The Census Bureau’s latest release of the Survey of Market Absorption of New Multifamily Units (SOMA) estimates that 57% of 85,530 unsubsidized, unfurnished apartments completed in the third quarter of 2023 were absorbed within the first 3 months following construction completion. For condominiums, 68% of the estimated 5,571 units completed in the third quarter of 2023 were absorbed in the… Read More ›

An earlier post published last month shows that young adults ages 25-34 continued the post-pandemic trend of moving out of parental homes with the share of those living with parents or parents-in-law dropping to 19.1% in 2022. Geospatial analysis of the 2022 ACS data reveals substantial differences across states, with the Southern and Northeastern states registering some of the highest… Read More ›

National home prices continued to increase, hitting a new all-time high in December. Despite high mortgage rates, limited inventory and strong demand continued to push up home prices. Locally, six of 20 metro areas, experienced negative home price appreciation in December. The S&P CoreLogic Case-Shiller U.S. National Home Price Index (HPI), reported by S&P Dow Jones Indices, rose at a… Read More ›

Unabashedly old-fashioned, this two-story farmhouse in Mundelein, IL makes no apologies for its Victorian heritage.  The 1,551-square-foot house incorporates such modern amenities as a living room bay window and two-car garage without giving up its traditional look.  An energy package that includes an insulated slab floor and a superinsulated roof keep heat bills in line.  Inside, open-plan spaces – instead of the boxy, walled-in rooms of old – serve today’s casual family needs.  The generous-sized kitchen is welcome and appropriate,…

Stable mortgage rates at the beginning of 2024 helped new home sales to increase in January. Sales of newly built, single-family homes in January increased 1.5% to a 661,000 seasonally adjusted annual rate from a downwardly revised reading in December, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The… Read More ›

All homes start with good design. No matter what aspect of home building you are in—single family, custom building, remodeling or sales and marketing—design touches everyone involved. Seize the opportunity to network and learn from industry experts at Design Central (LVCC W213). Here you’ll be able to attend specialized seminars and access vital tools to create designs that are sure to wow and inspire. Design Central is also home to the popular plan reviews! Bring your plans and sign-up early…

Warmly reminiscent of old New Mexico, this updated stucco one-story in Scottsdale, AZ proves again the enduring quality of good design.  The 1,784-square-foot house is as much in style today as it would have been 300 years ago.  You enter the house through a gracious side courtyard and are greeted with a stunning view of the living area. Eight-foot plantation shutters to the left of the fireplace wrap the adjacent walls into the dining area.  The two rooms act as…

With home building volumes lower, labor shortages have eased considerably since record levels set in 2021 but remain relatively widespread in a historic context, according to results from the latest NAHB/Well Fargo Housing Market Index (HMI) survey. The February 2024 HMI survey asked builders about shortages in 16 specific trades. The percentage of builders reporting a shortage (either some or… Read More ›

Following a cycle low in December, existing home sales rose to a 5-month high to start the year, according to the National Association of Realtors (NAR). Low resale inventory and strong demand continued to drive up existing home prices, marking the seventh consecutive month of year-over-year median sales price increase. It is also the first time in 14 months that… Read More ›

Entered through a private, angled courtyard, this 2,102-square-foot house in Deerfield Beach, FL is rich with decorative arches, peaked ceilings, and properly placed skylights.  An atmosphere of quiet elegance prevails throughout, from the dramatic entry foyer to the spacious master bedroom suite.  Well-planned interior air circulation in this Florida house eliminates as much use of air conditioning as possible.  The zero-lot-line plan blends unobtrusively with its more conventional neighbors.  The wall of the house where the bathrooms are located aligns…