How Much Does It REALLY Cost to Build a House?

The National Association of Home Builders (NAHB) just released its 2024 Cost of Construction Survey, showing that construction expenses made up 64.4% of the average newly built single-family home's sales price — an increase from 60.8% in 2022. The average construction cost reached $428,215, or $162 per square foot, while builder profit accounted for 11% of the total price. Based on responses from 41 builders, the study details cost allocations across site work, foundations, framing, major systems, interior finishes, and final steps.

  • Average sales price of new construction was $665,298

  • Framing costs (including the roof) accounted for 11.6%

  • Excavation costs…

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Westchester County Home Insurance up 57.1% from 2020

Home Insurance Premiums by County Since 2020

California’s battle with recent wildfires has resulted in the deconstruction of more than 57,000 acres and 16,000 structures, estimating $35 – $45 billion with insured losses. Before the fires began, insurance non-renewal rates had been climbing nationwide, with Florida bearing the brunt — home to 9 of the 15 counties experiencing the largest premium increases between 2020 and 2023, according to ResiClub. Increasing disaster risks, combined with pandemic-driven spikes in housing and construction costs, have pushed insurance premiums and repair expenses higher — and Westchester County is also feeling the impact. Here’s how:

  • 2023 Non-renewal rate: 0.54%

  • Median…

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Westchester County's Rising HOA Fee

Wrights Landing and Watermark Pointe Condominiums in New Rochelle

Homeowners’ associations (HOAs) are becoming more prevalent and costly across the United States, according to a new report by Realtor.com. In 2024, 40.5% of listings for sale included HOA fees, up from 39.2% the previous year. The median monthly HOA fee increased from $110 to $125. Key Findings:

  • 40.5% of listings for sale in 2024 had a HOA fee, up from 39.2% in 2023.

  • 69.9% of newly built homes in 2024 had HOA obligations

  • 38.2% of existing homes had HOA obligations.

  • Condo HOA fees are significantly higher, with a median of $375 per month, compared to $58 for single-family homes.

Ralph’s Take

HOA fees can significantly impact housing…

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Home Sales End Tough Year with December Rebound

Annual Existing Home Sales

Earlier today, the National Association of REALTORS released the 2024 Existing-Home Sales Data.  In December, U.S. existing-home sales rose 2.2% from the previous month to a seasonally adjusted annual rate of 4.24 million — the highest level since February 2024.  However, total sales for the year fell 0.7% compared to 2023, marking the lowest annual total since 1995. The national median existing-home price in December was $404,400, up 6% from December 2023, driven by limited inventory.

  • 2024 Sales: Finished at 4.06 million, the lowest level in almost 30 years.

  • 2024 Median Prices: December's median sales price rose to $404,400, a 6% increase, contributing to a…

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Congressional Housing Agendas

On his first day back in office, President Trump signed a memorandum addressing housing affordability as part of efforts to combat inflation and the cost-of-living crisis. Measures include reducing regulatory barriers, expanding housing supply, and streamlining federal housing policies. Here's what to watch:

  • Affordability Focus: Legislative proposals aim to streamline regulations and expand housing supply to address rising living costs.

  • ROAD to Housing Act: Introduced by Senate Banking Committee Chair Tim Scott, the act focuses on mortgage reforms, deregulation, and local incentives, alongside enhanced federal oversight.

  • Criticism: Opponents like Rep. Maxine Waters argue these…

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Existing Home Sales Expected to Rise in 2025

According to ResiClub's analysis of projections from 16 top industry forecasters, U.S. existing home sales are expected to average around 4.22 million in 2025. Below, you'll find detailed forecasts alongside historical data for added context.

Forecasts

  • NAR: 4.5M

  • Fannie Mae: 4.25M

  • MBA: 4.25M

  • Zillow: 4.16M

  • Capital Economics: 4.12M

  • Goldman Sachs: 4.09M

  • Realtor.com: 4.07M

  • Morgan Stanley: 3.8M

  • Moody’s: 3.74M

Historical Stats

  • 2017: 5.62M

  • 2018: 5.15M

  • 2019: 5.26M

  • 2020: 6.47M

  • 2021: 6.43M

  • 2022: 4.19M

  • 2023: 3.91M

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Selling an Inherited House? Start Here

Selling an inherited house can be a significant financial benefit, but the process may also be lengthy and complex. The experience largely depends on how the property was transferred to you and the financial circumstances of the deceased. Here’s a quick guide:

The Probate Process:

  • Probate is a court-supervised process for validating a will and distributing assets.

  • Executors are responsible for managing the process, including settling debts and distributing assets.

Joint Ownership Considerations:

  • Heirs inheriting property must make unanimous decisions regarding its management.

  • Selling requires collaboration on pricing, marketing,…

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Is SALT Reform on the Way?

President-elect Donald Trump has directed House Republicans to negotiate an increase in the state and local tax (SALT) deduction cap, currently set at $10,000. The initiative aims to provide tax relief to residents in high-tax states like New York, California, and New Jersey. Trump's guidance followed a meeting with Republican lawmakers from these states, where he emphasized the need to determine a "fair number" for the deduction.

  • Background: The SALT deduction cap was established in the 2017 tax law, limiting deductions to $10,000. This cap has been contentious, particularly in high-tax states, as it effectively increased the tax burden on many residents.

  • Challenges Ahead: Modifying the…

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Yorktown Approves Rezoning

The Yorktown Town Board recently approved the rezoning of a 50-acre parcel on Catherine Street, clearing the way for the construction of one hundred and eighteen, age-restricted, three-bedroom townhomes in a clustered subdivision near the former Field Home. If the project proceeds, Toll Brothers plans to build 2,400 to 3,000-square-foot townhouses, each expected to sell for over $1 million, generating an estimated $1 million annually in property taxes. Planned amenities include a pool, fitness center, and pickleball courts.

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Visual of the Week

Share of all cash homebuyers

Two out of three homeowners have at least 50% equity in their homes. To put a more tangible number on it, CoreLogic shows the average homeowner has $311,000 worth of equity built up. That kind of net worth can go a long way if you’re trying to make a move. That’s part of the reason why the share of all-cash buyers recently reached a new high. According to an annual report from the National Association of Realtors (NAR), 26% of buyers were able to buy without a mortgage

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