Single-family housing starts were up 4.2% from April and 49.8% from May 2020, at 1,098,000, according to the U.S. Census Bureau and Department of Housing and Urban Development.
The residential portion will be known as the Abbington at Ormewood Park, while the commercial component will be called The Lodge in honor of the historic Masonic Lodge that will be the centerpiece of the development.
Expert panelists from Zillow’s Home Price Expectations Survey say if changes aren’t made, new construction growth will stall, home prices will continue to increase, and less of today’s 30-somethings will have the ability to own a home.
The Atlanta-area communities are in Alpharetta and Sugar Hill, while the Texas projects are in Frisco, Allen, McKinney, Forney, Princeton, Grand Prairie and Waxahachie.
Longer-commute areas continued to claim the largest market share in single-family homebuilding, but the construction growth rate was strongest in places with shorter commuting times, the National Association of Home Builders said, citing its quarterly Home Building Geography Index.
Special questions added to the National Association of Home Builders’ monthly builder survey found 90% or more of respondents had experienced shortages of plywood, oriented strand board, framing lumber and appliances, with most other materials also hard to come by.
All open-concept designs will offer three bedrooms, two-and-a-half baths and two-car garages. They will range in size from 1,671 square feet to 2,090 and be priced from the mid-$300,000s.
The 19-hole Oaks Golf Course will be replaced with 142 single-family houses, 190 townhomes, 360 apartments and 143,000 square feet of retail space.
Lumber prices have tripled over the past 12 months, driving up the price of the average new single-family home by $35,872. NAHB hopes to alleviate the situation by meeting with the White House, lawmakers and others.
Low mortgage rates and low inventory levels are making the demand for homebuilding more attractive to buyers in Atlanta.