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 →
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New home sales continued the upward trend in March with new homes in the US selling at a seasonally-adjusted annual rate of 417,000 homes, an increase of 1.5 percent from the month before and an 18.5 percent increase from a year ago, according to the US Census Bureau and HUD. New home sale prices declined in March to a median price of $247,000, down 6.7 percent from February’s median new home price of $264,900 but up 3 percent from a year ago when the median new home sales price was $239,800. The inventory of new homes for sale remained steady Continue Reading → New Home Sales In Midwest Outperform The National Market! New home sales in the Midwest were at an adjusted annual rate of 58,000 homes in February, an increase of 13.7 percent from January’s rate of 51,000 homes, according to data released this morning by the Census Bureau. The Midwest was the only region in February with an increase in new home sales from January and the Midwest and West region were the only two regions with an increase in new home sales from a year ago. New home sale prices rose in February to $246,800 from $239,600 the month before, 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 → Of the 6.8 million homes sold during the past two years, almost half of them (46 percent) were sold to first-time home buyers according the National Association of Home Builders (NAHB). This is up significantly from 2005 and 2007 when only 35 percent of the homes sold were bought by first-time buyers and is even higher than in 2009, the middle of the home buyer tax credit period, when first time buyers made up 41 percent of the market. Continue Reading → Existing home sales are expected to hit the 5 million mark in 2013, according to Kiplinger’s Economic Outlook published yesterday. Kiplinger is predicting a 7.5 percent increase in existing home sales in 2013 over last years 4.65 million home sales. Continue Reading → New home sales in January were at a seasonally adjusted rate of 437,000 homes, an increase of 15.6 percent from the month before and an increase of 28.9 percent from a year ago, according to the new home sales report for January 2013 just released by the Commerce Department. The median price of new homes sold in January 2013 was $226,400 and the inventory of new homes for sale at the end of the month worked out to a 4.1 month supply. 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 → New home sales activity slowed at the end of 2012 with new homes selling in December at a seasonally adjusted rate of 369,000, a decline of 7.3 percent from the month before but an increase of 8.8 percent from December 2011, according to the December 2012 new home sales report from the Commerce Department. This means 2012 ended with an increase of almost 20 percent in new home sales from 2011 when there were just 306,000 new homes sold. Also on a positive note, the median price of new homes increased from $218,600 in December 2011 to $248,900 in December 2012 while, during the same period, the inventory of new homes for sale in the U.S. declined from a 5.4 month supply to 4.9 months. Continue Reading → The city of St. Louis has experienced a decline in the number of residents since hitting it’s peak population back around 1950. The most recent disappointment came in the 2010 census results showing, in spite of optimism on the part of the city for better numbers, the population of the city of St Louis had declined by nearly another 1o percent during the decade, falling from 348,189 people in 2000 to 319,294 in 2010. During that same decade there were efforts to revitalize the city and bring new life to it as developers built new and fun living spaces by Continue Reading → Today, during a presentation addressing the impact of President Obama’s re-election on the housing market by leaders of the National Association of Home Builders (NAHB), David Crowe, PhD., Chief Economist of NAHB, said there is a “fragile” recovery occurring in the housing market and that it could be “affected both directions by the recent election results”. Crowe went on to say that (with regard to the new home market) there has been “no consistent national trend for some time” as the recovery has been from “relatively small and disparate” locations for about a year now and the reason the national numbers are now reflecting this activity is due to the number of these improving small markets increasing significantly. 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 → Since the appraised value of home is a key element when considering a purchase or refinance, the following are the top four most common questions about appraisals asked by sellers: 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 → Today, the U.S. Department of Housing and Urban Development and U.S. Census Bureau released new home sales data for June 2012 and while the rest of the country reels from a decrease of 8.4 percent in the new home sales rate from the month before (seasonally adjusted), here in the Midwest we can celebrate an increase of almost 15 percent in the new home sales rate to 55,000 (seasonally adjusted annual rate) from 48,000 the month before and an increase of 50 percent in actual new home sales in June in the Midwest to 6,000 new homes sold from 4,000 the month before. 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 → Today, the U.S. Department of Housing and Urban Development and U.S. Census Bureau released new home sales data for May 2012 showing an increase of 7.6 percent from the month before, and an increase of 19.8 percent from a year ago. The seasonally-adjusted new home sales rate for May was 369,000 homes, up from a revised rate of 343,000 homes the month before. The supply of new homes on the market decreased to a 4.7 month supply from a revised 5.0 months the month before. The median new home price decreased slightly to $234,500 from a revised median price of $236,000 the month before and increased 5.6 percent from a year ago when the median new home price was $222,000. 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. Continue Reading → The U.S. Department of Housing and Urban Development and the U.S. Department of the Treasury released their May Housing Scorecard, which collects key market data and tracks the administration’s recovery efforts. According to the May scorecard, recent market data contains a number of promising indicators and increasing signs of stability. In April, sales of existing homes increased in every region of the country and the number of new homes rose for the first time since 2007. Continue Reading → Today, the U.S. Department of Housing and Urban Development and U.S. Census Bureau released new home sales data for April 2012 showing an increase of 3.3 percent from the month before, and an increase of 9.9 percent from a year ago. The seasonally-adjusted new home sales rate for April was 343,000 homes, up from a revised rate of 332,000 homes the month before. The supply of new homes on the market decreased to a 5.1 month supply from a revised 5.2 months the month before. The median new home price increased slightly to $235,700 from a revised median price of $234,000 the month before and increased 4.4 percent from a year ago when the median new home price was $224,700. Continue Reading → The U.S. Census Bureau and US Department of Housing and Urban Development (HUD) issued their report on New Residential Construction for April 2012 showing an increase in single-family home building permits from the month before of 1.9 percent and a 18.5 percent increase in new home starts compared to the year before. Continue Reading → Today, the U.S. Department of Housing and Urban Development and U.S. Census Bureau released new home sales data forMarch 2012 showing a decrease of 7.1 percent from the month before, and an increase of 7.5 percent from a year ago. The seasonally-adjusted new home sales rate for March was 328,000 homes, down from a revised rate of 353,000 homes the month before. It’s worth noting that February’s sales were originally reported by the Commerce Department to be 313,000, so the revision to 353,000 was significant. So, in the end, March may not look so bad either if the revised numbers follow suit with the month before. Continue Reading → The U.S. Census Bureau and US Department of Housing and Urban Development (HUD) issued their report on New Residential Construction for March 2012 showing a decrease in single-family home building permits from the month before of 3.5 percent and a 17.9 percent increase in new home starts compared to the year before. Continue Reading → Today, the U.S. Department of Housing and Urban Development and U.S. Census Bureau released new home sales data for February 2012 showing a decrease of 1.6 percent from the month before, and an increase of 11.4 percent from a year ago. The seasonally-adjusted new home sales rate for February was 313,000 homes, down from an adjusted rate of 318,000 homes the month before. This is the second consecutive month new home sales have declined. Continue Reading → The U.S. Census Bureau and US Department of Housing and Urban Development (HUD) issued their report on New Residential Construction for February 2012 showing an increase in single-family home building permits from the month before of 4.9 percent and a 9.9 percent decrease in new home starts compared to the month before. Continue Reading → Today, the U.S. Department of Housing and Urban Development and U.S. Census Bureau released new home sales data for January 2012 showing a decrease of 0.9 percent from the month before, and an increase of 3.5 percent from a year ago. The seasonally-adjusted new home sales rate for January was 321,000 homes, down from an adjusted rate of 324,000 homes the month before. This is the first month new home sales have declined after four consecutive months of increases. Continue Reading → |
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