Industry Snapshot: Basement Construction Is Out and January Is In
December 30, 2019
Industry Snapshot is our monthly round-up of news stories related to the residential home building industry.
We’re wrapping up the year wondering what happened to basement construction, looking ahead on 2020 housing trends like financial tech and planning our new dining room (now that we know formal dining is back).
Basements are continuing to fall out of favor. An NAHB analysis showed 60.1 percent of all new single-family homes started in 2018 were built on slab foundations, followed by 24.3 percent with a full/partial basement and 14.3 percent with a crawl space. The share of new homes built on slabs has increased from 46 percent in 2000. [Eye on Housing]
Three housing trends to watch in 2020. The housing market should prepare for continued consolidation, broker expansion and financial technology. The iBuyer experience will also continue to grow in popularity as more companies launch their own iBuying programs. [Housing Wire]
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January is the new “it” month for buying. A recent realtor.com analysis found that buyers logged the most listing views in January in about 20 percent of the nation’s largest housing markets. The report looked at monthly views from 2015 to 2019. “As shoppers ... [navigate] a housing market that has become more competitive due to rising prices and low inventory, the search for a home is beginning earlier and earlier,” George Ratiu, realtor.com’s senior economist, said. [Realtor.com]
The dining room is having a major comeback. 2020 is the year of the dining room according to design insiders. “Dining rooms had one of the largest YoY growth from 2018 to 2019 (increasing by 156 percent) for Modsy customers,” Alessandra Wood, VP of style at the design startup Modsy, said. She also suggests plush chairs and large farmhouse tables will be popular. [Lonny]
Farmhouse style tops 2019 homes. Farmhouse style was the top trending home search in 2019 according to data from Google. The news is not a surprise to fans of Joanna and Chip Gaines, who have helped to influence the popular style over the past few years. [People]
A Bay Area neighborhood is the most competitive of 2019. The White Oaks neighborhood of the Bay Area was ranked by Redfin as the most competitive in the country. While the Bay Area is home to half of the 20 most competitive, the Boston metro, Grand Rapids and Washington D.C. also make an appearance. Find out more about real estate in the White Oaks area here. [Redfin]
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