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The housing market is losing steam

Housing Wire

This has dampened new home sales and quickened home-price growth.” ” Mark Palim, deputy chief economist at Fannie Mae , said anecdotal reports of builders delaying or turning down orders to clear a growing construction backlog appears to be borne out by the recent housing starts data. percent,” Palim said Tuesday.

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HINTS OF SHARP INCREASE IN NEW CONSTRUCTION

Will Springer Realtor

Others – Meritage Homes (+20% YoY in 2021) and Tri Point Homes (+15-30% YoY in 2022) – expect tremendous growth of new communities. And many of the new projects are larger than in years past. Builders began construction on just under a million single-family homes in 2020. Active listings as of Sept. ——-.

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King County Housing Market Stumbles to 2022 Finish Line

Will Springer Realtor

The article will include the latest monthly data from the Northwest Multiple Listing Service, analysis from national and local experts and a glimpse ahead at what to expect in the coming weeks. Will Springer, Realtor®. The bar is so low on listings and sales data that one might trip over it. Economists across the U.S.

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Affordability Woes Prompt Historic Housing Slowdown

Will Springer Realtor

Sales activity across the county is at historic lows; no October has experienced fewer listings in King County – not even close – since at least 1992 when records were first archived online. New listings for all home types in King County stood at 2157, a whopping 25% drop from September to October. Closed sales fell 0.9%

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IN DIRE NEED OF GENERATIONAL RESPONSE TO HOUSING SHORTFALL

Will Springer Realtor

“There is a strong desire for homeownership across this country, but the lack of supply is preventing too many Americans from achieving that dream,” said Lawrence Yun, chief economist for the National Association of Realtors® (NAR). A surprising 3% used the time to build a new house. POTENTIAL TAX SAVINGS. million home sales.

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IS THE HOUSING MARKET HEADED FOR A CRASH?

Will Springer Realtor

Some smaller construction companies are heavily burdened by rising costs for everything from lumber and steel to fuel and labor amid a lack of available employees. million people work in residential construction, or about 2.8% Among other revised national forecasts from NAR: New-home sales will rise 20%. >> About 4.4

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FINDING THE KEY TO UNLOCK ‘STUCK’ HOMEOWNERSHIP RATE

Will Springer Realtor

They include shortages caused by restrictive zoning that limit the number and type of housing units built on a given parcel, a “not in my backyard” resistance to new construction in traditionally single-family-home neighborhoods, and layers of regulations, processes and fees that dissuade developers from building in certain areas.

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