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Posts Tagged ‘new home sales

Nationally: New-Home Sales Hit 10-Year High

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Nationally: New-Home Sales Hit 10-Year High
National Association of Home Builders    article by Daily Real Estate News | October 25, 2017

House 1030Sales of newly built single-family homes rose 18.9 percent last month, according to data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. This represented the highest sales rate since October 2007, with a seasonally adjusted annual rate of 667,000 units, after an upwardly revised August reading. Compared to last year, new-home sales are 8.6 percent above their level during the same period in 2016.

“New-home sales have bounced back from a few soft months and have returned to the strong growth trend we saw earlier this year,” says National Association of Home Builders Chief Economist Robert Dietz. “As existing home inventory remains tight, we can expect new homes sales to continue to make gains in the months ahead.”

These gains in sales continue alongside tight inventory, providing downward pressure on affordability. In a recent REALTOR® Magazine column, National Association of REALTORS® Chief Economist Lawrence Yun urged the industry to recognize the impact that the “massive housing shortage” has on the overall the economy: “We need more construction. An economic boom, not unlike the one we had almost 70 years ago, could result.”

Looking deeper into the sales data, realtor.com Chief Economist Danielle Hale noted a contrast between pricing and the amount buyers ultimately pay for new homes. “The growth in prices for new homes also shows signs of slowing, though that hasn’t yet appeared in home listing prices, which are up 10 percent from a year ago,” she says. “The discrepancy between list price increases and sales price increases suggests that some buyers may have reached a limit on the price increases they can afford, but sellers have not yet caught on.”

New-home sales increased in all four regions, rising 33.3 percent in the Northeast, 25.8 percent in the South, 10.6 percent in the Midwest, and 2.9 percent in the West. Home sales in the South had been greatly hampered by hurricane-related setbacks. All regions showed an increase in sales from last month, and all regions except the Midwest also show growth when compared to a year ago.

Source: “New Home Sales Pace in September Hits 10-Year High,” National Association of Home Builders (Oct. 25, 2017); REALTOR® Magazine Online, Daily Real Estate News 102517


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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Nationally: New-Home Prices Hit Record High

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Nationally: New-Home Prices Hit Record High
NAHB    article by Daily Real Estate News | June 26, 2017

regional_nhs_may17

The median price for a new single-family home reached a record high in May of $345,800, the Commerce Department reports. Buyers will be paying a huge premium for new construction, as new-home prices are now 16.8 percent higher than they were a year ago.

So far, however, the higher price tags don’t seem to be spooking home shoppers. In May, 61,000 new homes were purchased—a 2.9 percent increase from April and an 8.9 percent increase from a year ago, the Commerce Department reports. “Builders are focused on the mid to upper end of the housing market,” says Joseph Kirchner, realtor.com®’s senior economist. “It means that it will be more difficult to find more affordable homes for first-time buyers, millennials, and low-income people.”

Only 6,000 newly constructed homes sold in May were priced between $150,000 and $199,999. Further, there were about 14,000 sales in the $200,000 to $299,999 range. New homes now cost about 36.8 percent more than previously existing homes, which also reached record-high prices in May.

Regionally, new-home sales increased the most in the West last month, posting a 13.3 percent month-over-month jump, followed by a 6.2 percent increase in the South. New-home sales, meanwhile, fell 10.8 percent in the Northeast and plunged 25.7 percent month-over-month in the Midwest.

Source: National Association of Home Builders and “New Homes Just Keep Getting Pricier, But Buyers Keep Coming,” realtor.com® (June 23, 2017); REALTOR® Magazine Online, Daily Real Estate News 062617

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

New-Home Sales Jump 6%

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New-Home Sales Jump 6%
Article by Daily Real Estate News | March 24, 2017

HouseConstruct500wSales of newly built single-family homes posted a robust month in February. New-home sales rose to a seasonally adjusted annual rate of 592,000 units, up 6.1 percent month over month and 12.8 percent ahead of last year, the Commerce Department reported this week.

“February’s increase in new home sales is consistent with builders’ growing confidence in the housing market,” says Granger MacDonald, chairman of the National Association of Home Builders. “Builders are encouraged by heightened consumer activity and by the expectation that regulatory costs will decline in the year ahead.”

The inventory of new homes for sale in February was 266,000, a 5.4-month supply at the current sales pace. The median sales price was $296,200.

New-home sales posted the strongest uptick in the Midwest in February, rising 30.9 percent month over month, followed by a 7.5 percent gain in the West and a 3.6 percent increase in the South. The Northeast was the only major region of the U.S. to see a decrease last month, with new-home sales falling 21.4 percent there.

“The uptick in mortgage interest rates is having a minimal effect on new-home sales thus far,” says Robert Dietz, NAHB’s chief economist. “Ongoing job creation, rising household formations, and affordable home prices should keep the market on an upward trajectory in 2017.”

Source: National Association of Home Builders; REALTOR® Magazine Online, Daily Real Estate News 032417

KENNETH BARGERS REALTOR® License 318311 | Pilkerton Realtors License 257352
(615) 512-9836 cellular • (615) 915-5901 facsimilekb@bargers-solutions.com email
bargers-solutions.com webkennethbargers.com blogSearch Properties
(615) 371-2474 office • (615) 371-2475 facsimile • 2 Cadillac Drive, Brentwood TN 37027 address

NAHB Reports New Home Sales Rise 10.7 Percent in October

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NAHB Reports New Home Sales Rise 10.7 Percent in October
Article by National Association of Home Builders | November 25, 2015

NAHB-LogoSales of newly built, single-family homes rose 10.7 percent to a seasonally adjusted annual rate of 495,000 units in October, according to newly released data from HUD and the U.S. Census Bureau.

“Our builders are reporting continued optimism in the housing market, and are adding inventory in anticipation of future business,” said Tom Woods, chairman of the National Association of Home Builders (NAHB) and a home builder from Blue Springs, Mo.

“Sales this year are running 15.7 percent ahead of 2014,” said NAHB Chief Economist David Crowe. “With a firming job market, affordable home prices, and rising pent-up demand, today’s report is another indicator that the housing market continues to move on a modest upward trajectory.”

New-home sales were up in three out of the four regions. Sales rose 135.3 percent in the Northeast, 5.3 percent in the Midwest, and 8.9 percent in the South. Sales fell 0.9 percent in the West.

The inventory of new homes for sale was 226,000 units in October. This is a 5.5-month supply at the current sales pace.

Source: NAHB 112515

Kenneth Bargers, REALTOR® | Pilkerton Realtors
(615) 512-9836 cellular (615) 371-2474 office kb@bargers-solutions.com email
www.bargers-solutions.com web kennethbargers.com blog
2 Cadillac Drive, Brentwood Tennessee address

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New-Home Market Expected to Strengthen

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New-Home Market Expected to Strengthen
Article by Daily Real Estate News | August 10, 2015

NAHB-LogoNew-home sales have been edging up since 2012, and the builder’s trade group predicts that sales will to continue to rise for the rest of the year and into 2016.

“Strong job gains are bolstering housing demand,” notes economists at the National Association of Home Builders’ Eye on Housing blog. “Rising builder confidence, housing starts, and low interest rates all point to continuing recovery in the housing sector, even as industry headwinds, including access to lots and labor, will produce bumps along the road.”

One bump came in the most recent Commerce Department report that showed sales of newly built single-family homes dropped 6.8 percent in June to a seven-month low. Builders believe a pick up is on the way.

For one, the National Association of REALTORS®’ Pending Home Sales Index recently showed contracts for existing-homes to be up 8.2 percent in June year-over-year. Builders believe that gains in existing home sales are key in helping the new-home market grow with move-up buyers as well as provide a boost to the remodeling market, NAHB notes.

“Home purchase activity will need to grow faster if ongoing declines in the home ownership rate are to reverse,” NAHB notes on its blog.

The recent demand for rental properties by would-be first-time home buyers has caused the home ownership rate to plunge to a 35-year low at 63.4 percent.

However, household formations has been on the rise. In the second quarter, total households were at slightly under 117.3 million, a year-over-year increase of 1.6 million.

“Growth in household formations should improve demand for both owner and renter housing,” NAHB notes.

Also, a strengthening economy during the second half of this year also should help the new-home market see a gain in sales, NAHB notes.

Source: “Eye on the Economy: Pace of Home Sales Weakens in June,” National Association of Home Builders’ Eye on Housing (Aug. 5, 2015); REALTOR® Magazine Online, Daily Real Estate News 081015

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New-Home Sales Surge Nearly 19%

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New-Home Sales Surge Nearly 19%
Daily Real Estate News | June 25, 2014

Builders-Confidence-June201After a sluggish start to 2014, new-home sales posted a strong rebound in May. Sales of newly built single-family homes soared to the highest rate since May 2008, jumping 18.6 percent last month, according to data released Tuesday by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.

“This increase is a welcome sign after a slow start to 2014,” says David Crowe, chief economist of the National Association of Home Builders. “As job creation continues, we can expect further release of pent-up demand and continued gradual growth in the housing recovery.”

Across the country, regions posted big gains in new-home sales, with the Northeast leading the pack. Sales of new-homes jumped 54.5 percent in the Northeast, 34 percent in the West, 14.2 percent in the South, and 1.4 percent in the Midwest.

Inventory levels mostly stayed flat, as builders continue to be cautious about overbuilding. The inventory of new homes for sale held steady at 189,000 units in May, representing a 4.5-month supply at the current sales pace.

Source: National Association of Home Builders; Daily Real Estate News (062514)

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Greater Nashville Home Sales Remain Strong for March and First Quarter 2013

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GREATER NASHVILLE HOME SALES REMAIN STRONG FOR MARCH AND FIRST QUARTER
Press Release by GNAR, Greater Nashville Association of REALTORS®, April 9, 2013

NASHVILLE, Tenn. (April 9, 2013) – There were 2,562 home closings reported for the month of March 2013, according to figures provided by the Greater Nashville Association of REALTORS®. This figure represents a 30.5 percent increase compared with 1,963 closings in March of 2012.

Numbers for the first quarter of 2013 were 5,980 closings, up 23 percent from the 4,855 closings during the first quarter of 2012.

“The number of closings for March is the highest it has been during the same month since March of 2007,” said GNAR President Price Lechleiter. “The housing market is very active. Seasonal trends and increased activity are combining to create more confidence that the housing market will continue to improve here in Greater Nashville. This region is very fortunate in that we are experiencing recovery, stabilization and strengthening of the market more quickly than many other markets. Pending sales for March are the highest they’ve been since January 2007, and the increase in the residential and condo median prices is a welcome sign.”

“It also bears noting that April is Fair Housing Month. April 11, 1968 is when the initial fair housing legislation was signed into law by President Johnson – just one week after the assassination of Dr. Martin Luther King, Jr. We owe a great debt to those who worked so hard to create and pass that milestone legislation and open housing opportunity for so many more deserving Americans.”

There were 2,727 sales pending at the end of March, compared with 2,239 pending sales at this time last year. The average number of days on the market for a single-family home was 80 days.

The median residential price for a single-family home during March was $169,000 and for a condominium it was $147,900. This compares with last year’s median residential and condominium prices of $168,500 and $135,000, respectively.

Inventory at the end of March was 16,049, down from 18,984 in March 2012.

“Right now, inventory is the most sensitive area of the real estate market,” added Lechleiter. “With a supply of just over six months overall, and less than five month’s supply specifically for single-family homes, it is clear that demand is higher than supply. Good properties, properly prepared and priced, are moving very quickly. The market is very competitive. Buyers are always resistant to consider available homes that are in bad repair or priced incorrectly.”

The Greater Nashville Association of REALTORS is one of Middle Tennessee’s largest professional trade associations and serves as the primary voice for Nashville-area property owners. REALTOR is a registered trademark that may be used only by real estate professionals who are members of the National Association of Realtors and subscribe to its strict code of ethics.

Source: GNAR, Greater Nashville Association of REALTORS®, 040913 | Blog, In The News, distributed by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

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