Posts Tagged ‘homes for sale’

New Home Sales Rise in June

July 24th, 2013 Comments off

Sales of new single-family homes spiked 8.3 percent in June to a seasonally-adjusted annual rate of 497,000 units, says the National Association of Home Builders (NAHB), their best pace in the last five years, according to the Dept. of Housing and Urban Development and the Census Bureau. The inventory of 161,000 new homes for sale in June marks a thin, 3.9 month inventory at the current sales pace, the lowest level since March of 2004. Rick Judson, NAHB Chairman, says, “The very low supply of new homes on the market is indicative of the difficulty that builders are having in keeping up with demand due to availability issues with regard to materials, credit, labor and lots for development.” Regionally, three of four experienced gains in new home sales: The Northeast increased 18.5 percent, the West posted a 13.8 percent gain, and the South moved up 10.p percent. The Midwest fell 11.8 percent, as MHProNews has learned.

(Photo credit: Fotosearch)

Housing Market Continues to Heat Up

June 20th, 2013 Comments off

Noting the median home price jumped eight percent from April to May to $208,000, and sales of homes rose four percent for the same period, chief economist Lawrence Yun of the National Association of Realtors (NAR) says, “The home price growth is too fast, and only additional supply from new home building can moderate future price growth.” He says there needs to be a 50 percent increase in home building to stave off another potential housing bubble. Distressed sales have dropped from 25 percent of overall sales one year ago to 18 percent, which accounts for some of the rise in rices. Sales are up 13 percent from one year ago to an average annual rate of 5.18 million homes for the month. As CNNMoney informs MHProNews, the low mortgage rates and improved housing market are attracting buyers faster than sellers are putting homes on the market. Buyer traffic has increased 29 percent from a year ago, but the inventory of homes for sale has fallen ten percent.

(Image credit: HousingWire –housing prices rising)

Rental Market Continues to Expand

June 13th, 2013 Comments off

According to the National Association of Realtors (NAR), five to six million renter households will be created within the next ten years, as reported in HousingWire. The Census Bureau says renting households increased substantially from 2008 to 39 million, and that number will rise to 41 million in two years. Residential renter Real Property Management doubled in size during the last two years, and expects to add 60-80 franchises this year, and 100 next year. As the inventory of homes for sale remains thin and location is a dominant factor, families may choose to rent if they cannot find a house in the desired neighborhood to purchase. CEO Wally Chernoff of Rent Range states of single-family renters, 97 percent rank a safe neighborhood as important while 84 percent say school is critical. MHProNews published a story yesterday in which UMH CEO Sam Landy says the occupancy rate at the company’s 68 manufactured home communities has risen due to the strength of the rental market. As a result, UMH plans to add 200 rentals this year.

(Photo credit: apartmentquest)

New Home Sales Post Increase

May 24th, 2013 Comments off

The National Association of Home Builders (NAHB) reports HUD and Census Bureau figures show sales of newly-built single-family homes rose 2.3 percent in April to a seasonally-adjusted annual rate (SAAR) of 454,000 homes. “Today’s report is further evidence of the gradual, consistent improvement we have been seeing in housing market conditions over the past year,” noted NAHB Senior Economist Robert Denk. “We’re now about half-way back to what could be considered a full recovery, and we do expect to see continual, solid gains in both starts and sales of new homes going forward.” Regionally, new-home sales rose 10.8 percent in the West and 3.0 percent in the South while declining 16.7 in the Northeast and 4.8 percent in the Midwest. As MHProNews has learned, the inventory of new homes for sale rose to 156,000 units, a 4.1 month-supply at the current pace of sales.

(Photo credit: Fotosearch)

Builder Confidence Regains Three Points

May 15th, 2013 Comments off

The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) composite reports builder confidence rose from 41 in April to 44 in May, as all three indexes that make up the composite gained. The HMI is based on builders’ perceptions of current sales, sales expectations, and traffic of prospective buyers, all of which showed an increase for May. MHProNews has learned the HMI has been used for 25 years. “Builders are noting an increased sense of urgency among potential buyers as a result of thinning inventories of homes for sale, continuing affordable mortgage rates and strengthening local economies,” says NAHB Chairman Rick Judson. The three-month moving averages revealed no changes in the Northeast, Midwest, or South, with index scores of 37, 45, and 42 respectively, while the West dropped six points to 49.

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New Home Sales Rise in March

April 23rd, 2013 Comments off

The National Association of Home Builders reports newly-released figures from the Dept. of Housing and Urban Development (HUD) and the Census Bureau indicate sales of newly-built single-family homes rose 1.5 percent in March, a seasonally-adjusted annual rate of 417,000 units. Says NAHB Chief Economist David Crowe, “The latest sales report is right in line with our forecast for continued, modest increases in home prices and sales through 2013. At this point, we are about half-way back to what would be considered a ‘normal’ level of sales activity as challenges related to supplies of credit, building materials, lots and labor are slowing the pace at which builders can build and sell new homes.” Regionally, sales rose 20.6 percent in the Northeast and 19.4 percent in the South while falling 20.9 percent in the West and 12.1 percent in the Midwest. As MHProNews has learned, the inventory of new homes for sale did not change from the previous month, holding at 151,000 units in March, amounting to a 4.4 month supply at the current sales pace.

(Photo credit: HousingWire)

Fallout from the Improving Housing Market

March 21st, 2013 Comments off

The nytimes informs MHProNews the turnaround in the housing industry has led to such a shortage of existing homes for sale that would-be buyers in some areas are reluctant to list their homes for fear it will sell before they can find a replacement. Others are waiting to see how high prices may rise before they sell. In Sacramento, Calif., where the median house price has spiked 15 percent in 2012, realtor Kurt K. Colgan says, “In my 27 years I’ve never seen inventories this low. I’ve also never seen a market turn so quickly.” Across the country sales prices increased 7.3 percent in 2012, surging 23 percent in Phoenix. While new home construction languished during the recent lean years following the bubble, many tradespeople sought other careers, making it tougher for builders who now have work to find skilled labor. Many hard hats have gone to the high-paying oil field jobs in Texas and North Dakota. In addition, builders who own land may want to wait and get a better price as values rise. Harry Elliott III, president of 100-year old Elliott Homes who built 1,400 homes in 2006, 250 last year, and plans on 350 this year says, “If we could build 500 houses right now, could we sell them? Possibly, but I don’t want to sell all my lots that I’ve held on to forever and have to give them away at these prices. We lost money for a lot of years, and I’d like to make some money for a change. I’m not building because I need the practice.”

(Photo credit: Reuters)

New Home Sales Rise in Jan.

February 26th, 2013 Comments off

The National Association of Home Builders (NAHB) informs MHProNews, according to figures released by HUD and the U. S. Census Bureau, sales of single-family, newly-built homes increased 15.6 percent in January to a seasonally-adjusted annual rate (SAAR) of 437,000 units. Every region experienced solid gains in new home sales—27.6 percent in the Northeast, 45.3 increase in the West, an 11.1 percent gain in the Midwest, and the South saw a 3.2 percent rise. Meanwhile, the inventory of new homes for sale remained at 150,000 units, which amounts to a 4.1 months supply, the lowest number since March 2005.

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

Housing Market Continues to Show Recovery

February 8th, 2013 Comments off

HousingWire informs MHProNews, according to the Obama Administration’s January housing scorecard, many signs point to a recovering housing market but all danger signs have not disappeared. The number of underwater borrowers has fallen from 10.78 million in the previous quarter to 10.67 million in Jan.; and existing homes for sale dropped from 415.8 million in Dec. 2012 to 411.7 million in Jan., which should spur prices to rise. The inventory of existing homes for sale has fallen from 5.3 months supply in Nov. 2012 to January’s 4.4 months supply.

(Photo credit: Paul Sakuma/Associated Press)

Composite Metro House Values Edge Up

October 31st, 2012 Comments off

Standard & Poor’s Case/Shiller Index reports in HousingWire U.S. home prices nudged up 0.9 percent in August over July in 19 of the 20 metro areas surveyed. Overall, the ten-city composite index saw an annual price increase of 1.3 percent, while the 20-city composite climbed two percent over last year. Individually, Phoenix experienced an increase of 18.8 percent in home values from a year ago, posting its fourth consecutive double-digit rise in home prices. MHProNews has learned three cities registered annual losses in home values: Atlanta fell 6.1 percent, New York declined 2.3 percent, and Chicago dropped 1.6 percent. David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, says, “ News on home prices confirms other good news about housing. Single family housing starts are 43% ahead of last year’s pace, existing and new home sales are also up, the inventory of homes for sale continues to drop and consumer mortgage default rates are reaching new lows.”

(Image credit: etftrends)