New Home Sales Up 12.7% From Last Year
According to the latest New Residential Sales Report from the Census Bureau, new construction sales in August were up 3.5% from July and 12.7% from last year! This marks the second consecutive month with double-digit year-over-year growth (12.8% in July). The report also showed that builders have ramped up construction with an increase in new construction starts and completions. The summer months are often a busy time for builders as they capitalize on the warmer weather to be able to finish projects. Below is a table showing the change in starts, completions, and sales from last August. Other notable news from the report is that the percentage of new construction sales in the $200-$299k range has continued to break away from the $300-$399k range. This shows that builders are starting to build lower-priced homes that will help alleviate some of the inventory challenges in the starter and trade-up home categories. The chart below shows the full breakdown. What does this mean for buyers and sellers? If you are thinking of buying or selling in today’s market, you no doubt have heard that there is a shortage of existing homes for sale which has been driving home prices up across the country. The additional new construction coming to the market could help alleviate this shortage, but we are still not back up to pre-crisis levels.
Home Prices: The Difference 5 Years Makes
Home Prices: The Difference 5 Years Makes Tuesday September 18th, 2018 First Time Home Buyers, For Buyers, For Sellers, Housing Market Updates, Move-Up Buyers, Pricing CoreLogic recently released their Home Price Index Report. One of the key indicators used in the report to determine the health of the housing market was home price appreciation. CoreLogic focused on appreciation from July 2013 to July 2018 to show how prices over the last five years have fared. The graph below was created to show the 5-year change in price from July 2013 to July 2018 by price range. As you can see in the graph, the highest price appreciation occurred in the lowest price range with 48% growth, while the highest priced homes appreciated by 25%. This has been greatly fueled by the lack of inventory of homes available at the lower price ranges and high demand from first-time buyers looking to enter the market. Where were prices expected to go? Every quarter, Pulsenomics surveys a nationwide panel of over 100 economists, real estate experts, and investment and market strategists and asks them to project how residential home prices will appreciate over the next five years for their Home Price Expectation Survey (HPES). According to the Q3 2014 survey results, national homes prices were projected to increase cumulatively by 19.5% by December 2018. The bulls of the group predicted home prices to rise by 27.8%, while the more cautious bears predicted an appreciation of 11.2%. Where are prices headed in the next 5 years? Data from the most recent HPES shows that home prices are expected to increase by 20.0% over the next 5 years. The bulls of the group predict home prices to rise by 31.2%, while the more cautious bears predict an appreciation of 9.3%. Bottom Line Every day, thousands of homeowners regain positive equity in their homes. Some homeowners are now experiencing values even greater than those before the Great Recession. If you’re wondering if you have enough equity to sell your house and move on to your dream home, let’s get together to discuss conditions in our neighborhood!
The Palmer Log Cabin - Oldest Buildings in Detroit
The Oldest Buildings in Detroit Next in our Oldest Buildings in Detroit series is the Palmer Log Cabin at Palmer Park The Palmer Log Cabin in 1905 In 1885, Senator Thomas Witherell Palmer had architecture firm Mason & Rice design a log cabin-style vacation home for his wife, Lizzie Merrill Palmer, who wanted a frontier-style getaway. It was originally known as the Font Hill Log House. The Palmer Log Cabin in 2018 The 296 acres of land that the cabin sits on was donated to the city of Detroit by Senator Palmer about a decade later. It is now known as Palmer Park. The Palmer Log Cabin and nearby pond at Palmer Park in Detroit, MI Blog Home
Categories
Recent Posts
![What You Need To Know About Down Payments [INFOGRAPHIC]](https://blog.chime.me/www-dtrdetroit-com/wp-content/uploads/sites/339/2023/12/20231214-KCM-Share-1.png)
