Posts Tagged ‘Northeast’

New Home Construction Falls to Six Month Low

April 19th, 2016 Comments off

housingwire creditWith weakness in all regions of the country except the Northeast, construction of new homes dropped 8.8 percent to a seasonally-adjusted annual rate (SAAR) of 1.09 million units in March, according to what heraldonline tells MHProNews, based on statistics from the Commerce Department. The slowest rate since October, it marked the third decline in the past four months.

Permits to build new homes fell 7.7 percent in March to an SAAR of 1.09 units. Single-family home construction also declined in March, falling 9.2 percent to a seasonally adjusted rate of 764,000. Multi-family construction also dropped in March, falling 7.9 percent to a 325,000 rate, leading to an overall drop of 8.8 percent, the biggest one-month decline since a fall of 11.3 percent in October.

Regionally, construction spiked in the Northeast 61.3 percent in March, while sales plummeted 25.3 percent in the Midwest, 15.7 percent in the West and 8.4 percent in the South. ##

(Image credit: housingwire)

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



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. ##

(Photo credit:

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. ##

(Image credit:

Excel Homes Acquires Keiser of Maine

December 9th, 2013 Comments off

Custom modular home builder Excel Homes, a subsidiary of Innovative Business Solutions of Wexford, Pennsylvania, has purchased Keiser Homes of Oxford, Maine to accommodate growing demand in the Northeast. Excel employs over 800; Keiser has about 100 employees. According to, Excel has built more than 28,000 homes since its founding in 1984. As MHProNews has learned, the purchase price was not disclosed.

(Photo credit: Excel Homes)

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)

Report: U.S. Home Prices Flat

December 12th, 2011 Comments off

A new report from Clear Capital find that quarter-over-quarter home prices remained flat, posting a slight a 0.3 percent increase, down from the 0.6 percent quarterly increase reported last month. Moreover, quarterly price movements have become more aligned across the four regions within the U.S., with only 2.0 percentage points separating the highest performing region (Midwest at 1.2 percent) and the lowest performing region (West at -0.8 percent). Concerning metro areas, the report found the Atlanta MSA bucked the nationwide trend of stability, posting a -9.7 percent drop in prices quarter-over-quarter. “The overall market stability in this month’s report gives me hope that housing markets are settling after a very turbulent two years,” says Dr. Alex Villacorta, Director of Research and Analytics at Clear Capital. “With only a one percent drop in national home prices since January and virtually no change in prices over the last six months, strong evidence suggests the big swings that many market participants are accustomed to could become a thing of the past.

(Image Credit: Clear Capital)

New Home Sales Edge Up

November 28th, 2011 Comments off

The National Association of Home Builders (NAHB) reports the U.S. Department of Commerce says sales of new, single-family homes increased 1.3 percent in October, marking the best monthly sales pace since May, 2011. “Today’s report is right in line with our forecast for modest and gradual improvement in sales activity through the remainder of the year,” said NAHB Chief Economist David Crowe. “Particularly encouraging is the fact that builders continue to hold down their inventories to match the current sales rate, with the number of new homes for sale now down to a sustainable, 6.3-month supply.” Regionally, new home sales gained 22.2 percent in the Midwest, and 14.9 percent in the West. The Northeast remained unchanged, but sales declined in the South.

(Graphic credit: NAHB)

Home Builders: 30 Points from Condition “Good”

November 17th, 2011 Comments off

The National Association of Home Builders reports builder confidence rose in November three points to 20 on the NAHB/Wells Fargo Housing Market Index (HMI) for newly-built single family homes. Building on a three point increase from October, the HMI is at its highest point in 18 months. NAHB Chief Economist David Crowe said, “This second consecutive gain in the HMI is evidence that well-qualified buyers in select areas are being tempted back into the market by today’s extremely favorable mortgage rates and prices…these (are) pockets of improving conditions that are slowly spreading.” The index measures builders perceptions of current single-family home sales and expectations for the next six months. Any number above 50 indicates conditions are “good” rather than “poor.” Regionally, the Northeast saw a three point gain to 17, the Midwest advanced eight points to 23, and the South rose three points to 21. The West had posted a large October increase, but lost six points this month to 15.

(Graphic credit: NAHB)

Growth in New Single-Family Home Sales

October 26th, 2011 Comments off

MHProNews has learned that the U.S. Commerce Department reports newly-built, single-family home sales rose 5.7 percent in September, recording their best growth in five months, to a seasonally-adjusted rate of 313,000 units. “The improved rate of new-home sales in September is on par with NAHB’s forecast for the overall number of sales this year and in keeping with the spotty improvements that our latest builder surveys have highlighted in select markets,” said NAHB Chief Economist David Crowe. “While 313,000 is still an exceptionally low rate of new-home sales by historic standards, it is an encouraging sign of an anticipated broader recovery over the course of next year, and builders have helped the situation by keeping their inventories of homes for sale very lean in areas where there is an oversupply of existing units.” Regionally, the South showed the best new home sales gain at 11.2 percent, and the West had 9.7 percent. Meanwhile, the Midwest declined 12.2 percent, and the Northeast fell 4.2 percent. The 163,000 inventory of new homes for sale in September is a record low, representing a 6.2 month supply at the current pace.

(Graphic credit: NAHB)