News & Opinions
The latest news and insights from Hanley Wood’s outspoken experts and key thought-leaders throughout the residential and commercial design and construction industry.
Stuart Elliott / The New York Times / April 9, 2013
New may be the new new in homes. This New York Times piece by Stuart Elliott focuses on creative aimed to grab prospective home buyers by the collar and get them into new home models, where the communities themselves will do the talking. Still, not seasonally adjusted, according to the Census Bureau, about 63 thousand new homes sold in the first two months of 2013, an increase of about 19% year-over-year from 2012. Historically, a normal ratio of resales to new homes is about 6 to one, but after peaking at 17 to one in 2010 and 2011, resales still outsell new homes by about 12 to one. Hanley Wood chief economist
Paul Emrath / NAHB / April 11, 2013
Roughly one-third of home buyers are looking for a home with two full bathrooms, and roughly one-third of both new and existing homes have exactly two full bathrooms. But over half of buyers want a home with more than two full baths, and that’s where new homes do a much better job of matching current preferences.
According to NAHB’s recent What Home Buyers Really Want survey, 43 percent of recent and prospective buyers want a home with either two and a half or three full baths. That matches exactly the percentage of new homes built in 2011 with two and a half or three full baths. OnRead More
Robbie Whelan / The Wall Street Journal / April 9, 2013
A year ago, Nate Nathan, an Arizona land broker, struggled in vain to sell several hundred home sites in Vistancia, a new-home community about 15 miles from downtown Phoenix. He listed the lots for $54,000 apiece, but no buyers would offer more than $45,000.
All that changed over the past year. As Phoenix home prices picked up, builders suddenly started coming to Mr. Nathan and making ever-higher offers. This year, he has sold 850 lots, including 250 lots for $96,000 apiece in the past 45 days.
“The world has just woken up and said, ‘We need land!’ ” Mr. Nathan said.
Paul Emrath / NAHB / April 4, 2013
Results from NAHB’s What Home Buyers Really Want survey and a combination of Census Bureau/HUD data show that new homes generally do a good job of satisfying the typical buyer’s desire for living space, especially when compared to existing homes on the market.
A simple way to get an idea of how new and existing homes match up with buyer preferences is to look at the share of homes above a particular size threshold. For example, 62 percent of the recent and prospective home buyers in NAHB’s survey want a home that’s at least 2,000 square feet—exactly the same as the share of new single-familyRead More
NAHB / April 1. 2013
During New Homes Month in April, the National Association of Home Builders (NAHB) is showing home buyers why they can afford a higher-priced home—if it’s new construction. Using data from the Census Bureau and Department of Housing and Urban Development’s 2011 American Housing Survey, NAHB found that buyers can purchase a more expensive newer home and achieve the same annual operating costs as an older, existing home.
“Home buyers need to look beyond the initial sales price when considering whether to buy new construction or an existing home,” said NAHB Chairman Rick Judson, aRead More