Buyers continue to rush to the new-home market. Sales of newly built single-family homes in July surged to the highest pace since 2006, jumping 36% higher than a year ago, the U.S. Department of Housing and Urban Development and U.S. Census Bureau reported Tuesday.The Midwest saw the largest spike in new-home sales last month, a 59% month-over-month increase in July. All four major regions of the U.S. posted annual gains in new home sales.“Cons
Housing is giving a boost to the economic recovery and housing inventories. Single-family and multifamily construction jumped nearly 23% last month, the Commerce Department reports. This marks the highest production rate since February.Broken out, single-family construction jumped in July by 8.2% to a seasonally adjusted annual rate of 940,000. The multifamily sector, which encompasses apartment buildings and condos, rose 58.4% to a 556,000 pace,
More buyers were out shopping for new homes last month. Single-family housing starts rose 17.2% in June to a seasonally adjusted annual rate of 831,000, the U.S. Commerce Department reports. The multifamily sector—which includes apartment buildings and condos—increased 17.5% last month.“The housing market is hot,” says Lawrence Yun, chief economist for the National Association of REALTORS®. “Home buyers have swiftly moved into the mark
Sales of newly built homes surged 55% year-over-year in June—the highest pace of sales growth in homebuilding since the housing boom back in 2005 and 2006, according to new data from John Burns Real Estate Consulting. The firm’s data tends to mirror U.S. Census Bureau reports.With a limited number of existing homes for sale, homebuilders are finding more buyers turning to them for options. This latest housing boom is being entirely driven by
Taylor Morrison, the fifth largest homebuilder in the country, reports a record monthly gain in orders for new-home construction—and a rise of 94% annually—in June. The builder also reports record sales across 22 major housing markets and 11 states. “To experience our best sales month in company history amid a pandemic, amid transitioning our business to a virtual environment seemingly overnight, and amid the economic and psychological impa
The new-home market is booming as states wind down sheltering-in-place restrictions, easing the search for a new home. Sales of newly built single-family homes last month jumped nearly 13% over 2019—that is the strongest May since 2007, according to newly released data from the U.S. Census Bureau.However, while sales are rebounding, housing starts—the construction of new homes—posted a lackluster month, showing that builders are struggling
Single-family permits, a gauge of future housing production, posted a double-digit gain in May as the new-home market showed an increase inactivity. The pandemic in March and April brought the sector to mostly a standstill as economies shut down in an effort to curb the spread of the coronavirus. But as states reopen, home buyers are coming back and builders are ramping up production to meet demand.Permits to construct new houses in May rose 14.4
Home renovation remains a popular activity for owners, particularly among older age groups. Baby boomers accounted for more than half of renovating homeowners in 2019, according to a newly released survey of more than 87,000 respondents by Houzz, a home remodeling and design website. Gen Xers (ages 40 to 54) trailed at nearly a third of home renovators and millennials (ages 25 to 39) were at about 12%.Baby boomers tend to spend the most on their
Few thought the housing market would see this quick a turnaround in homebuyer demand. The COVID-19 pandemic dragged down the spring buying season as states and cities issued stay-at-home orders. But despite the lingering pandemic and subsequent economic recession, homebuilders are upbeat on housing heading into summer.Builder sentiment surged 21 points in June, the largest monthly increase ever recorded by the National Association of Home Builder
New homes are proving a draw to home shoppers, particularly during the pandemic. Newly built single-family homes increased 0.6% in April, reaching a seasonally adjusted annual rate of 623,000, the U.S. Department of Housing and Urban Development and U.S. Census Bureau reported Tuesday. While sales eked out a monthly increase, they are still 6.2% lower than a year ago.However, builders point to the unexpected uptick in April, as many companies wer
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