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New-Home Sales Tumble as Building Contracts Slow

Sales of newly built single-family homes continued to decline in June as some builders slowed sales contracts to manage supply-chain challenges and more potential buyers became priced out. Homebuilding timelines are stretching longer and higher construction costs are frustrating buyers.Sales of new single-family homes fell to the lowest level since the first month of the outbreak of the COVID-19 pandemic in the U.S. in early June. Sales dropped 6

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Top 7 Hot Spots for Undeveloped Land

As more Americans look outside cities for a place to call home, prices for undeveloped land in many areas of the country are surging to new highs. “Land prices are going up everywhere,” Ali Wolf, chief economist at Meyers Research, told realtor.com®. “It’s one of the hottest commodities that exist today.”The areas seeing raw land prices rise the most over the past year also are experiencing economic growth. And as more people leave big

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Prices for Construction Materials Jump 26% in a Year

Widespread shortages on building materials continue to prompt home builders to raise their prices. Material prices have increased by 26% over the past year for building the same house, according to National Association of Home Builders data. That’s put pressure on new-home prices: In May, the median price of a newly built home was 18% higher than a year ago, at $374,400.Material shortages have increased for appliances, paint, lumber,

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Surging New-Home Prices Shut Out Low-End Buyers

Rising prices in new-home construction have mostly shut out buyers in the lower end of the market, shows a new analysis from the National Association of Home Builders. Buyers in the bottom one-fourth of the market have had to look exclusively at the stock of existing homes. However, fast-rising prices in the existing-home market may soon price out buyers as well.The median price of a newly built single-family home that was started in 2020 was $33

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New-Home Sales Drop to Lowest Pace of Year

Prices are surging and uncertainty in the availability of building materials, lots, labor is chipping away at new-home sales, even as buyer demand remains high.Newly built, single-family home sales fell nearly 6% in May—the lowest pace in a year, the Department of Housing and Urban Development and U.S. Census Bureau reported Wednesday. A new home sale is reflected in the survey when a sales contract is signed or a deposit is accepted.New-home p

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New-Home Starts Rise, but Still Not Enough

Builders can’t build fast enough as home buyer demand continues to surge. But rising material costs are proving a challenge, making it more difficult to keep new homes within buyers’ and builders’ budgets.Still, the construction of single-family homes rose 4.2% in May, despite the rising costs. But they are poised to slow again as single-family permits—a gauge to future construction—declined to the lowest pace since September 2020, the

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Lumber Prices are Dropping Fast

Lumber prices are falling quickly from record highs, and that may be happening at the right time for the new-home market. Home builder sentiment sank to its lowest level since August 2020, with builders blaming increasing material supply challenges for their outlook, according to a newly released report from the National Association of Home Builders. Builders said that declining availability for softwood lumber and other building materials i

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Awaiting Lumber Price Relief, Some Builders Delay Projects

Lumber prices may soon start to recede from their recent record highs, and some home builders say they may stop taking new orders or delay projects with that expectation in mind.Prices for lumber have surged more than 200% over the past 12 months. That has added an estimated $36,000 to the price of an average new single-family home, according to the National Association of Home Builders.But the sky-high prices may soon back off: Lumber futur

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Where Newer Homes are Coming to Market the Fastest

Builders are building more, even though overall housing inventories still feel tight. Builders in April constructed about 24% more homes than they did in April over the last couple of decades, the National Association of REALTORS® reports. Housing starts are likely to reach 1.6 million for all of 2021 and jump to 1.7 million in 2022, NAR projects.Building permits are viewed as a gauge of future housing inventory. They provide an estimate of the

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Builders Reporting Material Shortages Hits Record High

The challenges to build a home continue to mount for the nation’s builders. Material shortages—such as for lumber, appliances, windows, and doors—are at the tightest levels in history, the National Association of Home Builders reports.About 90% of builders recently surveyed across the country reported shortages of appliances, framing lumber, oriented strand board, plywood, and more, the survey shows. The shortages have worsened over the pas

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