The seasonally adjusted estimate of new houses for sale at the end of July was 378,000, representing a supply of 6.1 months at the current sales rate.
Some supply-chain issues and price shocks have calmed in recent weeks. But the price volatility of core construction materials remains unsettling for builders trying to set their budgets.
The Elevated Companies 223 Saratoga development is slated to be completed this fall.
“The bright spot in an otherwise underwhelming report comes from the increase in the overall number of permits issued, which can signal how much home construction is in the pipeline.” — First American deputy chief economist Odeta Kushi
A new residential property in Billerica has opened its doors to its first occupants.
The Procopio Companies has broken ground on a new, 22,000 square-foot luxury, mixed-use development in Winthrop.
The seasonally adjusted estimate of new houses for sale at the end of May was 330,000, representing a supply of 5.1 months at the current sales rate, the U.S. Census Bureau and the Department of Housing and Urban Development reported.
Single-family housing starts were up 4.2% from April and 49.8% from May 2020, at 1,098,000, according to the U.S. Census Bureau and Department of Housing and Urban Development.
Increasing costs and declining availability of key building materials dampened builder sentiment, as higher costs have pushed some new homes beyond the budget of prospective buyers.
The Boston Planning & Development Agency approved a request from developers to replace a previously approved hotel portion of their 150 Kneeland St. development with residences.