New Construction

New-home sales rise in August
New-home sales rise in August

The seasonally adjusted estimate of new houses for sale at the end of July was 378,000, representing a supply of 6.1 months at the current sales rate.

New-home construction falls in July
New-home construction falls in July

“The bright spot in an otherwise underwhelming report comes from the increase in the overall number of permits issued, which can signal how much home construction is in the pipeline.” — First American deputy chief economist Odeta Kushi

Lendlease condos The Reed and Cirrus offer next-door rentals during construction
Lendlease condos The Reed and Cirrus offer next-door rentals during construction

The program allows these temporary renters to recoup 50% of the rent they pay (up to 2.5% of the sales price) during construction as a credit toward their condo at closing.

NAHB: Builder confidence sinks on rising materials costs, supply chain shortages
NAHB: Builder confidence sinks on rising materials costs, supply chain shortages

Increasing costs and declining availability of key building materials dampened builder sentiment, as higher costs have pushed some new homes beyond the budget of prospective buyers.

Could zoning changes help boost supply and balance the market?
Could zoning changes help boost supply and balance the market?

With high costs slowing construction and potentially lowering homeownership for many, easing zoning rules may be the most effective way to increase the supply of new housing.

Builders report historic, broad-based levels of materials shortages
Builders report historic, broad-based levels of materials shortages

Special questions added to the National Association of Home Builders’ monthly builder survey found 90% or more of respondents had experienced shortages of plywood, oriented strand board, framing lumber and appliances, with most other materials also hard to come by.

NAHB: Builder confidence stays strong in May despite concerns about materials costs
NAHB: Builder confidence stays strong in May despite concerns about materials costs

Builder confidence was steady in May, carrying over April’s reading of 83 for another month, according to the most recent National Association of Home Builders/Wells Fargo Housing Market Index.

New-construction home sales soar to record highs
New-construction home sales soar to record highs

Low mortgage rates and low inventory levels are making the demand for homebuilding more attractive to buyers in Chicago and nationwide.

Chicago granny flats under fire by Fannie and Freddie
Chicago granny flats under fire by Fannie and Freddie

A new pilot program in Chicago encourages granny flats and basement units, but a recent rule change enacted by Fannie Mae and Freddie Mac could make it difficult to secure home loans for buildings with existing ADUs and basement units that are not in compliance.

Biden Administration announces additional 22,000 H-2B visas
Biden Administration announces additional 22,000 H-2B visas

The DHS announcement comes in response to businesses reporting an immediate need for supplemental, temporary guest workers for this fiscal year.

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