June 13, 2024 Housing Market News: New Home Construction, Affordability Challenges, and City Rankings

Welcome to our comprehensive coverage of today’s real estate news, where we delve into the dynamic shifts and trends shaping the housing market across the United States. From the surge in new home constructions in the Pikes Peak region to the strategic expansions by major homebuilders like Lennar in Kaufman County, we explore how these developments are impacting home prices and affordability. Additionally, we provide insights into the volatile lumber market and its effects on housing costs, alongside a detailed analysis of U.S. cities experiencing significant growth in housing supply. Whether you’re a prospective homebuyer, an industry professional, or simply keen on the latest real estate trends, our articles offer valuable information to help you stay informed. Dive into our detailed reports to understand more about what these changes mean for you and the broader market.

New home construction is on the rise in the Pikes Peak region after a two-year slump

Building permits issued for single-family homes increased by 32 percent year-to-date when compared to the same time last year, according to the Pikes Peak Regional Building Department. More than half of these new homes will be built in Colorado Springs, with others being constructed in unincorporated El Paso County and five surrounding cities. The Regional Building Official, Roger Lovell, expressed optimism about the trend, stating that the numbers for new homes are off to a good start in the Pikes Peak region. The increase in submitted plans also indicates continued high activity. This positive data highlights the changing landscape of southern Colorado. Stay informed by signing up for the KRCC Weekly Digest to receive the stories that matter to Southern Colorado straight to your inbox.

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

The housing market continues to present challenges for homebuyers, with stagnant home sale activity, rising mortgage rates, and soaring home prices. While more resale inventory entering the market offers some relief, experts believe that true improvement will only come when mortgage rates drop and inventories of homes for sale increase. However, the timeline for these changes remains uncertain, leaving prospective buyers frustrated. Despite the difficulties, experts maintain that the housing market will eventually improve, driven by factors such as Millennials entering the market and wage growth. To stay informed about the latest housing market predictions and trends, read the full article on Forbes Advisor.

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One of nation’s largest homebuilders has big plans for booming Kaufman County city

Lennar, the second-largest homebuilder in the United States, is set to construct 3,700 homes over the next seven or eight years in Crandall, a rapidly growing city in Kaufman County. With ambitious plans for the Eastland and Arbors at Eastland developments, Lennar aims to meet the demand for affordable housing in the area. The homes will range from the low $200,000s to the mid $300,000s, offering three different home types and various amenities. Kaufman County, known for its rapid growth, has become an attractive location for homebuilders due to its good schools, manageable commute to downtown Dallas, and more affordable housing options. To learn more about Lennar’s plans and the booming real estate market in Kaufman County, read the full article on Dallas News.

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Framing Lumber Prices | NAHB

NAHB provides an overview of the behaviors within the U.S. framing lumber market, tracking the latest lumber prices and futures prices. Softwood lumber prices have been volatile due to increased demand, rising tariffs, supply-chain bottlenecks, and insufficient domestic production. The price of softwood lumber directly impacts the price of a new home, along with rising wages for construction workers and higher interest rates, contributing to declining affordability in the housing market. NAHB advocates for actions to address high lumber prices and ease supply-chain challenges. To learn more about framing lumber prices and NAHB’s efforts, read the full report.

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New homes: Which U.S. cities are adding most to housing supply? – KTVZ

A recent analysis by SmartAsset ranks U.S. metro areas based on the number of new construction home sales and median sales prices. The study aims to identify areas where new housing is being added to relieve price pressures in undersupplied markets. With housing costs on the rise, adding new housing can help make homeownership more attainable for many Americans. The analysis includes data from 153 metro areas and provides insights into the cities with the most new construction homes and their median sale prices. To learn more about the rankings and the housing supply in different cities, read the full article on KTVZ.

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