Market Conditions
Market Conditions
Harvard Says Remodeling Spending Downturn to Slow
Could the drop in remodeling spending from post-COVID levels regulate soon?
Thought Leadership
How to Increase Your Odds of Closing Remodeling Sales
Use these tips to hone your sales process and grow close ratio
News
The Remodeling Market Could Turn in Q4, Says Harvard
Repair and remodeling spending could see an uptick at the end of the year
Business
Preparing for an Uncertain 2024
Here's how remodelers can prepare for unpredictable market
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S&P/Case-Shiller: Home prices continue to fall
Home prices continue to weaken, as eight cities hit their lowest levels since the peak in 2006 and 2007, according to the latest S&P/Case-Shiller Home Price Indices. The data showed that in November Atlanta; Charlotte, N.C.; Detroit; Las Vegas; Miami; Portland, Ore.; Seattle; and Tampa, Fla., all dropped to levels below spring 2009 lows.
Existing home sales continue upward trend in December
Existing home sales rose in December for the fifth time in the last six months, indicating a recovery as the housing market continues to stabilize. According to the National Association of Realtors, existing homes sales jumped 12.3 percent last month, reaching a seasonally adjusted rate of 5.28 million.
Housing starts drop but building permits on the rise
Housing starts declined in the last month of 2010, reaching their slowest pace since October 2009, new Commerce Department data show. On a positive note, building permit issuance rose 16.7 percent in December 2010, which might indicate that builders are upbeat about the upcoming spring selling season.
Union protestors shut down mortgage banking conference over Pulte
Union members shut down a Mortgage Bankers Association conference in Washington, D.C., yesterday in protest of PulteGroup Inc.’s use of $900 million in tax breaks meant to spur job creation
NAHB: Home builder confidence remains low
The National Association of Home Builders’ Housing Market Index remained steady this month at 16 for the third month in a row, indicating that home builders’ confidence is still low. Perceptions on current single-family home sales and sales expectations for the next six months remained the same as last month. Perceptions of prospective buyer traffic gained one point.
Survey: Affordability and increased living space top reasons to buy in 2010
A survey of homeowners who purchased a home last year found that their primary motivations were affordability and the desire for more living space. The survey by Weichert Realtors Inc. polled 1,261 buyers who bought a home between July 1 and Dec. 31. Twenty-eight percent said their main reason for purchasing a home was “favorable financing,” double the amount in 2008.
Homeowners ready to invest in remodeling, survey says
Many homeowners who put off remodeling and repairs last year due to the economy are now ready to make the investment, a new survey reported.
Vacation home sales on the rise
Despite the down housing market, vacation home sales are on the rise, the Wall Street Journal reported. Many vacation communities saw sales increases in 2010. Mercer Island, Wash., reported that sales tripled between 2009 and 2010, while Hilton Head Island, S.C., saw a 14 percent increase in sales last year. Palm Beach, Fla., also reported high sales, with a 40 percent increase in 2010, bringing the sales volume to 2007 levels.
Big money home sales take the biggest price cuts
The troubled real estate market affects homes both large and small—but when mansions need a sale price reduction, the discount can jump into the millions. Zillow.com, a real-estate listing and data website, found that some of the biggest sales in 2010 also had the biggest price cuts, the Wall Street Journal reported.
Census Bureau: U.S. construction spending on the rise
Construction spending rose slightly in November, increasing to a seasonally adjusted rate of $810.2 billion, according to Census Bureau data. The rate is 0.4 percent higher than the revised October rate of $806.7 billion. Construction spending for the first 11 months of 2010 totaled $753.9 billion, 10.6 percent less than the same period in 2009.