{"id":19298,"date":"2021-08-23T12:35:06","date_gmt":"2021-08-23T12:35:06","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=19298"},"modified":"2021-08-23T12:35:06","modified_gmt":"2021-08-23T12:35:06","slug":"fewer-new-home-starts","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/fewer-new-home-starts\/","title":{"rendered":"Fewer New-Home Starts"},"content":{"rendered":"

Fewer New-Home Starts<\/h1>\n
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The decrease in new-home construction affects the overall housing market, including the rental market, says Lawrence Yun, chief economist of the National Association of REALTORS\u00ae.<\/p>\n

Housing starts in July dropped 7%, and\u00a0single-family home construction within that fell 4.5%, the Commerce Department reported Wednesday.<\/p>\n

\u201cRents will be soaring in the coming months, especially for apartment units, as homebuilding retreated in July,\u201d Yun says. \u201cThere was a housing shortage before the pandemic, and the shortage has been exacerbated during the pandemic.\u201d<\/p>\n

Homebuilding needs to \u201cgreatly\u201d increase as the job recovery takes hold, Yun adds.<\/p>\n

But builders blame supply-chain disruptions, rising material costs<\/a>, lags in getting approvals for land lot development, and labor shortages for stifling home construction. Buyer demand for new homes is strong, they say, but the challenges and cost rises have become too great to meet it.<\/p>\n

Read more: Flooded With New Orders, Builders Limit Sales<\/a><\/p><\/blockquote>\n

Builders are slowing construction activity as costs rise, says Danushka Nanayakkara-Skillington, the National Association of Home Builders\u2019 assistant vice president for forecasting and analysis. \u201cStarts began the year on a strong footing but in recent months some projects have been forced to pause due to both the availability and costs of materials,\u201d Nanayakkara-Skillington says.<\/p>\n

Home prices for both new and existing are surging. The median price of a newly built single-family home was $361,800 in June; the median existing-home price of a sold home in June was $363,300.<\/p>\n

\u201cWith home prices having risen by record amounts over the past year, home buying will become an increasing challenge, and a good number of households may simply decide to rent,\u201d Yun says. \u201cIn addition, the jobs recovery is enticing people out of their parents\u2019 homes to seek their own housing.\u201d<\/p>\n

Rental demand remains strong. Yet, new multifamily construction, which includes apartment buildings and condos, fell by 13% last month, the Commerce Department reports.<\/p>\n

\u201cWith an inadequate supply of available homes, rents will be strengthening and adding further pressure to overall consumer price inflation,\u201d Yun says.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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Source:<\/div>\n
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\u201cInstant Reaction: Housing Starts, August 18, 2021<\/a>,\u201d National Association of REALTORS\u00ae and 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":"

Fewer New-Home Starts The decrease in new-home construction affects the overall housing market, including the rental market, says Lawrence Yun, chief economist of the National Association of REALTORS\u00ae. Housing starts in July dropped 7%, and\u00a0single-family home construction within that fell 4.5%, the Commerce Department reported Wednesday. \u201cRents will be soaring in the coming months, especially … <\/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-19298","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":"\nFewer New-Home Starts - 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\/fewer-new-home-starts\/\" \/>\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\\\/fewer-new-home-starts\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/fewer-new-home-starts\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Fewer New-Home Starts\",\"datePublished\":\"2021-08-23T12:35:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/fewer-new-home-starts\\\/\"},\"wordCount\":354,\"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\\\/fewer-new-home-starts\\\/\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/fewer-new-home-starts\\\/\",\"name\":\"Fewer New-Home Starts - 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