New Construction News
The surprisingly large decline in the pace of housing starts comes as builder sentiment remains depressed by tariff worries and high prices.
The pace of new-home construction was higher than economists expected, even as homebuilders expressed concern about the impact of tariffs and supply-side challenges.
At the same time, the median sales price for a new home hit its highest level since 2022, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.
The projects are located in Roxbury, Fenway, Dorchester and East Boston.
At the same time, builder sales expectations for the next six months posted their second-largest drop since the sentiment index started in 1985.
New buildings in Boston will be required to achieve net zero carbon emission standards before opening due to a new zoning amendment.
The median-sales price slid from $425,600 in October to $402,600 last month.
Multifamily construction, meanwhile, rose on a monthly basis.
The Avenue will feature a mix of high-end retail and hospitality venues, plus 50 upscale residences priced from just under $3 million.
The median price of a new home sold during the month was also up, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.
Multifamily starts, meanwhile, declined, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development said.
A grand opening ceremony was held for the eight-story Amazya building, bringing the first 475 residential units to the project.
Construction is set to begin on the redevelopment of senior housing into a new affordable housing development in Salem.
The 716,000 per-year rate of new-home sales topped the consensus estimate of 700,000.
July’s seasonally adjusted annual rate of 739,000 represented a 10.6% jump from June’s upwardly revised rate of 668,000.
A developer has received the approval it needed from Massport to build a housing development at the former Boston Edison Power Station on Summer Street in South Boston.