What’s Happening in New Home Construction and Sales?

Builder meeting with woman at new home construction site

Residential construction and new home sales have been making quite a few headlines lately. Keep reading to catch up on the latest stories and market data related to new home construction and sales. Plus, join us for a high-energy Pro-Series webinar on Wednesday, May 26, 2021, “Power to Prevail in 2021 and Beyond—New Residential Construction Outlook.”

Get up to speed on hot topics in the appraisal industry with our Pro-Series webinars. View the schedule.

New home construction in the news

New homes are selling like it’s 2006 again

This HousingWire article reports that new homes are currently selling at the fastest pace since September 2006. “Low mortgage rates and incredible buyer demand won out over pressure from soaring lumber prices in March as single-family new home sales rose 20.7% from February to a 1.02 million seasonally adjusted annual rate.” Read the full story.

Newly built homes make up 26% of all single-family homes for sale—a record high

According to this Redfin story, “New construction is taking up a bigger piece of the pie as low mortgage rates and surging homebuyer demand make homebuilding more attractive during the coronavirus pandemic.” Redfin Lead Economist Taylor Marr cites two main reasons for the recent acceleration: “an increase in homebuilding and a decrease in the number of Americans putting their houses up for sale.” Read the full article.

Residential sector continues to drive construction spending

This Mortgage News Daily article reports that March saw a big annual gain in residential construction, especially for new single-family homes. “The U.S. Census Bureau said construction, public and private, for all sectors inched up 0.2 percent from February and was 5.3 percent higher compared to March 2020 at $1.513 trillion. However, residential spending gained 23.3 percent on an annual basis.” Read the full story.

Upcoming webinar

Power to prevail in 2021 and beyond—new residential construction outlook (free for members)

Chris Hartley

No matter how long you’ve been in the real estate appraisal business, what we are experiencing now and over the past year due to the COVID-19 impact is unlike anything we have ever seen in recent times.

Join us on Wednesday, May 26, 2021 for a one-hour, non-credit Pro-Series webinar, “Power to Prevail in 2021 and Beyond—New Residential Construction Outlook,” presented by Chris Hartley. You won’t want to miss this high-energy, forward-thinking industry insider’s thoughts on what is going on behind the scenes regarding market conditions, construction design trends, and what the future holds for the new residential construction market.

Chris Hartley has 17 years of New Home Sales Experience as an On-site Sales Representative, Corporate Sales Trainer, Vice President of Sales & Marketing, and Vice President of Operations. In addition, Chris is a Certified Trainer for the Texas Real Estate Commission, a frequent contributor to industry leading publications, a guest on numerous industry podcasts, and a highly sought after public speaker.

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