Welcome to today’s real estate news roundup! In California, the housing construction landscape has seen a shift, with homebuilders taking the lead while apartment developers pull back, resulting in a 12-year low in multifamily permits. Find out more about the housing trends in California and how this impacts apartment seekers and homebuilders. Additionally, explore the current state of the housing market and predictions for the future, including the impact of low mortgage rates and resale inventory. Discover the latest updates on framing lumber prices and their influence on the housing market. Lastly, learn about the challenges faced by housing advocates as efforts to limit the authority of the California Coastal Commission have stalled. Dive into these stories and stay informed about the ever-evolving world of real estate.
California apartment permits dip to 12-year low but new home construction rises – San Diego Union-Tribune
Buzz: House hunters were the winners, and apartment seekers the losers, in California’s housing construction game in the first half of 2024. Homebuilders filed 62% of California’s housing permits in 2024’s first six months, the largest share since 2010. Meanwhile, apartment developers are pulling back sharply from their recent building boom, resulting in California multifamily permits hitting a 12-year low. Discover more about the housing trends in California and the impact on apartment seekers and homebuilders.
California apartment permits dip to 12-year low but new home construction rises – Orange County Register
Overall, this was California’s worst half for home and apartment building since the pandemic struck. Find out more about the current state of apartment permits in California and how new home construction is faring. Discover the factors contributing to this decline and explore the implications for the housing market.
Housing Market Predictions For 2024: When Will Home Prices Be Affordable Again? – Forbes Advisor
The housing market might finally be entering a transitional phase. Summer sales have been tepid thus far, but there are signs that activity could heat up by the end of the summer as mortgage rates plunge to their lowest levels in roughly 15 months and much-needed resale inventory continues to enter the market, giving buyers more options. Learn more about the current state of the housing market and predictions for the future.
Framing Lumber Prices | NAHB
The framing lumber composite price rose for five consecutive weeks after reaching its lowest level since April 2020. Softwood lumber prices have been volatile due to increased demand, rising tariffs, supply-chain bottlenecks, and insufficient domestic production. NAHB tracks the latest lumber prices and provides an overview of the behaviors within the U.S. framing lumber market. Learn more about the factors affecting lumber prices and their impact on the housing market.
Bills to rein in California Coastal Commission stifled – CalMatters
Efforts to minimize the power and influence of the California Coastal Commission have stalled, as bills aimed at making it easier to build housing along the coast and limit the commission’s authority have either died or been severely watered down. The Coastal Commission, responsible for regulating construction within the coastal zone, remains a force to be reckoned with. Despite the push for more housing, protecting the coast’s value and fragile ecosystems remains a priority. Learn more about the challenges faced by housing advocates and the ongoing debate surrounding coastal development.