Strong new-home sales reflect still-strong demand

Key Takeaways:

– New-home sales reached a rate of 661,000 in January, up 1.5% from December
– Builder confidence improved to 48 in February
– Mortgage applications for new homes surged in January
– There were 456,000 new homes available for sale at the end of January
– Median sale price for a new home rose to $420,700 in January
– New construction prices remain higher than existing homes
– Housing affordability and accessibility are key issues in state governance
– U.S. faces a significant housing shortage of 1.7 million to 7.3 million homes
– Governors are calling for more spending and fewer regulatory barriers for new construction

HousingWire:

New-home sales reached a seasonally adjusted annual rate of 661,000 in January, according to data published Monday by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development (HUD). 

While this figure represents a 1.5% increase from the revised December rate of 651,000, it falls slightly below market expectations. It also marked a 1.8% rise from the January 2023 pace of 649,000 units sold.

The uptick in new-home sales underscores the persistent strength of demand in the housing market despite the challenges posed by winter weather. Mortgage rates rose last week to their highest level since mid-December, but homebuilders continue to  navigate this landscape by offering interest rate buydowns and other concessions to buyers.

Builder confidence, as measured by a survey from the National Association of Home Builders (NAHB), improved to a reading of 48 in February. Additionally, mortgage applications for new homes surged in January as a lack of existing homes for sale continued to fuel the demand for new construction.

At the end of January, there were 456,000 new homes available for sale, marking a 3.9% year-over-year increase. New homes constitute slightly more than 30% of the total active inventory in the market. At the current sales pace, there is an 8.3-month supply of new single-family homes, according to census and HUD data. 

The median sale price for a new home rose to $420,700 in January, marking a 1.8% increase from December but a 2.6% decrease compared to a year earlier. New home prices have declined for five months in a row on a yearly basis. 

Nevertheless, new construction continues to command a premium over existing homes, with January’s median price for a new home standing 11% higher than that of an existing home.

Against the backdrop of these market dynamics, housing affordability and accessibility have emerged as central themes in state governance. 

More than 20 state governors spoke about housing affordability and accessibility issues with their legislatures during their annual state of the state speeches in an attempt to encourage growth and development, according to a report from The Washington Post. 

The U.S. faces a significant housing shortage, with estimates ranging from 1.7 million to 7.3 million homes, depending on the source, the Post reported. Many  governors have called not only for more spending but also for fewer regulatory barriers to new private-sector construction.

Source link

Property Chomp’s Take:

is a versatile and powerful element in HTML that is used to group and organize content on a webpage. It allows developers to create sections, group elements together, and apply styling and functionality to specific parts of a webpage.

One of the key benefits of using the

element is its ability to structure content in a logical and organized way. By wrapping related content within a

tag, developers can easily style and manipulate that content as a group. This makes it easier to apply CSS styles, JavaScript functions, and other effects to specific sections of a webpage.

For example, a developer might use

tags to create a header section, a main content area, a sidebar, and a footer on a webpage. By grouping related elements within

tags, they can style each section independently and make changes to the layout more efficiently.

In addition to organizing content,

tags are also commonly used to create responsive designs. By using

tags with CSS media queries, developers can create layouts that adjust to different screen sizes and devices. This allows websites to display effectively on desktops, tablets, and mobile phones.

Another advantage of using

tags is their flexibility and customization options. Developers can add classes and IDs to

tags to target them with CSS styles or JavaScript functions. This gives them the ability to create unique designs and interactive features on a webpage.

Overall, the

element is a fundamental building block of web development that provides structure, organization, and flexibility to websites. Whether you’re creating a simple blog layout or a complex e-commerce site,

tags play a crucial role in shaping the look and functionality of modern webpages. So next time you’re coding a webpage, don’t forget to harness the power of the

element to create a well-structured and visually appealing design.

Leave a Reply

Your email address will not be published. Required fields are marked *