Written by Steven HansenThe ISM Manufacturing survey improved and remains in expansion. The Markit PMI manufacturing index improved and remains in expansion.
A rendering of 12 Eileen’s Path, East Hampton (Corcoran)
When it comes to trophy homes, Hamptonites tend not to trust anyone’s taste but their own. There is always a market for spec homes, custom builds and extensive renovations. In addition, New Yorkers have been fleeing the pandemic, and lockdown-weary residents are eager to enhance their abodes with home gyms and wine cellars. As a result, there’s a booming market for the new.
“New construction is selling at a 25 percent premium to 18 months ago,” said Corcoran agent James Peyton, who represents many new builds and spec homes in the area. “These properties are making deals pre-construction or very shortly into the construction phase.”
Did the April Housing-Starts Surprise Result from Weather or Materials and Labor Shortage?
US new home construction dropped precipitously and permits were weak in the face of unprecedented demand for new homes, but multifamily construction showed signs of revival
May 18, 2021
data: US Department of Commerce; graph: ForConstructionPros.com
U.S. housing starts fell significantly more than expected in April. The Commerce Department’s monthly data release Tuesday estimating housing starts fell 9.5% in April to a 1.569 million-unit seasonally adjusted annual rate.
Reuters’ monthly economist poll had showed a consensus forecast of starts falling to a rate of 1.710 million units.
An eye-opening drop
Activity to keep surprising on the upside smsfadviser.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from smsfadviser.com Daily Mail and Mail on Sunday newspapers.