Welcome to today’s roundup of the latest in real estate news. From the escalating costs of building materials affecting housing affordability to innovative housing initiatives across the country, we cover a spectrum of topics that matter to homeowners, potential buyers, and industry professionals. Whether you’re interested in the housing market predictions for 2024, local developments, or national housing policies, our coverage provides insightful analysis and updates on the trends shaping the real estate landscape. Dive into our detailed articles to stay informed and ahead in the dynamic world of real estate.
Material Costs | NAHB
The rise in building material costs is harming housing affordability as the cost of softwood lumber, steel, aluminum, and other imported materials and equipment exacerbate price volatility and drive up housing costs. Builders are doing everything possible to avoid pricing consumers out of homes while still maintaining competitive prices necessary to operate their businesses. Factors such as supply and demand, inflation, global factors, sustainability initiatives, rising project costs, reduced profit margins, and housing affordability all contribute to the challenges faced by the construction industry.
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 there is hope for improvement, experts believe that significant relief in affordability is unlikely to happen soon. Factors such as persistently high housing costs, limited inventory, and the need for mortgage rates to cool off contribute to the current state of the market. However, experts suggest that getting on the housing ladder is still worthwhile for building equity and net worth. To learn more about the housing market predictions for 2024, read the full article.
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Pensacola Home Builders Association of West Florida land trust homes
The Pensacola City Council has approved a new model for building affordable housing in the area. The Northwest Florida Community Land Trust, in partnership with the Home Builders Association of West Florida, will construct two new homes and rehabilitate a third to be sold as affordable housing. These homes will be available to individuals making 120% or less of the area median income, and they can only be resold at an affordable price based on that income level. The land trust concept aims to prevent affordable homes from being lost to the market as home values rise. The city plans to use this model for future affordable housing projects. Learn more about this initiative and its impact on the community.
OPINION: Alaska’s new construction home rebate program benefits everyone – Anchorage Daily News
The housing shortage in Alaska has become a pressing issue, and addressing it requires a multi-faceted approach. Recently, the Alaska Legislature allocated $7 million for a new construction home rebate program, which incentivizes homebuyers to build new homes. By offering rebates for new construction, this program not only adds housing inventory but also reduces competition for existing homes. The program has the potential to result in over $200 million in new energy-efficient housing statewide. Building new homes not only addresses the housing shortage but also contributes to community engagement and economic growth. Learn more about how this program benefits everyone and helps build a better community.
Southern Nevada builders offering incentives on new homes | Housing | Business
Mortgage rates at a 20-year high and homeowners locked into low rates have led to fewer existing home sales in Southern Nevada. In response, homebuilders are offering incentives to attract buyers to new homes. Some major builders are providing 2-to-1 mortgage packages, where the builder’s financing arm buys down the mortgage rate for two years. Although this program is limited to new construction, it helps add housing inventory and reduces competition for existing homes. The Southern Nevada Home Builders Association estimates that new home sales will make up 25% of the residential market, signaling a significant shift in the market dynamic. Learn more about the incentives offered by builders and their impact on the housing market.
Housing and construction projects in Santa Cruz County – Santa Cruz Local
Stay informed about the latest housing and construction projects in Santa Cruz County. Discover major projects happening in the area, including water and highway projects. This is your opportunity to stay up to date and make your voice heard. Learn more about the ongoing developments and how they impact the community.