While artificial intelligence can't replace the human brain, tools like Midjourney are supercharging the home design process.These days, there's no shortage of news about artificial intelligence. Some industries are dominated by praise and excitement for how AI can make life easier, while other professional sectors lament the loss of jobs and human touch. The truth is usually somewhere in the middle, and the world of home design is no exception.S
With a dearth of existing homes on the market, builders have been ramping up production to meet buyer demand. Newly built single-family properties comprised a record share of homes on the market in the second quarter of the year, making up nearly one-third of housing inventory nationwide, according to new research from Redfin. New-home sales typically make up only about 10% of the market.The National Association of REALTORS® predicts that new-ho
Housing starts increased 3.9% between June and July to a seasonally adjusted annual rate of 1.45M units, according to data released Tuesday by the US Census Bureau New housing starts ticked up slightly between June and July as demand for new construction pushed homebuilders to increase production.Housing starts increased 3.9 percent between June and July to a seasonally adjusted annual rate of 1.45 million units — 5.9 percent higher
The shortage of affordable multifamily housing continues nationwide. The good news is that developers and architects are bringing solutions to the multifamily market.It’s no secret that affordable housing is in short supply. Both the single-family and multifamily market struggle to meet the need. According to the National Low Income Housing Coalition, not a single one of the 50 states(link is external) has an adequate supply of rental
Relocation buyers are moving greater distances. Cash buyers are tough competitors. The relief in home prices likely is over. Know the factors impacting your clients’ home search the most.The real estate market is poised for better days ahead as the short-lived “housing recession” comes to an end.Lawrence Yun, chief economist at the National Association of REALTORS®, said Wednesday during NAR’s quarterly Real Estate Forecast Sum
New-home sales drooped 2.5% from May to a seasonally adjusted rate of 697,000 — 23.8% higher than June 2022, according to data released Wednesday by the US Census Bureau Sales of newly built single-family homes dipped modestly in June but remained significantly elevated from their 2022 levels, according to data released Wednesday by the U.S. Census Bureau.New-home sales drooped 2.5 percent from May to a seasonally adjusted rate of 697
U.S. single-family homebuilding fell in June, but permits for future construction rose to a 12-month high as a severe shortage of previously owned houses for sale supports new construction.The decline in housing starts reported by the Commerce Department on Wednesday partially retraced an abnormally large 18.7% surge in May, which had pushed groundbreaking on single-family housing projects to an 11-month high.Builders' efforts to ramp up construc
Mortgage rates turned higher again last week. But the increase did not cut into mortgage demand, as buyers sought newly built homes.Total mortgage application volume rose 3% compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. An additional adjustment was made for the Juneteenth holiday.Applications for a mortgage to purchase a home rose 3% for the week but were 21% lower year over year. Th
Groundbreaking on U.S. single-family homebuilding projects surged in May by the most in more than three decades and permits for future construction also climbed, suggesting the housing market may be turning a corner after getting clobbered by Federal Reserve interest rate hikes.Still, even with the Fed skipping a rate hike this month for the first time since early 2022, credit conditions remain in the process of tightening, and tha
‘A bottom is forming for single-family home building,’ economist says The shortage of previously-owned sales is helping to buoy builders’ confidence. With mortgage rates above 6%, many homeowners find little incentive to sell—nearly 92% have an outstanding mortgage with a rate below 6%, according to a recent survey conducted by Redfin RDFN, -3.04%, a brokerage and real estate listings company. And 23.5% of
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