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In the Race to Sell, Builders Are Offering Major Price Reductions

Pro Builder

Just a 2% rate reduction can amount to thousands of dollars in savings, meaning that in pricey cities like Phoenix, where the median home costs $450,000, builders are fronting between $22,500 and $27,000 of the total sales cost to boost demand. New-Home Sales. Builders.

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The Fed Just Paused Interest Rate Hikes—What Does That Mean for Home Prices?

Pro Builder

from this time last year, and cities such as Austin, Texas, and Phoenix are seeing double-digit declines, but without an increase in housing inventory, experts say home prices will remain elevated throughout the remainder of 2023. Read more Market Data + Trends Financing Affordability Market Data + Trends

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Lowe's Partners With National Nonprofit to Revitalize Neighborhoods Across US

Pro Builder

This year's partnership efforts kicked off in Phoenix, where 200 Lowe's associates repaired homes for six neighbors and revitalized the Swift Kids Branch of Boys & Girls Clubs of the Valley. Read more Community Development New-Construction Projects Financing Community Development San Jose, Calif., Nashville, Tenn.,

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Case-Shiller House Price Index Reveals Steep September Declines

Pro Builder

The most recent Case-Shiller House Price Index (HPI) revealed a seasonally adjusted monthly decrease of -0.76% in September, though the Federal Housing Finance Agency (FHFA) HPI posted a 0.1% gain in September, according to the CalculatedRisk Newsletter. .

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Home Prices Jumped Double-Digits in December, Highest Pace Since 2013

Pro Builder

Phoenix, Seattle, and San Diego continued to show the strongest price gains among the 19 cities surveyed. Year-over-year prices in Phoenix rose 14.4%. “From the perspective of more than 30 years of S&P CoreLogic Case-Shiller data, December’s year-over-year change ranks within the top decile of all reports.”. Read More. .

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Home Values Increase Up to 9% Year-Over-Year Nationwide

Pro Builder

Some metros experienced higher value increases than others, such as Phoenix, which saw a home value increase of 2.1% Home values increased in all 50 of the largest metros in the country tracked by Zillow, with its home value index increasing 1.1% from December, but 9.1% year over year. and San Francisco, where home values inched up 0.4%.

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Across the Country, Developers Are “Fighting for Land”

Pro Builder

According to the Wall Street Journal, more and more people are flocking to places like Austin, Phoenix, and Tampa, which increases the price of dirt there and makes the housing shortages worse in these areas. Housing Policy + Finance. But between 1977 and 2019, they grew at an average annual rate of about 13%. Land Planning.

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