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
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
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
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
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
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
Migration patterns have changed or kicked into overdrive in some parts of the country ever since the pandemic began. Some states are seeing a wave of new residents, which is taxing infrastructure from rapid growth and increasing housing demand.Frank Nothaft, chief economist at CoreLogic, shared data during the 2022 International Builders’ Show this week in Orlando, Fla., that shows where movers are headed. He said the states that posted the hig
New-home sales ended the year on a strong note as more home buyers flooded the market faced after finding fewer and fewer choices in existing homes for sale. Sales of newly built single-family homes jumped about 12% in December 2021 compared to November, the Commerce Department reported Wednesday.“Though builders continue to grapple with higher construction costs, the December data reveal ongoing demand for new construction, given lean inv
Buyers have been drawn to new-home construction as existing housing inventories remain lean. Builders have struggled to ramp up construction even more due to the high demand as building materials, labor, and lot shortages loom.However, builders say they’re building as much as they can and as quickly as they can given such challenges.Housing starts for both single-family and multifamily homes rose 11.8% to a seasonally adjusted annual rate of 1.
New home construction has been pointed as a way out of the housing inventory crisis. But even with high buyer demand, builders have struggled to ramp up construction even more due to ongoing labor, lot, and materials shortages. Some markets are faring better than others in adding more new homes to their housing pipelines.Zonda, a homebuilding and multifamily data firm, recently selected five U.S. cities as markets of interest for new-home sales i
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