Friday, May 27, 2016

Celebrate the Grand Opening on the Showrooms on Eleven

Join the Showrooms on Eleven in celebrating their grand opening today, May 27th from 3-7 p.m. and tomorrow May 28th from 10-2 p.m. with food, drinks, and a tour. All are welcome!

Showrooms on Eleven
3598 Hwy 11
Travelers Rest, SC 29690

Judges Needed in Miami

Would you like a trip to Miami? Then sign up to help judge the Builders Association of South Florida's BEST Awards!

Judging will take place on September 15th in Miami. You will be judging entries from builders, land planners, interior designers, and more.

Judges will receive the following:

  • Three night hotel accommodations, September 14-16th
  • A travel stipend of $250 to cover air travel and other expenses
  • Breakfast and lunch on judging days
  • Dinner honoring the judges on September 15th
If you are interested in serving as a judge please email Truly Burton no later than July 1st at trulyburton@basfonline.org with your resume detailing your experience in the building industry.


Thursday, May 26, 2016

New Home Sales Rise to Post-Recession High

Sales of newly built, single-family homes rose 16.6% in April from an upwardly revised March reading to a seasonally adjusted annual rate of 619,000 units, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. This is the highest sales pace since January 2008.

“Builders remain optimistic about the housing market, and this month’s jump in new home sales is a positive sign that growing demand will keep the housing sector on an upward trajectory through the spring buying season,” said National Association of Home Builders Chairman Ed Brady.

“Rising home sales combined with tight inventory will translate into increased housing production as we move onward in 2016, especially as job creation continues and mortgage rates remain low,” said National Association of Home Builders Chief Economist Robert Dietz.

The inventory of new homes for sale was 243,000 in April, which is a 4.7-month supply at the current sales pace. The median sales price of new houses sold in April was $321,100.

Regionally, new home sales rose by 52.8% in the Northeast, 18.8% in the West and 15.8% in the South. Sales fell by 4.8% in the Midwest.

See National Association of Home Builders’ historical new home sales data and read Dietz’s Eye on Housing blog post for further details.

Wednesday, May 25, 2016

U.S. House Price Index Report - Quarter 1

From the Federal Housing Finance Agency:

U.S. house prices rose 1.3 percent in the first quarter of 2016 according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI). This is the nineteenth consecutive quarterly price increase in the purchase-only, seasonally adjusted index. Federal Housing Finance Agency's seasonally adjusted monthly index for March was up 0.7 percent from February. The House Price Index is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac. Federal Housing Finance Agency has produced a video of highlights for this quarter.

​While the purchase-only House Price Index rose 5.7 percent from the first quarter of 2015 to the first quarter of 2016, prices of other goods and services were nearly unchanged. The inflation-adjusted price of homes thus rose approximately 5.6 percent over the latest year.

Significant Findings
  • Home prices rose in every state between the first quarter of 2015 and the first quarter of 2016. The top five states in annual appreciation were: 1) Oregon 11.8 percent; 2) Florida 11.2 percent; 3) Washington 10.9 percent; 4) Nevada 9.4 percent; and 5) Colorado 9.0 percent.
  • Among the 100 most populated metropolitan areas in the U.S., annual price increases were greatest in the West Palm Beach-Boca Raton-Delray Beach, FL (MSAD), where prices increased by 16.7 percent. Prices were weakest in El Paso, TX, where they fell 2.8 percent.
  • Of the nine census divisions, the Pacific division experienced the strongest increase in the first quarter, posting a 1.9 percent quarterly increase and an 8.1 percent increase since the first quarter of last year. House price appreciation was weakest in the Middle Atlantic division, where prices rose 0.6 percent from the last quarter.

U.S. House Prices Rise 1.3 Percent in First Quarter; 19 Consecutive Quarterly Increases

From the Federal Housing Finance Agency:
      U.S. house prices rose 1.3 percent in the first quarter of 2016 according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI). This is the nineteenth consecutive quarterly price increase in the purchase-only, seasonally adjusted index. House prices rose 5.7 percent from the first quarter of 2015 to the first quarter of 2016. This is the fourth consecutive year in which prices grew more than 5 percent. Federal Housing Finance Agency's seasonally adjusted monthly index for March was up 0.7 percent from February. The House Price Index is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac. Federal Housing Finance Agency has produced a video of highlights for this quarter.

"While the overall appreciation rate was robust in the first quarter, home price appreciation was somewhat less widespread than in recent quarters," said Federal Housing Finance Agency Supervisory Economist Andrew Leventis. "Twelve states and the District of Columbia saw price declines in the quarter—the most areas to see price depreciation since the fourth quarter of 2013. Although most declines were modest, such declines are notable given the pervasive and extraordinary appreciation we have been observing for many years."

While the purchase-only House Price Index rose 5.7 percent from the first quarter of 2015 to the first quarter of 2016, prices of other goods and services were nearly unchanged. The inflation-adjusted price of homes rose approximately 5.6 percent over the latest year.

Significant Findings
Home prices rose in every state between the first quarter of 2015 and the first quarter of 2016. The top five states in annual appreciation were: 1) Oregon 11.8 percent; 2) Florida 11.2 percent; 3) Washington 10.9 percent; 4) Nevada 9.4 percent; and 5) Colorado 9.0 percent.

Among the 100 most populated metropolitan areas in the U.S., annual price increases were greatest in the West Palm Beach-Boca Raton-Delray Beach, FL (MSAD), where prices increased by 16.7 percent. Prices were weakest in El Paso, TX, where they fell 2.8 percent.

Of the nine census divisions, the Pacific division experienced the strongest increase in the first quarter, posting a 1.9 percent quarterly increase and an 8.1 percent increase since the first quarter of last year. House price appreciation was weakest in the Middle Atlantic division, where prices rose 0.6 percent from the last quarter.

Tables and graphs showing home price statistics for metropolitan areas, states, census divisions, and the U.S. as a whole are included on the following pages.

Other Price Indexes
Most statistics in the quarterly house price index report reference price changes computed by Federal Housing Finance Agency's basic "purchase-only" House Price Index. In some cases, however, the reported statistics reference alternative price measures. Federal Housing Finance Agency publishes – and makes available for download – three additional home price indexes beyond the basic "purchase-only" series. Although they use the same general methodology, the three alternatives rely on slightly different datasets as follows:

  • "Distress-Free" house price indexes. Sales of bank-owned properties and short sales are removed from the purchase-only dataset prior to estimation of the indexes.
  • "Expanded-Data" house price indexes. Sales price information sourced from county recorder offices and from FHA-backed mortgages are added to the purchase-only data sample. This index is used annually to adjust the maximum conforming loan limits, which constrain the size of loans that can be acquired by Fannie Mae and Freddie Mac.
  • "All-Transactions" house price indexes. Appraisal values from refinance mortgages are added to the purchase-only data sample.

Data constraints preclude the production of all types of indexes for every geographic area, but multiple index types are generally available. For individual states, for instance, three types of indexes are available. The various indexes tend to correlate closely over the long-term, but short-term differences can be significant.

Release of New Experimental Indexes
With this quarter's release, Federal Housing Finance Agency is publishing a set of experimental annual house price indexes for five-digit ZIP codes across the country from 1975―2015.​ The indexes are constructed using the typical "repeat-transactions" methodology. Unlike Federal Housing Finance Agency's other price indexes, however, the five-digit ZIP code measures are annual price measures, meaning that a single index value is produced for each year. As discussed in FHFA Working Paper 16-01, the new indexes may be valuable to analysts seeking data on localized home price movements. More information about these measures is provided in a "Technical Note" in this report on page 23.

Background
Federal Housing Finance Agency's House Price Index tracks changes in average home prices by analyzing changes in home values for the individual properties. The underlying "repeat-transactions" methodology constructs index estimates by statistically evaluating price appreciation (or depreciation) for homes with multiple values over time. The purchase-only House Price Index uses sales price information from Fannie Mae- and Freddie Mac-purchased and Enterprise-guaranteed mortgages originated over the past 41 years. The purchase-only House Price Index is estimated with over seven million repeat-transactions.

Note

  • The next monthly index (including data through April 2016) will be released June 22, 2016.
  • The next quarterly House Price Index report, which will include data for the second quarter of 2016, will be released August 24, 2016.
  • Future House Price Index release dates for 2016 are available at http://www.fhfa.gov/hpi.


Thursday, May 19, 2016

Don't Lose Money from Quarter 1

DEADLINE EXTENDED:
The 1st Quarter deadline for rebate claim submission has been extended to Friday, May 27th, 2016! This provides all Builder and Remodeler Members an extra two weeks to claim completed residential addresses from January 1, 2016 through March 31, 2016. Builder & remodeler members can submit a claim for any completed residential addresses from January-March 2016 that used any of the Member Rebate Program's 50+ Manufacturer brands in order to save money. This is the LAST Chance to claim rebates on work completed in 2015!

Why should you?

Participating members earned an average of $1,010 in rebates in 2014, and all members of the Home Builders Association of Greenville are eligible to participate. Over 70% of 2014 participants received more than their annual association dues in rebates.

How can you?
3. Receive a rebate check

Need more help?
 Here are some helpful links:
Builder Testimonials: http://bit.ly/1HQGSeF
Webinar Schedule: www.HBArebates.com/webinar.html
Member Rebate Program Tutorial Videos:www.HBArebates.com/tutorial.html
Member Rebate Program Claims Process:www.HBArebates.com/claimsprocess.html

Wednesday, May 18, 2016

Join us in celebrating the PWB!


PWB Kickoff Reception
May 24, 2016
Artisan Traders
1274 Pendleton Street
Greenville, SC 29611

Join us as we celebrate the start of the Home Builders Association of Greenville's newest council, the Professional Women in Building Council of the Upstate, At this event you can expect to learn more about the PWB, meet the Board, join as a member, enter a raffle for great giveaways, and enjoy drinks and light appetizers.