Home prices notch record high while supply remains low | What’s Working

A median-priced home on the Seacoast hit a record $615,000 last month, helping to fuel a statewide price milestone as well.

“It already has created an affordability issue,” said John Rice, chief statistician for the Seacoast Board of Realtors, which represents 13 cities and towns, including Portsmouth and oceanfront communities.

“The median price of a single-family home in Portsmouth is probably roughly $300,000 more than Dover and Rochester,” said Rice, an associate broker at Tate & Foss Sotheby’s International Realty in Rye.

“Every night, you see a sea of traffic going from Portsmouth to Dover and Rochester,” Rice said of workers commuting home.

Statewide, a tight inventory of homes for sale helped boost prices to a record $350,500 for a median priced home last month — 14.9% higher than a year earlier.

“It’s a great time to be selling and a lousy time to be buying,” said Russ Thibeault, a

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Oil Prices Steady Amid Return of Supply, While COVID-19 Lockdowns Tighten | Investing News

MELBOURNE (Reuters) – Oil prices were steady in early trade on Tuesday, sitting on losses of nearly 3% from the previous session after supplies began to resume in Norway and the U.S. Gulf of Mexico and Libya resumed production at its largest oilfield.

The return of supply comes as resurgent COVID-19 infections in the U.S. Midwest and Europe raise worries about fuel demand growth, posing a challenge for the Organization of Petroleum Exporting Countries and its allies, together called OPEC+.

OPEC+ has curbed supply to help shore up oil prices amid coronavirus pandemic, with cuts of 7.7 million barrels per day due to hold through December. The producers’ market monitoring panel is due to meet next Monday.

“It won’t be a huge surprise if finally the alliance decides to address the worsening situation and amend its action,” Rystad Energy’s head of oil markets, Bjornar Tonhaugen, said in a note.

U.S.

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Two Deals Are Better Than One – Maner Builders Supply Sells Its Business Operations and Real Estate in Two Separate Transactions

JACKSONVILLE, Fla., Sept. 28, 2020 /PRNewswire/ — Maner Builders Supply, a multifaceted building products dealer with locations in Augusta, GA, and Aiken and Charleston, S.C., has closed two separate but simultaneous sales transactions. In addition to the sale of its business operations to US LBM, a national leader of specialty building products in the US., Maner also sold its real estate to STORE Capital, a real estate investment trust, in a sale-leaseback transaction. Following the transaction, US LBM will lease the real estate as a tenant of STORE Capital. Heritage Capital Group, a mergers & acquisition firm with offices in Jacksonville, FL and Savannah, GA acted as exclusive financial advisor to Maner in both transactions. Don Wiggins, President of Heritage commented, “These transactions were a true value add for all parties. The owners of Maner were able to exit their business at very favorable terms, and

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Working towards independent energy supply, New homes in American Fork, Bringing Hope to the Table

Daimler partners, working towards independent power

Daimler AG announced it is utilizing its automotive fuel cell systems in stationary power systems to demonstrate a sustainable and independent energy supply for data centers, and to accelerate the transition to renewable energy generation and supply.

The company has experience with hydrogen-powered electric vehicles over several vehicle generations and millions of tests around the world, and recently presented the next step with pre-production models of the Mercedes-Benz GLC F Cell. Convinced of the potential of fuel cell technology and hydrogen as an energy storage medium in the context of the overall energy system, the company is extending its development activities into non-transportation industries. Joining forces with industry leaders Hewlett Packard Enterprise and Power Innovations, Daimler will develop prototype systems starting this year for back-up and continuous power solutions for data centers and other stationary applications using automotive hydrogen fuel cell systems.

According to

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U.S. Housing Boom Threatened by Short Supply of Homes to Buy

(Bloomberg) — The U.S. housing market, which has been a bright spot in the pandemic-battered economy, is running out of fuel.

With buyers eager to take advantage of low mortgage rates, the inventory of homes to buy is scarce. That’s driving up prices and threatening to derail the boom by pushing homeownership out of reach for many Americans.

For homebuilders, the huge demand for housing is an opportunity to crank up construction and solve the inventory crisis. Instead, some are deliberately slowing things down as they grapple with supply shortages, surging lumber costs and intense competition for labor and land.

“It’s smart business,” said Gene Myers, chief executive officer of Thrive Home Builders in Denver. “But that means continued shortages and higher prices.”



chart: American Homes Get Scarce


© Bloomberg
American Homes Get Scarce

After the Covid-19 lockdowns in March brought sky-high unemployment, most builders expected a crash. What they got was a brief pause

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New home sales crush projections, but supply is dwindling

People wait to visit a house for sale in Floral Park, Nassau County, New York, the United States, on Sept. 6, 2020.

Wany Ying | Xinhua News Agency | Getty Images

Exceptional demand for both new and existing homes, brought on by the stay-at-home culture of the coronavirus pandemic, has the housing market severely depleted.

Sales of newly built homes jumped to the highest level in 14 years in August, but builders’ supply dropped to just 3.3 months’-worth at the current sales pace. A 6-month supply is considered a balanced market. Supply was at 5.5 months in August 2019, according to the U.S. Census.

The situation is even worse in the market for existing homes. It’s down nearly 19% annually to a 3.0-month supply, according to the National Association of Realtors.

“Housing demand is robust but supply is not, and this imbalance will inevitably harm affordability and hinder ownership opportunities,”

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