Homebuilders started on fewer new homes in March as the COVID-19 pandemic spread across the nation. New construction was at a pace of 1.22 million units in March, the Commerce Department reported Thursday. However, that number is still 1.4% higher than a year ago.Building permits—which help gauge future construction activity—were at a seasonally adjusted rate of 1.35 million in March, still 5% higher than last year’s rate. Nevertheless, a s
Closets, energy efficiency, and laundry rooms appear to be home builders' top priorities in the single-family homes they're constructing this year.The National Association of Home Builders conducts a nationwide survey each year to find out what home features builders are most likely to include in a typical new home. The walk-in closet in the master bedroom was the most popular home feature builders cited, according to the survey. Energy-efficient
After reaching a 13-year high in January, sales of newly built homes posted a decrease last month. Builders predict sales of new homes to temporarily recede over the coming weeks due to the COVID-19 pandemic.New-home sales dropped 4.4% in February compared to the previous month, the Commerce Department reported Tuesday. Sales were at a seasonally adjusted annual rate of 765,000 in February, and with the dip largely predating the coronavirus outbr
Total housing starts fell 3.6% in January, but that’s not what housing economists were focused on with the latest data release from the Commerce Department on Wednesday. Instead, it was the gauge on future home building—housing permits—that had them upbeat about what could be coming. Housing permits last month climbed to the highest level since March 2007.Still, it wasn’t all great news to the industry: Housing starts dipped to a seasonal
Builders are feeling bullish. They’re quick to brush off the modest 0.4% dip in sales of newly built single-family homes on a monthly basis in December. Instead, they’re focusing on how sales are still 23% higher than a year ago.“High levels of home builder confidence, coupled with an insufficient existing housing supply to meet current demand, suggest growth ahead for new home sales this year,” says Dean Mon, chairman of the National Ass
First-time and repeat buyers say they’d rather have a smaller home with high-quality amenities than a bigger property with fewer such features, according to a survey the National Association of Home Builders released during the International Builders’ Show last week in Las Vegas. The NAHB’s report, titled “What Home Buyers Really Want,” identified the following features as being most desired by both segments of buyers.Laundry roomsEnerg
Developers who take steps to improve the energy efficiency of their office buildings may boost the property’s value, gain a competitive sales edge, and improve the buildings’ performance, according to a new study by the Urban Land Institute called “Unlocking Hidden Value in Class B/C Office Buildings.” But developers don’t have to spend big bucks on high-end updates to unlock the savings, the study finds.Class B and C office buildings t
There’s a wide variety of issues that can lead to defects in residential and commercial construction, but the most common relate to poorly trained contractors, finds a new analysis based on four years of research from LJP Construction Services.Poor workmanship, misinterpretation of plan details, and deviations from manufacturers’ recommendations are the top culprits causing construction deficiencies, the study notes. For single-family homes,
More single-family and multifamily homes are coming onto the market soon as new-home construction posts its biggest gains in 13 years. Total housing starts rose nearly 17% in December to a seasonally adjusted annual rate of 1.61 million units, the U.S. Commerce Department reports.Broken out, starts for single-family homes rose 11.2% to a seasonally adjusted annual rate of 1.06 million in December. The multifamily sector, which includes apartment
Builders are on the path to complete more new apartments in 2020 than in the past 40 years. In that feat, they’re increasingly targeting the luxury sector for adding new apartments.About 371,000 new rental units are set to arrive across the country this year, a 50% increase over the number of new units that were completed last year, according to an analysis from RealPage. About 80% of that new supply is expected to come from luxury developments
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