Newsletter Archives - Residential Contractor

Economists say construction forecast remains steady despite pandemic

Economists say construction forecast remains steady despite pandemic Economists says that the industry’s post-recession rebound will be crucial to states like Nevada; in October construction made up roughly 1in 14 jobs in the state… Read More The Nevada Independent https://thenevadaindependent.com/article/economists-say-construction-forecast-remains-steady-despite-pandemic-stadium-completion

Mortgage Rates Fall Again

Mortgage Rates Fall Again The average 30-year mortgage rate fell to 2.796% while the 15-year mortgage rate fell to 2.278% right after Thanksgiving… Read More Motley Fool https://www.fool.com/mortgages/2020/11/27/todays-mortgage-rates-november-27-2020-rates-fall/

Nearly Half of Americans Are Considering a Move During the Pandemic, but Why?

Nearly Half of Americans Are Considering a Move During the Pandemic, but Why? According to a recent survey, nearly half of American are considering moving within the next year due to concerns over living expenses… Read More Realtor.com https://www.realtor.com/news/trends/who-is-moving-and-why-coronavirus/

Median Home Price Sets New Record in California

Median Home Price Sets New Record in California In September, California’s median home price reached $712, 430, finishing four straight months of record highs… Read More The New York Times https://www.nytimes.com/2020/11/30/realestate/california-housing-market-price.html

12/1: MetroIntelligence Economic Update by P. DUFFY

MetroIntelligence Economic Update by P. DUFFY Pending home sales slip 1.1 percent in October, but still up 20.2 percent year-on-year The Pending Home Sales Index fell 1.1% to 128.9 in October, the second straight month of decline. Year-over-year, however, contract signings rose 20.2%. Contract activity was mixed among the four major U.S. regions, with the only positive month-over-month growth happening in the South, although each region achieved year-over-year gains in pending home sales transactions. https://www.nar.realtor/newsroom/pending-home-sales-dip-1-1-in-october Federal Reserve meeting minutes reveal more stimulus needed Financial conditions were little changed, on net, over…

Affordable Housing Lottery Launches For BPHN Senior Residences In East Flatbush, Brooklyn

Affordable Housing Lottery Launches For BPHN Senior Residences In East Flatbush, Brooklyn BPHN Senior Residences is now open, a mix-used development in Brooklyn with 58 studio apartments for senior residents at 50% of the area median income… Read More New York Yimby https://newyorkyimby.com/2020/11/affordable-housing-lottery-launches-for-bphn-senior-residences-in-east-flatbush-brooklyn.html

11/26 – MetroIntelligence Economic Update by P. DUFFY

MetroIntelligence Economic Update by P. DUFFY New home sales slip 0.3 percent in October, but up 41.5 percent year-on-year Sales of new single-family houses in October 2020 were at a seasonally adjusted annual rate of 999,000, 0.3 percent below the revised September rate of 1,002,000, but is 41.5 percent above the October 2019 estimate of 706,000. The seasonally-adjusted estimate of new houses for sale at the end of October was 278,000. This represents a supply of 3.3 months at the current sales rate. https://www.census.gov/construction/nrs/pdf/newressales.pdf Purchase loans up 4 percent from…

Home Searches in Cities Up 200% From Last Year, Reflecting Renewed Interest in Urban Areas After Pandemic-Driven Drop

Home Searches in Cities Up 200% From Last Year, Reflecting Renewed Interest in Urban Areas After Pandemic-Driven Drop The uptick in urban home searches closely trails a 235% increase in searches for homes in rural areas… Read More Redfin https://www.redfin.com/news/home-price-increase-rural-urban-searches/

Homebuilders cater to changes influenced by pandemic’s impact on work and family

Homebuilders cater to changes influenced by pandemic’s impact on work and family The pandemic has had a big impact on what buyers are looking for in a new home. Lower interest rates have helped spur an active market for buyers and sellers… Read More WRAL.com https://www.wral.com/coronavirus/home-builders-cater-to-changing-demands-influenced-by-pandemic-s-impact-on-work-and-family-life/19400368/

Multifamily Built-for-Rent Share: 96%

Multifamily Built-for-Rent Share: 96% According to NAHB analysis of quarterly Census data, the market share of rental units of total multifamily construction starts remained at 96% during the third quarter of 2020… Read More Eye On Housing http://eyeonhousing.org/2020/11/multifamily-built-for-rent-share-96/