Affordability limits new-home construction growth to exurbs

New Home Building Geography Index Shows Single-Family Growth Limited to Exurbs May 28, 2019 In a sign that housing affordability is becoming a growing issue nationwide, as of the first quarter of 2019 exurbs were the only region that registered single-family permit growth on a year-over-year basis, according to the new National Association of Home Builders (NAHB) Home building geography index (hbgi).

Exurbs are the outskirts of major metro areas that lie beyond the suburbs. Many offer more land and greater affordability in new-home construction. Single and multifamily activity in the exurbs makes up only a small share of permit activity across the country, but their quarterly growth rates reached a new high in the first quarter of 2019.

Growing affordability concerns caused builder confidence in the market for new single-family homes to fall eight points to a level of 60 in November, according to the NAHB/Wells Fargo Housing Market Index. Builders continue to report positive consumer demand for new homes, but more customers are expressing concerns over rising interest rates and home prices.

 · ”These constraints, largely imposed at the local level, raise costs and limit the number of homes that can be built in places where demand is highest.” Meanwhile, a large percentage of new housing being built is intended primarily for the higher end of the market, Herbert states.

Sales Growth Forecast: 5%; Price Growth Forecast: 7.4%; Grand Rapids, MI. The Grand Rapids real estate market has officially placed the latest economic crisis in its rearview mirror. In the last year alone, the city’s median home value has increased 13.6%, according to Zillow. Even with the latest surge in home values, however, Grand Rapids remains an affordable place to live, especially for new.

WASHINGTON – In a sign that housing affordability is becoming a growing issue nationwide, as of the first quarter of 2019 exurbs were the only region that registered single-family permit growth on a year-over-year basis, according to the new National Association of Home Builders (NAHB) Home Building Geography Index (HBGI).

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Overall, indicators from the 2017 market showed positive growth, with the number of closed units. and a better prospective investment for our Canadian buyers. More new home construction inventory.

"The combined effects of higher mortgage rates and increased house prices have pushed consumers to the affordability limit. new home buyers back to the market. "There is an enormous amount of pent.