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[In] the last two years, looser regulations and the widespread adoption of remote working attracted even more people to settle in the Sunshine State. As a result, newcomers found themselves competing with those who were already hunting for apartments in the area, making Miami-Dade the hottest area for renting in the U.S. — RentCafe
Nationwide, an average of 14 people were said to be competing for each vacant apartment unit, which remained on the market for an average of 32 days. Miami-Dade County was joined by four other Florida rental markets in the top 20 despite adding a total of 34,000 new dwellings within the calendar... View full entry
A new solution to America’s multifaceted housing frustrations is blowing up in New York’s Hudson River Valley thanks to a startup called Automatic Construction. The company says it has invented a new technique named the Inflatable Flexible Factory Formwork (or IFFF), which, with the help of an... View full entry
The disappearance of such affordable homes is central to the American housing crisis. The nation has a deepening shortage of housing. But, more specifically, there isn’t enough of this housing: small, no-frills homes that would give a family new to the country or a young couple with student debt a foothold to build equity. [...]
At the root is the math problem of putting — or keeping — a low-cost home on increasingly pricey land.
— The New York Times
America has a long history of gradually siphoning away architecture made for predominantly middle-class people (think pre-war buildings in Manhattan or Levittown tract housing on Long Island) and is now simply under-delivering what could otherwise be an equalizing force as a result of prevailing... View full entry
A new poll conducted by the National Association of Home Builders shows builder confidence in the market for new single-family homes is at its lowest level after six straight months of decline.
The poll measures builder perceptions of current and future single-family home sales, and the traffic of prospective buyers. All three categories posted declines in the latest monthly data with buyer traffic falling most sharply, a sign that homebuyers — especially first-time ones — are giving up.
— NPR
The now-familiar cocktail of increasingly higher interest rates and home prices is once again causing headaches for contractors looking to fill America’s shortage of 4 million homes. The NAHB has been pushing the Biden Administration to take action on the supply-side of the problem since last... View full entry
Miami is now number one on a list of the most expensive areas to own a home in the United States according to statistics published in the industry blog The Real Deal. The city surpassed New York and Los Angeles in the February edition of RealtyHop’s Housing Affordability Index on the wings of a... View full entry
The Nevada Housing Division announced Wednesday that $300.7 million will go to the development of affordable housing projects in the state. The money makes up 87% of Nevada’s 2021 tax-exempt bonding authority and is the highest amount earmarked for state-led affordable housing developments since the inception of the state’s tax-exempt private activity bond (PAB) program, according to Department of Business and Industry Director Terry Reynolds. — 8 News Now
The program aims to facilitate public and private sector collaboration in financing eligible affordable housing projects. There are currently 14 below-market-rate projects under construction located in Reno, Las Vegas, and North Las Vegas that will bring 2,898 residences by early 2024, with nine... View full entry
Rents in New York City approached all-time records last month as inventory grew increasingly scarce. The median rental in Manhattan cost $3,467 last month, according to the New York Post, which cited the latest report by appraisal firm Miller Samuel. That was up a little over 2 percent from $3,392 in December, but it represented a 23 percent spike from January 2021 — falling just $5 short of the January record set in 2020, when the median rental was $3,472 per month. — The Real Deal
The median rental in Manhattan in January was just shy of the $3,540 peak in April 2020. Prices in Northwest Queens and Brooklyn also rose last month, up 28 percent and 11.1 percent year-over-year respectively. The Real Deal notes that the major force behind price growth in the housing market is... View full entry
U.S. home prices surged 19.7% in July, once again posting the biggest jump in more than 30 years. The record gain in the S&P CoreLogic Case-Shiller index of property values nationwide followed a 18.7% jump in June and was the 14th straight month of accelerating price increases. — Bloomberg
A measure of prices in 20 cities posted a 19.9% gain in July, up from 19.1% the previous month. Phoenix, San Diego, and Seattle reported the highest year-over-year gains, with 32.4%, 27.8%, and 25.5% increases, respectively. “The last several months have been extraordinary not only in the... View full entry
According to the Professional Services Management Journal (PSMJ) Resources’ Quarterly Market Survey, proposal activity for AEC firms continued to grow at a rapid pace in quarter two of 2021. The survey’s net plus/minus index (NPMI) was 52% for overall proposal activity, which was the... View full entry
A new report published by the American Institute of Architects (AIA) indicates that architects who focus on residential projects are bracing for steep losses over the coming months as the COVID-19 economic shut down put in place to limit the spread of the novel coronavirus has dimmed what was... View full entry
The red-hot housing market has made it difficult for adults, especially Millennials and single families, to afford decent accommodations. With the increasingly popular tiny home movement, it's become clear that this appealing lifestyle trend is turning into a viable solution to the looming housing... View full entry
With only 400-some Wright structures still standing, surely these listings must erupt in bidding wars from eager buyers as soon as they hit the market, right?
Wrong. On the contrary, Wright homes tend to sit on the market for years. Often with numerous price cuts!
— Realtor.com
Owning a home designed by a famed architect may be a dream for many. However, what are some of the unforeseen factors that come with owning such a home? According to Adriana Velez from realtor.com, owning a Frank Lloyd Wright home comes with its fair share of obstacles. Velez explains, "for... View full entry
With affordable homes already in short supply around the U.S., house-hunters this spring faced another challenge: surging prices. Median home prices in the second quarter surged to a record high $266,000 for single family-homes and condos, according to a recent report from property research firm ATTOM Data Solutions. That's up 6% from about $250,000 a year ago. — CBS News
"U.S. homeowners who sold in the second quarter of 2019 realized an average home price gain since purchase of $67,500, up from an average gain of $57,706 in Q1 2019 and up from an average gain of $60,100 in Q2 2018," states the July ATTOM report. The locations with the highest average home seller... View full entry
The economy is headed for a slowdown, but its effect on the housing market won’t be as tumultuous as the downturn that led to the Great Recession, Metrostudy chief economist Mark Boud told a standing room-only audience today at the 2019 Metrostudy Housing Outlook Breakfast.
Boud sees overinflated housing prices causing bubbles in some hot markets where affordability is a top issue.
— Builder
In his recent talk, Metrostudy chief economist Mark Boud points out the economic indicators that will bring about the inevitable correction to the current boom cycle but does not predict a collapse of the housing market as dire as in the years following the 2008 financial crisis. "We predict that... View full entry
A rare find on the housing market: The Olfelt House designed by Frank Lloyd Wright can now be yours for $1.3 million. Located in St. Louis Park, Minnesota this rare find includes 3 beds and 2 baths set on 3.77 acres of private, grassy meadows. The house features a vaulted great room, walls of... View full entry
