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A Closer Look at the Housing Market’s Inventory Deficits

Appraisal Buzz

Despite the construction boom that happened shortly after pandemic restrictions began being lifted—that has since slowed—the U.S. The pandemic-era housing frenzy sparked a construction boom, but thus far, that boom has fallen short. The post A Closer Look at the Housing Market’s Inventory Deficits first appeared on The MortgagePoint.

Inventory 417
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Zillow: Inventory Gap Grew to 4.5 Million Homes in 2022

Appraisal Buzz

The report shows that the inventory problem began during the pandemic – when detached homeowners were generally trying to stay isolated in their homes and many renters/multifamily owners were purchasing whatever detached homes were available. Mortgage rates were low and homes were generally more affordable, so inventory plummeted.

Inventory 195
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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

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. However, mortgage applications for new home purchases increased 4% between July and August, the strongest pace of sales in three months.

Inventory 500
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Decline in Construction Workforce Stunts Housing Inventory

Appraisal Buzz

With the demand for homes at an all-time high, new construction has been dampened by a drop in the number of workers. The post Decline in Construction Workforce Stunts Housing Inventory appeared first on theMReport.com. The post Decline in Construction Workforce Stunts Housing Inventory appeared first on Appraisal Buzz.

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Residential construction jobs slowly return

Housing Wire

The construction sector added a total of 31,000 jobs in November, on par with the two prior months. Specialty contractors showed the largest gains with an increase of 13,000 jobs, while persons employed in construction of buildings, and civil and heavy engineering rose by 10,000 and 8,000 jobs, respectively. While this is a 0.4%

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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.