“New homes will drive market gains” and other news this week…
New home sales probably will reach a 12-year high in 2019, according to Lawrence Yun, chief economist of the National Association of Realtors. Sales of existing homes probably will be flat, he said at NAR’s Legislative Meetings & Trade Expo in Washington D.C. on Thursday.
The South Hillsboro community is a project more than 15 years in the making. Located on 1,400 acres near Tualatin Valley Highway and Southwest 229th and 200th avenues, it is possibly the largest master-planned community in the state’s history. When it’s fully built out, Hillsboro could leapfrog Gresham for the No. 4 spot on the list of the largest cities in Oregon.
After President Donald Trump announced at the National Association of Realtors convention on Friday that he was lifting aluminum and steel tariffs on Canada and Mexico, the National Association of Home Builders asked: What about lumber?
Canadian softwood lumber used to build U.S. homes carry tariffs of about 20% imposed by the Trump administration two years ago. That adds $9,000 to the price of a typical new home and more than $3,000 to the value of a multifamily unit, NAHB said.
After 10 years, Jenelle Isaacson looks to keep Portland weird, and housed
Data from Zillow released Thursday shows that home-price appreciation continued to slow in April from a year earlier, driven in part by softening West Coast metros like San Jose and Seattle. The company also reported the first nationwide monthly price dip in more than seven years — albeit just 0.1%. At the same time, rent growth accelerated, climbing by 2.6% on an annual basis, after a lull in 2018.
Single-family construction up 6.2% from previous month
Gen-X renters have significantly weaker credit profiles than homeowners; the median 672 credit score for a Gen-X homeowners is considerably greater than the 586 for renters in the cohort.
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