By CHUCK GREEN Home sweet… multifamily home construction? If, well, the spare bedroom fits. And that it seems to do in light of a new report from Construction Coverage showing a spike in construction of multifamily homes in the U.S. With a jump in multifamily housing projects, home building in the U.S. catapulted to a nine-month high last December, according to Reuters. There was a 2.4% hike to a rate of 737,000 units among multifamily homes under construction. “As long as supply chains remain stressed, builders will struggle to complete projects, slowing sales and likely limiting growth in the supply of new homes,” said Ben Ayers, Senior Economist at Nationwide in Columbus, Ohio. Earlier in the year, addressing the International Builders’ Show in…
U.S. home prices have broken another record: 8% of homes (6 million) are now worth $1 million or more, according to a new report from Redfin. That is nearly double the share from before the pandemic when the share was only 4.8% (3.5 million). The Bay Area has the biggest share of million-dollar homes, with nearly nine out of 10 properties in San Francisco and San Jose making the list. This isn’t surprising given its long history of being the most expensive place to buy a home in the U.S. Anaheim, CA, saw the biggest increase, with its share of million-dollar homes jumping to 55% from 27% two years ago. California dominated the top five, following up with Oakland (55.1%),…
More than a third of US single-family homes for sale in December were newly built, the highest share on record, according to a new Redfin report. New construction accounted for 34.1% of single-family homes at the end of 2021, up from 25.4% year-over-year (YOY). These numbers are the result of builders trying to keep up with housing demand, which has increased while inventory dropped to historic lows. In December, existing-home inventory fell 14.2% YOY with a historic-low 1.8 months supply. However, new homes saw inventory increase 34.8% and had a 6 month supply. Though new home supply is rising, new home sales have remained consistent, which Redfin calls “another indicator that homebuyer demand is far outpacing supply.” “A lot of…
