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As challenging as housing affordability is for prospective renters, it is much more challenging for all but the most affluent prospective homeowners. According to StreetEasy data, the median sales price for residences sold in 2023 was $764K, increasing to $785K in early 2024. However, in comparison to the months preceding the pandemic, the city's median home price has climbed by just around 16%, compared to 42% nationwide, resulting in an average annual price growth of about 4% (locally) and 10% (nationally).

Over the decade spanning from 2010 to 2020, New York City saw the addition of approximately 200,000 new homes—a commendable feat. However, this accomplishment is overshadowed by the city's population surge, which rose from 19.4 million to 20.2 million, reflecting a 4.2% increase during the same period. The relentless interplay of soaring demand and a scarcity of housing supply has propelled the meteoric rise in median home prices across New York. As of December 2023, the median listing price for homes reached an exorbitant $799K, marking a noteworthy 5.3% year-over-year increase.

In response to a critical supply shortage, Modern Methods of Construction (MMC) are gaining prominence as a robust solution. FullStack Modular claims developers can achieve an impressive 80% increase in time and cost certainty, 20% to 50% faster development speeds, and up to 25% lower building costs through modular construction. David Baker Architects in the Bay Area completed the "Tahanan" social housing project, featuring 145 units using modular construction, reducing the timeline significantly to just 10 days for onsite module installation. This success is driving a growing number of developers to adopt modular and prefab methods, seeking a competitive edge in today's market.

To dive deeper into the landscape of modular construction for affordable housing, we invite you to join us at the Modular for Affordable Housing Symposium by Trueventus. This exclusive gathering will showcase tailored presentations and case studies from industry experts, offering insights finely tuned for the Affordable Housing sector. Attendees can anticipate a comprehensive platform for networking, sharing best practices, and engaging in discussions to elevate production and profit margins. Immerse yourself in direct interactions with speakers, industry leaders, and fellow attendees, gaining invaluable perspectives on overcoming challenges in the affordable housing market.

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