July 03, 2024 Housing Market News

Welcome to today’s Real Estate news roundup, where we delve into the latest developments and trends shaping the housing market. From the vibrant new community of Westerly in Erie, which combines scenic beauty with innovative home designs, to groundbreaking projects like the Goel Center at Harvard, which promises to be a hub for creativity and performance. We also explore critical market analyses showing shifts in home sales and permits, alongside exciting new residential projects across various regions. Whether you’re a potential homebuyer, an investor, or just keen on staying updated with real estate dynamics, our coverage provides insightful perspectives and detailed updates to guide your understanding of the market today.

Westerly: Imagine A New Community That Already Feels Like Home

Discover Westerly, a new community in Erie that has quickly become a place to call home. With over 100 homes already sold and the upcoming grand opening of the Waypoint Amenity Center, Westerly is designed to foster a sense of community from the start. Developed by Southern Land Company, known for their award-winning Westhaven community in Tennessee, Westerly features architecturally distinctive homes with front porches that offer stunning views of the Front Range. The community also boasts open spaces, pocket parks, nature trails, and more, making up over 25% of the community’s acreage.

Westerly’s homes, designed by premier builders Brightland Homes, McStain Neighborhoods, and SLC Homes, reflect the scenic surroundings of Colorado and offer innovative floor plans and elevations. With custom-designed landscaping and unique exterior colors, each street in Westerly has its own character. The community offers a variety of home styles, including ranch-style and two-story homes, townhomes, and villas, all featuring open interiors, above-standard features, finishes, and front porches.

The Waypoint Amenity Center, opening this fall, will be the heart of the community. It will feature a resort-style pool, a heated spa, a state-of-the-art fitness studio, outdoor dining areas, an indoor club lounge, and a full calendar of events coordinated by the Lifestyle Manager. Westerly residents also benefit from excellent education options with Soaring Heights PK-8 and Erie High School just across the street.

Outside of the community, residents can enjoy over 4.5 miles of trails and sidewalks, connecting to Coal Creek Regional Trail and the Erie Singletrack bike loops and trails. The charming town of Erie is only a few miles away, offering local shops, restaurants, breweries, farmer’s markets, historical landmarks, and unique festivals. Additionally, residents have easy access to Rocky Mountain National Park for hiking and Colorado’s ski resorts for winter sports.

To learn more about Westerly and tour the community’s nine decorated models, visit Westerly at 86 Westerly Blvd., Erie. For additional information, visit WesterlyColorado.com or contact [email protected].

Construction begins on A.R.T.’s new home in Allston — Harvard Gazette

Exciting news! Construction has started on the David E. and Stacey L. Goel Center for Creativity & Performance, the new home of the American Repertory Theater (A.R.T.) at Harvard University. Designed by Haworth Tompkins and ARC/Architectural Resources Cambridge, in collaboration with theater and acoustic consultant Charcoalblue, this building will be a hub for groundbreaking performances, public gatherings, teaching, and international research.

The Goel Center will feature two flexible performance venues, rehearsal studios, teaching spaces, a public lobby, an outdoor performance yard, dressing rooms, technical shops, administrative offices, and a café. It is designed to embrace future change and foster creativity. The building will prioritize sustainability, aiming to achieve the Living Building Challenge core accreditation, and will utilize laminate mass timber, reclaimed brick, and cedar cladding to minimize its carbon footprint.

The center will be open to all during designated hours, offering free Wi-Fi, food and beverage service, gathering spaces, indoor and outdoor public art and performances, and room rentals. It will also be connected to Harvard’s lower-carbon District Energy Facility for utilities and will incorporate rooftop solar panels, natural ventilation, green roofs, and extensive plantings for stormwater management and occupant well-being.

Construction of the Goel Center is expected to continue into 2026. Follow the progress on A.R.T.’s social media channels and their website to stay updated on this exciting project.

New-home sales show why permits are falling – HousingWire

Recent data on new-home sales reveals a concerning trend that sheds light on the decline in single-family permits. While new home sales have been on an upward trajectory since 2022, the total active inventory of new homes completed and ready for sale has surpassed 2019 levels. This surplus of inventory has led some builders to exercise caution in issuing permits, as they may struggle to sell the existing homes.

The inventory of completed new homes for sale is currently at 99,000 units, which may seem small in comparison to the population of the United States. However, for builders, this accumulation of inventory poses challenges, particularly for smaller builders who may face job losses once their projects are completed. Despite the decline in single-family permits, new home sales continue to show growth, and purchase application data for new homes remains positive.

The critical data lines and inventory levels indicate that the supply of new homes is increasing. The seasonally-adjusted estimate of new houses for sale at the end of May was 481,000, representing a 9.3-month supply at the current sales rate. While some analysts have drawn comparisons to the 2008 housing crisis, it’s important to note that the current inventory levels are significantly lower than those seen in 2007.

Most of the new home supply is still under construction or yet to start construction, indicating that builders are working through a backlog of projects. However, smaller builders, who may not have the same financial flexibility as larger builders, are feeling the impact of declining permits. This situation arises from a combination of factors, including the Federal Reserve’s restrictive policies and the potential for an economic recession.

To delve deeper into the analysis and understand the implications of falling permits, read the full article on HousingWire. Stay informed about the housing market and its impact on the economy.

Kiplinger Housing Outlook: Home Price Growth Slows | Kiplinger

According to the S&P CoreLogic Case-Shiller National Home Price Index, home prices in the United States continue to rise, but at a slower pace. In April, the index showed a 6.3% annual gain, down from the previous month’s 6.5%. The monthly appreciation rate also decelerated. This moderation in price growth is attributed to base effects and the strong price gains observed in the spring and summer of the previous year.

Residential construction is experiencing a slowdown, with total housing starts falling 5.5% in May, reaching the slowest pace in four years. Both single-family and multifamily starts declined, and single-family permits fell for the third consecutive month. However, the low inventory of existing homes continues to drive the construction of new homes, albeit at a slower pace than in the past year.

New home sales have also declined, dropping 11.1% in May to the weakest pace since November 2023. The rising supply of new homes, along with increased availability of existing homes and higher mortgage rates, has contributed to this softening in the new-home market. Existing home sales remained relatively flat in May, with affordability concerns impacting demand. However, the inventory of existing homes on the market has increased, providing more options for buyers.

To stay informed about the housing market and its impact on the economy, read more on Kiplinger. Gain valuable insights and make informed decisions as an investor or homeowner.

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This web page does not have a title. However, you can learn more about master-planned communities and their amenities by visiting the link below. Discover how these communities offer a range of features and facilities that enhance residents’ quality of life. From parks and trails to pools and fitness centers, master-planned communities provide a variety of amenities for residents to enjoy.

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Century Complete Now Selling Two New Home Collections in Hickory, NC

Century Communities, Inc., one of the nation’s largest homebuilders and an industry leader in online home sales, has announced that its Century Complete brand is now offering two home collections at Trivium in Hickory, NC. The townhomes and single-family homes at Trivium feature open-concept layouts and designer-selected finishes, starting from the mid $200s. With a convenient location near Valley Hills Mall, Hickory’s Downtown Social District, Lake Norman, and South Mountains State Park, Trivium offers a desirable lifestyle for homebuyers. The community brings 140 new homesites to Hickory, providing a range of options to fit different needs and budgets.

To learn more about Trivium and view available homes, visit www.CenturyCommunities.com/Trivium. Discover the exceptional selection of homes and the convenient location that Trivium offers to homebuyers in Hickory.

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875-home master-planned community on tap for Elgin area, northeast of Austin

A new master-planned development called Triada is set to bring 875 homes and a 15-acre sports complex to the Elgin area northeast of Austin. Developed by Qualico Communities, Triada will offer a variety of single-family homes and townhomes with open-concept layouts and designer-selected finishes. The community will be developed in six phases, with completion expected by 2031. Triada aims to meet the strong demand for housing and affordability in the area, providing diverse housing options for homebuyers. The development will also feature amenities such as a fitness facility, pool, playscape, pickleball courts, trails, and a sports complex. The first lots are anticipated to be ready for home construction by summer 2025.

For more details about Triada and its offerings, visit www.aol.com. Explore the thoughtfully designed community that enhances the quality of life for residents while respecting the land’s heritage and natural resources.