A growing economy, supported by positive demographic trends, bodes well for the housing market in the new year, even as affordability challenges rise from an increase in prices and mortgage rates, according to realtor.com®’s 2018 Housing Forecast, released this week at the National Association of Home Builders’ International Builders’ Show in Orlando, Fla. Realtor.com®’s report highlighted the following key factors for builders in 2018
Many commercial projects may face delays in 2018 due to rising demand, particularly for warehouse and office space. A shortage of skilled construction workers and rising construction costs—two items that are also plaguing the residential market—are expected to push back timetables on many commercial projects in the pipeline, according to the CoStar Group.The labor shortage may mean developers will have to pay more to get their buildings const
Homebuilders say larger-than-expected cost increases topped their list of biggest market surprises in 2017, according to a survey of more than 300 homebuilding executives conducted by John Burns Real Estate Consulting. While builders say they anticipated cost increases, 40 percent of builders surveyed say the increases in 2017 were more than what they expected.The biggest surprises of 2017 for homebuilders were: Bigger cost increases: 40% Stronge
A shortage of building materials is becoming a pressing problem for many of the nation’s homebuilders. Twenty-one percent of single-family builders reported a shortage of framing lumber, according to the 2017 National Association of Home Builders/Wells Fargo Housing Market Index. Builders also reported a shortage in ready-mix concrete and trusses.The NAHB notes that the last time there was a shortage of framing lumber was in October 2004, when
Real estate professionals say that hardwood floors can pay off when it comes to selling a home. They’re a “bling feature,” particularly in living rooms and dining rooms, and in a master suite they “could help win a buyer’s offer,” Janice Caputo, a real estate pro with Coldwell Banker Real Estate Services in Pittsburgh, told realtor.com®.“Most buyers nowadays are expecting hardwood," Matt Laricy, a real estate pro with Americorp
Housing starts are on the rise, reaching a post-recession high in November. The West and South regions of the country are seeing the bulk of the increase in new-home construction.Housing starts—which include single-family and multifamily production—increased 3.3 percent nationwide in November to a seasonally adjusted annual rate of 1.3 million units, the Commerce Department and the U.S. Department of Housing and Urban Development reported Tue
Hardwood flooring is dominating the main living areas of new homes, and engineered hardwood has been particularly catching on over the past decades, according to the latest surveys from Home Innovation Research Labs.Engineered hardwood floors are made up of layers: the top and bottom layers are natural wood, but the middle contains a core of plywood. It’s known to be a more quick, fuss-free installation than solid hardwood.Hardwood has become t
Nearly 24 percent of new single-family homes in 2016 included decks, according to a new analysis of U.S. Census Bureau data from the National Association of Home Builders. The percentage is up slightly from 23.3 percent in 2015.New England and the East South Central region of the U.S.—which includes Tennessee, Mississippi, Kentucky, and Alabama—are showing some of the biggest upticks in single-family homes with decks. Perhaps unsurprisingly,
The front porch—a classic feature of American homes—is making a comeback but with a twist.Younger crowds are literally turning porches into stages. “Porchfest” is growing in popularity across the country, in which neighborhood music festivals pop up that are enjoyed from homeowners’ front porches.The Atlantic Monthly’s CityLab reports: “In the Instagram age, the front steps have become places to see and be seen, throw a rocking conc
Sales of new single-family homes jumped 6.2 percent in October to a seasonally adjusted annual rate of 685,000 units, the Commerce Department reported Monday. This marks the highest pace for new-home sales since October 2007. “The October report shows strong sales growth at entry-level price points,” says Granger MacDonald, chairman of the National Association of Home Builders. “In markets where builders are able to provide homes for famil
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