Remove 2019 Remove Construction Remove Realtors
article thumbnail

Homebuilders are primed for an even better 2024

Housing Wire

And with the ability to buy down consumers’ mortgage rates while still maintaining double-digit margins, new construction grew to comprise roughly 30% of total housing inventory in 2023, more than double a normal year. Let’s look at the new construction forecast for 2024. million new single-family construction units in 2024.

article thumbnail

Sun Belt cities lead the way for new home sales

Housing Wire

A key conclusion is that while new construction creates additional supply for first-time and move-up buyers alike, it comes with an additional expense. While many metro areas currently offer an advantage where you can purchase a new construction home for a similar price or even less than the average area home, there is still a 23.8%

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

The housing market is losing steam

Housing Wire

” Mark Palim, deputy chief economist at Fannie Mae , said anecdotal reports of builders delaying or turning down orders to clear a growing construction backlog appears to be borne out by the recent housing starts data. With lumber prices recently pulling back, we expect some near-term strength in construction. million and 1.92

article thumbnail

Median home prices grew in 96% of metros during Q2

Housing Wire

A new quarterly report from the National Association of Realtors revealed that median single-family home prices rose year over year in 96% of its measured markets in the second quarter. lower than total inventory at the end of Q2 2019. This means that the national median existing single-family home price in Q2 was $291,300 — up 4.2%

Inventory 525
article thumbnail

As the lock-in effect eases, the market for new homes is shrinking

Housing Wire

In the third quarter of 2024, newly built single-family homes made up just 28% of homes for sale, according to a recent Redfin report based on data from the National Association of Realtors (NAR) and the U.S. New construction inventory has grown in recent months. Census Bureau. One year ago, new homes held a 30.5%

Marketing 370
article thumbnail

Making housing more affordable by bridging the affordable supply gap

Housing Wire

However, new construction trends do not reflect this changing preference. Sources: Fannie Mae, “ Future Homebuyers ,” Single-Family Strategy & Insights unpublished research (November 2019). Fannie Mae, “ Builders ,” Single-Family Strategy & Insights unpublished research (December 2019).

Finance 435
article thumbnail

US employment back at pre-pandemic level

Housing Wire

Construction gained 32,000 jobs in July, with residential building gaining 2,900 jobs and residential specialty trade contractors gaining 11,200 jobs. Employment in the construction sector is now 82,000 jobs higher than in February 2020. rates in the months before the pandemic. rates in the months before the pandemic.