Firming home prices in many housing markets resulted in a modest drop in nationwide housing affordability in the second quarter of 2015, according to the latest NAHB/Wells Fargo Housing Opportunity Index (HOI).
“Home price appreciation in many markets across the nation are a sign that the housing recovery continues to move forward,” said NAHB Chairman Tom Woods. “At the same time, the cost of building a home is rising due to higher costs for buildable lots and skilled labor.”
In Greater Greenville, even as housing prices have risen, the index improved from 77.7% during the first
quarter 80% in the second quarter. Like the nation, house
prices increased to $158,000 from $154,000. Income remained the same at $58,000. Greater Greenville's national rank as most
affordable among all housing markets improved to 76th nationally from 107th in the last quarter. Greenville is now 17th in the Southeast, an improvement from 32nd in the first quarter.
Meanwhile, Charleston's affordability declined as housing prices continued to rise. Charlotte's affordability
also also declined, along with Atlanta. Columbia's affordability improved slightly to 88.7%. Columbia is among the 50 most affordable housing markets in the country and 10th in the Southeast.
In all, 63.2% of homes sold nationwide between the beginning of April and end of June were affordable to families earning the median income of $65,800. This is down from the 66.5% of homes sold that were affordable to median-income earners in the first quarter.
The national median home price increased from $210,000 in the first quarter to $230,000 in the second quarter as average mortgage rates edged slightly lower from 4.03% to 3.99% in the same period.
“Though affordability edged slightly lower in the second quarter, the HOI remains well above 50, where half the households can afford half the homes sold,” said NAHB Chief Economist David Crowe. “Low mortgage rates, pent-up demand and continued job growth should contribute to a gradual, steady rise in housing throughout the year.”
Youngstown-Warren-Boardman, Ohio-Pa. was rated the nation’s most affordable major housing market, and Kokomo, Ind., claimed the title of most affordable small housing market in this year’s second quarter. There, 95.5% of homes sold were affordable to families earning the area’s median income of $55,200.
For the 11th consecutive quarter, San Francisco-San Mateo-Redwood City, Calif., was the nation’s least affordable major housing market. There, only 11% of homes sold in the second quarter were affordable to families earning the area’s median income of $103,400.
Please visit nahb.org/hoi for tables, historic data and details.
The Home Builders Association of Greenville are your neighbors and community leaders providing education and support for building industry professionals. We create jobs, encourage homeownership, and promote responsible growth throughout the upstate of South Carolina.
Thursday, August 13, 2015
Friday, August 7, 2015
Builder Ballot: Greenville City Council Elections are August 11
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| Amy Ryberg Doyle |
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| Susan Reynolds |
Election day for City Council primary races in the City of Greenville is Tuesday, August 11. The polls open at 7 a.m. and close at 7 p.m. If you are registered to vote and live in the City of Greenville, please plan to go to the polls. Not registered to vote? Why not?
Builder Ballot
South Carolina Builders PAC has contributed to the following candidates:
- Susan Reynolds, Republican, incumbent and candidate for reelection to an a-large seat on Greenville City Council
- Amy Ryberg Doyle, Republican, incumbent and candidate for reelection to the District 1 seat on Greenville City Council representing the North Main Street area of the City of Greenville
Your Home Builders Association has formed two Political Action Committees that raise money from our members, screens candidates, and makes contributions to the campaigns of the candidates that our Government Affairs Committee members and Board of Directors have determined will be represent the interests of the Home Building, Remodeling, Land Development, and Light Commercial Contracting industries.
South Carolina Builders PAC is organized as a 527 committee, is managed by the Home Builders Association of South Carolina, and regulated by the South Carolina Ethics Commission. It's scope is statewide, legislative, and local government races in South Carolina. It is a cooperative PAC in which the HBA of Greenville participates.
BuildPAC is organized under Federal Election Laws. It's scope is Congressional races. BuildPAC does not take a position on the Presidency. BuildPAC is managed by the National Association of Home Builders.
The Government Affairs Committee surveys and interviews candidates and makes recommendations for supporting those candidates to the Board of Directors of the Home Builders Association of Greenville, which makes the final decision on local and legislative races. The S.C. Builders PAC Trustees determines contributions for statewide races, and the BuildPAC Trustees determines the contributions for Congressional races.
Thursday, August 6, 2015
FHFA: House Price Index Up 0.4 Percent in May
U.S. house prices rose in May, up 0.4 percent on a seasonally adjusted basis from the previous month, according to the Federal Housing Finance Agency (FHFA) monthly House Price Index (HPI). The previously reported 0.3 percent change in April was revised upward to reflect a 0.4 percent change.
The FHFA HPI is calculated using home sales price information from mortgages sold to or guaranteed by Fannie Mae and Freddie Mac. From May 2014 to May 2015, house prices were up 5.7 percent. The U.S. index is 1.8 percent below its March 2007 peak and is roughly the same as the April 2006 index level.
For the nine census divisions, seasonally adjusted monthly price changes from April 2015 to May 2015 ranged from -0.6 percent in the East South Central division to +1.1 percent in the East North Central division. The 12-month changes were all positive, ranging from +0.9 percent in the Middle Atlantic division to +8.4 percent in the Pacific division.
The FHFA HPI is calculated using home sales price information from mortgages sold to or guaranteed by Fannie Mae and Freddie Mac. From May 2014 to May 2015, house prices were up 5.7 percent. The U.S. index is 1.8 percent below its March 2007 peak and is roughly the same as the April 2006 index level.
For the nine census divisions, seasonally adjusted monthly price changes from April 2015 to May 2015 ranged from -0.6 percent in the East South Central division to +1.1 percent in the East North Central division. The 12-month changes were all positive, ranging from +0.9 percent in the Middle Atlantic division to +8.4 percent in the Pacific division.
CANCELLED! Tonight's HBA of Greenville appreciation night at Downtown Alive
UPDATE: Please note that tonight's HBA of Greenville Member Appreciation Night hosted by Piedmont Natural Gas during Downtown Alive has been cancelled due to potential inclement weather. However, The SMC of the Upstate Summer Social is still scheduled for tonight at 5 p.m. at Conservus Realty.
What: HBA of Greenville Appreciation Night at Downtown Alive
When: Thursday, August 6, 5:30 p.m. until 8:00 p.m.
Where: Piedmont Natural Gas' VIP area on Main Street near the Hyatt (downtown).
No registration necessary. Simply show up and enjoy the evening and food and beverage, courtesy of Piedmont Natural Gas.
We look forward to seeing you next week at the She-Conomy Event on August 13th at 8:30 a.m.
Tuesday, August 4, 2015
28 Reasons (and Counting) Why EPA Water Rule Should be Rescinded
Since the end of June, 28 state attorneys general, including South Carolina Attorney General Alan Wilson, have filed lawsuits seeking to overturn a federal rule that defines the “waters of the United States” and the jurisdictional scope of the Clean Water Act.
The National Association of Home Builders (NAHB) has also filed its own lawsuit against the Environmental Protection Agency and the U.S. Army Corps of Engineers in the U.S. District Court, Southern District of Texas, charging that EPA and the Corps are “set and determined to exert jurisdiction over virtually every water feature imaginable.”
The effort by local and state home builders associations to get their state attorney generals involved is important to prevent federal overreach that could place millions of additional acres of private land and countless miles of dry stream beds under federal jurisdiction.
The water rule, which will go into effect Aug. 28, is important to the home building industry because it changes what areas can be regulated by the federal government under the Clean Water Act and when builders and developers must obtain federal permits.
In addition to challenging the rule in the courts, NAHB continues to successfully engage legislators. With bipartisan support, the House recently approved H.R. 1732, the Regulatory Integrity Protection Act, which would require EPA and the Corps to withdraw their rule and develop a new plan to safeguard America’s waterways in consultation with state and local governments and other affected stakeholders, including small businesses.
NAHB is also urging the Senate to pass companion legislation, S. 1140, the Federal Water Quality Protection Act.
Members are encouraged to contact their senators and urge them to support this bill. Use these talking points as a guide to talk to elected officials and others about why the rule should be withdrawn.
The National Association of Home Builders (NAHB) has also filed its own lawsuit against the Environmental Protection Agency and the U.S. Army Corps of Engineers in the U.S. District Court, Southern District of Texas, charging that EPA and the Corps are “set and determined to exert jurisdiction over virtually every water feature imaginable.”
The effort by local and state home builders associations to get their state attorney generals involved is important to prevent federal overreach that could place millions of additional acres of private land and countless miles of dry stream beds under federal jurisdiction.
The water rule, which will go into effect Aug. 28, is important to the home building industry because it changes what areas can be regulated by the federal government under the Clean Water Act and when builders and developers must obtain federal permits.
In addition to challenging the rule in the courts, NAHB continues to successfully engage legislators. With bipartisan support, the House recently approved H.R. 1732, the Regulatory Integrity Protection Act, which would require EPA and the Corps to withdraw their rule and develop a new plan to safeguard America’s waterways in consultation with state and local governments and other affected stakeholders, including small businesses.
NAHB is also urging the Senate to pass companion legislation, S. 1140, the Federal Water Quality Protection Act.
Members are encouraged to contact their senators and urge them to support this bill. Use these talking points as a guide to talk to elected officials and others about why the rule should be withdrawn.
Help Your Home Builders Association Defeat the EPA
Over the August congressional recess, please contact your members of Congress and urge them to call for the immediate withdrawal of the Environmental Protection Agency (EPA) final "waters of the U.S." (WOTUS) rule. Recently unveiled documents expose how the EPA dismissed legal and regulatory objections to the rule by the U.S. Army Corps of Engineers (Corps) and shed light on an EPA that is acting with little regard for the impact of the rule on home builders and home owners. Now, more than ever, we need your help in forcing the EPA to withdraw this flawed rule.
As we reported to you last week, the EPA has not been an honest broker and has made a mockery of the regulatory process. The recently unveiled documents confirm the long-held belief that the EPA forcefully advanced this rule without the requisite input and oversight of its co-authoring agency, the Corps. This is particularly disturbing because the WOTUS rule has always been presented as a joint effort between the two agencies – not solely an EPA rule.
These internal Corps memos outline the specific areas of concern that the Corps has and how EPA ignored its recommendations and input. The documents state that the regulation was arbitrarily written, is legally indefensible and would be extremely difficult to implement. They also reveal that many aspects of the rule are not rooted in science and that EPA grossly misrepresented Corps' data. The Corps disagreed so strongly with the final rule that it worked to distance itself, requesting all references to the Corps be removed from the economic analysis and all supporting documents.
We need your help today!
Tools to help you contact your Members of Congress
Customize these letters, or just sign your name
Senator Letter
Representative Letter
Background Information
Talking Points
Quotes from Army Corps of Engineers
Want to be a part of future outreach efforts? Register as a member of NAHB's Builderlink program!
For more information about the Waters of the US rule, click here.
As we reported to you last week, the EPA has not been an honest broker and has made a mockery of the regulatory process. The recently unveiled documents confirm the long-held belief that the EPA forcefully advanced this rule without the requisite input and oversight of its co-authoring agency, the Corps. This is particularly disturbing because the WOTUS rule has always been presented as a joint effort between the two agencies – not solely an EPA rule.
These internal Corps memos outline the specific areas of concern that the Corps has and how EPA ignored its recommendations and input. The documents state that the regulation was arbitrarily written, is legally indefensible and would be extremely difficult to implement. They also reveal that many aspects of the rule are not rooted in science and that EPA grossly misrepresented Corps' data. The Corps disagreed so strongly with the final rule that it worked to distance itself, requesting all references to the Corps be removed from the economic analysis and all supporting documents.
We need your help today!
Tools to help you contact your Members of Congress
Customize these letters, or just sign your name
Senator Letter
Representative Letter
Background Information
Talking Points
Quotes from Army Corps of Engineers
Want to be a part of future outreach efforts? Register as a member of NAHB's Builderlink program!
For more information about the Waters of the US rule, click here.
Ron Tate Named HBASC Associate Member of the Year
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| Ron Tate, Esq. |
Ron Tate was nominated by the Home Builders Association of Greenville. He received the Richard A. Ashmore, Sr., Associate Member of the Year Award for 2014.
Ron Tate has been an ardent supporter and defender of the home building industry and a member of the HBA of Greenville for more than 6 years. He serves on multiple committees and on the Boards of the HBA of Greenville and has served as their General Counsel since 2013. Ron has also been an active leader in his community. Ron’s fervent support of the home building industry and the HBA is evident in his actions and support.
According to Michael Dey, Executive Director of the HBA of Greenville, “I believe that Ron begins each day with the goal to work toward the benefit of our community, industry and association and he purposely strives toward that goal every day.” Ron has quietly, but consistently served our association, and has become a valuable member of our association’s leadership team.”
Darryl Hall will be honored for his tireless dedication to the home building industry and the HBA. Mr. Hall has been a member of the HBA of the Greater Pee Dee for more than 23 years and is recognized as one of its most active members. Darryl started D. Hall Construction, Inc. in 1990 and has continued to successfully apply his trade since. Darryl has served as President of his local and state associations and on the Boards of both the HBA of the Greater Pee Dee and the HBASC and is widely recognized as a community leader.
According to many of his peers, Darryl Hall is a highly regarded home builder and member of his community. Cheryl Floyd, Executive Director of the HBA of the Greater Pee Dee calls him, “an asset to the entire industry and his community. Darryl exemplifies the title “Thomas N. Bagnal Builder Member of the Year” for his efforts as a builder, member of our association, community volunteer and friend.”
The HBASC commends both men on their commitment to the home building industry and to their community.
The Thomas N. Bagnal Builder member of the Year and HBASC Associate of the Year awards will be presented at the Celebration of Excellence on Friday, October 23, 2015, at the Renaissance in Asheville, NC. Tickets for this event are on sale now at the Home Builders Association of South Carolina. For more information, call 803-771-7408 or visit www.hbaofsc.com.
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