New Construction News
Pinnacle secured $47.8 million in construction financing for Pinnacle 441 Phase 2, a 100-unit affordable housing development in Hollywood.
Sales have begun at Marina Landings, a new luxury gated community from 13th Floor Homes.
Single-family home permits and completions, meanwhile, also rose, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.
Low inventory and high demand are buoying builder sentiment in the face of several headwinds.
A surge of residential and other developments in North Miami and neighboring Aventura are reshaping the South Florida landscape.
Apartments at Hillsboro Landing will be reserved for residents aged 62 and older who make equal to or less than 22%, 25% or 60% of the area median income (AMI).
Demand for newly built homes has remained strong as high interest rates keep many would-be sellers of existing homes off the market.
The larger-than-expected increase comes as homebuilder sentiment rose for the sixth month in a row.
A shortage of existing inventory continues to drive buyers to new construction.
Single-family permits also posted a gain, indicating even more new homes are headed to today’s supply-constrained housing market.
Homebuilder optimism was buoyed by continued shortages of new housing inventory, the National Association of Home Builders reported.
U.S. government data shows builders increased the pace of single-family home construction while slowing the pace of multifamily starts.
The National Association of Home Builders/Wells Fargo Housing Market Index rose for the fourth month in a row in April as the construction industry remained “cautiously optimistic.”
The supply of new homes for sale ticked lower from February, according to government figures.
A shortage of existing-home inventory is driving more people to the market for newly built homes.
Homebuilders expressed “cautious optimism” that the lack of existing inventory would drive demand for new homes despite high construction costs and interest rates, the National Association of Home Builders reported.