The National Association of Home Builders/Wells Fargo Housing Market Index reached 62 in September; builder confidence in the single-family home market hasn't been this high since October 2005. But while builders are feeling confident about the single-family housing market, a lack of availability of both lots and labor could lead to future insecurity.
Future Construction Across the country in August, housing starts fell 3 percent to a seasonally adjusted annual rate of 1.126 million units. This was not unusual, as single-month declines are often expected in a slowly improving housing market. Although housing starts decreased, building permits increased by 3.5 percent in August to 1.170 million. Builders will be busiest in the West in the coming months, as permits issued in this region were up 9.6 percent. The Midwest and South also posted permit gains of 2.9 percent and 2.4 percent, respectively. The Northeast saw its permits fall by 4.4 percent.
National Existing-Home Sales Decrease The National Association of Realtors reported that after three consecutive months of gains, national month-over-month sales fell 4.8 percent. No region of the country saw monthly sales gains from July to August. In the Northeast, sales were unchanged from July but were 6.1 percent higher than August 2014. Sales in the Midwest and the South fell by 1.5 percent and 6.6 percent, respectively. Year over year, sales are 5.8 percent higher in the Midwest and 5.9 percent higher in the South. The West saw the steepest drop in August with a decline of 7.8 percent; sales are still 7.2 percent higher than a year earlier.
More First-Time Buyers Overall demand for homes was higher than a year ago. Much of that demand came from first-time buyers, a group that accounted for 32 percent of the market in August. This is a 4 percent increase from July and a 3 percent increase from August 2014. These new buyers could be left with fewer housing options, however, as housing inventory has not kept pace with demand.
Housing Prices Increase Price growth is starting to slow, which should be welcome news for buyers. The median existing-home price for all housing types reached $228,700 in August. The West saw the greatest increase with a 7.1 percent gain from a year ago. In the Midwest and the South, median prices climbed 4 percent and 6 percent, respectively, above August 2014. And in the Northeast, prices increased 2.4 percent.
Author:Joel Roberts Phone: 404-316-3295 Dated: November 24th 2015 Views: 3,083 About Joel: I can help you by sending you all of the BEST DEALS up to 2 WEEKS before they hit most websites (and...
View our latest blog posts in your RSS reader. Click here to access.
I focus on PERSONALIZED service. Whether you are looking to buy or sell, you will have direct access to me and benefit from my over 18 years of experience. I have personally sold all of the homes on my profile, not a team of 9-10 agents. The average agent sells less than 3 homes per year, and I personally sell over 85 homes per year!
I am a full-time real estate sale professional committed to offering my clients the best service possible. I am not your average agent, I am one of the top producers in Atlanta and I work tirelessly to find my buyers the best deals and provide my sellers the exposure and expertise they need to net the most money in any market.
Throughout my career I have personally sold over 800 homes and managed the sales and development of over 200 homes. That is a total of over $400 Million in real estate transactions.
I have always been most passionate about assisting my clients sell their current home, find their perfect new home and the excitement that comes from knowing I was a part of making their dream come true. I hope I can put my experience to work for you!
The National Association of Home Builders/Wells Fargo Housing Market I
"Joel was able to give me advice on what improvements and upgrades I needed to perform in order to sell my home quickly. I had an offer in less than 4 days, and a signed contract in 5. I was very pleased to get my asking price.
Joel was very personable and pleasant to work with. He returned my e-mails, texts, and phone calls in a timely manner."