Tag Archives: national association of home builders

Report Says Housing Affordability Index Up for Q1 2015

(c) CanStockPhoto

(Jeff Sorg, OnlineEd) – First quarter home prices saw a decrease in value of $5,000 to $210,000, while average mortgage interest fell from 4.29 percent to 4.03 percent in the same period. Falling prices and interest rates brought a boost in nationwide affordability in the first quarter of 2015, says the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) released May 14, 2015.

“The past two quarters have seen an improvement in affordability as mortgage rates remain low,” said NAHB Chief Economist David Crowe. “Eighty-five percent of the metropolitan areas measured experienced an increase in affordability. Along with favorable home prices and pent-up demand, this broad improvement should help encourage more buyers to enter the marketplace.”

“Consumers benefitted from continued low mortgage rates and some fall in the price of homes sold in the first quarter, as these conditions offer a great time to buy,” said NAHB Chairman Tom Woods, a home builder from Blue Springs, Mo.

Up from the 62.8 percent of homes sold to median-income earners in the fourth quarter, 66.5 percent of new and existing homes sold between the beginning of January and end of March were affordable to families earning the U.S. median income of $65,800.

###

For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers, visit www.OnlineEd.com.

  This article was published on May 15, 2015. All information contained in this posting is deemed correct and current as of this date, but is not guaranteed by the author and may have been obtained by third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

Housing Opportunity Index Shows Housing Affordability Edged Up in Fourth Quarter, 2014

(Jeff Sorg – OnlineEd) – According to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) released February 19, 2015, lower interest rates and home prices across the country contributed to a slight increase in nationwide housing affordability in the fourth quarter of 2014.

“This upturn in affordability for the final quarter of 2014 is a positive development and is in line with what we are hearing from builders in the field that more prospective buyers are starting to move forward in the marketplace,” said NAHB Chairman Tom Woods, a home builder from Blue Springs, Mo.”

Some key highlights from this report include:

  • New and existing homes sold between the beginning of October and end of December were affordable to 62.8 percent of families earning the U.S. median income of $63,900, which is up from the 61.8 percent in the third quarter.
  • The national median home price declined from $220,800 in the third quarter to $215,000 in the fourth quarter.
  • Average mortgage interest rates decreased from 4.35 percent to 4.29 percent in the same period.

NAHB Chief Economist David Crowe says, “Affordable home prices, historically low mortgage rates and an improving job market will release pent-up demand and help keep the housing market moving forward in the year ahead.”

Other report highlights include:

  • Syracuse, NY earned the title of the nation’s most affordable major housing market, with 92.8 percent of all new and existing homes sold in the fourth quarter of 2014 being affordable to families earning the area’s median income of $67,700.
  • For a ninth quarter in a row the report shows San Francisco-San Mateo-Redwood City, CA earns the title of the nation’s least affordable major housing market with just 11.1 percent of homes sold in the fourth quarter affordable to families earning the area’s median income of $100,400.
  • Other major metros at the bottom of the affordability chart were Los Angeles-Long Beach-Glendale, CA; Santa Ana-Anaheim-Irvine, CA.; San Jose-Sunnyvale-Santa Clara, CA; and New York-White Plains-Wayne, NY.
  • Each of the five least affordable small housing markets were in California. At the very bottom was Napa, where only 12 percent of all new and existing homes sold were affordable to families earning the area’s median income of $70,300. Other small markets included Santa Cruz-Watsonville, Salinas, Santa Rosa-Petaluma, and San Luis Obispo-Paso Robles; in descending order.

For tables, historic data and other details, please visit:  nahb.org/hoi.

The NAHB/Wells Fargo Housing Opportunity Index (HOI) is a measure of the percentage of homes sold in a given area that are affordable to families earning the area’s median income during a specific quarter. Prices of new and existing homes sold are collected from actual court records by Core Logic, a data and analytics company. Mortgage financing conditions incorporate interest rates on fixed- and adjustable-rate loans reported by the Federal Housing Finance Agency.

The NAHB/Wells Fargo HOI is strictly the product of NAHB Economics, and is not seen or influenced by any outside party prior to being released to the public.

###

For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers, visit www.OnlineEd.com.

  This article was published on February 19, 2015. All information contained in this posting is deemed correct and current as of this date, but is not guaranteed by the author and may have been obtained by third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

Seattle Home Wins Best In America Living Awards Remodel of the Year in the 2014

 (Jeff Sorg – OnlineEd) – The Book House in Seattle wins Remodel of the Year in the 2014 award from Best in American Living Awards (BALA) by the National Association of Home Builders (NAHB). The home was also named the Pacific Northwest regional winner.

The home owners worked with DeForest Architects and Prestige Residential Construction, both in Seattle, to renovate and restore their 1920s Tudor home. NB Design Group in Seattle served as the interior designer and merchandiser.

The goal of the remodel was to update the original inefficient mechanical and electrical systems as well as the small, dark interior spaces. The owner wished to respect the original architecture while seeking a fresher, more accessible residence that included a detached two-car garage with a studio/caregiver space accessible by an exterior spiral stair.

“To remodel a home and have the finished product look as though that’s how it as has always been isn’t the easiest of feats,” said 2014 BALA Chairman Stephen C. Moore, senior partner – marketing at BSB Design Inc. in Des Moines, Iowa. “The design and construction team has done just that with this elegant and charming home.”

View a slide show of the Book House on the architect’s web site.

 

 

###

For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers, visit www.OnlineEd.com.

  This article was published on January 23, 2014. All information contained in this posting is deemed correct and current as of this date, but is not guaranteed by the author and may have been obtained by third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

 

Housing Starts Top 1 Million for Third Time This Year

  (Jeff Sorg, OnlineEd) – According to figures released by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, nationwide housing starts have topped one million for the third time in 2014.

“These numbers show starts returning to levels we saw earlier this summer, where they hovered around one million units,” said National Association of Home Builders (NAHB) Chairman Kevin Kelly. “We are hopeful this pattern of modest growth will continue as we close out the year.”

“September’s uptick reveals that last month’s dip in production was more of an anomaly than a market reversal,” said NAHB Chief Economist David Crowe. “I expect we will see a continued recovery as job creation grows and consumers gain more confidence in the housing market.”

Single-family housing starts were up 1.1 percent to a seasonally adjusted annual rate of 646,000 units in August, while multifamily production climbed 16.7 percent to 371,000 units.

Combined housing starts increased in all regions of the country. The Northeast, Midwest, South and West posted respective gains of 5.3 percent, 3.5 percent, 4.2 percent and 13.9 percent.

Issuance of building permits registered a 1.5 percent gain to a seasonally adjusted annual rate of 1.018 million units in September. Multifamily permits rose 4.8 percent to 394,000 units while single-family permits decreased 0.5 percent to 624,000 units.

Regionally, the Northeast, Midwest and West registered overall permit increases of 12.3 percent, 8.2 percent and 5.9 percent, respectively. The South posted a 4.7 percent loss.

 ###

For more information about OnlineEd and their education for real estate and mortgage brokers, visit www.OnlineEd.com.

  This article was published on October 21, 2014. All information contained in this posting is deemed correct and current as of this date, but is not guaranteed by the author and may have been obtained by third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.