High lumber prices are returning, and home buyers should brace themselves for impact. The prices can have an effect on the cost of a new home as well as on decks and remodels.Lumber prices had been falling this summer, but that appears to have been short-lived. In August, lumber prices had bottomed out, but framing lumber is now up by 40% since then.Lumber prices still remain below the peak reached in May of about $1,515 per 1,000 feet. On Tuesda
Printed homes are coming to a new community in Austin, Texas. Lennar, one of the nation’s largest homebuilders, announced it was partnering with the startup ICON to build the largest community of 3D-printed homes to date. The builder says the high-tech construction method will allow it to overcome current labor and materials shortages that have been pressing on the new-home construction industry over recent months.3D-printed homes are touted as
Homebuyers are rushing to purchase new homes. Sales of newly built, single-family homes jumped 14% in September compared to August, reaching a six-month high, the U.S. Department of Housing and Urban Development and U.S. Census Bureau reported Wednesday.Homebuyers appear to be shrugging off price increases, too. The median new-home sales price continued to increase to $408,800 in September, up 18.7% over a year ago.“Solid demand and ongoing bui
Homebuilding has ramped up over the last decade and notably accelerated sharply in 2020 during the pandemic, according to the National Association of Home Builders. Builders applied for 134% more single-family permits in 2020 compared to 2011. Permits are used as a gauge to measure future construction. Multifamily construction permits are 139% higher in that period.Construction has increased the most in Texas, which nabs the top spot for activity
Builders are up against short supplies of a variety of materials needed to build homes, such as wood paneling, ceiling joists, and pipes. They’re searching for substitutes to keep construction schedules on time, but the process is also adding to their costs.Supply shortages have become a common story in the homebuilding industry over the past year. More than 90% of builders say they have faced a shortage of appliances, framing lumber, plywood,
More Americans are desiring bigger homes since the pandemic—and builders are responding. The share of new single-family homes with four or more bedrooms posted a sharp uptick, unlike in recent years, the National Association of Home Builders reports on its Eye on Housing blog.The share of single-family homes started with four bedrooms or more rose from 42.6% in 2019 to 45.2% in 2020.“These developments are linked to changes in the makeup of h
New-home sales rose in August, even as buyers continued to weather high home prices. Higher development costs and material prices have put pressure on new-home prices, which are 20% higher than a year ago. The median sales price was $390,900 in August, the Commerce Department reported Friday.“These price hikes are a risk for housing affordability as we approach the end of the year,” says Robert Dietz, chief economist at the National Associati
Another green hue has been selected as the hottest color for the new year. Sherwin-Williams announced its 2022 color of the year: evergreen fog, an earthy gray-green tone.The paint firm’s announcement comes on the heels of two other paint companies that this year chose gray-green shades as their 2022 leading color picks. PPG chose olive sprig, while Behr selected breezeway.Sherwin-Williams says evergreen fog is a calming color with nods to natu
Multifamily units are driving the gains in overall housing starts last month as more apartment projects were initiated. But single-family housing starts fell 2.8% in August to a seasonally adjusted annual rate of 1.076 million units, their second consecutive month of decline, the Commerce Department reported Tuesday. While single-family starts dropped in the West and Midwest, they still rose in the Northeast and South.“There is certainly a hous
When you hear “prefab,” you may think double-wide mobile home. It’s a misconception the industry has long been trying to clear up.Prefab, a type of construction method, can be found at the luxury home level. More prefab options are stretching into the high-end market, combining quicker construction timelines with ultra-luxury touches.Prefab homes are built offsite in a factory, delivered to a home site, and assembled faster than a trad
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