Tag: prices

U.S. Home Prices Soar To Record Amid Housing Shortage : NPR

by  on  in Building Material

A for sale sign is displayed in front of a house in Westwood, Mass. Home prices hit a new record in October as the number of homes for sale hit an all-time low.

Steven Senne/AP


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Steven Senne/AP

A for sale sign is displayed in front of a house in Westwood, Mass. Home prices hit a new record in October as the number of homes for sale hit an all-time low.

Steven Senne/AP

There are fewer homes for sale in the U.S. today than ever recorded in data going back nearly 40 years. That’s a big part

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Lumber prices go through the roof on high demand, short supply in Galveston County | Local News

by  on  in Building Material

GALVESTON

When builders go to the lumberyard, they expect two-by-fours in ample supply. It’s like expecting to find milk at the supermarket.

So, earlier this year, when the number of two-by-fours available to builders fell off dramatically, Jay Wilson knew something was up.

“The supply chain was screwed up,” said Wilson, the owner of Wilson Construction in Galveston. “Dimension sizes were in limited supplies; even something as simple as a two-by-four-by-twelve Southern yellow pine treated was in extremely short supply.”

The fallout of the COVID-19 pandemic has thrown local builders and building suppliers into chaos as decreases in the supply

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Building Materials Prices Decline in November Amid High Volatility

by  on  in Building Material
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Prices paid for goods used in residential construction ex-energy decreased 0.6% in November (not seasonally adjusted) according to the latest Producer Price Index (PPI) report released by the Bureau of Labor Statistics. The index for inputs to residential construction, including food and energy also decreased over the month, albeit by slightly less (-0.5%). Neither measure had fallen since pandemic-driven price declines began to appear en masse in April’s BLS data. The core index for building materials is up 3.9% year-to-date (YTD).

A sharp decrease in prices paid for softwood lumber (seasonally adjusted) offset what few product-specific monthly price increases there

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COVID effect: Southern California home sales drop, prices up

by  on  in Home News

The number of homes sold across Southern California fell sharply in May as the coronavirus outbreak put a freeze on the region’s housing market.

Data released Thursday by DQNews reflect deals that closed escrow, meaning most buyers placed their offers in April and even March, during the height of stay-at-home orders.

Closed sales in May plunged 45% from a year earlier, while the region’s median home price rose 2.7%.

Experts say home sales usually decline before prices do in a market downturn because sellers are reluctant to drop their price until they have to.

As the coronavirus outbreak became a

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Bad news for home buyers: Prices are going up everywhere

by  on  in Home News
The nation’s median existing single-family home price climbed to $313,500 in the third quarter, up 12% from a year ago, according to a report from the National Association of Realtors. At that price, a family would need to pay $1,059 for a monthly mortgage payment and would need to earn $50,819 a year to afford it.

Home prices grew four times as fast as median family income, which increased at a rate of 3%.

The median sale prices of existing single-family homes rose from a year ago in all 181 metro areas measured in the report, and 65% saw double-digit … Read MORE