New-home prices may have risen too quickly in the San Francisco Bay Area, and rising cancellations in the Las Vegas market suggest some sensitivity to rising mortgage rates, says John Burns Real Estate Consulting.
The housing recovery “is playing out very differently across the country,” the consulting firm said in a report that’s focused on the climate for builders, developers and investors. Florida is seeing peak prices for finished lots in several markets, with international buyers, institutional and “mom and pop” flippers, and retirees helping drive housing demand.
Houston is now the largest housing market in the country, as “license plates from other states” continue to flock to the region to claim a stake in the oil and gas boom, the firm says. Source: realestateconsulting.com.