Welcome to today’s Real Estate news roundup! Stay informed about the latest developments in the housing market. The El Paso City Council has approved an increase in impact fees for developers, striking a balance between shifting costs and maintaining affordability. Forbes Advisor predicts a slower growth in home prices for 2024, while Santa Cruz Local provides updates on major housing and construction projects in Santa Cruz County. In a heartwarming story, a Fort Myers family receives a life-changing gift of a brand new home. Las Vegas builders celebrate their best first quarter since 2021, and Marketplace explores the growing trend of smaller homes in response to affordability challenges. Dive into these stories and gain valuable insights into the ever-evolving real estate landscape.
El Paso City Council approves impact fee hike for developers
The El Paso City Council has voted to increase the fees that home builders, and ultimately new home buyers, pay to cover the cost of providing water and sewer service to new neighborhoods. The 28% increase is half of what El Paso Water originally sought, meaning a significant portion of the cost of new infrastructure will continue to be spread among ratepayers citywide. The increased water impact fee for developers will result in slightly lower monthly bills for ratepayers in the coming years.
The decision was met with mixed reactions, as some argued for higher fees to shift more of the cost to developers and limit urban sprawl, while others expressed concerns about the potential impact on housing affordability and the city’s assessed value on tax rolls. The compromise reached by the council aims to balance these competing interests.
For more details on the impact fee hike and its implications, visit El Paso Matters.
Housing Market Predictions For 2024: When Will Home Prices Be Affordable Again? – Forbes Advisor
The spring home-buying season has been slow to take off due to rising mortgage rates and affordability challenges. While sales of newly built homes are thriving, sales of existing homes have stagnated, contributing to the low housing supply. However, experts predict an increase in home sales transactions compared to last year and anticipate a slower growth in home prices in 2024. Despite these predictions, home prices continue to reach record highs, and affordability remains a major concern for buyers.
In April, a landmark settlement was preliminarily approved, mandating significant changes to the real estate industry’s buying and selling model. These changes will go into effect in July and are expected to reshape the industry.
For more insights on the housing market predictions for 2024 and expert tips for buyers and sellers, visit Forbes Advisor.
Housing and construction projects in Santa Cruz County – Santa Cruz Local
Stay up to date on major housing and construction projects across Santa Cruz County and find out how to make your voice heard. Explore the latest updates on water and highway projects in the area. Whether you’re interested in staying informed or getting involved, Santa Cruz Local has you covered.
New home marks a life-changing gift for Fort Myers family in need | WGCU PBS & NPR for Southwest Florida
When Myrtle Dillard and her family watched their nearly 100-year-old home being torn down, they were unsure of what the future held. After living in a deteriorating house for 33 years, the Dillard family faced numerous challenges. However, thanks to the efforts of Lee BIA Builders Care and Stevens Construction, they were presented with a brand new home that exceeded their expectations.
The new home, a 1,347-square-foot, three-bedroom, two-bathroom dwelling, was designed to meet the family’s needs, including accessibility features for Myrtle Dillard, who relies on a wheelchair. The project, which involved tearing down the old house and rebuilding from the foundation up, was completed in just 60 days. Community partners and donors contributed furniture, appliances, and household supplies to make the new home truly feel like a fresh start.
The collaboration between Lee BIA Builders Care, Stevens Construction, and various industry partners showcases the power of community support and the impact it can have on families in need. The project not only provided the Dillard family with a safe and comfortable home but also highlighted the importance of identifying and addressing housing needs within the local community.
To learn more about this heartwarming story, visit WGCU PBS & NPR for Southwest Florida.
Las Vegas builders have best first quarter since 2021 | New Homes | Homes
The Las Vegas new-home market had a strong first quarter, with builders reporting more than 1,000 net sales for three consecutive months. Despite elevated mortgage rates, the market surpassed expectations, posting a 29% increase in year-over-year net sales. Lennar emerged as the top builder in March, while other prominent builders like PulteGroup, D.R. Horton, and KB Home also experienced significant growth.
The increase in new communities opening for sale and the focus on new homes reflects buyers’ preference for limited inventory on the existing home side. The market share of new home closings rose to 28% in March, and the median closing price for all product types saw a 4% increase compared to the previous year.
To learn more about the thriving Las Vegas new-home market in the first quarter, visit Review Journal.
Where small homes fit in the housing market, from the 1920s to 2020s – Marketplace
In response to low housing inventory and increased demand, smaller homes are emerging as a viable option in the housing market. Rising home prices and limited options have led to a shift towards smaller homes, which offer affordability and practicality. This trend is particularly evident in urban areas like Los Angeles County, where median prices for existing single-family homes have reached historic levels.
Builders in states with ample land for new construction are reducing the footprint of new homes to keep prices down. The median size of new single-family homes has decreased by 4% in the past year, reversing the trend of increasing home sizes seen in recent years. Smaller pre-war homes and accessory dwelling units (ADUs) are also gaining popularity as more affordable alternatives to traditional single-family homes.
While smaller homes provide a solution to affordability challenges, they still come at a higher price compared to a century ago. Factors such as economic polarization, corporate financialization of single-family homes, and parking requirements pose additional obstacles for buyers seeking smaller homes. However, the interest in smaller homes continues to grow, with potential for the development of bungalow courts and increased focus on multifamily apartment living as alternative solutions to address the housing shortage and affordability crisis.
To delve deeper into the role of small homes in the housing market, visit Marketplace.