Welcome to our comprehensive coverage of today’s real estate news, where we delve into the latest developments affecting the housing market. From new residential construction updates to Vice President Harris’s ambitious plan to boost housing production, we explore various facets that are shaping the landscape of affordability and availability. Additionally, we provide insights into market predictions for 2024, discussing potential shifts that could benefit buyers. Amidst these broader topics, we also share personal stories, such as that of an elderly couple in Fayetteville whose lives have been disrupted by nearby construction. Each piece offers valuable information and perspectives, inviting you to learn more about the challenges and opportunities within the real estate sector today.
New Residential Construction Press Release
For the latest information on new residential construction in the United States, contact the Economic Indicators Division’s Residential Construction Branch at 301-763-5160 or [email protected]. Media inquiries can be directed to the Public Information Office at 301-763-3030 or [email protected]. Stay updated with email alerts by visiting the official website.
NAHB Commends Vice President Harris’s Focus on Boosting Housing Production | NAHB
Carl Harris, chairman of the National Association of Home Builders (NAHB), praised Vice President Kamala Harris’s housing plan, which emphasizes the construction of 3 million new housing units to address the nation’s affordability crisis. While supportive of tax credits and incentives for first-time buyers, NAHB highlights the need to reduce burdensome federal regulations and avoid targeting institutional investors, which could hinder housing production. NAHB’s 10-point plan focuses on removing impediments to increase housing supply and achieve the goal of building 3 million new housing units. Learn more about NAHB’s commendation here.
Housing Market Predictions For 2024: When Will Home Prices Be Affordable Again? – Forbes Advisor
The housing market is showing signs of entering a transitional phase, with summer sales remaining tepid but potential for increased activity as mortgage rates reach their lowest levels in 15 months and more resale inventory becomes available. While the median price for new homes continues to decline, experts believe that affordability challenges can only be addressed when mortgage rates drop further and inventory substantially increases to meet demand. Despite the current inventory shortage, there are indications that the market is tilting toward buyers, with price cuts and a potential federal funds rate cut on the horizon. However, achieving a balanced housing market will require a considerable increase in home inventories and a gradual reduction in mortgage rates. To learn more about the predictions for the housing market in 2024, read the full article here.
Elderly Fayetteville couple’s life turned upside down by new construction – The Citizen
An elderly couple in Fayetteville, who have been long-term citizens and taxpayers, were taken by surprise when construction began on 63 new cottage homes next to their property. The construction, which takes place from 7 a.m. to 7 p.m., has disrupted their peace and quiet, causing their house to shake and filling it with dust and a sewage-like smell. They have also experienced blocked driveways, loss of privacy due to an armed security guard, and power cuts to their storage building. Despite their attempts to contact code enforcement and city officials, they have received little response or assistance. The couple’s concerns about the impact on their health and the children attending the nearby school have been disregarded. This situation highlights the lack of care shown by the city of Fayetteville and its officials towards long-term residents. To read the full article, visit here.