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Home construction data offers glimmers of optimism — but with a caveat

Housing Wire

The number of housing units that came online in September showed a big year-over-year jump, but data on earlier stages of construction suggest not much is coming through the pipeline. That’s according to monthly data on new residential construction from the U.S. But housing completions rose 14.6% compared to September 2023.

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As the lock-in effect eases, the market for new homes is shrinking

Housing Wire

New construction inventory has grown in recent months. Homebuilders have backed off since the pandemic-driven building boom, with high mortgage rates dampening demand; they’re focused on selling the new homes they have on the books rather than constructing new ones,” Redfin noted in the report. year over year in September.

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Natural disasters like the LA fires will deepen the U.S. housing crisis

Housing Wire

The resulting housing market crash and the Great Recession led policymakers to overcorrect by tightening mortgage lending standards and limiting funds for new construction. Housing policy needs to be better at planning for the needs of different age groups and their life stages to avoid mismatches between supply and demand, Myers said.

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The Fed’s monetary policy is stifling new construction

Housing Wire

With homebuilders completing more homes in their backlog and 5-unit permits basically at recessionary levels, we are at the stage where policy is going to impact the future supply of shelter. Anyone who thinks we are on the verge of a housing construction boom is kidding themselves, with the policy still this restrictive.

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Matterport introduces AI tools for property photos and descriptions

Housing Wire

Real estate agents now have a new tool to remove these distraction from home staging photos — and no, it’s not Apple Intelligence. One allows construction companies to merge multiple digital models for large-scale projects. Another allows “tagging” of features at construction sites, while a third offers automated invoicing and billing.

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Is the apartment boom finally over?

Housing Wire

Have we finally hit the limits of the massive boom in 5-unit apartment construction that has been a positive driver of jobs and the fight against inflation since January of 2021? A big reason for the huge miss was an epic collapse in 5 unit construction starts; as you can see in the chart below.

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New home sales struggling to grow with higher rates

Housing Wire

Will the Federal Reserve pivot in time to save construction workers? This is key because, traditionally, residential construction workers are the first to lose their jobs before every recession since higher mortgage rates hit housing first. months , the builders will pause construction. months 274K homes under construction = 5.3

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