July 25, 2024 Housing Market News Roundup

Welcome to our comprehensive coverage of today’s real estate news, where we delve into the latest trends and forecasts shaping the housing market in 2024. From the challenges of high mortgage rates and lumber prices impacting home affordability to the dynamic shifts in proptech investments and office vacancy rates, we bring you detailed insights to help you navigate the complexities of the market. Whether you are a prospective homebuyer or an industry professional, our articles provide valuable information on the factors influencing new home construction and the broader economic implications. Dive into our detailed reports to stay informed and ahead in the real estate sector.

Housing Market Predictions For 2024: When Will Home Prices Be Affordable Again? – Forbes Advisor

The spring home-buying season proved challenging for prospective buyers, with high mortgage rates and home prices dampening demand. However, there is some good news as more resale inventory enters the market, putting downward pressure on home price growth. Builders are also offering incentives to attract buyers, and the median price for new homes has fallen below that of resale homes. Experts believe that the housing market will improve once mortgage rates drop and affordability obstacles ease. However, inflation and high mortgage rates continue to hinder progress. To achieve a housing recovery, inventory levels need to increase, and mortgage rates need to cool off gradually. Despite the challenges, experts expect the housing market to sustain demand due to factors like Millennials entering their prime home-buying years. While a housing market crash is unlikely, affordability remains a significant concern for first-time homebuyers. If you’re in a position to buy a home for the long term, it’s a worthwhile investment. To learn more about the housing market predictions for 2024, read the full article on Forbes Advisor.

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Framing Lumber Prices | NAHB

The framing lumber composite price has experienced its first weekly increase in several weeks, rising by 0.6% during the week ending July 19. This comes after a drop in the previous week to the lowest price since April 2020. The National Association of Home Builders (NAHB) closely monitors lumber prices and provides an overview of the U.S. framing lumber market. Softwood lumber prices have been volatile due to factors such as increased demand, rising tariffs, supply-chain bottlenecks, and insufficient domestic production. NAHB advocates for actions to address high lumber prices. Other wood products like plywood and OSB also contribute significantly to the cost of new homes. Changes in softwood lumber prices directly impact the price of new homes, affecting affordability along with rising wages and interest rates. Builders and remodelers can expect price relief when mill prices decrease substantially and stabilize over an extended period. The timing of price reductions varies based on builder size, supplier size, and the buyer-seller relationship. Higher prices reach builders more quickly when market prices are increasing, as wholesalers tend to buy inventory at or near current market prices. Retailers, on the other hand, have less buying power and pass on higher costs to maintain margins. NAHB continues to tackle the affordability crisis and addresses key issues to ensure a robust housing market. To learn more about framing lumber prices and NAHB’s efforts, explore the full lumber report.

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Real Estate & Construction News Roundup (7/17/24) – Housing Inflation to Remain High, Proptech Investment to Fall and Office Vacancy Rates to Reach Peak in 2025 | Pillsbury – Gravel2Gavel Construction & Real Estate Law – JDSupra

Stay up to date with the latest real estate and construction news in this roundup. Housing inflation is expected to remain high, impacting affordability for homebuyers. Proptech investment is predicted to decline, signaling a shift in the industry. Office vacancy rates are projected to reach their peak in 2025. These insights and more provide valuable information for professionals in the real estate and construction sectors. To dive deeper into these topics and stay informed, read the full article on JDSupra.

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Growth in new home construction won’t change Windsor’s funding access, minister says | National | carrollspaper.com

New home construction in Windsor is experiencing significant growth, surpassing numbers from the past five years. However, this growth will not impact the town’s funding access, according to the minister. The Canada Mortgage and Housing Corporation provides data showing the increase in housing starts for the first half of 2024. Despite this growth, it is assured that Windsor’s funding access will remain unaffected. To learn more about this topic, watch the video on carrollspaper.com.

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