Category: Building News

Discover Home Loans conducted a survey to determine what client intentions are for their homes, and whether they are choosing to renovate their current property or buy a new house to best fit their needs and style preferences. It was found that high interest rates are having a high impact on homeowners in the United States with 84% of those planning to buy a new home pushed out of the market due to such. In addition, it was also found that of those impacted, 46% are no longer looking for…

Though it may seem homeowners are beginning to pull back on the remodel side of the market, better days are ahead. “Remodeling is slowing, but there’s a historic boom coming,” Eric Finnigan, VP of research & demographics at John Burns Real Estate Consulting, told Yahoo Finance in an interview. There are three factors likely to help this sector in the coming years according to Finnigan. With aging homes on the rise, it’s expected that the remodeling market will have 24 million homes in need of repairs such as upgrades to…

The home remodeling market size was valued at $852.10 billion in 2020, and is estimated to reach $1,317.50 billion by 2030, growing at a CAGR of 4.3% from 2021 to 2030, according to a new report published by Allied Market Research. According to EIN Newswires, Home remodeling projects are commonly categorized into two types: DIY (Do It Yourself) and Contractor-led. Among these, the professional segment, led by skilled labor, dominated the market in 2020. The market analysis encompasses various applications of home remodeling, including windows & doors, kitchen & bathroom, floor…

The latest new construction report from the U.S. Census Bureau discusses building permits, housing starts and housing complications. Read More

Barndominium: a structure that is, in some sense, a combination barn and condominium A rising term in the industry, barndominiums are becoming increasingly widespread in real estate media outlets. Even more so, the National Association of Home Builders (NAHB) included the term in a questions in its February 2024 NAHB/Wells Fargo Housing Market Index. The survey yielded a response of a total of 7% of single-family builders are indeed building barndominiums at some point during the past 12 months. According to Eye On Housing, That result, however, leaves open the question…

Compared to the previous month, nonfarm payroll employment increased in 42 states and the District of Columbia in January. Eight states saw a decrease. Nationwide total nonfarm payroll employment increased by 229,000 in January, following a gain of 290,000 jobs in December, according to the Bureau of Labor Statistics. Employment data was most favorable in New York, which added 59,300 jobs on a month-over-month basis. California followed with a 58,000 increase, and then Florida adding 38,000 more jobs. Across those eight states, a total of 17,000 jobs were lost with…

LAS VEGAS – Following a brief uptick in new home sizes in 2021, the average size of a new home continues to inch smaller — dropping from 2,479 square feet in 2022 to 2,411 square feet in 2023, the smallest average size in 13 years — to match home buyer preferences for less square footage. According to NAHB’s latest What Home Buyers Really Want study, home buyers are looking for homes around 2,070 square feet, compared to 2,260 20 years ago. “It’s related to two factors that are linked,” said Rose Quint,…

While higher interest rates pushed single-family starts down in 2022 and 2023, production should move on a gradual upward path in 2024 as the Federal Reserve is on track to cut rates during the second half of the year with inflation slowing, according to economists speaking at the National Association of Home Builders (NAHB) International Builders’ Show in Las Vegas today. “While the Fed’s fight against inflation is building progress, the lingering inflation challenge is housing inflation,” said NAHB Chief Economist Robert Dietz. “Shelter inflation—rent and homeownership costs—are still rising…