If you\u2019re having a\u00a0 hard time<\/a>\u00a0finding a home to buy, it may be time to talk to your trusted real estate advisor about a newly built home. Early indicators show new-home construction is beginning to ramp up. While new homes alone won\u2019t be able to fix all of the\u00a0 inventory challenges<\/a>, this does mean you\u2019ll soon have more options as you search for a home. As a buyer, a newly built home may be exactly what you\u2019re looking for \u2013 it\u2019s brand new, and with builder customization options, it\u2019s uniquely yours from the ground up.<\/p>\n

Here\u2019s what industry experts are saying about new homes coming to market:<\/strong><\/h4>\nNadia Evangelou, Senior Economist and Director of Forecasting at the\u00a0National Association of Realtors<\/em>\u00a0(NAR), says\u00a0recent research<\/a>\u00a0could indicate upward momentum when it comes to new home construction. Evangelou refers to the volume of new homes where construction began during a set period, known in the industry as\u00a0housing starts<\/strong>.<\/p>\n
According to that research, housing starts reached their highest level since 2006 in March of this year \u2013 an encouraging sign for the industry. While they dipped slightly in April, Evangelou reiterates that the level of housing construction is heading in a positive direction compared to recent years:<\/p>\n
\u201c\u2026we are currently building 24% more homes than we typically have built in April\u00a0<\/strong>in the last couple of decades. Thus,\u00a0housing construction is trending upward\u00a0<\/strong>with housing starts likely to reach 1.6 million for all of 2021 and rise further to 1.7 million in 2022<\/em>.\u201d<\/em><\/p><\/blockquote>\n
As new data pours in, it further confirms this trend. According to the latest\u00a0Monthly New Residential Construction<\/em><\/a>\u00a0report from the\u00a0U.S. Census Bureau<\/em>, housing starts increased even more in May, which continues the ongoing upward trend (see graph below<\/em>) and indicates that ground is being broken on even more new homes. $\"Home$ <\/a>Robert Dietz, Chief Economist and Senior Vice President of Economics and Housing Policy for the\u00a0 National Association of Home Builders<\/em><\/a>\u00a0(NAHB), singles out another encouraging sign:<\/p>\n
\u201cIt is also worth noting that\u00a0the number of single-family homes permitted but not started construction continued to increase in May<\/strong>, rising to 142,000 units.\u201d<\/em><\/p><\/blockquote>\n
This insight that there\u2019s also an uptick in single-family homes permitted serves as an additional sign that more new homes lie ahead. It\u2019s important to realize that the construction doesn\u2019t have to start on these homes before you may be able to purchase one. According to the\u00a0Monthly New Residential Sales<\/em><\/a>\u00a0report from the\u00a0U.S. Census Bureau<\/em>, many new homes are selling before construction even begins (see graph below<\/em>): $\"Home$ <\/a>These signs are all good news for housing inventory. And as the recent challenges of rising lumber prices and dwindling lumber supply\u00a0 begin to improve<\/a>, builders will be able to increase their production even more in the months ahead.<\/p>\n
Bottom Line<\/strong><\/h3>\nWhile the inventory challenges we\u2019re facing today won\u2019t be solved overnight, the increase in new-home construction means your house may have more competition in the market. Let\u2019s connect to talk about\u00a0 finding your dream home<\/a>\u00a0and the newly built homes available in our area.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
If you\u2019re thinking of buying a home, there really is no time like the present. With today\u2019s low mortgage rates, you have a great opportunity to get more home for your money. The challenge is inventory. Like you, many buyers want to capitalize on these market conditions, and it\u2019s leading to more buyer competition and […]<\/p>\n","protected":false},"author":2,"featured_media":31194,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-31193","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news"],"_links":{"self":[{"href":"https:\/\/mylocalrealtyservices.com\/wp-json\/wp\/v2\/posts\/31193","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mylocalrealtyservices.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mylocalrealtyservices.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mylocalrealtyservices.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/mylocalrealtyservices.com\/wp-json\/wp\/v2\/comments?post=31193"}],"version-history":[{"count":1,"href":"https:\/\/mylocalrealtyservices.com\/wp-json\/wp\/v2\/posts\/31193\/revisions"}],"predecessor-version":[{"id":31195,"href":"https:\/\/mylocalrealtyservices.com\/wp-json\/wp\/v2\/posts\/31193\/revisions\/31195"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mylocalrealtyservices.com\/wp-json\/wp\/v2\/media\/31194"}],"wp:attachment":[{"href":"https:\/\/mylocalrealtyservices.com\/wp-json\/wp\/v2\/media?parent=31193"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mylocalrealtyservices.com\/wp-json\/wp\/v2\/categories?post=31193"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mylocalrealtyservices.com\/wp-json\/wp\/v2\/tags?post=31193"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}