Sales of newly built single-family homes faltered last month, but overall sales are still performing stronger than they did a year ago. Indeed, new-home sales are still nearly 10% higher than a year ago. Also, the past two months in new-home sales represent the highest monthly sales rate since October 2007, the Commerce Department reported Tuesday.Sales of new single-family homes adjusted to an annual rate of 733,000 units in October, down 0.7% c
Double master bedrooms are proving to be a growing trend in new luxury developments, Forbes.com reports.As more homeowners want to live near their families and multigenerational households become more common, relatives and adult children move in together; as a result, more household members want to call dibs on the owners’ suite, which is often the largest bedroom in the house with an attached bathroom.Builders are responding by adding two mast
More new home construction may finally be coming. Housing permits, a gauge for future construction, climbed 5% in October, reaching the fastest rate of building permit authorizations since 2007, the U.S. Commerce Department reported Tuesday. Broken out, single-family permits increased 3.2% to a rate of 909,000, while multifamily permits rose 8.2% to a rate of 552,000. Permits rose in every region of the country last month and are 14.1% higher tha
For the second time in as many years, Ben Caballero, broker-owner of HomesUSA.com in Dallas, has broken the Guinness world record for the highest number of home sales in a single year. He sold 5,801 homes in 2018—exceeding $2 billion in sales volume—which translates to an average of more than 100 home sales a week, or nearly 16 every single day of the year.Caballero also won the Guinness title last year after selling 3,556 homes in 2016. He b
Accessory dwelling units are popping up in more backyards, CNBC reports. These standalone housing units are either serving as rentals to generate extra income for homeowners or extra space for aging parents or adult children who move back home.The growing interest in ADUs has sparked changes to local and state zoning rules to allow for more construction. Some communities are even pointing to ADUs as a solution for a lack of affordable housin
The median price for a new home posted a significant drop last month, but it’s not because builders are discounting their inventories or offering any special deals. Instead, the drop in prices was due to a greater mix of price points that builders are now selling.The median price of a newly built home was $299,440 in September, down 8% compared to a year ago, census data shows. That is also the lowest median price reading since 2016. A year ago
As prices rise, more buyers are turning to unconventional loans to finance their new-home purchase, particularly in some western southern markets.The share of unconventional financing is comprising more than a quarter—or 28.6%—of the new-home build market, a new analysis of census data by the National Association of Home Builders shows. Unconventional forms of financing include loans insured by the Federal Housing Administration, VA-backed lo
Many homeowners attempting to save money on household projects are turning to DIY projects. But do-it-yourself fixes can be costly, shows a new survey from Clovered, a home insurance company.Eighty-seven percent of more than 1,000 homeowners recently surveyed admitted to making a mistake while attempting a do-it-yourself home improvement project. The median amount spent on fixing those DIY mistakes was $137.50, the survey showed. Millen
Eighty percent of homeowners anticipate taking on a home improvement project in the next year, and more than 70% of that group plans to do the work themselves, according to a new survey from Chase Home Lending. The top motivators for sprucing up a home include adding value to the property, creating a comfortable space for family and entertainment, and accommodating a DIY hobby, the survey of 1,000 homeowners found.“More and more, homeowners are
Certain home remodeling projects are making homeowners happier and proving to be well worth the cost and time when they sell their properties, according to a new survey from the National Association of REALTORS®, which includes insights from the National Association of the Remodeling Industry.After completing a home remodeling project, 74% of more than 2,100 consumers surveyed reported having a greater desire to be in their home, 65% say th
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