Virginia REALTORS®’s Post

Growth rates for new, single-family homes are on an upward swing, according to data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. New home sales were up in February 5.9% from this time last year. New single-family home inventory in February was up 1.3% from January. Homes advertised for sale but not started construction have increased almost 18% over the last year. #HomeSales #RealEstate #Construction https://lnkd.in/eFWxGkvC

🏗️📉 March saw a decline in both multifamily and single-family starts compared to February, according to the seasonally adjusted annual rates from the latest U.S. Census Bureau data release. Multifamily starts took a significant dive of 20.8%, while single-family starts also experienced a notable drop of 12.4%. #ConstructionTrends #HousingMarket #RealEstateData #CensusBureau

🏗️📉 March saw a decline in both multifamily and single-family starts compared to February, according to the seasonally adjusted annual rates from the latest U.S. Census Bureau data release. Multifamily starts took a significant dive of 20.8%, while single-family starts also experienced a notable drop of 12.4%. #ConstructionTrends #HousingMarket #RealEstateData #CensusBureau

Good or bad news on the housing front, depending on where you live. According the U.S. Census, the median sales price on new single family homes have stabilized in the US, unless you live in the Northeast. In the South, the median sales price has leveled out at $388,800. In the Midwest, the median home sales price stabilized at $396,300. The western US saw its median sales price drop to $536,200, while in the East, the median sales price rose to $760,700. As economic developers, we should keep an eye on home prices because they affect the ability of employers to hire and retain qualified workers. Also higher housing costs impact disposable income which may constrain spending on certain goods and services. O'Brian & Associates, LLC David Gaines, MEDP, Barry Albrecht, MEDP,

🏗️📉 March saw a decline in both multifamily and single-family starts compared to February, according to the seasonally adjusted annual rates from the latest U.S. Census Bureau data release. Multifamily starts took a significant dive of 20.8%, while single-family starts also experienced a notable drop of 12.4%. #ConstructionTrends #HousingMarket #RealEstateData #CensusBureau

'...many continue to find homeownership financially out of reach due to rising house prices and stagnant wages, among other contributing factors. But which U.S. cities are the least affordable? One way to assess housing affordability is through the home price-to-income ratio, which measures the ratio of the median home price to the median household income...this map shows the home price-to-income ratio of 54 large cities (population over one million) in the U.S. using data from Construction Coverage’s analysis of Zillow and U.S. Census Bureau data...' https://lnkd.in/gtTzP3-6

Many Americans continue to find homeownership financially out of reach due to rising house prices and stagnant wages, among other contributing factors. But which U.S. cities are the least affordable? One way to assess housing affordability is through the home price-to-income ratio, which measures the ratio of the median home price to the median household income. This map shows the home price-to-income ratio of 54 large cities (population over one million) in the U.S. using data from Construction Coverage’s analysis of Zillow and U.S. Census Bureau data.

Read between the headlines! Recent Census Bureau data and headlines have shown a notable rise in unsold new home inventory, which captures both new homes under construction and completed (Figure 1). While this has many concerned about supply potentially outpacing demand, it is important to note that homebuilders have increasingly leaned into a spec strategy, deliberately starting construction on homes before the sale, since rate buydowns and locks are cheaper to offer on quick-move-in homes versus build-to-order homes. Thus, when focusing on the number of COMPLETED unsold new homes, this metric is up only ~64k units since April 2022 and stands at fairly normal levels. Most importantly, considering the recent rise in completed unsold new homes in the context of TOTAL (new + existing) homes for sale, the recent increase all but disappears (Figure 2). The bottom line, move-in ready single-family inventory still remains well below normalized levels and the increase is not surprising at all when compared to an April 2022 backdrop of anemically low inventory. #Evercore #landadvisorscapital #Capital

Some insight into the housing development market on the national level. On the whole both multi family and single family starts are down by about 4% from last year. Not necessarily unexpected given the rise in interest rates and still relatively high construction costs. However, there are definitely some geographic areas that show high growth in terms of new units coming to market. Showing that it's crucial to understand your market from both a development and investor standpoint.

Good morning wonderful professionals, I hope EVERYONE is well. According to the U.S. Census Bureau and U.S. Department of Housing and Urban Development, Median Sales Price for New Houses Sold in the United States [MSPNHSUS], average home sizes peaked in 2015 and are now 15% smaller. 2/3's of that move is over the last 18 months. Yes, $/sf is headed higher even if average new prices rise moderately - actually, that's already happening against moderate new price decline. Until the GFC, it was all about unit volume & home size. Post-GFC, builders rationalized not only the process but became very margin-focused. Also, maybe McMansions were just another Boomer fad...