Appraisal Buzz

JANUARY 27, 2025

above the December 2023 estimate of 654,000. New construction has struggled to keep up with demand. Rising construction costs, zoning restrictions, and a shortage of labor have all contributed to the inability to build enough homes. above the 2023 total of 666,000. above the revised November rate of 674,000, and 6.7%

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Construction Inventory Buyers Development 362

Housing Wire

JANUARY 12, 2023

This article is part of our 2022 – 2023 Housing Market Update series. After the series wraps, join us on February 6 for the HW+ Virtual 2023 Housing Market Update. planting us firmly in the first days of 2023 where higher rates and prices threaten to completely paralyze the housing market.

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Inventory Investors Construction Housing Market 541

Housing Wire

JANUARY 18, 2024

New construction starts fell to a seasonally adjusted annual rate of 1.460 million units, down 4.3% Overall, an estimated 1.413 million units were started in 2023, a drop of 9.0% Despite the overall drop in 2023, the rate at which building permits were issued in December was up 1.9% Census Bureau and the U.S. compared to 2022.

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Construction Real Estate Housing Market Buyers 488

Housing Wire

DECEMBER 5, 2024

Highlands Residential Mortgage announced that Daniel McCoy is joining the company as a regional construction loan manager for the Southeast. Daniel McCoy McCoy leads the construction-focused McCoy Mortgage Team , which has previously affiliated with companies like MVB Mortgage , Intercoastal Mortgage and Cardinal Financial.

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Construction Mortgage Lending Retail 392

Housing Wire

OCTOBER 18, 2023

However, permits for future construction recorded a 4.4% It showed the biggest drop in confidence since January 2023. “Slower construction activity in the Northeast could reflect cooler demand as well as challenges builders face in finding availability lots,” she said. Could multifamily construction stall?

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Construction Development Inventory Mortgage 468

Housing Wire

JANUARY 5, 2023

So where does all that drama leave us for 2023? My 2023 price forecast: As long as rates stay above 5.875% , my affordability index will see the pressure on home prices continue. For 2023, assuming rates stay above 5.875%, we should see a 5.9%-7.4% million in 2023. Buckle up as we look at each factor individually.

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Housing Market Marketing Inventory New Listings 543

Appraisal Buzz

SEPTEMBER 10, 2024

year-over-year to $1,645—the largest yearly increase since April 2023. In 2024, multifamily construction completions are at all-time highs; in many places, supply now exceeds demand. The post New Construction Boom Fuels Rising Rent Prices first appeared on The MortgagePoint. In August, the median asking rent in the U.S.

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Construction Tenants Appraisal Marketing 394

Housing Wire

OCTOBER 18, 2024

percent below the September 2023 rate of 1,515,000.” Anyone who thinks we are on the verge of a housing construction boom is kidding themselves, with the policy still this restrictive. Now, over time, the falling Fed funds rate can create better demand for apartment construction, but that’s not today, my friends.

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Construction Mortgage Housing Market Marketing 379

Housing Wire

NOVEMBER 29, 2023

Home construction New home construction ramped up early in the pandemic but moderated as interest rates ticked up and mortgage rates followed. The seasonally adjusted annual rates of homes permitted, started, under construction and completed all remain well above pre-pandemic levels but below the peaks reached in the last three years.

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Construction Finance Inventory Development 448

Appraisal Buzz

AUGUST 9, 2024

is expected to set new records for apartment construction. By the end of 2024, developers plan to have completed an astounding 518,108 rental units, a startling 30% more than in 2022 and 9% more than in 2023. On the other hand, some markets are seeing a slowdown in new construction starts due to the economic environment.”

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Construction Development Business Marketing 397

Housing Wire

FEBRUARY 11, 2025

Despite bolstering its construction activities and the availability of single-family homes , the state of Florida continues to endure shortages in its affordable housing stock that impact the workforce and retirees living on fixed incomes. Nevertheless, on average 2023 sales were down by 16% over 2022 in the top ten counties.

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Construction Transportation Inventory Housing Market 293

Housing Wire

FEBRUARY 28, 2024

Like many localities across the country, Marin County leaders describe a housing crisis in their area that they hope to alleviate through the construction of more ADUs. Last year, the state of California approved an updated housing plan for the county that included a goal of producing 280 ADUs from 2023 to 2031.

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Construction Finance Mortgage Housing Market 459

Housing Wire

FEBRUARY 13, 2024

Despite high mortgage rates , master planned communities (MPCs) did well in 2023. According to a survey released Tuesday by John Burns Research & Consulting , the top 50 MPCs sold more than 34,600 new homes in 2023, up 24% from the nearly 28,000 sales in 2022.

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Buyers Design Construction Marketing 482

Housing Wire

FEBRUARY 23, 2024

In December 2023, a startling rumor started to spread on social media — that large institutional buyers had purchased 44% of the available homes on the market in 2023, leaving policymakers concerned with the potentially predatory grip of these entities. HousingWire lead analyst Logan Mohtashami immediately debunked the claim.

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Buyers Investors Real Estate Insurance 448

Housing Wire

JANUARY 19, 2024

Existing home sales dropped to their lowest level in nearly 30 years in 2023, according to a report from the National Association of Realtors (NAR), released Friday. In 2023, 4.09 If there had been more listings on the market in 2023, we would have had more home sales.” million existing homes were sold, the fewest since 1995.

Inventory 468

Inventory Realtors Housing Market Construction 468

Housing Wire

MARCH 4, 2024

In many respects, 2023 was the year of the homebuilder. New construction accounted for approximately 30% of active for-sale housing inventory, doubling the usual figures for a standard year. The persistent scarcity of existing homes drove buyers toward newly built properties, allowing builders to maintain double-digit margins.

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Construction Inventory Sellers Buyers 447

Housing Wire

JANUARY 18, 2024

Mortgage rates continued their descent this week to mark their lowest level since May 2023, welcome news for homebuyers who have been waiting on the sidelines for rates to drop. The 30-year fixed-rate mortgage averaged 6.6% 11, a decrease from last week’s 6.66%, according to Freddie Mac ‘s Primary Mortgage Market Survey released on Thursday.

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Mortgage Inventory Retail Construction 532

Housing Wire

FEBRUARY 13, 2024

Between July 1, 2022, and July 1, 2023, Alabama’s population grew by 34,000 people, according to estimates published by the U.S. Additionally, the 2023 National Movers Study conducted by United Van Lines ranked Alabama No. New construction is backed up,” she said. Clearly, Piccinini isn’t the only one who thinks so.

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Construction Supply Chain Inventory Agents 435

Housing Wire

AUGUST 16, 2024

One key data line that is flagging a path to recession is the loss of residential construction workers. A while back, HousingWire Editor in Chief Sarah Wheeler and I discussed the risk of recession due to a lack of construction labor. Let’s look at today’s residential construction report and see where we are. From the U.S.

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Construction New Listings Inventory Finance 535

Appraisal Buzz

DECEMBER 17, 2024

After plummeting to $1,714 in the second quarter, the lowest level since mid-2021, the median rent for newly built apartments rose above $1,800 in Q3 for the first time since late 2023. The post Newly Constructed Apartment Asking Rents Get Significant Bump first appeared on The MortgagePoint. year over year in the Northeast.

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Construction Development Appraisal 305

Housing Wire

APRIL 4, 2024

Despite recent data indicating a poor affordable housing situation in Texas , the city of Houston must return $45 million in unused affordable housing funds to the state after failing to use them for construction of new homes. Instead, the city failed to begin construction on the homes in a timely manner.

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Construction Government Housing Market Finance 476

Housing Wire

DECEMBER 18, 2024

Interestingly, employment for residential construction workers typically one of the first areas to experience declines before a recession has not yet seen its usual downturn. percent) below the November 2023 rate of 1,510,000. However, despite these challenges, we have not lost our labor pool of construction workers.

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Construction Modernization Mortgage Housing Market 511

Housing Wire

OCTOBER 21, 2024

The construction activity is likely to place the housing industry and its financing partners on a “collision course” with insurers, the outlet said. Nationally, 290,000 new properties were built in high-risk flood areas from 2019 through 2023, almost one in five of the 1.6

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Insurance Real Estate Agent Construction Development 497

Housing Wire

DECEMBER 29, 2023

In some ways, 2023 was the year of the homebuilder. 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.

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Construction Supply Chain Inventory Housing Market 476

Housing Wire

NOVEMBER 19, 2024

percent)* below the October 2023 rate of 1,365,000. percent below the October 2023 rate of 1,534,000. A lower Fed funds rate can assist with land purchases and apartment construction, but that process would take considerable time before we see any development. percent (±11.6 percent (±9.0

Construction 539

Construction Mortgage Development Buyers 539

Housing Wire

DECEMBER 23, 2024

This situation poses a risk to construction labor in 2025. Is 2025 the first year we start losing residential construction jobs? Earlier this year, mortgage rates were trending at 7.50%; during that time, we received one negative monthly residential construction labor report. This issue extends beyond just housing. percent (18.6

Construction 525

Construction Inventory Mortgage Development 525

Housing Wire

JANUARY 3, 2024

About 900,000 units are currently under construction , and 440,000 new units are expected to be completed in 2024, according to the report. Construction completions have already peaked in Chicago, Washington, D.C. For investors, single-family rentals have emerged as a better hedge against slowing rents than apartments in 2023.

Inventory 482

Inventory Construction Property Management Real Estate 482

Housing Wire

JANUARY 27, 2025

percent)* above the December 2023 estimate of 654,000. Additionally, there are 268,000 homes currently under construction. Furthermore, there remains a record high of 108,000 homes that builders have not yet started constructing, all while mortgage rates remain above 7%. percent (19.7 percent (16.2 Could things improve?

Construction 490

Construction Inventory Mortgage Development 490

Housing Wire

NOVEMBER 29, 2024

New-home construction in the U.S. But StorageCafe found that in 2023, most states overlooked one key solution to the affordability crisis: more inventory of “middle housing.” Census Bureau data to analyze housing inventory changes across 489 cities between 2005 and 2023. The report used U.S.

Inventory 397

Inventory Construction Law Development 397

Housing Wire

FEBRUARY 16, 2024

We can see a clear difference between the two markets in the housing construction data. Apartment permits Single family permits We should all be grateful that the builders are paying down mortgage rates and finishing their significant backlog of homes that are under construction or haven’t started construction yet. This is 14.8

Construction 505

Construction Mortgage Marketing Housing Market 505

Housing Wire

MAY 23, 2024

However, we need to keep an eye on the housing construction data in this report because it has huge implications for the economic cycle, our recession risk and mortgage rates. The future production of housing units at risk I am bringing this up because economic recessions tend to see residential construction workers lose their jobs first.

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Marketing Construction Mortgage Housing Market 497

Housing Wire

DECEMBER 19, 2023

Housing starts had an epic beat Tuesday, which usually means the data will get revised lower at some point, but one thing is for sure: the housing starts and new home sales sector came to throw shade at the 2023 recession crowd. Housing permits declined, as the 5-unit construction boom ended, negatively impacting the permit data.

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Construction Housing Market Investors Marketing 526

Appraisal Buzz

DECEMBER 5, 2024

During the pandemic, when rents and home prices surged, foreign-born householders contributed to 25% of household growth from 2019 to 2023, indicating that native-born households were the primary drivers of increased housing demand during this period. million in 2023. million in 2023. million in 2022 and 3.3 As the U.S.

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Construction Housing Market Marketing Buyers 418

Housing Wire

FEBRUARY 5, 2024

An estimated 668,000 new homes were sold in 2023, 4.2% In the fourth quarter of 2023, almost 32% of U.S. single-family homes for sale were new construction, similar to the percentage from a year earlier and good for the highest level of any fourth quarter on record. Only 71% viewed this as a problem in 2023.

Construction 468

Construction Housing Market Buyers Sellers 468

Housing Wire

MAY 7, 2024

It is shipped from the Boxabl manufacturing facility in Las Vegas and is “designed to unfold into a fully functional dwelling unit in just a few hours,” reducing construction costs and minimizing environmental impacts, according to a company news release.

Construction 476

Construction Tenants Design Finance 476

Housing Wire

JANUARY 16, 2025

The listings portal combined weekly data on for-sale listings in 2023 and 2024 for comparison. The share of listings with HOA fees rose from 2023, when 39.2% Also, the median monthly fee rose over the past year, increasing from $110 in 2023 to $125 in 2024. The report only considered listings if they had an HOA fee.

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HOA Property Taxes Construction Buyers 397

Housing Wire

FEBRUARY 29, 2024

This is according to an analysis conducted by Point2 , which examined metrics including single-family and multifamily completions in 2023, as well as corresponding permits issued. Bureau of Labor Statistics from 2013 to 2023. The findings are based on historic data from the U.S. Census Bureau and the U.S.

Inventory 468

Inventory Supply Chain Construction Buyers 468