Welcome to today’s roundup of real estate news, where we delve into the latest trends and developments shaping the housing market. From the surge in new construction homes as Americans navigate high existing home prices and interest rates, to significant policy changes and predictions for future affordability, we cover a broad spectrum of topics. Highlights include Governor Gretchen Whitmer’s ambitious new housing goals in Michigan, volatile lumber prices impacting building costs, and Texas cities leading the charge in new home sales. Stay informed on these critical issues that affect homeowners and potential buyers alike by exploring our detailed articles.
New construction still popular as most Americans believe it’s a bad time to buy an existing home | Fox Business
New build homes are regaining popularity as existing home prices and interest rates remain high. In March, over a million single-family new builds were started, marking a 21.2% increase compared to the previous year. However, new builds are down by 12.4% from February. Texas, California, and Florida have seen the highest number of new build permits, while less populated states like North Dakota, Alaska, Wyoming, and Vermont have had the fewest permits. The National Association of Home Builders predicts a 4.7% increase in single-family new builds in 2024. Rising home prices and debt are driving more adults to move back in with their parents. To learn more about the current housing market and mortgage options, visit Credible.
Housing Market Predictions For 2024: When Will Home Prices Be Affordable Again? – Forbes Advisor
The spring home-buying season has been slow to start due to rising mortgage rates and affordability challenges. While sales of newly built homes are thriving, sales of existing homes have stagnated, contributing to the low housing supply. A $418 million settlement involving the National Association of Realtors (NAR) is set to bring significant changes to the real estate industry starting in July. Despite affordability hurdles, Fannie Mae predicts an increase in home sales transactions compared to last year, with slower price growth. However, experts believe that a housing recovery depends on increased inventory and cooling mortgage rates. To learn more about the housing market predictions for 2024, visit Forbes Advisor.
Whitmer announces new home construction goals | News/Talk/Sports 94.9 WSJM
Governor Gretchen Whitmer has announced an effort to reduce housing and energy costs in Michigan. The administration has increased its goals for constructing or rehabbing homes in the state, raising the target from 75,000 to 115,000 units of affordable housing by September 2026. Whitmer also unveiled an initiative to promote energy efficiency by getting more efficient appliances into homes and increasing home energy savings. The Michigan State Housing Development Authority has invested significantly in housing under Whitmer’s leadership, building, rehabbing, or financing 34,000 homes. To learn more about these initiatives, visit News/Talk/Sports 94.9 WSJM.
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 using the Random Lengths Framing Lumber Composite. Softwood lumber prices have been volatile due to increased demand, rising tariffs, supply-chain bottlenecks, and insufficient domestic production. The cost of softwood lumber directly impacts the price of a new home, along with other factors like rising wages and interest rates. Homebuilders and remodelers may experience price relief once mill prices decrease or stabilize for an extended period. Learn more about framing lumber prices and NAHB’s efforts to address supply-chain challenges on their website.
Austin nails top 10 rank for most new construction homes sold in U.S. – CultureMap Austin
Austin has secured a spot in the top 10 cities with the most new construction homes sold in the U.S. In March 2024, Austin sold 750 new build homes, ranking seventh out of 153 cities nationwide. The median sale price for these homes was $434,900, making them more affordable compared to other cities. Houston, Dallas, and San Antonio also made it to the top 10 list, showcasing Texas’ dominance in new construction home sales. To learn more about the real estate market in Austin and the top-selling cities, visit CultureMap Austin.