Buildings older than 40 are being scrutinized throughout the country as investigators in Surfside, Fla., continue searching for clues that can explain why a 12-story condo building collapsed in the middle of the night last week. As of Tuesday morning, 11 people were dead and 150 were missing in a tragedy that has shaken property owners nationwide.The collapse of Champlain Towers South also has sparked a debate over whether Miami’s 40-year
Rising prices in new-home construction have mostly shut out buyers in the lower end of the market, shows a new analysis from the National Association of Home Builders. Buyers in the bottom one-fourth of the market have had to look exclusively at the stock of existing homes. However, fast-rising prices in the existing-home market may soon price out buyers as well.The median price of a newly built single-family home that was started in 2020 was $33
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The pandemic fueled a remodeling boom as more homeowners sheltered in and looked to redo their home as a new hobby. But the costs of remodeling projects have soared over the past year.Some house projects have seen prices jump by more than 50% in 2020 compared to 2019. Also, the average spending on a remodel increased from about $9,000 in 2019 to more than $13,000 in 2020, according to a new report from Angi and HomeAdvisor.“It was a pretty sign
The median home prices of single-family homes and condos in the second quarter was less affordable than historical averages in 61% of U.S. counties, according to a second-quarter report from ATTOM Data Solutions. That is the highest level in two years as home price increases continue to race ahead of wages in the majority of the country.Homeownership costs have comprised about 25.2% of the average national wage of $63,986 in the second quarter, a
Remote work and mobility are expected to have the most significant impact on real estate over the next year, according to The Counselors of Real Estate’s list. The group identified current and emerging issues expected to have an influence over real estate in the 2021-2022 cycle. Remote work and mobility and its influence over commercial buildings globally was named as the top issue, followed by technology and ESG (Environment, Social, and Gover
Prices are surging and uncertainty in the availability of building materials, lots, labor is chipping away at new-home sales, even as buyer demand remains high.Newly built, single-family home sales fell nearly 6% in May—the lowest pace in a year, the Department of Housing and Urban Development and U.S. Census Bureau reported Wednesday. A new home sale is reflected in the survey when a sales contract is signed or a deposit is accepted.New-home p
Sprucing up the home has become a favorite pastime during the pandemic. Home renovation spending has increased by 15% over the last year, reaching a median outlay of $15,000, according to the 2021 Houzz & Home report, an overview of renovation in 2020 and 2021.The main motivation to renovate over the past year, cited by 44% of survey respondents, is that they “wanted to do it all along and finally have the time.” The second driver, cited
Single-family rents have climbed at the fastest rate in nearly 15 years. Further, renters are making their preferences known: Rent growth for detached properties is more than three times the rent growth for attached properties, according to CoreLogic’s Single-Family Rent Index.As inventory remains limited, some Americans are turning to rentals to buy time, but they still desire a single-family home. “While rent growth dipped significantly las
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