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 report: Rate of home price decline may be accelerating
The S&P/Case-Shiller home-price indexes showed that home prices went down between August and September, and that third quarter prices also were down, according to a report by the Wall Street Journal. The indexes also indicated that the rate of decline may be accelerating.
Fannie Mae report: Americans less confident in housing market
A survey by Fannie Mae showed that Americans' confidence in the housing market dropped during the third quarter of 2010. The survey, which polled 3,417 households in July, August, and September, indicated that 85 percent think it is a bad time to sell a home, two percent higher than in June. Sixty-eight percent think it's a good time to buy a home, down two percent from June.
New single-family home sales down in October
The U.S. Census Bureau and Department of Housing and Urban Development reported today that new single-family home sales October were down 8.1 percent, to a seasonally-adjusted rate of 283,000, from the previous month. This rate was 28.5 percent lower than October 2009, which boasted 396,000 sales.
Existing home sales down in October
Existing home sales went down 2.2 percent in October, dropping to a seasonally adjusted rate of 4.43 million, according to the National Association of Realtors (NAR). Sales went down 25.9 percent compared to October 2009, when home sales were high due to the approaching deadline for the first-time buyer tax credit. Each of the four NAR regions reported drops in existing home sales.
Shadow Inventory of Homes Higher in 2010
The housing market’s “shadow inventory”—unlisted bank-owned homes and potential foreclosures—rose compared to 2009, according to a report by the Wall Street Journal. A report by CoreLogic, a real estate research firm, estimated that there were 2.1 million units in the shadow inventory in August, or about an eight-month supply. The number increased by 10 percent over August 2009.
Federal housing scorecard: Housing market recovery still fragile
The Obama administration’s monthly Housing Scorecard for November indicated that although the housing market remains fragile, home prices continue to stabilize and home affordability is up. The report noted that both new and existing home sales decreased compared to the first half of 2010, but this was expected following the expiration of the home buyer tax credit.
NAR survey: First-time home buyers increase in 2010
A survey by the National Association of Realtors (NAR) showed a major increase in the number of first-time home buyers in 2010. The 2010 NAR Profile of Home Buyers and Sellers surveyed consumers who purchased a home between July 2009 and June 2010. Fifty percent of purchasers during that period were first-time buyers, up from an average of around 40 percent during the last decade.
Drywall prices expected to rise in early December
Major U.S. drywall produces plan to raise prices by up to 25 percent in the next month, according to a report by The Philadelphia Inquirer. USG Corp. announced the price increase Nov. 3., followed by similar price increase announcements from CertainTeed Corp., National Gypsum Co., Lafarge, and Temple-Inland Inc.
NAR survey: Half of metro areas show increase in median home prices
Nearly half of the metropolitan areas tracked by the National Association of Realtors (NAR) showed modest increases in single-family home prices compared to last year. NAR’s latest survey showed that 77 of 155 metropolitan statistical areas (MSAs) had higher median existing home prices in the third quarter of 2010 than the third quarter of 2009. Eleven of those had increases in the double digits.
ServiceMagic Report: Remodeling Requests Down in Third Quarter
ServiceMagic.com, a website that connects homeowners to prescreened, customer-rated contractors nationwide, released its annual Home Modeling & Repair Index for the third quarter of 2010. The company used its own data, plus surveys of service providers and consumers, to measure trends in home improvements.