Houston Debuts Single-Family Homes Priced at $150,000: What Buyers Need to Know
Lennar unveils Houston new construction priced under $200,000.
HOUSTON – (By Ralph Bivins, Realty News Report) – As affordable starter homes remain scarce nationwide, a major national builder has launched a Houston development with new houses starting around $150,000.
Lennar has purchased 15 acres in northeast Houston and opened the city’s first nuHome community of newly constructed single-family homes.
Situated on Wayside Drive just south of Little York, Lennar’s Wayside Village is the company’s first nuHome community in Houston and its first in Texas. The neighborhood features three- and four-bedroom floor plans ranging from about 1,174 to 2,229 square feet.
Across the country, builders have struggled to deliver single-family homes at lower price points, contributing to tight inventory and rising prices. Demand has been further strained by delayed household formation among Millennials and substantial student debt burdens that limit young buyers’ ability to purchase homes.
Houston has seen price increases as well. The Houston Association of Realtors reported that the average list price of homes in Houston in March was $309,120, a 4.8 percent increase compared with March 2018.
Lawrence Yun, chief economist of the National Association of Realtors, has emphasized that increasing supply is essential to slow rapid price growth. Existing-home inventory has not kept pace with population growth, making new construction a key part of the solution.
Projects like Lennar’s Wayside Village aim to help ease the supply shortage and offer more affordable options for buyers.
“nuHome puts the dream of homeownership within reach with a new home first-time buyers can afford from a builder they can trust,” says John Hammond, Houston division president of Lennar.
Wayside Village includes 64 homesites, several of which have already been pre-sold.
“It’s proven what we’ve known for quite some time – there’s a pent-up demand for new homes starting in the $100s,” Hammond adds.
nuHome buyers also have access to down payment assistance through Eagle Home Mortgage, including a 3.5% down payment assistance grant that can be applied toward a down payment or closing costs.
“It’s all about making it easier to purchase a new home for families of all sizes who otherwise were limited to renting or resales,” Hammond says.
Additional nuHome communities are expected to open later this year, according to Lennar.
nuHome is a product line of Lennar Corporation, a homebuilder founded in 1954 and one of the nation’s leading residential construction companies.
