May 23, 2024 Housing Market News: Groundbreaking, Housing Boom, and Houston’s No. 1 Ranking

Welcome to today’s roundup of the latest developments in the real estate market! From groundbreaking events for new homes in Cincinnati’s West End to the ongoing housing boom across the United States, and Houston’s remarkable achievement in new construction home sales, our coverage spans significant updates that impact buyers, sellers, and industry watchers alike. Dive into detailed reports on how these developments aim to address the housing shortage, enhance neighborhood vitality, and offer insights into market trends. Whether you’re a potential homebuyer or simply keeping an eye on the market dynamics, there’s something here for everyone. Keep reading to uncover more about these exciting real estate ventures!

Groundbreaking held for new homes in West End neighborhood

Groundbreaking took place in the West End on Tuesday for new homes in Laurel Park. The development will include single-family homes with three bedrooms and three bathrooms. The Housing Authority has given a 15-year tax abatement for 69 single-family houses that are planned to be built by 2029.

Mayor Aftab Pureval emphasized that this project is not just about new investment and neighborhood momentum, but also about providing new, quality homes that are walkable to schools, amenities, and neighbors. Phyllis Wright, a resident of Laurel Park, expressed excitement about the completion of the project after many years of waiting.

Laurel Park was established in 1998, but housing construction was delayed due to issues with a previous developer. Gregory Johnson, CEO of the Greater Cincinnati Metro Housing Authority, stated that finding a quality developer who prioritizes homeownership has been a long process.

Land work on the development is expected to begin by July, with home construction following soon after. The Housing Authority aims to have families residing in the new homes by next year.

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Housing boom in most of the US could ease shortage, but cost is still a problem • Alaska Beacon

The United States has seen a significant increase in housing units since 2020, particularly in the South, with most of them being single-family homes. While this growth may alleviate the housing shortage in many areas, experts caution that more homes, especially single-family homes, need to be built. High interest rates continue to pose challenges for potential homebuyers.

States such as Texas, Florida, California, North Carolina, Georgia, and Tennessee have experienced the highest increase in housing units. However, even with the recent construction boom, there is still a shortage of affordable and available homes, particularly for low- and moderate-income individuals.

The housing shortage has become a prominent political issue, prompting states to take action to address the issue. Despite the progress made, the supply of housing has not fully caught up with demand. The article emphasizes the need for more affordable and accessible housing options.

To learn more about the housing boom and its impact on the shortage, click here.

Houston nails No. 1 ranking for new construction homes sold in U.S. – CultureMap Houston

Houston has claimed the top spot for selling the most new construction homes nationwide in March 2024, according to a recent report by SmartAsset. With a total of 1,751 new build homes sold, Houston outshined 153 other U.S. cities ranked based on real estate data from Zillow.

The median sale price for these newly constructed homes in Houston was $347,990, which is higher than the median price for all homes sold in April. Despite the seemingly high prices, Houston’s affordability stands out compared to other cities like San Jose, California.

Dallas closely followed Houston in the national standings, with 1,574 new construction homes sold in March 2024. Other Texas cities, including San Antonio and Austin, also secured spots in the top 10.

To learn more about the booming new construction home market in Houston and Texas, click here.