Sales of new single-family homes dipped slightly in July to a seasonally adjusted annual rate of 627,000, a 1.7-percent decline, month-over-month, according to the latest data from the U.S. Census Bureau and the Department of Housing and Urban Development. Year-over-year, sales of new single-family homes are up 12.8 percent.

Read more: Sales are down, but inventory is up in latest new-home sales data

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Bob Dylan said it best: “The times they are a-changing.” They certainly are in the construction industry, particularly with regard to skilled labor availability and material costs. Construction projects throughout the country are at an all-time high and volume is expected to remain on an upward trend for the next three years, growing at 0.4% per annum (based on 2009 nominalized dollars, labor and material costs). All of this will play an important role in projects currently under construction, as well as those slated to begin within the year.

Read more: Understanding The Changing Marketplace: Labor & Material Costs

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The July Housing Market Report from Sandicor is very interesting. Across San Diego, the number of home closings went down 6.5% for Detached homes and 12.5% for Attached homes. The number of homes in escrow went down 1.6% for Detached homes and 2.1% for Attached homes. Inventory increased 6.4% for Detached homes and 24.8% for Attached homes. However, the Median Sales Price was up 6.8% to $657,000 for Detached homes and 6.7% to $432,000 for Attached homes.

Read more: What's Happening? July 2018 Market Update

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A developer is proposing a 72-acre project near Rancho Peñasquitos that aims to become a new model for suburban development in San Diego — a densely built, walkable community with the sense of place you find in more urban areas. People who feel traditional suburbs are isolating and too car-dependent will now have a option other than moving back into San Diego’s more urban areas, developer Gary Levitt said by phone.

"In a way we are really turning the American Dream on its head and saying we want to live closer to our neighbors in an urban environment where you can walk to the coffee shop or grab a beer with your friends without a car," Levitt said. “We are re-evaluating what the suburbs are and what good planning means for these suburbs."

Read more: Merge 56 Project Proposes To Reshape Neighborhoods

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