Within that overall number, single-family starts rose 2.7% and multifamily starts dropped 5.9%. Homebuilders see it as “signs of a gradual upturn.” WASHINGTON – Single-family production showed signs of a gradual upturn in March as stabilizing mortgage rates and limited existing inventory helped to offset stubbornly high construction costs, building labor shortages and tightening credit conditions. Overall housing starts in March decreased 0.8% to a seasonally adjusted annual rate of 1.42 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The reading is the number of housing units builders would begin if development kept that pace for the next 12 months. Within that overall number, single-family starts increased 2.7% (861,000 seasonally adjusted) compared to February, though they’re still down 27.7% year-to-year. The multifamily sector, which includes apartment buildings and condos, decreased 5.9% (559,000 seasonally adjusted). “With builder sentiment climbing for four consecutive months and single-family starts continuing to move gradually higher from low levels since the beginning of the year, this indicates that a turning point for single-family construction will occur later this year after declines in 2022,” says Alicia Huey, chairman of the National Association of Home Builders (NAHB). “However, builders are still challenged by ongoing supply-chain issues and a skilled labor shortage.” “We expect choppiness for single-family construction in the months ahead, with the 2023 data posting significant year-over-year weakness before improving on a sustained basis,” says NAHB Chief Economist Robert Dietz. “The multifamily market softened in March, and we anticipate ongoing declines for apartment construction in the months ahead due to tighter lending conditions in the commercial real estate sector.” On a regional and year-to-date basis, combined single-family and multifamily starts were 8.3% lower in the Northeast, 34.5% lower in the Midwest, 11.5% lower in the South and 28.2% lower in the West. Overall permits decreased 8.8% to a 1.41 million unit annualized rate in March. However, single-family permits increased 4.1% (818,000 annualized rate) but down 29.7% year-to-year. Multifamily permits decreased 22.1% (595,000 annualized rate). Regional permits were 24.5% lower in the Northeast, 25.3% lower in the Midwest, 15.7% lower in the South and 28.1% lower in the West. The number of single-family homes under construction in March was 716,000, the 10th monthly decline. In March, builders completed 15,000 more homes than began construction, resulting in a decline for the construction pipeline. There are now 958,000 apartments under construction – the highest level since the fall of 1973. © 2023 Florida Realtors®

Coconut Creek is a suburban community of Broward county, just north of Fort Lauderdale, Florida. It is home to a diverse population, a thriving economy, and a variety of cultural attractions and outdoor activities. If you're thinking of moving to Coconut Creek, or if you're a current resident looking for something new to do, here are the top 10 things to do in Coconut Creek. 1. Explore the Neighborhood: One of the best ways to get to know Coconut Creek is to explore its many neighborhoods. From the tree-lined streets of Winston Park to the waterfront homes of Regency Lakes, there's something for everyone in this vibrant community. 2. Attend a Community Event: Coconut Creek hosts a variety of community events throughout the year, including festivals, concerts, and holiday celebrations. These events are a great way to meet your neighbors and get involved in the local community. 3. Visit the Seminole Casino Coconut Creek: If you're feeling lucky, head over to the Seminole Casino Coconut Creek. This popular attraction features over 2,000 slot machines, a poker room, and a variety of table games. 4. Shop at The Promenade at Coconut Creek: The Promenade at Coconut Creek is a popular outdoor shopping destination that features over 40 stores and restaurants. From high-end boutiques to casual dining options, there's something for everyone at The Promenade. 5. Enjoy the Outdoors: Coconut Creek is home to a variety of parks and outdoor spaces, including Sabal Pines Park, Windmill Park, and Lyons Creek Middle School Park. These parks offer a range of amenities, including playgrounds, sports fields, and hiking trails. 6. Take a Yoga Class: If you're looking for a fun and relaxing way to stay in shape, consider taking a yoga class at one of Coconut Creek's many yoga studios. Whether you're a beginner or an experienced yogi, there's a class for you in Coconut Creek. 7. Relax at the Beach: Coconut Creek is just a short drive from some of Florida's most beautiful beaches, including Pompano Beach and Deerfield Beach. Spend a day soaking up the sun, swimming in the ocean, or enjoying a variety of water sports. 8. Explore Butterfly World: Butterfly World is a unique attraction that features thousands of butterflies, exotic birds, and beautiful gardens. This popular destination is perfect for families and nature lovers alike. 9. Golf at the Carolina Golf Club: If you're a golf enthusiast, head over to the Carolina Golf Club. This beautiful course features 27 holes of championship golf, as well as a driving range, putting green, and pro shop. 10. Attend a Concert at the Seminole Hard Rock: The Seminole Hard Rock is a popular concert venue that features some of the biggest names in music. Whether you're a fan of rock, pop, or country, there's a concert for you at the Seminole Hard Rock. In conclusion, Coconut Creek is a vibrant and thriving community that offers something for everyone. From exploring the neighborhood to enjoying the outdoors, there's never a shortage of things to do in this beautiful city. If you're thinking of buying or selling a home in Coconut Creek, contact me today to learn more about this amazing community.

In A High Interest Real Estate Market, many Buyers are opting to purchase Newly Constructed Homes. This is because new construction offers several advantages over existing homes, including modern features, energy efficiency, and low maintenance. In this blog, we will discuss the benefits of buying a newly constructed home and the mortgage options available to homebuyers. New construction is an attractive option for homebuyers who want a modern and efficient home. Newly constructed homes are built with the latest energy-efficient materials and appliances, making them more environmentally friendly and cost-effective. Additionally, new homes are built with modern features such as open floor plans, large windows, and high ceilings, which offer a more spacious and comfortable living environment. One of the biggest advantages of buying a newly constructed home is the low maintenance required. Unlike existing homes, new construction does not require costly repairs or renovations. This is because new homes are built with the latest building materials, which require little or no maintenance. Homebuyers who are interested in purchasing a newly constructed home have several mortgage options available to them. One of the most popular options is the FHA loan, which is backed by the Federal Housing Administration. This type of loan requires a low down payment and is designed to help first-time homebuyers who may not have a large down payment. Another popular mortgage option is a conventional loan, which requires a higher down payment but offers a lower interest rate. This type of loan is ideal for homebuyers who have a larger down payment and want to save money on their monthly mortgage payments. When buying a newly constructed home, it is important to choose a reputable builder who has a proven track record of delivering high-quality homes. A reputable builder will offer a warranty on their work and will ensure that the home meets all building codes and regulations. In conclusion, buying a newly constructed home offers many benefits to homebuyers in a high-interest real estate market. New construction provides modern features, energy efficiency, and low maintenance, making it an attractive option for homebuyers who want a comfortable and cost-effective home. Additionally, the availability of various mortgage options makes it easier for homebuyers to finance their purchase. If you are considering buying a newly constructed home, it is important to work with a reputable builder who can deliver a high-quality home that meets your needs and budget.