
Housing Starts, Builder Confidence Down
“While the demographics and interest for homebuying remain solid, higher costs and material access issues have resulted in lower levels of home building and even put a hold on some new home sales,” said NAHB Chief Economist Robert Dietz. “While these supply-side limitations are holding back the market, our expectation is that production bottlenecks should ease over the coming months and the market should return to more normal conditions.”
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Homebuilders Report Shortage of Materials, High Costs
On average, builders estimated that the cost of materials have risen 26.1% year over year.
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Builder Confidence Soars
“Housing has clearly been a bright spot during the pandemic and the sharp rebound in builder confidence over the summer has led NAHB to upgrade its forecast for single-family starts, which are now projected to show only a slight decline for 2020,” said NAHB Chief Economist Robert Dietz. “
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Single-family homes: How many stories are we building?
In Pennsylvania, two-story or larger homes are more popular.
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Builders building more homes this year
The increase is thanks to a rise in demand for multifamily homes, which rose 18.3 percent to 466,000.
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What Conway decision means for Realtors®
The Pennsylvania Supreme Court again has addressed the issue of the implied warranty of habitability. It recently ruled that the warranty it established in 1972, does not apply to purchasers other than the original home buyers of new construction.
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Court rules on builders’ implied warranty
This case is a very significant victory for homebuilders in Pennsylvania. Subsequent homebuyers now appear to have little or no recourse against the homebuilder for construction defects that may not become evident until after they purchase the home from the original buyer.
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Report: His-and-hers bathrooms are trending
A recent survey by the National Association of Home Builders® found that six percent of buyers consider his-and-her baths essential.
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