How a hot housing market exacerbates inequality
The hot housing market we’re experiencing right now in the U.S. is making things hard for homebuyers, and it’s making things especially difficult for homebuyers of color. In places like Albuquerque, Atlanta, Houston, Los Angeles and Raleigh, bidding wars, cash offers and waived appraisals have become commonplace, making homeownership less attainable for those who have already long been disadvantaged at nearly every stage of the purchase process.
Bloomberg CityLab • September 22, 2021
Labor, material costs plague developers: NMHC
Construction delays are being experienced by 93 percent of multifamily developers. The availability of labor and the rising cost of materials are two very important reasons for the delays. These are among the findings of the eighth edition of the National Multifamily Housing Council (NMHC) Construction Survey.
Multi-Housing News • September 24, 2021
Is the seller’s market over?
If the pandemic has been good to anybody, it’s been homeowners listing their properties, as pent-up demand for homes has sent prices skyrocketing. But could this sellers’ market finally be on the way out? Data suggests that may be the case. A new report by Redfin examining more than 350 metropolitan areas nationwide shows that in the four weeks ending Sept. 5, half of homes sold went for over the asking price — down from a July peak of 55 percent.
The New York Times • September 23, 2021