Market Conditions
Market Conditions
Remodeling Spending To Tick Up Through Mid-2025
The Leading Indicator of Remodeling Activity report says things will trend up after a modest downturn
NAHB
NAHB: Remodelers Face Challenges and Opportunities
Remodelers face a uniquely strong market yet remain challenged by codes and costs
NAHB
NAHB Announces Action Plan for Housing Affordability
Six of the proposed 10 action items are important to residential remodelers
Market Conditions
Metros with the Highest and Lowest Remodel ROI
First-time homebuyers can find fixer-upper listings priced between 5 to 10% lower than move-in ready homes. The high return on investment of these projects shows that remodeling remains a strong option to navigate the current housing market
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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.
NAR report: Pending home sales continue to increase
The National Association of Realtor’s (NAR) Pending Home Sales Index continued to increase in November, rising 3.5 percent since October.
S&P/Case-Shiller report: Home prices continue to decline
U.S. home prices declined in October as the growth rate continues to decelerate, according to the S&P/Case-Shiller Home Price Indices report released today. Each of the 20 metropolitan areas measured showed declines between September and October. Only the 10-city composite and four metropolitan areas showed increases over October 2009.
Government struggles to decide on Fannie and Freddie's future
The future of mortgage giants Fannie Mae and Freddie Mac hang in the balance as the federal government struggles to determine whether it should continue to guarantee mortgages after the market stabilizes.
U.S. home prices rise in October
Homes prices across the U.S. rose between September and October, although prices remain lower than in October 2009.