Welcome to today’s Real Estate news roundup! In California, we explore the programs and grants available for first-time home buyers in 2024, providing a helping hand in a state known for its high prices. Discover how these initiatives can make your dream of homeownership a reality. In other news, we delve into the ongoing issue of housing affordability, where new homes may not be the quick solution many hope for. We also examine housing market predictions for 2024, shedding light on when home prices might become more affordable again. Additionally, we discuss the debate surrounding building codes in Kansas City, as developers push for flexibility while environmentalists emphasize the importance of energy efficiency. Lastly, we take a look at framing lumber prices and their impact on the cost of new homes, along with the latest updates on new residential sales. Dive deeper into these topics by clicking on the links below.
California First-Time Home Buyer | 2024 Program & Grants
Buying your first home can be a real challenge, especially in a state like California where prices are often sky-high. Luckily, the Golden State has a variety of first-time home buyer loans and grants to help those who need an extra hand. Here’s how to get started.
New homes won’t cure housing affordability problems – San Diego Union-Tribune
“Numerology” tries to find reality within various measurements of economic and real estate trends. Construction is not a quick cure for homebuying affordability headaches because the bulk of the new homes being built are pricier and larger than the rest of what’s sold on the market. Developers argue they need to build bigger homes to make the expensive land they buy, plus other construction costs, pencil out financially. Learn more about this issue in the full article.
Housing Market Predictions For 2024: When Will Home Prices Be Affordable Again? – Forbes Advisor
What many had hoped would be a rosy spring home-buying season ended as a thorny challenge for many prospective home buyers already demoralized by a frustrating market. Yet, even as sales stalled amid elevated mortgage rates and home prices, one silver lining emerged—more resale inventory entered the market, which has begun to put some downward pressure on the pace of home price growth. Read the full article to learn more about the predictions for the housing market in 2024.
Builders push for more flexible building codes in Kansas City
The Kansas City Council implemented new energy efficiency rules for homebuilders last year, but developers are now blaming these rules for a construction slowdown and higher housing costs. They argue for more flexibility in the building code to keep costs down and make housing more affordable. However, environmentalists argue that relaxing the code would lead to less energy-efficient homes and contribute to climate change. The debate continues as builders seek changes to the code while environmentalists emphasize the importance of reducing greenhouse gas emissions. Read the full article for more details.
Framing Lumber Prices | NAHB
The framing lumber composite price experienced a slight increase after several weeks of decline. NAHB tracks the latest lumber prices and provides an overview of the U.S. framing lumber market. The article discusses the factors contributing to the volatility of softwood lumber prices and the impact on the cost of new homes. It also highlights the importance of addressing supply-chain challenges and reducing greenhouse gas emissions in the construction industry. Read the full report for more information.
New Residential Sales Press Release
For more information about new residential sales data and inquiries, please contact the Economic Indicators Division or the Public Information Office. Stay updated with the latest data on new residential sales by visiting the Census Bureau’s website.