July Home Sales up 1% as Prices Reach Unprecedented Levels | Business News

By MARTIN CRUTSINGER, AP Economics Writer WASHINGTON (AP) — Sales of new homes rose a modest 1% in July after a string of declines as new home prices soar to record levels. Sales last month reached a seasonally adjusted annual rate of 708,000, the Commerce Department reported Tuesday. Sales had fallen in April, May and

Vietnam halts furniture production, wildfires send lumber prices back up, and more

The worlds of design and athletics collided this week, as Cleveland’s Major League Baseball team took on a new name inspired by the art deco stone landmarks flanking the city’s Hope Memorial Bridge. Stay in the know with our weekly roundup of headlines, launches and events, recommended reading, and more. Business News Salone del Mobile

Blue Origin, Virgin Galactic, SpaceX hubs could help boost local real estate prices

Blue Origin founder Jeff Bezos spoke with FOX Business’ Neil Cavuto ahead of his trip on the aerospace company’s New Shepard rocket for its first-ever crewed launch, noting that he feels ‘very good’ about the adventure. The job growth and presumably high incomes at aerospace giants like Elon Musk’s SpaceX and Jeff Bezos’ Blue Origin

Lumber prices finally are cooling a bit as lumber mills ramp up production to meet the frenzied demand

Home prices are soaring, pushed higher by a combination of record-low mortgage rates, strong demand from buyers and a lingering lack of new construction. In 2021, a new factor put pressure on home prices: Month after month, lumber prices jumped to new highs. Lumber costs soared more than 30 percent from January through May. However,

Spiking lumber prices affect cost of construction

PEORIA — High lumber prices are causing the cost of building a new home to grow in the Peoria area even as home construction numbers are rebounding, local homebuilders say. “New home prices have been affected by the lumber prices that are driving the prices higher,” said Scott Lewis of Scott Lewis Homes. “The increase of lumber has been

Why Are Real Estate Company Share Prices Falling Despite Good News?

On Thursday morning, eXp World Holdings reveal that in the first quarter of 2021 it raked in $583.3 million — a 115 percent increase compared to the same period last year. It’s hard to spin that news as anything but positive. And yet, in the hours after eXp revealed its earnings, the price of shares

Austin housing boom has homebuilders struggling to keep pace, prices soaring

Home construction is booming at a rapid pace across the Austin region — but it’s still not fast enough to keep up with torrid demand, builders and local housing market experts say. Builders started work on a record number of new homes in the Austin area in the first quarter, according to Zonda, a firm that