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
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
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
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
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
The COVID-19 pandemic has nudged homeowners to lighten the mood set by the color in their spaces. While gray has been dominant inside homes in recent years, it may now feel too gloomy, a new study says.Earthy and warmer neutral tones are replacing grays as the most popular shades, according to 54% of 68 design trendsetters recently surveyed by Fixr, a home renovation resource. Sixty-three percent of designers said that whites and creams are the s
As remote work has grown and more Americans are no longer bound down to a long commute, more people are being drawn to the idea of a second home. Builders are responding to the uptick in interest.Single-family construction in second-home markets rose at a 13.6% average rate in the third quarter annually compared to a 10.5% pace in other counties, according to data from the National Association of Home Builders.Multifamily development in second-ho
Many homeowners have spruced up their homes during the pandemic. But major remodeling upgrades could result in homeowners needing to update their insurance, too. Otherwise, the home may be under-insured if a disaster ever strikes.“Remodeling your home can lead to higher insurance rates, since a home remodel often increases the rebuild cost of a home,” a new report from QuoteWizard.com states. “Your dwelling coverage limit should match the r
Buyers are increasingly are targeting new-home construction as they face a low inventory of existing homes. New-home sales in October are 41.5% higher than they were a year ago, the Commerce Department reported late last week.“Buyer traffic remained strong in October even as the country’s attention was focused on the elections and policy issues going into 2021,” says Chuck Fowke, chairman of the National Association of Home Builders. “Mor
More buyers are being drawn to new-home construction during the pandemic. Construction of single-family homes last month soared to the highest level since the spring of 2007. New-home construction is up 8.6% from a year ago, the Commerce Department reported last week.The top performing new-home markets in October were Raleigh. N.C.; Denver; and Jacksonville, Fla., according to Zonda’s New Home Pending Sales Index, which reflects the number of n
Stay up to date on the latest real estate trends, valuable tips, and company news.
This website includes images sourced from third party websites including Adobe, Getty Images, and as otherwise noted.
