New Home Construction in the midwest region of the U.S. is off to a slow start for 2014, according to newly released new home construction report from the U.S. Census Bureau. According to the report, new home construction starts of single-family homes in the midwest during February was at a seasonally-adjusted annual rate of 76,000 homes, down 19.1% from a year ago when the rate was 94,000 homes. Building permits for single-family homes in the midwest issued during February were at a seasonally-adjusted annual rate of 88,000 homes, down 5.4% from a year ago when the rate was 93,000 homes. Continue Reading →
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St Louis area new home construction in 2013 was still very low compared with the normal rate of home construction, however increased 25% from the year before and saw the highest level of sustained activity in years. The decreased levels of new home construction over the past 6 years is leading to a shortage of homes in some areas throughout the country and setting the stage for a somewhat robust recovery of the new home market. Here in St Louis new home recovery will come at a slower pace due to our low levels of population growth here however at Continue Reading → What is the St Louis real estate market outlook for 2014? Where are home prices and sales headed? Are we out of the slump and on the path to recovery in the St Louis housing market? What about St Louis new home construction activity and St Louis new home sales? I had the pleasure this morning of discussing this and much more with Kristi Carson, host of “Today’s Issues” , her show that airs on KSHE 95, Classical 107.3, KHITS 96.3, 105.7 The Point and FM NewsTalk 97.1. In case you don’t catch the show on the radio, you can get it here. It’s hard to believe that it has been over 5 years since the housing market bubble burst but, as we begin this new year, it is good to continue to see market data that supports a St Louis housing market recovery is underway! As we have been reporting here on St Louis Real Estate News, over the past few months we have seen a solid recovery trend in the St Louis real estate market. Home prices have increased as have home sales, the new home market continues to make progress with new home construction and sales on the rise and Continue Reading → St Louis area new home construction activity continues to gain momentun with building permits issued for new homes for the period ended November 30, 2013 increasing 25% from the same period the year before. As the table below shows, all St Louis area counties saw increases in building permits for the period. Nationally, there were 577,000 permits for new single family homes issued for 2013 through November 30th, an increase of almost 21% from a year ago when the year to date total was 477,700 permits. See St Louis Area New Homes For Sale – Click HERE St Louis home building activity is on the rise throughout the St Louis area, according to the latest data from the Home Builders Association of St Louis and Eastern Missouri. Building permits issued through September 2013 for new homes in the five counties that make up the bulk of our new home market have increased from the same time period last year. Overall, as the table below shows, building permits have increased 29% for the five counties, with the city of St Louis seeing the largest increase at 100%. The lions share of new home construction continues to take place Continue Reading → St Louis new home construction activity decreased in August 2013 with 311 building permits for new homes being issued in the St Louis metro area (the area served by the Home Builders Association of St Louis and Eastern Missouri) a 9.9 percent decrease from the month before and is an increase of 8.7 percent from August 2012 when there were 286 building permits issued for new homes, according to data published by the Home Builders Association of St Louis and Eastern Missouri. St Louis home building is making some headway toward recovery by climbing out of the tough it hit Continue Reading →
St Louis new home construction activity increased in June 2013 with 424 building permits for new homes being issued in the St Louis metro area (the area served by the Home Builders Association of St Louis and Eastern Missouri) an increase of 26.2 percent from the month before and is an increase of 63.7 percent from June 2012 when there were just 259 building permits issued for new homes, according to data published by the Home Builders Association of St Louis and Eastern Missouri. While this is good news for the building industry, as the chart below Continue Reading → New home construction here in the midwest in June out performed the rest of the country, according to a report released today from the U.S. Census Bureau. According to the report, new home construction in the midwest in June commenced on homes at an annual rate of 93,000 homes, an increase of 2.2 percent from the month before and an increase of 24.1 percent from a year ago. On a national level, new home construction in June increased only 0.6 percent from the month before and was up 24.6 percent from the year before, the annual increase largely Continue Reading →
St Louis new home construction activity cooled slightly in May 2013 with 336 building permits for new homes being issued in the St Louis metro area (the area served by the Home Builders Association of St Louis and Eastern Missouri) a decline of 3.4 percent from the month before however this is an increase of 13.5 percent from May 2012 when there were just 296 building permits issued for new homes, according to data published by the Home Builders Association of St Louis and Eastern Missouri. If we expand our focus from just the month of May Continue Reading → Home building continues at a pace higher than we have seen in a few years, according to the latest new construction report from the U.S. Census Bureau and HUD. According to the report, permits were issued in April for new homes at a seasonally adjusted annual rate of 617,000 homes, the highest rate in over 2 years and an increase of 27.5 percent from last year. New home starts in April were at an annual rate of 610,000 homes, a slight decline from March, but a 20.8 percent gain from a year ago and the 5th straight month the rate Continue Reading → St Louis Residential Construction Gets Boost From Apartment Construction St Louis residential construction activity is on the rise with building permits increasing by almost 75 percent in the past year in the immediate St Louis area. As the table below shows, the largest increase in residential building permits came in multi-families with a 154 percent increase in permits in the area in the past year. During the same period, single family permits in St Louis were up just over 50 percent. St Louis new home construction has suffered like pretty much the rest of the country has over the past 5 years or so as a result of the real estate bubble burst. The news lately has been better as we have seen new home construction in St Louis increase, in some areas significantly, but, as I often remind readers, it is all relative. The increases we are seeing now are increases from historically low numbers in the recent past and have a long way to go to get back to a “normal” level. The chart below (which is “live” and Continue Reading → Barely over 3 month supply of homes for sale in St Louis Home sales in the U.S. fell slightly in February from the month before, according to the National Association of REALTORS’ pending home sales index. The index slid to 104.8* in February from 105.2 in January however was still 8.4 percent higher than a year ago and at the second highest level in nearly three-year. Lawrence Yun, chief economist for NAR, said “limited inventory is holding back the market in many areas” and that “only new home construction can genuinely help relieve the inventory shortage…” As the Continue Reading → St. Louis New Home Construction Heating Up! St. Louis new home construction activity continues to increase and is off to a good start for the year. There were 240 new home building permits issued in February in the St. Louis area*, just slightly ahead of January’s 239 permits. Year to date permits issued for 2013 is up 53 percent from the same time last year, according to the latest permit data available from the Home Builders Association of St. Louis and Eastern Missouri. For complete permit data click the link below: St. Louis New Home Construction Permit Data February Continue Reading → First off, no I have not lost my mind, I can actually support the idea that there may be somewhat of a housing shortage soon but, as the headline implies, I don’t necessarily think it’s going to happen in St. Louis, unfortunately. However, its’ a distinct possibility in many markets throughout the U.S. particularly those with population growth and an increasing supply of jobs. Continue Reading → It’s funny what you can do with stats….without any dishonesty (well, maybe a little deception) you can use statistics to paint just about any picture (or create any headline) you want. For example, we all know the new home market in St Louis, like the rest of the country, has suffered tremendously since 2006 (perhaps I know this better than many) and it is improving but sometimes the media I think paints a picture that does not always convey the big picture. For example, lets look at the following statements about building permit data for new homes in St Louis, all of which are based upon the same data from the HBA and all of which are true statements: Continue Reading → This morning, the Commerce Department released its new home construction report showing that, on a national basis, all aspects of new home construction, permits, starts and completions, slipped slightly in November 2012 from the month before but were up from a year ago. The Home Builders Association’s new home report shows somewhat better results in St. Louis with permits in St. Louis county up almost 25 percent in November from a year before, nearly a 47 percent increase in St. Charles County, a 1.4 percent increase in Jefferson County and modest decreases in Franklin and Warren County. The city of St. Louis has been hit the hardest with over a 50 percent decline in new home construction from a year ago. Continue Reading → I continue to see encouraging news about the housing market and today was no exception. The Freddie Mac housing market outlook for December was released and included a very encouraging outlook for the real estate market in 2013 by its chief economist, Frank Nothaft. Not that I’m on the same level as Northaft, but I will be coming out later this month with a short market recap video for 2012 as well as an outlook for 2013, both specifically for the St Louis real estate market. In the meantime, below are the highlights from Mr Nothaft’s projections for the U.S. Continue Reading → The National Association of Home Builders (NAHB) released their “Improving Housing Markets Index” for December and I was happy to see St. Louis as a new addition to the list this month! St. Louis was one of 83 new metro areas added to the improving housing markets list from the prior month bringing the total to 201 metro areas as of this month (7 metros were dropped from the month before.) Continue Reading → When are building permits needed? That is the $64,000 question. First it may be good to discuss the reason for building permits. Building codes list their intent as “ to insure public safety, health and welfare insofar as they are affected by building construction,…..” The major reason for permits is to therefore, provide safe and sanitary buildings. We have all seen where “Tommy Homeowner” thinks he can do anything and in turn creates problems for himself and any future home owner that may occupy the premises. The building permit process allows the local authority to review what work is planned, check the work is in progress before all the changes are completed to be sure that safe, sanitary and proper procedures are performed in the building/remodeling process. The second reason, albeit less important, is that it allows the governing authority to adjust you property values to be current with the value including any improvements. Continue Reading → This morning, the Commerce Department released its new home construction report showing that, on a national basis, all aspects of new home construction, permits, starts and completions, are up double digits in October 2012 from the year before. The Home Builders Association’s new home report shows similar results in St. Louis as well with permits in St. Louis county up almost 24 percent in October from a year before, a 44 percent increase in St. Charles County and modest decreases in Jefferson County and Franklin County. Continue Reading → If you’ve been waiting to buy a new home thinking that prices will continue to fall as builders get more desperate to sell homes, I think you may have missed the boat, er, house. The bruised new home market continues to show signs that the worst is over including numbers just released showing new home sales in the U.S. in August were up almost 28 percent from a year ago and new home prices were up 17 percent during the same period in the U.S. Here in St. Louis, the St. Louis HBA just reported that building permits for new homes in St. Louis are 15% through August compared with this time last year. Continue Reading → There is some life coming back to the new home industry as we are seeing increases in new home construction activity. On the national level, the U.S. Census Bureau reported today that building permits for new homes were up over 19 percent in August from a year ago, new home starts were up over 26 percent from a year ago and new home completions up a little over 2 percent from a year ago. Here in the Midwest region, as the chart below which depicts new home starts in the Midwest from January 2006 through July 2012 shows, it definitely appears new home construction has hit bottom, has leveled off and is now trending upward slowly. It’s going to be a long, slow recovery for the new home industry, but at least, for now, it appears things are headed the right direction. Continue Reading → St. Louis building permits issued for new homes continues on track to out perform 2011 in the largest counties in the area, according to a report just released by the Home Builders Association of St. Louis & Eastern Missouri. According to the report, the counties of St Louis, St. Charles and Jefferson have all seen more single-family building permits issued YTD (through July) in 2012 than in 2011, and Franklin county is only 2 permits shy of where they were in 2011 at the same time. Continue Reading → It’s been a rocky few months, however new home activity in the Midwest continued to show signs of improvement in July. According to the report on New Residential Construction for July 2012 just released by the Commerce Department, new building permits for single-family homes in the Midwest increased in July 2.5 percent from the month before 16.9 percent from a year ago. Housing starts, on the other hand, were down 5.6 percent for the month but was up 12.0 percent from a year ago. Continue Reading → According to a report just released by the Home Builders Association of St. Louis (HBA), St Louis new home construction activity is on the rise! The HBA report shows that there have been 1,275 permits issued for new homes through June of this year in St. Louis City and St. Louis, St. Charles, Jefferson and Franklin County which is an increase of 29 percent from last year at this time when there had been 989 total permits issued for new homes in the St. Louis area. Continue Reading → The U.S. Census Bureau and US Department of Housing and Urban Development (HUD) issued their report on New Residential Construction for June 2012 showing an increase in single-family home building permits from the year before of 19.7 percent and a 21.7 percent increase in new home starts for the same period. Continue Reading → According to the National Association of Home Builders/First American Improving Markets Index (IMI) that was just released, there are 84 cities in the U.S. where the housing markets are improving as of July, which is an increase from 80 cities the month before. The cities in the report are from 32 states. Continue Reading → The U.S. Census Bureau and US Department of Housing and Urban Development (HUD) issued their report on New Residential Construction for May 2012 showing an increase in single-family home building permits from the year before of 19.9 percent and a 26.2 percent increase in new home starts for the same period. 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