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Posts Tagged ‘David Crowe’

New and Existing Home Sales Rise; Housing Starts Plunge

March 26th, 2015 Comments off

home_sale_pending___knox_news_creditWhile housing starts fell 17 percent in February, as the National Association of Home Builders informs MHProNews, newly built, single-family home sales rose 7.8 percent for the same month to a seasonally annual adjusted rate of 539,000 units. Utilizing data from the U. S. Department of Housing and Urban (HUD) and the Census Bureau, this marks the highest sales pace in seven years.

NAHB Chief Economist David Crowe says, “Most sales activity continues to be among existing home owners who are trading up to new construction and taking advantage of low mortgage rates. First-time home buyers remain absent from the market, restricted by tight lending conditions.

Meanwhile, Forbes reports the National Association of Realtors (NAR) states sales of previously-owned homes rose 1.2 percent in February, a sales pace 4.7 percent above Feb 2014. Tight inventory has pushed the median existing-home price to $202,600 for last month, a 7.5 percent increase over the same month last year. February also marked the 36th consecutive month of year-over-year price gains.

Historically, first-time homebuyers comprise one-third of home sales, but were only 29 percent of the buyer pool in Feb. As MHPronews pointed out recently, a study by the NAR indicates slow income growth is hampering renters from becoming home buyers. ##

(Photo credit: knoxnews–Sale Pending)

matthew-silver-daily-business-news-mhpronews-com   Article submitted by Matthew J. Silver to Daily Business News-MHProNews.

Builders of Stick-Built Homes Indicate Slight Confidence Drop

March 16th, 2015 Comments off

home building   fotosearchThe National Association of Home Builders (NAHB) informs MHProNews that builder confidence for for newly-built, single-family homes dropped two points in March on the NAHB/Wells Fargo Housing Market Index (MHI), hitting the lowest point in eight months.

NAHB Chief Economist David Crowe and Chairman Tom Woods, noting the index remains in positive territory–any reading above 50 indicates builders see conditions as more favorable rather than less favorable—are still confident of a strong spring buying season due to the growing job market, low interest rates and pent-up demand.

Builders’ gauge of current sales conditions fell three points, estimate of buyer traffic dropped two points, while the gauge of sales expectations for the next six months held steady at 59. Regionally, in composite form, the Midwest rose two points to 56, the West fell seven points to 61, the South lost two points to 55 and the Northeast dropped two points to land at 43.

The NAHB has been conducting a monthly survey of builders for 30 years. ##

(Photo credit: fotosearch)

matthew-silver-daily-business-news-mhpronews-com  Article submitted by Matthew J. Silver to Daily Business News-MHProNews.

Best Rate of New Home Sales in Six Years

September 24th, 2014 Comments off

new_house_sold___reutersWhile sales of existing homes fell 1.8 percent in August, as MHProNews reported Sept. 23, sales of newly-built, single-family homes rose 18 percent in the same month, hitting a seasonally-adjusted annual rate of 504,000 units. The National Association of Home Builders (NAHB) reports this was the best pace in six years, according to data released by the Census Bureau and the Department of Housing and Urban Development (HUD). “This robust level of new-home sales activity is a good sign that the housing recovery is moving towards higher ground,” said NAHB Chief Economist David Crowe. Regionally, sales rose 50 percent in the West, 29.1 percent in the Northeast, 7.8 percent in the South, and remained unchanged in the Midwest. The inventory of new homes for sale rose to 203,000 in August, a 4.8 month supply at the current rate of sales. ##

(Photo credit: Reuters.com)

Builder Confidence in Single-family Homebuilding Rises

September 17th, 2014 Comments off

home planning     theatlanticcities  creditNotching its highest reading since Nov. of 2005, the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) tells MHProNews builder confidence in the market for single-family homes rose four points to 59. The HMI gauges builder perceptions of current single-family home sales, sales expectations for the next six months and traffic of prospective buyers, where any number over 50 indicates more builders view conditions as good rather than poor. “While a firming job market is helping to unleash pent-up demand for new homes and contributing to a gradual, upward trend in builder confidence, we are still not seeing much activity from first-time home buyers,” said NAHB Chief Economist David Crowe. “Other factors impeding the pace of the housing recovery include persistently tight credit conditions for consumers and rising costs for materials, lots and labor.” Based on a survey NAHB has been conducting for 30 years, builder confidence rose in all four regions of the U. S. in September. ##

(Image credit: theatlanticcities.com–home planning)

Builder Confidence Rises Modestly

August 18th, 2014 Comments off

house sold     Paul j richards afp getty imagesBringing the index to its highest number since January, builder confidence for newly-built single-family homes rose two points to 55, according to the survey by the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI), the third consecutive monthly gain. The HMI measures builder perceptions of current single-family home sales, sales expectations for the next six months and rating of prospective buyers as high, average or low. “Each of the three components of the HMI registered consecutive gains for the past three months, which is a positive sign that builder confidence appears to be firming following an uneven spring,” said NAHB Chief Economist David Crowe. “Factors contributing to this rise include sustained job growth, historically low mortgage rates and affordable home prices, which are helping to unleash pent-up demand.” But as MHProNews understands, tight credit and a shortage of buildable lots continues to hamper a stronger recovery. ##

(Photo credit: Paul J. Richards/Getty Images)

Housing Affordability Slips in Second Quarter, 2014

August 14th, 2014 Comments off

pending sale  paul sakuma  AP Photo creditAccording to the National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index (HOI), housing affordability nationwide slipped in the second quarter 2014 for families earning the the U. S. median income of $63,900. 62.6 percent of new and existing homes sold in Q2 were affordable, a slip from 65.5 percent of homes sold in the first quarter that met the affordability threshold, as MHProNews has been informed.  NAHB Chief Economist David Crowe says, “While we are seeing a slight decrease in affordability, it is still fairly high by historical standards.”

Youngstown-Warren-Boardman, Ohio-Pa. Ranked as the nation’s most affordable major housing market, as 90.4 percent of all new and existing homes sold in 2014’s second quarter were affordable to families earning the area’s median income of $52,700. Next in order of affordability was Indianapolis-Carmel, Indiana, followed by Syracuse, NY; Harrisburg-Carlisle, PA; and Scranton-Wilkes Barre, PA. Meanwhile, for the seventh consecutive quarter, San Francisco-San Mateo-Redwood City, Calif. was the nation’s least affordable housing market as only 11.1 percent of the homes sold in Q2 2014 were affordable to families earning the area’s median income of $100,400. ##

(Photo credit: Paul Sakuma/Associated Press)

Builder Confidence Rises for 55+ Market

August 8th, 2014 Comments off

senior smiling   masterfile creditThe National Association of Home Builders (NAHB) 55+ Housing Market Index (HMI) indicates builder confidence in the 55+ single-family housing market rose three points to 56, the highest second-quarter reading since the beginning of the index in 2008. Builder sentiment is measured by current sales, prospective buyer traffic and anticipated six-month sales as good, fair or poor, with any index number above 50 indicating builders see the market as good, as MHProNews has learned. David Crowe, NAHB Chief Economist, says, “One of the factors contributing to the positive signs in the 55+ housing market is the slow but steady increase in existing home sales in the last three months. The 55+ market is strongly driven by consumers being able to sell their existing homes at a favorable price in order to buy or rent in a 55+ community.” ##

(Photo credit: masterfile.com- smiling senior )

Single-family Home Builder Expectations Rise

July 16th, 2014 Comments off

MHProNews has learned the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) rose four points to 53 in July, indicating more single-family home builders than not have confidence in sales prospects. This survey, having been conducted by NAHB for 30 years, gauges builder perceptions of current prospects, current single-family home sales and expectations for the coming six months. MHProNews understands this jump marks the first time since January the HMI has been above 50. “An improving job market goes hand-in-hand with a rise in builder confidence,” said NAHB Chief Economist David Crowe. “As employment increases and those with jobs feel more secure about their own economic situation, they are more likely to feel comfortable about buying a home.” ##

(Photo credit: fotosearch.com)

New Home Sales Spike in May

June 24th, 2014 Comments off

Sales of newly-built single-family homes rose briskly 18.6 percent in May to a seasonally-adjusted annual rate (SAAR) of 504,000 units, the highest rate since May of 2008, according to data collected by the National Association of Home Builders from the U. S. Census Bureau and the Department of Housing and Urban Development (HUD). NAHB Chief Economist David Crowe says, “As job creation continues, we can expect further release of pent-up demand and continued gradual growth in the housing recovery.” Sales were up in all regions of the nation, MHProNews has learned: Sales rose 54.5 percent in the Northeast, 34 percent out West, 14.2 percent in the South and 1.4 percent in the Midwest. The inventory of new homes for sale remained at 189,000 units, representing a 4-5 month supply at the current sales pace. ##

(Photo credit: wikipedia.org–house under construction)

Single-family Home Builders One Point more Confident

June 16th, 2014 Comments off

Builder confidence for single-family, newly-built homes rose four points to 49, one point shy of the mark for what is considered “good” building conditions. According to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). The result of a monthly survey NAHB has been conducting for 30 years, the Index gauges builders perceptions of current single-family home sales, expectations for the coming six months and traffic of prospective buyers. “Consumers are still hesitant, and are waiting for clear signals of full-fledged economic recovery before making a home purchase,” said NAHB Chief Economist David Crowe. “Builders are reacting accordingly, and are moving cautiously in adding inventory.” MHProNews has learned regionally, considering the three-month moving averages, the South and Northeast each gained a point, while the West remained steady and the Midwest lost one point. ##

(Photo credit: housingwire.com–new home construction)