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Posts Tagged ‘daily real estate news

Porches Are Making a Comeback

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Porches Are Making a Comeback
National Association of Home Builders article by Daily Real Estate News | October 6, 2017

More new homes are coming equipped with front porches. Sixty-five percent of new single-family homes started in 2016 included a porch, according to a Census data analysis from the National Association of Home Builders. It’s only the second time since tracking began that new single-family homes with porches have moved back above 65 percent. For comparison, in 2005, 54 percent of new homes had porches.

Certain regions of the U.S. are showing higher preference for porches. For example, the East-South-Central region of the U.S. had the highest share of new homes started in 2016 with porches at 86 percent.

Front porches_NAHB

The Census data from the Survey of Construction report does not indicate much information about the look of the porches. However, the NAHB reports that the Annual Builder Practices Survey, conducted by Home Innovation Research Labs, shows that front porches on new homes tend to be more common than side porches. Also, most new home porches are open rather than screened.

The average size of a front porch on a new home is about 60 square feet, according to the report. The materials used often tend to be concrete and treated wood. However, some regions—like the Mountain and Pacific areas of the U.S.—tend to favor redwood over treated wood for their front porches.

Source: “Share of New Homes With Porches Back Over 65 Percent,” National Association of Home Builders’ Eye on Housing blog (Oct. 5, 2017); REALTOR® Magazine Online, Daily Real Estate News 100617


Kenneth Bargers, REALTOR® License 318311 ♦ Pilkerton Realtors License 257352
(615) 512-9836 cellular ♦ (615) 371-2474 office
kb@bargers-solutions.com emailkb@kennethbargers.realtor email
www.bargers-solutions..com webkennethbargers.com blog
2 Cadillac Drive, Brentwood, Tennessee 37027 address

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Mortgage Rates Hit Highest Levels in 6 Weeks

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Mortgage Rates Hit Highest Levels in 6 Weeks
Freddie Mac   article by Daily Real Estate News | October 6, 2017

The 30-year fixed-rate mortgage inched upwards this week, averaging 3.85 percent. It’s the highest average in six weeks, Freddie Mac reports.

rates100617

“After holding steady last week, rates ticked up this week,” says Sean Becketti, Freddie Mac’s chief economist. “The 10-year Treasury yield rose 8 basis points, while the 30-year mortgage rate increased 2 basis points to 3.85 percent.”

Freddie Mac reports the following national averages with mortgage rates for the week ending Oct. 5:

  • 30-year fixed-rate mortgages: averaged 3.85 percent, with an average 0.5 point, rising from last week’s 3.83 percent average. Last year at this time, 30-year rates averaged 3.42 percent.
  • 15-year fixed-rate mortgages: averaged 3.15 percent, with an average 0.5 point, rising from last week’s 3.13 percent. A year ago, 15-year rates averaged 2.72 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 3.18 percent, with an average 0.4 point, falling from last week’s 3.20 percent average. A year ago, 5-year ARMs averaged 2.80 percent.

Source: Freddie Mac; REALTOR® Magazine Online, Daily Real Estate News 100617


Kenneth Bargers, REALTOR® License 318311 ♦ Pilkerton Realtors License 257352
(615) 512-9836 cellular ♦ (615) 371-2474 office
kb@bargers-solutions.com emailkb@kennethbargers.realtor email
www.bargers-solutions..com webkennethbargers.com blog
2 Cadillac Drive, Brentwood, Tennessee 37027 address

Home Lot Sizes Shrink to New Low

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Home Lot Sizes Shrink to New Low
National Association of Home Builders    article by Daily Real Estate News | October 5, 2017

Lot sizes on new single-family homes have reached a new record low. New homes sold in 2016 had a median lot size of 8,562 square feet, or slightly under one-fifth of an acre.

The median lot size fell to under 8,600 square feet in 2015, according to the Census Bureau’s Survey of Construction data. Lot sizes have continued to shrink since then.

Location plays a big role. For example, the median lot size in the New England region is nearly twice as large as the national median, exceeding a third of an acre.

“New England is known for its strict local zoning regulations that often require very low densities,” the National Association of Home Builders notes on its Eye on Housing blog. “Therefore, it is not surprising that more than half of single-family spec homes started in New England are built on some of the largest lots in the nation, with more than half of the lots exceeding a third of an acre.”

On the other hand, the Pacific region—where densities are often high and developed land is more scarce—has the smallest lots. Half of the lots in the region are under 0.15 acres.

NAHB graphic_lot sizes

Source: “Lot Size Is at a Record Low,” National Association of Home Builders’ Eye on Housing blog (Oct. 3, 2017); REALTOR® Magazine Online, Daily Real Estate News 100317


Kenneth Bargers, REALTOR® License 318311 ♦ Pilkerton Realtors License 257352
(615) 512-9836 cellular ♦ (615) 371-2474 office
kb@bargers-solutions.com emailkb@kennethbargers.realtor email
www.bargers-solutions..com webkennethbargers.com blog
2 Cadillac Drive, Brentwood, Tennessee 37027 address

Nationally: Housing Shortages Constrain Existing-Home Sales

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Nationally: Housing Shortages Constrain Existing-Home Sales
National Association of REALTORS®    article by Daily Real Estate News | September 20, 2017

For the fourth time in five months, existing-home sales dropped as a shortage of homes for sale continues to plague the housing market. Strained supply levels of homes are making it that sales are unable “to break out,” according to the National Association of REALTORS®’ latest housing report, released Wednesday.

Existing-home sales did see an increase in the Northeast and Midwest in August but were outpaced by sales declines in the South and West, according to NAR’s report.

August EHS Infographic #1Total existing-home sales—which include completed transactions for single-family homes, townhomes, condos, and co-ops—eased 1.7 percent in August to a seasonally adjusted annual rate of 5.35 million. Last month’s sales are at the lowest levels in nearly a year.

Nevertheless, demand among potential buyers remains high. However, not enough homeowners are selling, says Lawrence Yun, NAR’s chief economist.

“Steady employment gains, slowly rising incomes, and lower mortgage rates generated sustained buyer interest all summer long, but unfortunately, not more home sales,” Yun says. “What’s ailing the housing market and continues to weigh on overall sales is the inadequate levels of available inventory and the upward pressure it’s putting on prices in several parts of the country.”

The South saw a decline in closings last month that was largely attributed to the after-effects from Hurricane Harvey in the Houston area. Home sales likely will be impacted for the rest of the year in Houston and in the most severely affected areas in Florida after Hurricane Irma. “Nearly all of the lost activity will likely show up in 2018,” Yun says.

The following are some key housing indicators from NAR’s latest report:

  • Home prices: The median existing-home price for all housing types in August was $253,500, up 5.6 percent from a year ago.
  • Inventory: Total housing inventory at the end of August dropped 2.1 percent to 1.88 million existing homes available for sale, and is now 6.5 percent lower than a year ago. Unsold inventory is at a 4.2-month supply at the current sales pace, down from 4.5 months a year ago.
  • Days on the market: Fifty-one percent of homes sold in August were on the market for less than a month. Properties typically stayed on the market for 30 days in August, down from 36 days a year ago.
  • All-cash sales: All-cash transactions comprised 20 percent of transactions in August, down from 22 percent a year ago. Individual investors account for the biggest bulk of cash sales. Investors purchased 15 percent of homes in August, up from 12 percent a year ago.
  • Distressed sales: Foreclosures and short sales accounted for 4 percent of sales in August, slipping from 5 percent a year ago. Broken out, 3 percent of sales in August were foreclosures, and 1 percent were short sales.

Source: National Association of REALTORS®; REALTOR® Magazine Online; Daily Real Estate News 092017

5 Hot Outdoor Trends to Watch for Fall

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5 Hot Outdoor Trends to Watch for Fall
National Association of Landscape Professionals    article by Daily Real Estate News | August 31, 2017

Outdoor fire pits and fireplaces are the hottest landscaping trend for fall, according to a survey from the National Association of Landscape Professionals. The association surveyed more than 5,000 of its landscaping professional members.

Here’s what topped the NALP’s list of the five hottest outdoor trends for fall:

  1. High-tech fire pits: Fire pits today can be automated and programmed to turn on and off at certain times or controlled from indoors or with a smartphone.
  2. Low-maintenance landscapes: Add more flowers, shrubs, and trees to your landscapes, particularly chrysanthemums, boxwood, and maples that are hardier and require less work and water, the NALP notes.
  3. Outdoor lighting: Homeowners are installing LED lighting along their walkways not only for ambiance but for safety as well.
  4. Natural-looking materials: The latest hardscape materials mimic the look of real wood and natural stone without the associated maintenance, the NALP notes. Porcelain tiles are gaining popularity, since they are less susceptible to degradation from harsh weather conditions.
  5. Interiorscapes: Interiorscapes—or indoor landscapes—are becoming more prevalent as owners look to bring the outdoors in, the NALP notes. Large living “green” walls made up of greenery and other plants are adorning interior rooms and courtyards.

“The outdoor entertaining trend has been gaining momentum over the past several years, and this year has seen a further desire to bring the indoors out,” says Missy Henriksen, vice president of public affairs for the NALP. “In particular, the warmer fall months will lend themselves to increased attention on outdoor spaces, as homeowners look to extend the summer outdoor entertaining season and adapt their landscapes for enjoyment throughout the year.”

Source: National Association of Landscape Professionals; REALTOR® Magazine Online, Daily Real Estate News 083117

Kenneth Bargers REALTOR® License 318311  |  Pilkerton Realtors License 257352
(615) 512-9836 cellular  •  (615) 915-5901 facsimile  •  kb@bargers-solutions.com email
bargers-solutions.com web  •  kennethbargers.com blog  •  Search Properties
(615) 371-2474 office  •  (615) 371-2475 facsimile  •  2 Cadillac Drive, Brentwood TN 37027 address
The greatest compliment you can give is a referral!

Mortgage Rates Hit New Yearly Lows

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Mortgage Rates Hit New Yearly Lows
Freddie Mac     article by Daily Real Estate News | September 1, 2017

Average mortgage rates moved lower this week, as the 30-year fixed-rate mortgage continues to sit well below 4 percent.

“The 10-year Treasury yield fell to a new 2017 low on Tuesday,” says Freddie Mac chief economist Sean Becketti. “In response, the 30-year mortgage rate dropped four basis points to 3.82 percent, reaching a new year-to-date low for the second consecutive week. However, recent releases of positive economic data could halt the downward trend of mortgage rates.”

MortgageRates083117

Freddie Mac reports the following national averages with mortgage rates for the most recent week through Aug. 31:

  • 30-year fixed-rate mortgages: averaged 3.82 percent, with an average 0.5 point, falling from last week’s 3.86 percent average. Last year at this time, 30-year rates averaged 3.46 percent.
  • 15-year fixed-rate mortgages: averaged 3.12 percent, with an average 0.5 point, falling from last week’s 3.16 percent average. A year ago, 15-year rates averaged 2.77 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 3.14 percent, with an average 0.5 point, also falling from last week’s 3.17 percent average. A year ago, 5-year ARMs averaged 2.83 percent.

Source: Freddie Mac; REALTOR® Magazine Online, Daily Real Estate News 090117

Kenneth Bargers REALTOR® License 318311  |  Pilkerton Realtors License 257352
(615) 512-9836 cellular  •  (615) 915-5901 facsimile  •  kb@bargers-solutions.com email
bargers-solutions.com web  •  kennethbargers.com blog  •  Search Properties
(615) 371-2474 office  •  (615) 371-2475 facsimile  •  2 Cadillac Drive, Brentwood TN 37027 address
The greatest compliment you can give is a referral!

Written by Kenneth Bargers

September 2, 2017 at 7:12 am

New Home Inventory at 20-Year Low

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New Home Inventory at 20-Year Low
National Association of Home Builders    article by Daily Real Estate News | August 17, 2017

House 1016Builders failed to ramp up inventories last month, despite increasing demand from home buyers and calls from the real estate industry. New-home construction dropped 4.8 percent in July to a seasonally adjusted annual rate of 1.16 million units, the U.S. Department of Housing and Urban Development and Commerce Development reported Wednesday.

Single-family production fell 0.5 percent month over month in July to an adjusted annual rate of 856,000. The July reading does follow a strong, upwardly revised June reading, the National Association of Home Builders notes. Single-family starts are 8.6 percent higher than a year ago.

Multifamily starts, meanwhile, plunged 15.3 percent last month to 299,000 units.

“New-home production numbers this month are in line with our forecast for a slow and steady recovery of the housing market,” says Robert Dietz, NAHB’s chief economist. “We saw multifamily production peak in 2015, and this sector should continue to level off as demand remains solid.”

Overall, inventories of homes for sale are at a 20-year low, according to realtor.com® data. Economists have been calling for new-home construction to help make up the shortfall in the market.

“The housing shortage in America will intensify if new construction remains as lackluster as it was in July,” Lawrence Yun, the National Association of REALTORS®’ chief economist, said in a statement. “The softening multifamily housing starts brought down the overall new housing unit additions to the second lowest monthly activity this year. Moreover, the latest 15 percent drop in multifamily housing starts and 0.5 percent drop in single-family starts will hold back economic growth potential. Because of this shortage, expect rents and home prices to rise by at least twice as fast as the broad consumer price index.”

Regionally, combined single-family and multifamily housing production increased only in the South in July, inching up 0.6 percent month over month. Housing starts posted a 15.7 percent month-over-month drop in the Northeast, a 15.2 percent drop in the Midwest and fell by 1.6 percent in the West.

Housing permits, a gauge of future construction, dropped 4.1 percent to a seasonally adjusted annual rate of 1.22 million units. Single-family permits mostly held steady at 811,000 units while multifamily permits dropped 11.2 percent to 412,000.

Source: National Association of Home Builders and National Association of REALTORS®; REALTOR® Magazine Online, Daily Real Estate News 081717

Kenneth Bargers REALTOR® License 318311  |  Pilkerton Realtors License 257352
(615) 512-9836 cellular  •  (615) 915-5901 facsimile  •  kb@bargers-solutions.com email
bargers-solutions.com web  •  kennethbargers.com blog  •  Search Properties
(615) 371-2474 office  •  (615) 371-2475 facsimile  •  2 Cadillac Drive, Brentwood TN 37027 address
The greatest compliment you can give is a referral!
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