New-Home Costs Rising at Unparalleled Rate
New-Home Costs Rising at Unparalleled Rate
Abstract
The average cost for materials to build a single-family home jumped 42% from 2018 to 2021. The median sales price of a new home in April reached a record $450,600, a 20% hike from a year earlier. First-time buyers are increasingly becoming priced out of the new-home market. Housing starts have fallen to a 13-month low. Lumber prices have fallen in recent weeks.
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New-Home Costs Rising at Unparalleled Rate
They’ve jumped 42% over the last three years, data shows. What are builders doing to bring some relief to the market?
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© Dan Reynolds Photography - Moment/Getty Images
New-Home Costs Rising at Unparalleled Rate
They’ve jumped 42% over the last three years, data shows. What are builders doing to bring some relief to the market?
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The clamor over construction’s labor crisis reached a fever pitch this week, with new evidence suggesting historic wage increases for low-skilled site workers are eating into contractors’ profits. Average hourly earnings for production and nonsupervisory employees in construction rose to $32.19 in May, according to the Bureau of Labor Statistics, a 6.3% increase from a year ago and the highest gain in 40 years. But increasingly, those higher wages are coming on the bottom rung of the co...
The clamor over construction’s labor crisis reached a fever pitch this week, with new evidence suggesting historic wage increases for low-skilled site workers are eating into contractors’ profits. Average hourly earnings for production and nonsupervisory employees in construction rose to $32.19 in May, according to the Bureau of Labor Statistics, a 6.3% increase from a year ago and the highest gain in 40 years. But increasingly, those higher wages are coming on the bottom rung of the co...
There's more new home construction happening now than in the years leading up to the Covid-19 pandemic, as the nation's housing shortage and growing affordability crisis remains a key issue in most cities, towns and states.
There's more new home construction happening now than in the years leading up to the Covid-19 pandemic, as the nation's housing shortage and growing affordability crisis remains a key issue in most cities, towns and states.
June 7, 2022
Scott Van Voorhis
KEYWORDS Construction costs / Massachusetts / New England / Public Private Partnership / Public Works
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Public works and taxpayer-funded economic development projects across New England are grappling with sticker shock as surging construction prices jack up original estimates by ...
June 7, 2022
Scott Van Voorhis
KEYWORDS Construction costs / Massachusetts / New England / Public Private Partnership / Public Works
Order Reprints
No Comments
Public works and taxpayer-funded economic development projects across New England are grappling with sticker shock as surging construction prices jack up original estimates by ...
Club and contractor sign main contract for new £500m stadium
Club and contractor sign main contract for new £500m stadium
The numbers: U.S. home prices rose again in March even as higher mortgage rates began to bite, leaving prices at all-time highs. The S&P CoreLogic Case-Shiller 20-city price index was up a record 21.2% year over year while the federal government’s price tracker climbed 19% in the same span. The Case Shiller index rose 3.1% in March compared to the prior month. A separate report from the Federal Housing Finance Agency showed a 1.5% monthly increase. The big picture: The record increases in ...
The numbers: U.S. home prices rose again in March even as higher mortgage rates began to bite, leaving prices at all-time highs. The S&P CoreLogic Case-Shiller 20-city price index was up a record 21.2% year over year while the federal government’s price tracker climbed 19% in the same span. The Case Shiller index rose 3.1% in March compared to the prior month. A separate report from the Federal Housing Finance Agency showed a 1.5% monthly increase. The big picture: The record increases in ...
The house builder is now conducting a strategic review of the business led by financial advisors Lazard & Co following a gloomy trading update this morning. It said project margins at the contract income division which delivers partnership housing and the house building division have “not been satisfactory for some time.” A review of all ongoing construction projects has revealed the need for an extra £15.4m of provisions on top of £4m already identified of extra costs to completion. Inl...
The house builder is now conducting a strategic review of the business led by financial advisors Lazard & Co following a gloomy trading update this morning. It said project margins at the contract income division which delivers partnership housing and the house building division have “not been satisfactory for some time.” A review of all ongoing construction projects has revealed the need for an extra £15.4m of provisions on top of £4m already identified of extra costs to completion. Inl...
Despite resurgent revenue soaring by more than 60% to nearly £220m, the steelwork contractor suffered a £3.6m loss compared with a £1.3m a profit in the previous heavily impacted 2020 Covid year. The country’s second biggest steelwork contractor said its order position remained very strong following significant wins this year with cash at bank of £15m at the 2021 year end. Chief executive and chair Susan Hodgkiss said: “As the economy recovered from Covid, the structural steel industry...
Despite resurgent revenue soaring by more than 60% to nearly £220m, the steelwork contractor suffered a £3.6m loss compared with a £1.3m a profit in the previous heavily impacted 2020 Covid year. The country’s second biggest steelwork contractor said its order position remained very strong following significant wins this year with cash at bank of £15m at the 2021 year end. Chief executive and chair Susan Hodgkiss said: “As the economy recovered from Covid, the structural steel industry...
HousingWire recently spoke with Barry Coffin, managing director of home equity title/close at ServiceLink, about the ways lenders can capitalize on these trends by revving up their home equity solutions.
The post Prioritizing home equity solutions in a rising rate environment appeared first on HousingWire.
HousingWire recently spoke with Barry Coffin, managing director of home equity title/close at ServiceLink, about the ways lenders can capitalize on these trends by revving up their home equity solutions.
The post Prioritizing home equity solutions in a rising rate environment appeared first on HousingWire.
Morgan Sindall was named as preferred contractor for the project at the start of the year. However, the current national market conditions have resulted in the overall costs to deliver the scheme jumping by up to £5m – almost double the original cost – and still with considerable uncertainties. The council said finding an extra £5m would be a considerable challenge and risk for it in today’s conditions. Council chiefs said they had planned to borrow some of the funds to pay for the sch...
Morgan Sindall was named as preferred contractor for the project at the start of the year. However, the current national market conditions have resulted in the overall costs to deliver the scheme jumping by up to £5m – almost double the original cost – and still with considerable uncertainties. The council said finding an extra £5m would be a considerable challenge and risk for it in today’s conditions. Council chiefs said they had planned to borrow some of the funds to pay for the sch...