Welcome to today’s roundup of news in the real estate market! In recent updates, home prices have reached a record high, making it a challenging time for buyers. Elevated mortgage rates and a lack of available homes are contributing factors. However, there are still important considerations to keep in mind. Meanwhile, the construction industry is experiencing high demand, creating opportunities for professionals in the field. Oliver Homes Inc., a family-owned business with over 70 years of experience, continues to make the dream of homeownership a reality. In other exciting news, the Oklahoma City Council has approved the construction of the Legends Tower, set to become the tallest skyscraper in America. Lastly, NerdWallet provides insights on whether it’s a good time to buy a house, taking into account mortgage rates, supply challenges, and personal financial readiness. Read on to explore these stories further!
Home prices just hit a record high. Here are 4 things to know about housing
It’s a tough time to buy a home. Home prices jumped to a record high last month, and elevated mortgage rates are keeping many buyers and sellers on the sidelines. The lack of homes for sale is driving up prices for those that are on the market.
Here are four key points about the current housing market:
- In May, fewer existing homes were sold compared to April, and sales were down 2.8% from a year ago. Elevated mortgage rates have made it more expensive to buy a house, pushing some potential buyers out of the market. Existing homeowners are also reluctant to sell due to giving up their current, cheaper mortgages.
- The median price of a home sold in May reached an all-time high of $419,300. Average home prices are rising because the more affordable end of the market, including starter homes, has dried up. This has led to people being priced out of the home-buying market, particularly for homes under $250,000.
- Interest rates have fallen slightly in recent weeks, but they are still more than twice as high as pre-pandemic levels. Higher interest rates, combined with higher home prices, have significantly increased the monthly payment required to buy a home.
- While the number of existing homes on the market is still low, it is slowly increasing. At the end of May, there were 1.28 million homes for sale, which is 18.5% more than a year ago. Life events such as job changes or family situations are leading to new inventory entering the market.
Despite the shortage of existing homes, builders have been helping to fill the gap with newly-built houses. However, new home construction is slowing down, which could worsen the shortage of homes for sale.
The Most Popular Construction Jobs in Oklahoma | State News | pryorinfopub.com
With the high demand for construction nationwide, many builders are struggling to find the professionals they need. The industry is estimated to need an additional 501,000 construction professionals this year and an additional 454,000 in 2025. This presents a great opportunity for experienced professionals or those considering entering the profession, as their skills are in high demand and can command higher wages.
Construction spending has seen significant growth since its low point in 2011, with real construction spending nearly doubling. Both residential and nonresidential construction sectors have experienced steady growth, with a surge in residential construction between 2020 and 2022. Nonresidential construction initially declined during the pandemic but has since experienced a strong resurgence.
Despite the record levels of spending, total construction employment remains below historical levels. While there has been a notable recovery in employment since the pandemic, the industry still requires more workers to meet demand.
To understand the most popular construction jobs in each state, researchers at Construction Coverage analyzed data. For Oklahoma, the breakdown of the most popular construction industry occupations is available.
Oliver Homes Inc | Builders & Contractors | Hagerstown, MD | fredericknewspost.com
Oliver Homes, established in 1948, believes that every family should be able to afford a new home. With over 70 years of experience, they have made “The American Dream” possible for thousands of local families. By utilizing innovative construction techniques, functional and attractive home designs, and their volume purchasing power, Oliver Homes has been able to turn the dream of homeownership into a reality.
As a second-generation, family-owned business, Oliver Homes takes pride in their commitment to affordable housing. Their service area for new home construction includes Washington County and Frederick County in Maryland, Franklin County in Pennsylvania, and Berkeley County, Jefferson County, and Morgan County in West Virginia.
Discover the top 10 reasons to choose Oliver Homes or contact them today to learn how they can help you achieve “The American Dream!”
New Tallest Skyscraper in America Has Officially Been Approved to Be Built at an ‘Unlimited’ Height
The Oklahoma City Council has given the green light for the construction of the Legends Tower, which will become the tallest skyscraper in America. The architecture firm leading the development, AO, expressed their delight at the approval of the building without any height restrictions. Teaming up with real estate developers Matteson Capital, the tower will be located in the Bricktown neighborhood and is set to be a global destination. The Legends Tower will stand at 1,907 feet, paying homage to the year Oklahoma became the 46th state. This record-breaking structure will join three additional 345-foot buildings and offer a vibrant retail and restaurant scene along with residential units.
Is It a Good Time to Buy a House? – NerdWallet
When considering whether it’s a good time to buy a house, it’s important to look beyond housing market trends and consider your own financial situation, life goals, and readiness to become a homeowner. Factors such as mortgage rates, down payment requirements, and competition in the market can all impact the decision.
While mortgage rates have dropped since October, they have remained relatively high throughout the first half of 2024. However, if inflation is controlled as predicted, mortgage rates are expected to continue a modest decline. Additionally, a rate cut by the Federal Reserve could offer buyers more relief.
Supply continues to be a challenge in the housing market, with a shortage of homes for sale. This leads to increased competition among buyers and rising home prices. However, if mortgage rates decline as forecasted, existing-home sales are likely to strengthen, creating more competition in the market.
When evaluating whether it’s a good time to buy a house, consider factors such as your life goals, stability of employment, down payment affordability, credit score, and debt-to-income ratio. It’s also important to work with a real estate agent to understand home values in your area and be prepared for competition when making an offer.