{"id":18638,"date":"2021-03-22T13:37:32","date_gmt":"2021-03-22T13:37:32","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=18638"},"modified":"2021-03-22T13:37:32","modified_gmt":"2021-03-22T13:37:32","slug":"builders-slow-production","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/builders-slow-production\/","title":{"rendered":"Builders Slow Production"},"content":{"rendered":"

Builders Slow Production<\/h1>\n
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Construction on new homes weakened in February as material costs\u2014notably on lumber\u2014continued to challenge growth in new-home construction.<\/p>\n

Housing starts\u2014including for single-family and multifamily building\u2014fell 10.3% to a seasonally adjusted annual rate of 1.42 million units in February, the U.S. Department of Housing and Urban Development and Census Bureau reported Wednesday. Broken out, single-family starts fell 8.5% last month to a 1.04 million seasonally adjusted annual rate while the multifamily sector\u2014which includes apartment buildings and condos\u2014fell 15% to a 381,000 pace.<\/p>\n

However, buyer demand still remains strong.<\/p>\n

\u201cDespite strength in buyer traffic and lack of existing inventory, builders are slowing some production of single-family homes as lumber and other material costs, along with interest rates continue to rise,\u201d says Chuck Fowke, chairman of the National Association of Home Builders. \u201cShortages of lumber and other building materials, including appliances, are putting future construction expansion at risk.\u201d<\/p>\n

Still, regardless of last month\u2019s dip, NAHB Chief Economist Robert Dietz notes that single-family starts for the first two months of the year remain 6.4% higher than the first two months of 2020. Overall, \u201cthere has been a 36% gain over the last 12 months of single-family homes permitted but not started as some projects have paused due to cost and availability of materials,\u201d says Dietz.<\/p>\n

Single-family home building is still forecasted to increase in 2021, but Dietz says it likely will be at a much slower rate as housing affordability is challenged by higher mortgage rates and rising construction costs.<\/p>\n

Regionally, combined single-family and multifamily housing starts only rose in the West last month, up 17.6% compared to the previous month. Meanwhile, housing starts dropped by 39.5% in February compared to January in the Northeast, declined 34.9% in the Midwest, and were 9.7% lower in the South. Dietz notes that February\u2019s winter storm prompted home building to decline in Texas and some neighboring states.<\/p>\n

Homebuilding likely will continue to face declines over the coming weeks. Housing permits\u2014a gauge of future activity\u2014declined 10.8% in February to a 1.68 million unit annualized pace. Broken out, single-family permits fell 10% to a 1.14 million unit rate and multifamily permits decreased 12.5%.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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Source:<\/div>\n
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National Association of Home Builders<\/a><\/div>\n
\u00a9National Association of REALTORS\u00ae
\nReprinted with permission<\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Builders Slow Production Construction on new homes weakened in February as material costs\u2014notably on lumber\u2014continued to challenge growth in new-home construction. Housing starts\u2014including for single-family and multifamily building\u2014fell 10.3% to a seasonally adjusted annual rate of 1.42 million units in February, the U.S. Department of Housing and Urban Development and Census Bureau reported Wednesday. Broken … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-18638","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nBuilders Slow Production - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.anthonydidonato.net\/wordpress\/builders-slow-production\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/builders-slow-production\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/builders-slow-production\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Builders Slow Production\",\"datePublished\":\"2021-03-22T13:37:32+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/builders-slow-production\\\/\"},\"wordCount\":364,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/builders-slow-production\\\/\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/builders-slow-production\\\/\",\"name\":\"Builders Slow Production - 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