The pandemic has buoyed the custom residential design sector while impacting homeowner design preferences, according to a fourth quarter Home Design Trends Survey from the American Institute of Architects.
Chuck Fowke, chairman of the National Association of Home Builders and a custom home builder from Tampa, Florida, issued a statement after the Commerce Department lowered duties on Canadian lumber shipments into the United States.
A trend of higher demand for housing in lower-density areas reported in the second quarter National Association of Home Builders (NAHB) Home Building Geography Index (HBGI) has persisted into the fall, as single-family and multifamily construction continued to overperform in lower cost markets like suburbs and exurbs.
Sales of newly built, single-family homes in October dipped 0.3 percent to 999,000 from an upwardly revised September number, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.
Led by solid gains in single-family production, overall housing starts increased 4.9 percent in October to a seasonally adjusted annual rate of 1.53 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.
Builder confidence in the market for newly-built single-family homes increased five points to 90 in November, shattering the previous all-time high of 85 recorded in October.
Record-low mortgage rates were not enough to offset inventory shortages and rising home prices as housing affordability continued to decline in the third quarter of 2020, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index.
Builder confidence in the single-family 55+ housing market was at an all-time high in the third quarter, jumping 18 points to 83, according to the National Association of Home Builders' 55+ Housing Market Index.
