Posts Tagged ‘Midwest’

Pending Home Sales Rise in July

September 3rd, 2014 Comments off

pending sale  paul sakuma  AP Photo creditThe Pending Home Sales Index (PHSI) rose 3.3 percent in July over June to 105.9, marking an increase in the National Association of Realtors (NAR) measuring stick for four of the last five months, with three of the four regions registering an increase. While still below July, 2013 (108.2), according to, the index is at its highest level since Aug. 2013 (107.1)–100 is considered an average level for the index. NAR Chief Economist Lawrence Yun, noting prices are moderating and more new and existing inventory is available, says, “Steady job additions to the economy are helping family finances and giving them added confidence to enter the market.”

Regionally, the PHSI climbed in the Northeast 6.2 percent to 89.2, and now is 8.3 percent above last year, perhaps, as MHProNews understands, in response to the rebuilding efforts following Hurricane Sandy. The index rose 4.2 percent in the South to 119.0 but is one percent below a year ago. The West marked an increase of 4.0 percent in July to 99.5 but stands 6.0 percent below a year ago, while the Midwest registered a minor drop of 0.4 percent in July to 104.6 and remains 6.4 percent below July, 2013. Yun anticipates existing home sales will be below last year’s 5.09 million sales by 2.1 percent at 4.98 million. ##

(Photo credit: Paul Sakuma/Associated Press)

New Home Sales Fall Second Consecutive Month

September 2nd, 2014 Comments off

home building   fotosearchAccording to numbers released by the U. S. Department of Housing and Urban Development (HUD) and the U. S. Census Bureau, sales of newly-built single-family homes dropped 2.4 percent to a seasonally-adjusted annual rate of 412,000 units in July. Initially, according to the National Association of Home builders (NAHB), sales fell 8.1 percent in June, as MHProNews reported July 28, 2014, but that number was revised upward 16,000 units to 422,000. Regionally, the Northeast saw new home sales fall 30.8 percent, sales fell 15.2 percent in the West, and in the Midwest new home sales dropped 8.8 percent. In the country’s largest region, new homes sales improved 8.1 percent in the South. ##

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Pending Home Sales Rise 0.3 Percent

May 30th, 2014 Comments off

For the second straight month, pending home sales rose in April to 97.8 from 97.4, according to the National Association of Realtors (NAR) Pending Home Sales Index (PHSI), an indicator based on signed contracts., reports Although the index is 9.2 percent below April 2013, NAR Chief Economist Lawrence Yun says, “Higher inventory levels are giving buyers more choices, and a slight decline in mortgage interest rates this spring is raising prospective home buyers’ confidence. An uptrend in closed sales is expected, although some months will encounter a modest setback.”

Regionally, the PHSI for the Northeast rose slightly, +0.6 percent to 79.3 in April, while in the Midwest the index rose 5.0 percent to 99.2, MHProNews understands. Pending home sales in the South fell 0.6 percent to 111.9; the West fell 2.9 percent in April to an index of 88.4. All regions are 6.9 percent to 15 percent below April 2013 indexes. Annual existing home sales are anticipated to be below the 5.1 million last year. ##

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New Home Housing Market Index Drops two Points

October 16th, 2013 Comments off

The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) reports builder confidence dropped two points to 55 in October due in part to continuing challenges in the marketplace coupled with rising interest rates and uncertainty in Washington. However, any score above 50 indicates builders see the market as “good” as opposed to “poor”. The score is based on builders perceptions of current single-family home sales, traffic of prospective buyers, and sales expectations for the next six months. Says NAHB Chief Economist David Crowe, “ A spike in mortgage interest rates along with the paralysis in Washington that led to the government shutdown and uncertainty regarding the nation’s debt limit have caused builders and consumers to take pause. However, interest rates remain near historic lows and we don’t expect the level of rates to have a major impact on sales and starts going forward. Once this government impasse is resolved, we expect builder and consumer optimism will bounce back.” Regionally, as MHProNews has learned, the South was unchanged at 56, the Midwest gained a point to 64, while the Northeast fell three points and the West fell one point to 60.The partial shutdown has prevented the U. S. Census Bureau from releasing September’s statistics on housing starts, but NAHB’s own figures estimate 900,000 starts in Sept., with 620,000 to 630,000 as single-family homes.

(Photo credit: housingwire)

New Home Sales Rise in August

September 26th, 2013 Comments off

The National Association of Home Builders (NAHB) reports August sales of new, single-family homes rose 7.9 percent to a seasonally-adjusted annual rate (SAAR) of 421,000 units, offsetting a slight decline in July resulting from a rise in mortgage rates. Says NAHB Chief Economist David Crowe, “We are only about halfway back to what would be considered a sustainable level of activity in a normal economy, and the ongoing housing recovery continues to be slowed by consumers’ concerns about interest rates, as well as weak job growth and uncertainty about what’s happening in Washington.” As MHProNews has learned, regionally new home sales in the South increased 15.3 percent, 19.6 percent in the Midwest, and 8.8 percent in the Northeast. Only the West experienced a decline, falling 14.6 percent.

(Photo credit: Reuters–new home sold)

Builder Confidence Holds Steady in September

September 17th, 2013 Comments off

According to the National Association of Home Builders (NAHB) Wells Fargo Housing Market Index (HMI), builder confidence in the market for new, single-family homes remained unchanged in Sept. at 58. “While builder confidence is holding at the highest level in nearly eight years, many are reporting some hesitancy on the part of buyers due to the sharp increase in interest rates,” said NAHB Chairman Rick Judson. Based on builder perceptions of current sales, sales expectations for the next six months and traffic of prospective buyers, the survey has been used for 25 years, and any number over 50 indicates more builders see conditions as good rather than poor. MHProNews has learned all four regions recorded gains: The Midwest and the West each advanced four points, and the Northeast and South both saw gains of two points.

(Photo credit: Wikipedia)

Bakken Continues to Spur Manufactured Home Industry

September 17th, 2013 Comments off

In yet another testament to the spreading of manufactured housing sales radiating from the Bakken oil fields in western North Dakota, Shult Homes of Redwood County in southwestern Minnesota is feeling the flourish of the upturn. Shult’s Jeff Wedan says the positive effect is hitting the manufactured home industry in the Midwest, adding, “We are seeing a recovery in the housing market.” He says sales are up seven percent in one category of homes and eleven percent in another, as tells MHProNews.

NAR – Pending Home Sales Down in July, but up over 2012

August 29th, 2013 Comments off

national-assoc-realtors-voice-for-real-estate=logo=posted-manufactured-housing-pro-news-mhpronews-com-Mirroring the July drop in new home activity, the National Association or Realtors (NAR) reported that pending home sales dropped by 1.3% in July. The NAR said that even with the drop, July was up 6.7% from the same month in 2012. Marketwatch tells MHProNews that “By region, pending home sales in July fell 6.5% in the Northeast, 4.9% in the West and 1% in the Midwest. Meanwhile, pending sales rose 2.6% in the South.” NAR considers a sale listed as pending when the contract is signed. Sales are normally finalized one or two months of signing. ##


(Image Credit: NAR Logo)

Housing Starts Rise in July almost Six Percent

August 16th, 2013 Comments off

Signifying continuing recovery of the housing market, housing starts nationwide jumped 5.9 percent to a seasonally annual adjusted rate (SAAR) of 896,000 units in July, led by a sharp rebound in the multifamily sector, strong enough to offset a slight loss in the single-family home market. According to the National Association of Home Builders (NAHB), figures released by the U.S. Department of Housing and Urban Development (HUD) and the Census Bureau report multifamily starts grew by 26 percent over June, to a SAAR of 305,000, offsetting a dip the previous month. Single-family fell housing starts hit 2.2 percent to a SAAR of 591,000. Regionally, housing starts rose 40.2 percent in the Northeast, 25.4 percent in the Midwest and 7.2 percent in the West. The South dropped seven percent. MHProNews understands building permits rose 2.7 percent nationally, increasing in all four regions.

(Photo credit: comstockpremium)

Mood Continues to Brighten for Home Builders

August 15th, 2013 Comments off

Builder confidence for new, single-family homes rose three points to 59, according to the National Association of Home Builders (NAHB) Wells Fargo Housing Market Index (HMI), bringing the index to its highest mark in almost eight years. Any number over 50 is rated as “good”, MHProNews has learned. The index measures current sales, traffic of prospective customers and sales expectations for the next six months. Says NAHB Chief Economist David Crowe, “Builder confidence continues to strengthen along with rising demand for a limited supply of new and existing homes in most local markets. However, this positive momentum is being slowed by the ongoing headwinds of tight credit and low supplies of finished lots and labor.” Regionally, the Midwest gained six points to 60, the West also moved up six points, to 57, while the South notched a four-point gain and the Northeast remained steady at 39.

(Photo credit: Sue Orgocki/Associated Press)