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DataDigest: Construction costs easing for homebuilders

Housing Wire

New home construction exploded early in the pandemic as soaring home demand squeezed existing inventory nationwide, giving homebuilders a much bigger share of a shrinking pie. Index values for most construction inputs are down from 2022 but remain above pre-pandemic levels. Index values for December published last week.

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Unsold homebuilder inventory is ticking up as new home sales slow

Housing Wire

Census Bureau and the Department of Housing and Urban Development ( HUD ). Homebuilders are still benefiting from very low inventory of existing homes for sale, which has driven more buyers to consider new construction,” Bright MLS Chief Economist Lisa Sturtevant said. In August, the sales pace of new homes fell 8.7%

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Construction worker shortage has reached “crisis” levels

Housing Wire

To keep pace with current construction demand, and account for attrition, 740,000 new construction workers are needed each year for the next three years , a report by the Home Builders Institute contends. million new hires for construction. The construction worker shortage has reached crisis level.

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Employment gains could help housing inventory

Housing Wire

Sectors that were hit hardest by the pandemic led job growth last month, with jumps in leisure, hospitality, public and private education and construction – good signs for the housing industry. Despite increased rate of tech adoption, the mortgage industry still has room for continued development and processes. Labor Department.

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With low inventory, house hunters are in full safari mode

Housing Wire

The nation’s housing industry has entered a new normal in which the dynamics of the market appear perplexing — marked by high mortgage rates and high home prices, along with shrinking mortgage originations. This is what I call a supply-constrained market. “In The perplexing part: Why are home prices not declining in this environment?

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US housing market is now worth a record $52 trillion: Zillow

Housing Wire

housing market is back on track , stronger than ever, with a total estimated value of $52 trillion, according to a new analysis by Orphe Divounguy, a senior economist at Zillow Group. housing market has surged by more than $2.6 Fueling this increase is new construction, according to Divounguy, even though the 1.3%

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Are mortgage rates about to fall?

Housing Wire

Mortgage rates and the bond market have fallen a bit recently and the spreads between the 10-year yield and 30-year mortgage rate have improved over last year’s levels. To see mortgage rates drop and stay lower, the bond market needs to know the labor market is getting softer. That’s a 0.50% difference in rates.

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