New Construction - Real Estate, Updates, News & Tips

Most Common Inspection Problems Uncovered in New Homes

About 14% of new home buyers—or one in seven—forgo a home inspection, a survey finds from Clever Real Estate. Buyers are more likely to hire a home inspector when purchasing an existing home.But new homes can turn up problems too.For those who did do an inspection, 65% said they uncovered issues with their newly constructed home. The majority of those problems were minor and did not delay closing. However, about a quarter—24%—of new

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Stalled New-Home Projects Jump 47%

New-home buyers are having a long wait for their homes to be done. Labor shortages and global supply chain bottlenecks are delaying the completion of many new-home construction projects. The number of housing units that were authorized but didn’t start construction yet rose by 47% nationwide from 2019 to 2021, according to a new analysis by LendingTree researchers. The delays were most prominent in the Northeast, where delays more than doubled.

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Building Delays, High Prices Slow New-Home Construction

The construction of single-family homes slowed last month as builders complain of numerous headwinds that are limiting their ability to add more inventory. Ongoing supply chain bottlenecks continue to delay construction projects and raise homebuilding costs, builders say.Also, rising mortgage rates—with the 30-year fixed-rate mortgage now averaging over 5%--as well as higher new-home prices are beginning to soften demand.Both single-family hous

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New-Home Construction Rising

Montana’s new-home construction is booming. The state had the highest growth rate nationwide annually in February, with residential housing permits surging 121%, the National Association of Home Builders reports.Overall, single-family permits nationwide—a gauge of future construction—has increased by 3.5% year over year in February. Between February 2021 and February 2022, 28 states and the District of Columbia posted growth in single-famil

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Building Materials Rise, but Lumber Prices Ease

New-home costs likely will continue to increase as rising building material costs squeeze construction budgets. The prices of goods used in residential construction rose again in March and are up 8% since the start of 2022, the National Association of Home Builders reports citing Bureau of Labor Statistics data.Year over year, building material prices have increased 20.4% and have risen 33% since the beginning of the pandemic, the NAHB reports.Th

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Industrial Construction Accelerates at Record-Breaking Levels

Demand for industrial space continues to swell and construction is increasing, reaching record-breaking levels, CommercialEdge details in its monthly National Industrial Report.The average sale price for industrial space was $125 per square foot in February. Ongoing investor demand continues to drive transaction activity to new heights, the report shows.Industrial space in Seattle is fetching the highest sales prices nationwide, at $357 per

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New-Home Sales Softened in February

Material and labor shortages continue to constrain both new-home supply and sales, economists said as February saw another dip in new-home sales. Buyer demand remains high, but builders struggle to add greater inventory.Sales of new single-family homes reached a seasonally adjusted annual rate of 772,000 in February, down 2% from January and down 6.2% compared to a year ago, the U.S. Census Bureau and the Department of Housing and Urban

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Home Sizes Continue to Grow

The American home is getting larger. The pandemic has prompted more homeowners to want more space to spread out in, and also may have encouraged bigger households as more people live under one roof. That has led to an increase in the size of new single-family homes.The median single-family square floor area has increased to 2,338 square feet. The average square footage for new single-family homes rose to 2,561 in the fourth quarter of 2021, accor

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Disney to Build Themed Housing Development

The Walt Disney Company is bringing “Storyliving by Disney” to those who want to live out the Disney magic beyond the silver screen. It announced it will be building a housing development in Southern California—the first of what they plan to be many across the U.S.The development, to be built in collaboration with DMB Development, will be located in Rancho Mirage, Calif., and will be constructed on a 24-acre “grand oasis featuring cl

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Lumber Costs Rising Again

Lumber prices are climbing once again, adding thousands of dollars to the cost of a new home. Builders and consumers thought relief had arrived when the price of lumber started to fall late last year, after soaring to record highs earlier in the year. But starting in December 2021, lumber prices again started to increase.Lumber prices are about triple their average pre-pandemic levels, reports Random Lengths, a lumber industry news site.That

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