Gov. Phil Murphy has signed into law a bill that aims to speed up construction permitting in New Jersey, allowing developers to hire private-sector code inspectors if local officials cannot complete a review within three business days of a requested date.
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Q: Gerald, you said that home building has slowed recently. How will that affect home prices and housing availability? Stan, Caldwell, NJ A: Housing starts fell almost 10% recently as higher construction costs continue to disincentivize builders from initiating new projects. Less home construction results in lower home inventory. Home foreclosure filings have increased recently, (higher home foreclosure filings normally increases home supply), but not enough to offset a pullback in home construction. Higher mortgage rates have further reduced home affordability. Nevertheless, I don’t expect NJ home prices in most local real estate markets to fall anytime soon despite threats of recession and potentially higher mortgage interest rates. I also expect housing inventory to continue to rise but at a […]
continue reading In addition to the rising costs of materials and labor in residential construction in recent years, the amount of time it takes to complete a multifamily project has also continued to rise. The rising costs of materials and labor in residential construction in recent years, the amount of time it takes to complete a multifamily project has also continued to rise.
continue reading The construction labor shortage is set to intensify over next 6 months.
continue reading As of February, there were 799,000 single-family homes under construction across the U.S., up 28% from a year earlier.
continue reading U.S. construction starts declined in August for the third straight month, pushing starts to an 11-month low.
continue reading Apartment developers continue to be stressed by the unpredictable cost of construction materials. Overall, construction material prices keep rising faster than inflation.
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