NAHB analysis of the most recent Quarterly Sales by Price and Financing report reveals that the all-cash share of new home sales climbed substantially in the third quarter of 2023 while VA-backed sales share fell by nearly half. Additionally, the median purchase price of homes bought with cash surged by one-third over the quarter. After declining each of the two prior quarters,… Read More ›

Despite mortgage rates that are at a 23-year high, new home sales posted a double-digit percentage gain in September because of a lack of inventory in the resale market. The U.S. Department of Housing and Urban Development and the U.S. Census Bureau estimated sales of newly built, single-family homes in September at a 759,000 seasonally adjusted annual pace, which is… Read More ›

This 8,000-sq-ft residence, which is home to North Carolina State University’s Chancellor and his wife is nestled on a private lake with sweeping views. Because of the university’s School of Architecture, the home needed to be both inspirational in design and built with sustainable practices, energy efficiency and in-state sourced Carolina products. At the same time, itneeded the capability of welcoming very large groups but needed dedicated private space for the family. That space is on the upper floor while…

Despite mortgage rates topping 7%, Americans persist in their desire to buy a home.  According to the latest Housing Trends Report*, the share of adults with plans to purchase a home within a year edged up to 17% in the third quarter of 2023, up from 15% a quarter earlier.  The share has fluctuated up and down without a clear… Read More ›

Nonfarm payroll employment increased in 40 states and the District of Columbia in September compared to the previous month, while nine states lost jobs. Wyoming reported no change. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 336,000 in September, following a gain of 227,000 jobs in August. On a month-over-month basis, employment data was… Read More ›

Arizona’s population growth increased for the second consecutive year after falling during 2020. The population growth rate was 1.30% between 2021 and 2022 with the population increasing by 94,320 persons, the 8th fastest growth rate and 5th largest nominal increase in the U.S. between the years respectively. Arizona contains seven census designated MSAs. Two of the MSAs have populations above… Read More ›

Heritage Sands is Cape Cod’s first new oceanfront cottage community in more than 50 years. The eight-acre site was formerly a seasonal trailer park that hosted 150 recreational vehicles and 15 cottages on cement slabs. The developers harnessed the opportunity to work within Cape Cod’s seasonal cottage zoning ordinance to create an elegant, high-density cottage community reminiscent of the Cape’s historic seasonal neighborhoods. The Cape has a rich history of summer communities populated by families returning year after year. This…

Existing home sales in September fell to lowest level since October 2010 as limited inventory and higher mortgage rates continued to weigh on homebuyers, according to the National Association of Realtors (NAR). Low resale inventory and strong demand continued to drive up existing home prices, marking the third consecutive month of year-over-year median sales price increase. A resurgence of mortgage… Read More ›

Despite elevated mortgage rates averaging above 7%, single-family starts posted a solid gain in September as more buyers are turning to new homes because of a dearth of inventory in the resale market. Overall housing starts increased 7% in September to a seasonally adjusted annual rate of 1.36 million units, according to a report from the U.S. Department of Housing… Read More ›

Stubbornly high mortgage rates that have climbed to a 23-year high and have remained above 7% for the past two months continue to take a heavy toll on builder confidence, as sentiment levels have dropped to the lowest point since January 2023. Builder confidence in the market for newly built single-family homes in October fell four points to 40 from… Read More ›