Press Room Archives - Page 173 of 241

In general, the real estate market seems to be turning more into a buyer’s market than a seller’s market – an indicator that the housing market continues its steady, slow rebound since the Recession. New home buyers have cause for optimism with the increase in standing new home inventory which was upwardly revised for the month of March from 205,000 in March, 2015, to 246,000 new homes this year. Currently, new home inventory stands at a 5.8 month’s supply.

Competitive Home Pricing

With the increase of available homes, new home pricing and existing home pricing are now competitively arranged in the housing market, making builders’ new homes for sale just as attractive price-wise as existing home pricing. This trend of available new homes for sale is expected to continue as in the month of Market, there are approximately 149,000 new homes under constructions and 41,000 single-family homes that will be constructed according to the record of building permits throughout the country. The building industry reported 56,000 move-in ready homes on the market ready to be closed.

New home pricing has also stabilized compared to new homes for sale in March, 2015. The current new home median sales price is $288,000 where it was around $293,400 in 2015. Overall, new home pricing gained in a year-over-year comparison, with homes in the $200,000 – $300,000 price range rising by 20% in comparison.

As new home inventory exponentially increases, and a high number of new homes “flood” the real estate market, new home sales are expected to increase in the months ahead as home buyers can expect to see a large variety of different floorplans, features, and upgrades available to them in making a choice of buying their new home for sale. Some buyers may choose to build their new home from scratch with a custom home builder such as Ron Lee Homes in St. Tammany Parish. If you are interested in building your new, custom home, Contact Us at 985-626-7619 or E-mail Info@RonLeeHomes.com.

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Local News

Louisiana in Top Tier of States Leading Housing Recovery

NAHB Spring Construction Webinar Forecasts Strong Housing Growth

When comparing statistics in housing trends, the National Association of Home Builders place Louisiana in the top tier of states leading housing recovery nationwide. The top states include Montana, North Dakota, and Utah, and the 2nd tier of states include Texas, Oklahoma, Louisiana, and Alaska. There are several factors that contribute to Louisiana’s (and other states’) housing recovery. Some states, such as the top 3 states of Montana, North Dakota, and Utah did not have as big of housing bubbles as other states. Therefore, their “fall” during the Recession was not as great, so their housing recovery was faster and better. States like Texas and Louisiana are mainly energy sector states, so the Recession did not cut as deeply into employment and statewide income as other states. Baton Rouge, Louisiana, has consistently held one of the highest rankings in housing recovery since the beginning of 2015 which helps with Louisiana’s housing statistics.

“The basic principle remains the same,” said NAHB Senior Economist Robert Denk. “A strong economy – whether helped, hindered or unaffected by the energy economy – will be a key factor driving housing recoveries going forward.”

Economists predict that by the end of 2017, the top tier states will have a housing recovery of 102% of normal (based on statistics pulled of the housing numbers during the last “normal” housing market pre-Recession). The bottom tier states will have recovered to just 65% of where they were before the Recession. The reason for the predicted recovery numbers in 2017 is based on the underlying housing market fundamentals of population and job growth which are typical in driving supply and demand in real estate. The cycles of “boom and bust” are mostly over according to Denk.

“A common theme has emerged,” said Denk. “The progress of market recovery is no longer a function of the boom-and-bust cycle marked by price bubbles, excess supply and foreclosures. The key driver of the housing recovery is now back to the underlying housing market fundamentals of population and job growth.”

Factors that will help builders and sellers to sell their new homes for sale and homes for sale are a predicted increase in household formation by home buyers that were previously unable to secure a mortgage, stabilized home pricing that now offers tiers of homes for sale available and affordable to purchase, less foreclosures, rising employment and the first increase in wages in over 8 years, and home prices that are in line with incomes and rents making it an easier transition from renting to owning.

If you are a new home buyer who is interested in building your own custom, dream home in West St. Tammany Parish, Ron Lee Homes in Covington, Louisiana, offers full-service home building strategies such as custom home design, engineered floorplans, complete “end-to-end” home construction supervised by Ron Lee, financing and insurance assistance, and a hands-on approach to building new, custom homes in the Greater New Orleans area. For More Information, Call 985-626-7619 or E-mail Info@RonLeeHomes.com.

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