sales of newly built single-family homes in February plunged 18.2% month over month to a 775,000 seasonally adjust

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Despite Buyer Demand, Builders Slow Production

Construction on new homes weakened in February as material costs—notably on lumber—continued to challenge growth in new-home construction.Housing starts—including for single-family and multifamily building—fell 10.3% to a seasonally adjusted annual rate of 1.42 million units in February, the U.S. Department of Housing and Urban Development and Census Bureau reported Wednesday. Broken out, single-family starts fell 8.5% last month to a 1.0

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New-Home Sales Jump 19% Annually

Sales of newly built, single-family homes in January moved 19% higher than a year ago, as home buyers sought more options under a lean number of existing homes for sale.Newly built single-family home sales increased 4.3% last month over December 2020, reaching a seasonally adjusted annual rate of 923,000, the U.S. Department of Housing and Urban Development and U.S. Census Bureau reported Wednesday.“Historically low mortgage rates and solid dem

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Which is Cheaper... Buying an Existing Home or Building New?

As inventories remain tight, home buyers may be drawn to new-home construction. But what determines whether they will pay more for buying new than for an existing home?If the buyer takes steps to limit construction costs and omits custom finishes, building a house may be about $7,000 cheaper than buying an existing home, according to a new analysis from Bankrate.com.Prices also depend on location and the options the buyer selects.The median sales

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Lumber Prices Surge to Another Record High

The price of lumber hit a record high last week and is up more than 170% over the past 10 months. That is prompting builders to have to raise new-home prices as soaring lumber costs add thousands of dollars to the price of building a new home, the National Association of Home Builders reports.Builders point to tariffs on Canadian lumber shipments into the U.S. as exacerbating “unprecedented price volatility in the lumber market” over recent m

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Energy Efficiency Drives Interest in New Homes

When it comes to a new home, house hunters apparently want to hear more about the eco-friendly components and designs. Energy efficiency is a primary driver in homebuyer preferences for a new home, according to newly released research of 3,000 home buyers from the National Association of Home Builders, presented Thursday during its virtual 2021 International Builders’ Show.The top green features buyers said they desired in their new home:Energy

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The Top 10 States for LEED Green Building

The number of “green” buildings is growing across the country—and Massachusetts is leading the way with the most LEED-certified square feet per capita, according to new rankings released by the U.S. Green Building Council.More than 60% of LEED certifications were from office, healthcare, higher education, and K-12 projects. Warehouses, distribution centers, multifamily, and retail projects represented nearly 20% of LEED certifications.“If

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