Welcome to the BYTE, where we serve up the latest home and tech news from the last week for you to sink your teeth into.
This week we’re taking a BYTE out of the state of housing, homebuilder partnerships, a new exodus location, a strong May in housing, and the hit summer features. Dig in!
State of the Nation’s Housing
The Joint Center for Housing Studies of Harvard released their report last week analyzing the current market and compared it to the market in 1988.
How Are We Looking?
Compared to 1988, homes are larger, have more bathrooms, and are more likely to have AC. Homes are also less affordable, with the average price growing 41% compared to median incomes for young adults only growing by 5%. Higher home costs are being attributed to labor, building materials, and land cost. Immigrants are expected to lead the pack when it comes to new household growth in the coming years, mainly because of millennials staying put. The report showed the mobility rate of millennials dropped 10 points, because of increased debt and increasing prices. The millennials that are moving are increasingly moving southeast and west. The report featured a call to action to close the affordability gap and increase innovation in how homes are designed, built, regulated, and financed.
Last week two major builders, PulteGroup and Lennar, each had their own big announcements.
PulteGroup announced their smart homes. Their homes will work with smart products from a wide selection of providers, boost Wi-Fi around the home, feature different packages for buyers, and much more.
Lennar discussed their stream-lined partnership with Opendoor on a home trade-in program. With this partnership they are hoping to make trading in your old home as easy as trading in a used car to buy a new one.
Denver joined an elite club joining San Fran and LA, posting a “net outflow” from its city. More people in Denver were searching for homes outside of Denver than inside of Denver. This is the first time the city has seen a net outflow in searches. Their main searches outside Denver were Colorado Springs and Phoenix.
Quick Housing Numbers
Construction starts in May grew 15% from April. Single-family completions increased 11% to 890,000 homes in May. New home sales increased 6.7% in May. Over 30% of single-family builders are reporting framing lumber shortages, which is up 9% from last year.
New reports from Realtor.com looked at what summer features people really want in their home. The number one feature is an outdoor shower, followed by a barbecue, pool or spa, fire pit/fireplace, and zoned sprinklers. They also found that homes with summer features are listed at least 10% higher than similar homes.
The world’s biggest soccer tournament has had some pretty crazy moments so far, check out the top 10 here.