Pete O'Neil’s Post

The persistent issue of low housing inventory has been a major factor driving high home prices. Modular construction offers a solution by rapidly increasing the supply of homes, making it an attractive option for developers aiming to address inventory shortages. Recent housing market updates reveal further increases in already-elevated mortgage rates and home prices, exacerbating the inventory shortage and dampening the hopes of many prospective buyers. By embracing modular construction, demand for housing can be met more efficiently, potentially stabilizing prices and providing more opportunities for prospective homeowners. Modular homes, with their faster production timelines, could play a critical role in alleviating inventory shortages and making homeownership more accessible. Take a look at the Forbes article below for more on what’s to come of the 2024 housing market: https://lnkd.in/gHWNMxm2 #HousingMarket #ModularConstruction #ModularHomes #Prefab #HomeOwnership

How are we going to cure the record housing shortage? New-home construction might be a good start, as it jumped 7% in July. In the second quarter of 2023, newly-built single-family homes made up nearly one-third of nationwide housing inventory. Builders are using incentives to bolster sales, such as buying down mortgage rates or offering free home upgrades. https://lnkd.in/g9K9aA2s

November new construction home starts numbers are in… In today's real estate landscape characterized by limited inventory, a positive trend is emerging in the form of a surge in new construction. The housing market's recent boost with an 18% increase in new home starts reflects a promising shift. As we step into 2024, the combination of this construction surge with declining mortgage rates paints an optimistic picture. Lower rates not only make homeownership more attainable but also incentivize potential buyers to explore the opportunities presented by new construction projects. With this promising landscape, LMCU shines as a support for those venturing into new home construction and need financing. Our commitment to tailored construction loans, competitive rates, and personalized assistance positions us as a dependable partner for individuals and developers looking to bring their housing dreams to life in this thriving Sure, here are the top 10 hashtags for new construction of luxury properties along the Lakeshore in Michigan, including aspects of mortgages, construction loans, and your personalized hashtag: #LuxuryLakeshoreHomes #LakeMichiganLiving #newconstructionhomes #constructionfinance #MichiganBuilders #ConstructionLoans #MortgagesInMichigan #LakeshoreRealEstate #MortgagewithMolly #LuxuryHomeFinancing

New single-family homes make up almost a third of available housing inventory nationwide as existing home supply remains constrained due to elevated mortgage rates. Large builders are employing tools like rate buydowns and other perks to attract buyers with otherwise limited options. Land sales to builders are back on as NAR expects new-home sales to rise over 10% this year and next. https://lnkd.in/gGZy77KX

Housing starts fell sharply by 19.3% in May, reflecting the ongoing decline in builder confidence. Currently at its lowest level since December 2023, experts attribute this trend to the impact of mortgage rates.

🏡 Housing Update: August saw a dip in single-family production due to rising mortgage rates and ongoing supply challenges. Overall housing starts decreased by 11.3%, with multifamily production leading the decline. Single-family starts were down by 4.3% on a monthly basis but up 2.4% YoY. However, year-to-date, they are down by 15.1%. 🛠️ Builders continue to face hurdles like construction costs, a shortage of skilled labor, and limited buildable lots. On the positive side, permits increased by 6.9% to a 1.54 million unit annualized rate in August, with single-family permits up by 2.0%. 📉 The multifamily sector, including for-rent apartments and condos, decreased significantly by 26.3% in August, with YoY multifamily construction down by 41.6%. 🌎 On a regional basis, combined single-family and multifamily starts and permits have seen declines, indicating the challenges are widespread. #HousingMarket #RealEstate #MortgageRates #ConstructionChallenges https://lnkd.in/gK6mf7TK

🛠️ High interest rates continued to impact housing starts in May, with overall starts down 5.5% to a 1.28 million unit rate. Single-family starts, up 18.8% year-to-date, decreased 5.2%, while multifamily starts fell 6.6% to the lowest pace since 2020. Challenges in financing and labor availability persist amid a competitive mortgage environment. This decline in housing starts, along with rising prices for single-family housing, may contribute to increased demand for multifamily housing in the near future.🏗️📉 #HousingConstruction #EconomicImpact #HomeBuilding #RealEstateData

New single-family homes make up almost a third of available housing inventory nationwide as existing home supply remains constrained due to elevated mortgage rates. Large builders are employing tools like rate buydowns and other perks to attract buyers with otherwise limited options. Land sales to builders are back on as NAR expects new-home sales to rise over 10% this year and next. https://lnkd.in/gYdmqRFk

Overview: While the end of the year has seen a reduction of long-term interest rates, the housing market is set to experience gains in 2024 for single-family construction and existing-home sales, according to NAHB chief economist Rob Dietz. #housing #housingmarket #housingmarketupdates #housingindustry #housingnews #housingshortage #housingforecast #housingforecast2024 #housingmarketupdates2024 #homesupplyanddemand #homesales #homeprices #homeaffordability #homeattainability #homeownership #householdformation #americandream #buyingahome #homepurchase #singlefamilyconstruction #singlefamilyhomes #singlefamilypermits #homebuilding #homebuilders #residentialconstruction #residentialcommunities #newhomes #newhomestarts #resalehomes #existinghomesales #sellingahome #listingahome #homeinventory #newhomeinventory #spechomes #firsttimebuyers #entrylevelbuyers #entrylevelhomes #starterhomes #mortgageinterestrates #mortgagerates #mortgageapplications #mortgageindustry #TheFed #interestrates

In a sign that lower mortgage rates continue to boost the housing market, single-family production surpassed the million mark for the second straight month in December. Single-family starts decreased 8.6% to a 1.03 million seasonally adjusted annual rate but are up 15.8% compared to a year ago. The three-month moving average (a useful gauge given recent volatility) is up to over 1.0 million starts, as charted below. The multifamily sector, which includes for-rent apartment buildings and condos, increased 8.0% to an annualized 433,000 pace for 2+ unit construction in December. On a year-over-year basis, multifamily construction is down 7.9%. Total housing starts for 2023 were 1.41 million, a 9.0% decline from the 1.55 million total from 2022. Single-family starts in 2023 totaled 945,000, down 6.0% from the previous year. Multifamily starts in 2023 totaled 469,000, down 14.4% compared to the previous year.