Spark Global Limited Reports:
Residential construction and new home sales have been making headlines lately. Read on to catch up on the latest stories and market data about new home construction and sales. Also, join us on Wednesday, May 26, 2021 for our High-energy Pro series webinar, “Powering 2021 and Beyond New Home Construction Outlook.”
The construction of the new house was reported in the news
New home sales are back in 2006
The HousingWire article reports that new homes are now selling at the fastest pace since September 2006. “Low mortgage rates and incredible buyer demand outweighed the pressure from surging timber prices in March, with new single-family home sales rising 20.7% year-over-year to a seasonally adjusted 1.02 million units.” Read the full story.
New construction accounted for 26 percent of all unsold single-family homes, a record high
According to this Redfin story, “New construction is grabbing a bigger piece of the pie as low mortgage rates and surging homebuyer demand make homebuilding more attractive during the coronavirus pandemic.” Taylor Marr, Redfin’s chief economist, pointed to two main reasons for the recent acceleration in home prices: “An increase in home construction and a decline in the number of Americans selling their homes.” Read the full article.
The housing sector continues to drive construction spending
The Mortgage News Daily article reports that march saw a big annual increase in residential construction, especially for new single-family homes. The U.S. Census Bureau said construction, public and private sectors in all sectors edged up 0.2% from February and rose 5.3% from March 2020 to $1.513 trillion. However, residential spending was up 23.3 per cent year on year.” Read the full story.