The new-homes market is recovering—with sales on the rise—but hurdles including a lumber shortage are still hampering builders.
Relatively inexpensive areas outside major cities—like El Dorado County, just east of Sacramento, and Camden County, across the river from Philadelphia—are gaining ground with homebuyers as New York City and San Francisco lose steam.
iBuyers purchased the fewest homes in more than three years in the second quarter. But now business is making a comeback, with iBuyers seeing a rebound in demand—and even bidding wars—from homeowners who are in search of quick cash and a safe way to sell during the pandemic.
Relatively affordable places including San Antonio and Baltimore have seen housing supply plummet, while San Francisco has experienced a flood of homes for sale as Americans flee dense, expensive cities
San Francisco has seen a greater increase in price drops than any other U.S. metro, with the share of sellers slashing prices more than doubling from a year ago as the pandemic drives homebuyers out of the Bay Area.
A surge in homebuilding before the pandemic is now driving growth in new-home sales. A shift to the suburbs and record-low mortgage rates are also contributing factors.
The new-homes market is recovering—with sales on the rise—but hurdles including a lumber shortage are still hampering builders.
Relatively inexpensive areas outside major cities—like El Dorado County, just east of Sacramento, and Camden County, across the river from Philadelphia—are gaining ground with homebuyers as New York City and San Francisco lose steam.
iBuyers purchased the fewest homes in more than three years in the second quarter. But now business is making a comeback, with iBuyers seeing a rebound in demand—and even bidding wars—from homeowners who are in search of quick cash and a safe way to sell during the pandemic.
Relatively affordable places including San Antonio and Baltimore have seen housing supply plummet, while San Francisco has experienced a flood of homes for sale as Americans flee dense, expensive cities
San Francisco has seen a greater increase in price drops than any other U.S. metro, with the share of sellers slashing prices more than doubling from a year ago as the pandemic drives homebuyers out of the Bay Area.
A surge in homebuilding before the pandemic is now driving growth in new-home sales. A shift to the suburbs and record-low mortgage rates are also contributing factors.