Dwindling supply, strong demand push new home prices to record

Dwindling supply, strong demand push new home prices to record

In both cases, the figure was the highest in the 20-plus years of data Cross has compiled, according to Erik Doersching, the firm’s president. The total price buyers paid, $438,307 on average for houses and $590,283 for condos or townhouses, were not records, as both types of housing have been selling at smaller square footages

Lumber Prices Are Lower, but Your Home Projects Could Still Cost More

Lumber Prices Are Lower, but Your Home Projects Could Still Cost More

Photo: istockphoto.com The skyrocketing price of lumber has dominated headlines in the residential construction world over the past couple of years. However, the latest Producer Price Index (PPI) report shows that the price of softwood lumber fell 23 percent in June. And while that may be good news for anyone planning to build a new

New Construction Falls in June as Higher Prices, Mortgage Rates Hit Housing Market | Economy

New Construction Falls in June as Higher Prices, Mortgage Rates Hit Housing Market | Economy

New home construction slumped in June as both housing permits and new home starts fell from May levels, the Census Bureau and the Department of Housing and Urban Development reported on Tuesday. Permits came in at 1.685 million, down 0.6% from the revised May reading of 1.695 million while starts fell 2% to 1.559 million,

Dwindling supply, strong demand push new home prices to record

Home renovation: Lifestyle changes, aging homes, rising prices spur record spending | Science & Environment

About a year after the onset of the pandemic, Kathy Lange-Novak and her husband, Frank Novak, decided it was time to update their Fitchburg home. After 26 years, the floors, countertops and appliances were showing their age, and the couple thought they needed to upgrade before putting the house on the market. “This is the

‘Signs of a tipping point.’ Homebuyers now have about 20% more homes to choose from compared to a year ago, as home prices increasingly get cut

‘Signs of a tipping point.’ Homebuyers now have about 20% more homes to choose from compared to a year ago, as home prices increasingly get cut

Looking to buy a home? You may have more choice now. Getty Images “Signs of a tipping point toward a greater balance between buyers and sellers are increasing,” wrote CoreLogic Deputy Chief Economist Selma Hepp in a statement in June. It was a quote that caught our eye, as we’ve heard from plenty of aspiring

Newly built homes see prices near peak, even as sales plummet

Newly built homes see prices near peak, even as sales plummet

The head of the Toronto region homebuilders’ association is warning the re-elected provincial government must keep its commitment to increasing housing supply, even though sales of new construction homes continued to slump in May. Home prices, however, rose across the board, particularly single-family houses, which climbed 31 per cent year-over-year to a benchmark $1.84 million

Mortgage rates, home prices expected to stabilize, forecast says

Mortgage rates, home prices expected to stabilize, forecast says

Placeholder while article actions load The rapid rise in mortgage rates and inflation since the beginning of 2022 is roiling the housing market and the stock market. Fears of a recession and general uncertainty about the economy mean that economists are adapting their forecasts for the year to take into account these changes. Some changes

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

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

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, 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