Low inventory and rising interest rates have reduced prospective homebuyer purchasing power. 

Affordability and supply-chain issues continued to weigh on the sales of new single-family residences.

“More groundbreaking is welcome news for a supply-starved housing market.” — First American deputy chief economist Odeta Kushi 

“Builders are entering 2022 with backlogs that they are having a hard time completing due to material and labor shortages, and new-home prices are sitting near a historic high.” — First American Deputy Chief Economist Odeta Kushi

“Production disruptions are so severe that many builders are waiting months to receive cabinets, garage doors, countertops and appliances.” — NAHB Chairman Jerry Konter 

Single-family housing starts fell 5.6% from December’s revised estimate to 1,116,000, while multifamily starts slid 2.1% to 510,000, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development said.

Builders started to make headway against supply-chain issues that have hampered construction of homes in the face of high demand. 

While multifamily starts surged 13.7% compared to November, the pace of new single-family housing construction slid 2.3%, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.

The first phase of the deal comprises 1,424 new single-family homes and townhouses in Tampa, Fla.; Atlanta and Athens, Ga.; and Pinehurst, N.C.

The median sales price of new homes hit a new high of $416,900.

“November’s housing starts report signals strength for the housing market.”  — First American deputy chief economist Odeta Kushi

“While 2021 single-family starts are expected to end the year 24% higher than the pre-Covid 2019 level, we expect higher interest rates in 2022 will put a damper on housing affordability.” — NAHB chief economist Robert Dietz

Nearly 100 new homesites are available in the 3,000-acre community of Audubon, where Drees Custom Homes and Perry Homes recently launched sales, according to a press release. Empire Communities will join Drees and Perry as the community’s third newest builder.

There may be a construction boom, but builders still have a lot of ground to make up from a decade of underbuilding, according to a new report from Zillow.

Led by Jennifer Keller, Hamilton Thomas Homes broke ground in October in Balmoral, where it will build 31 homes on 45-foot sites. Homes will range from 1,700 to 3,000 square feet, with pricing in the mid-$300,000s, according to a press release. 

Coventry Homes will expand its building program to the 460-acre community of Candela, the builder announced in a press release. Priced from the $530,000s, homes will be situated on 70-foot sites with designs ranging from 2,915 to 4,573 square feet. Floor plans have not yet been released.