New-Home Starts Rebound 4.3% After Steep Decline

New-home construction bounced back from early pandemic lows, though it’s 23.2% below May 2019 numbers. But building permits, a predictor of future growth, surged 14.4%.

WASHINGTON (AP) – U.S. home construction rebounded 4.3% in May after steep declines caused by shutdowns due to the coronavirus.

The Commerce Department reported Wednesday that new homes were started at a seasonally adjusted annual rate of 974,000 last month after steep declines in April and March. Compared with last year, however, construction activity remains 23.2% below last year’s pace.

Home builders are hoping that as the nation re-opens, housing will post a strong recovery, helped by super-low mortgage rates. Industry analysts caution that the fledgling rebound could be derailed if infections spike again, causing potential buyers to put off looking for a new home.
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New Construction in SW Florida…

 

Florida 4th-most Investing State in New Housing

Florida is investing the fourth-most in new housing among all U.S. states, according to a new report by Construction Coverage. The analysis found that 154,711 new homes were built in Florida in 2019. For every 10,000 residents, Florida built 72.6 new housing units in 2019, which is the fourth most among all U.S. states, the report shows. In addition, the Cape Coral-Fort Myers metro area came in at No. 5 for mid-size metros investing the most in new home construction, building 120.6 new housing units per 10,000 residents in 2019. For every 10,000 residents, the Naples-Marco Island built 99.3 new housing units in 2019, which is the 10th most among all midsize metropolitan areas in the U.S. Punta Gorda ranked No. 8 in small metros investing the most in new home construction, building 121.3 new housing units per 10,000 residents in 2019.
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Naples Reserve, Phase III Completed

Naples Reserve, a 688-acre community of Southern Coastal-inspired attached villa, single-family and custom estate homes in South Naples, announces that Phase III of the community is now open to buyers.
These are the final two neighborhoods that will be released in Naples Reserve:
– The Bimini Isle neighborhood, and more than 75% of its 35 homesites offer lake views (with the rest overlooking preserve land). Bimini Isle features homes  ranging from 2,517 to 3,012 square feet of living space, priced from the $700s.
Crane Point features 84 homesites, many with lake views. Homes  will offer 2,445 to 3,097 square feet of living space and are priced from the $500s.
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Naples Reserve – Contact Us

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