1/9/2023 0 Comments New home inventory![]() ![]() The available inventory homes start at just 190,900, and have up to 7 bedrooms, so you can easily find the perfect new construction home for your lifestyle and budget today. NewHomeSource lists 2,127 Inventory homes in Tampa. ![]() ![]() As millions of millennial buyers look to past generations’ ability to easily find affordable new homes, today’s limited options and high prices show a very different landscape. Families relocating with a military spouse should ask builders about any special incentives for service members. This affordability wedge comes as builders seek to overcome a decade of underbuilding, which left real estate markets 5.2 million new homes short. However, resurgent lumber prices and accelerating inflation are pushing builders to pass those costs on to consumers. Strong demand for housing keeps the homebuilders’ outlook for the next six months upbeat. With tight inventory for existing homes frustrating many buyers, low interest rates have given many the leeway in their budget to consider new homes. In addition, construction companies have been well-positioned to meet the pandemic shift toward remote work and suburban living. New homes offer an attractive combination of larger footprints, contemporary floorplans, higher energy efficiency, and warranties. Sales of entry-level homes-priced below $300,000-accounted for only 14% of total sales, compared with 38% in 2020. The supply of new homes has been improving, from a low of 3.7 months of inventory in March, to 7.6 months in November (6.5 months when seasonally-adjusted). The change is driving up construction costs and translating into higher prices, with the median new home price reaching $416,900, an 18.8% advance from a year ago. The cost of lumber rose from $573 at the start of November to $825 per thousand board feet by the end of the month, and moved into the $1,100s per thousand board feet in December, following the Commerce Department’s announcement that it will double the import duties on Canadian softwood in 2022. Sales of new homes were 14.0% lower than the same month in 2020. A total of 744,000 new homes sold during the month, a 12.4% increase from the downwardly-revised October figure, driven by double-digit gains in the Northeast and West. However, October’s sales figures were revised downward, indicating slower-than-expected activity. New home sales advanced for the third consecutive month in November, as still-low mortgage rates motivated buyers to close before the winter holidays. November 2021 New Home Sales What Happened This Month: ![]()
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