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Posts Tagged ‘single-family homes’

Existing Home Sales Hit Highest Level in Eight Years

August 20th, 2015 Comments off

housing_recovery__globest.com__creditAccording to what businessinsider tells MHProNews, the National Association of Realtors (NAR) reports existing home sales in July rose two percent at an annualized rate of 5.59 homes, the highest in eight years. Sales of single-family homes rose 2.7 percent to an annual rate of 4.96 million, the highest since Feb. 2007. Economists had predicted the rate would fall 1.2 percent. Sales of existing co-ops and condos fell 3.1 percent.

Lawrence Yun, NAR chief economist, said, “The increase in sales in July solidifies what has been an impressive growth in activity during this year’s peak buying season. As a result, current homeowners are using their increasing housing equity towards the down payment on their next purchase.

The median price of an existing home hit $234,000, 5.6 percent higher than one year ago, but demand could slow if prices continue to rise. MHProNews understands if home prices outpace wages, the demand for homes may pull back, although the addition of 200,000 jobs per month and improved confidence may continue to push home sales. However, a potential rise in interest rates could also harm rising sales. ##

(Image credit: globest)

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

August Housing Starts Decline 14.4 Percent

September 18th, 2014 Comments off

housing slides  cnnmoney  creditThe U. S. Department of Housing and Urban Development (HUD) and the Census Bureau inform MHProNews housing starts fell in all four regions of the country in August by 14.4 percent to a seasonally-adjusted annual rate (SAAR) of 956,000 units. Multifamily production led the downward trend, falling 31.7 percent, while single-family dropped 2.4 percent to a SAAR of 643,000. The National Association of Home Builders (NAHB)’s Chairman Kevin Kelly says despite the slip, “Single-family starts are still 8 percent above last year’s level.” Regionally, the Northeast fell 12.9, the Midwest lost 10.3 percent, the South slid 10.9 percent and the West, a whopping 24.7 percent. In August, building permits slipped for single-family homes 0.8 percent, but for multifamily it dropped 12.7 percent. ##

(Image credit: CNNMoney.com–housing slides)

Manufactured Homes are the New Condos in Marin

July 14th, 2014 Comments off

With single-family home and condo prices rising in the San Francisco Bay area, along with rents, Marin real estate agent Laura Watts calls manufactured homes (MH) “the new condos,”according to marinij.com. For the first six months of this year compared to 2013 the median price of a manufactured home has risen 44 percent, to $135,000. Laura Cobb jumped at the opportunity to buy one for $200,000 overlooking a lagoon in San Rafael. The reasons for the increase, MHProNews has learned from Blaine Morris, the head of the Marin Association of Realtors, are firstly, prices were unnaturally low due to the 14-year litigation over rent control between Equity LifeStyle Properties and the city of San Rafael that lent uncertainty to MH values.

Secondly, the overall rise in prices in the Bay Area have been on a tear as housing began recovering, and with fewer and fewer affordable housing options, MH began rising also. Ms. Cobb’s home is in 396-homesite Contempo Marin, a community so big that sales there comprise 42 percent of all homes in Marin, says Watts. The highest price a home sold for there this year $310,000. ##

(Photo credit: Alan Dep/marinindependentjournal.com–Contempo Marin MHC in San Rafael, Calif.)

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)

New Home Stats Released for 2013

June 13th, 2014 Comments off

From more than 600 pages of tables published by the Census Bureau/Department of Housing and Urban Development (HUD) concerning home building in 2013, nationalmortgagenews.com has determined of the 569,000 new homes built last year, only 429,000 were sold, although the remainder likely sold in Q1 of 2014. However, the total is far above the 483,000 built in 2012 and even more than the 447,000 built in 2011, which is the fewest completed since the beginning of the recession. Regionally, the South experienced the most finished at 296,000, followed by 129,000 built in the West, 96,000 in the Midwest and only 48,000 in the Northeast.

The most affordable homes were sold in the Midwest, where 84 percent of the homes went for under $400,000, closely followed by the South at 83 percent. These two regions also showed the most homes sold for less than $125,000. In addition, MHProNews.com has learned the size of single-family homes increased slightly in 2013 over 2012, as the average square feet rose from 2,505 to 2,598. ##

(Photo credit: Sue Orgocki/Associated Press–new single-family home)

Single-family Home Prices Rise in Chicago

May 27th, 2014 Comments off

CoreLogic Case-Shiller informs MHProNews single-family homes prices rose in every Chicago-area zip code last year for the first time since 2006, led by the Mount Greenwood neighborhood–60655–on the South Side at 16.5 percent, followed by Morgan Park–60643– with 15.9 percent. At the other end of the spectrum Joliet–60432– notched the lowest increase at 2.5 percent, just below Ellburn–60119–at 2.8 percent, according to chicagobusiness.com. Case-Shiller index is based on repeat sales of the same property. Sixty- four of the 299 zip codes are not included because adequate sales data is not available. ##

(Photo credit: Wikipedia.org–Chicago)

Institutional Investors Form Organization for Single-family Rental Homes

March 27th, 2014 Comments off

Large private-equity firms that own some 200,000 single-family rental homes across the country have formed the National Rental Home Council (NRHC) to represent to the public the benefits of professionally-managed rental homes. Rental demand in communities across the country is strong,” says Gary DeLapp, President of Invitation Homes. “Our members are professionalizing the market, offering high-quality, professionally managed single-family rental homes to residents and families looking for an alternative to buying a house or renting an apartment.” According to worldpropertychannel.com, founding members include Colony American Homes, Invitation Homes, American Homes 4 Rent, and Starwood Waypoint Residential Trust, which have invested billions in the housing market, creating quality homes, jobs and economic activity. MHProNews.com has learned that traditionally one-third of American rentals have been single-family homes out of a total of 14 million rental homes. ##

(Photo credit: homesforrent.com)

Flipped Home Profits Rise in 2013 over 2012

February 5th, 2014 Comments off

According to RealtyTrac, the average profit of the 156,862 single-family homes flipped in 2013 was $58,081, accounting for 4.6 percent of all U. S. single-family home sales in 2013. Flipped homes accounted for 7.1 percent of all sales in Q4 2012, the highest flip percentage since the survey began in Q1 2011, nearly twice the 3.8 percent of the comparable fourth quarter 2013. HousingWire.com reports the percent of homes flipped in 2013 represented a rise of 4.2 percent over 2012, but an increase of 114 percent over 2011. The average profit for a home flipped in 2012 was $45,759. As MHProNews.com has learned, the usual definition of a flipped home is one bought and then sold within six months.

(Image credit: biggerpockets.com–flipped house)

Mandatory Home Builder Warranty in Effect Feb. 1

January 30th, 2014 Comments off

MHProNews.com published a story Jan. 15, 2014 regarding Alberta, Canada’s New Home Buyer Protection Act, which goes into effect Feb. 1, 2014, and insures all homes meet the same standards, including manufactured and modular homes. The home-building and remodeling industry has ranked in the top 10 for most complaints received by the Better Business Bureau of Edmonton for the past five years. Of the 14,689 new homes built in Edmonton in 2013, the bureau responded to 43,000 inquiries relating to home builders, mostly dealing with warranties, according to edmontonjournal.com.

 

Under the new legislation, home builders—excluding owner-builders—are required to buy a warranty for each home, costing on average $1,700-$2,000, before being eligible to obtain a building permit. Warranties are required for condos, manufactured and modular homes, single-family homes and recreational properties like cottages. In addition, each property has to be registered on line at a cost of $95 to create a public registry of the home so the status of the warranty can be followed. The Alberta government claims it will protect homebuyers and improve the quality of the homes, while naysayers protest it is a cash grab that will squeeze smaller builders out of the market and result in higher prices.

(Image credit: arabianbusiness.com–Canadian flag)

New Home Sales Fall in December but Rise on the Year

January 28th, 2014 Comments off

Despite sales of newly-built, single-family homes falling seven percent in December to a seasonally-adjusted annual rate of 414,000, home sales in 2013 rose 16.4 percent over the previous year, reports the National Home Builders Association (NAHB). “Consumers are getting used to more realistic mortgage rates, which still remain favorable on a historical basis,” said NAHB Chief Economist David Crowe. “As household formations and pent-up demand continue to emerge, we anticipate that 2014 will be a strong year for housing.” Regionally, while the Midwest realized a new home sales gain of 17.6 percent, activity fell 36.4 percent in the Northeast, 8.8 percent in the West, and 7.3 percent in the South. MHProNews has learned the inventory of new homes dropped to a five month supply, 171,000 at the current sales pace.

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