CHICAGO – Oct. 22, 2012 – For major-metro regions in Florida – Jacksonville, Miami-Fort Lauderdale-Pompano Beach, Orlando-Kissimmee-Sanford, Tallahassee, and Tampa-St. Petersburg-Clearwater – had an increase in actively bid construction projects, according to the third-quarter BidClerk Construction Index (BCI). This increase covered both private and public construction projects that grew year-over-year and quarter-over-quarter.
Overall, Florida actively bid construction activity increase of 9.6 percent compared to one year earlier. Private construction rose 19 percent, while public construction rose 4.3 percent.
In a quarter-over-quarter analysis for all construction projects, the major-metro regions in Florida saw an increase of 12.3 percent. Third-quarter public projects saw an increase of 20.8 percent compared to the second quarter of 2012, while private projects increased 1.4 percent.
Miami
In a year-over-year analysis for the Miami region, actively bid public and private construction projects rose 10.8 percent compared to one year ago. Private projects increased 22.4 percent and public projects increased 4.4 percent.
Quarter-over-quarter, combined private and public construction projects in Miami increased 12.3 percent. Private projects rose 2.8 percent and public projects rose 19.3 percent.
Orlando
In a year-over-year analysis for the Orlando region, actively bid public and private construction projects dropped 4.4 percent compared to one year ago. Private projects decreased 3.1 percent and public projects decreased 5.6 percent.
Quarter-over-quarter, combined private and public construction projects in Orlando decreased 3.3 percent. Private projects decreased 4.5 percent and public projects dropped 2.2 percent.
Tampa-St. Pete
In a year-over-year analysis for the Tampa-St. Pete region, actively bid public and private construction projects rose 24.5 percent compared to one year ago. Private projects increased 23.7 percent and public projects increased 24.9 percent.
Quarter-over-quarter, combined private and public construction projects in Tampa-St. Pete increased 16.9 percent. Private projects decreased 9.1 percent and public projects rose 37.8 percent.
Nationally, actively bid combined public and private construction projects increased 3 percent in the third quarter of 2012, compared to the same quarter a year ago. Third quarter 2012 public construction increased modestly, rising just 0.2 percent, while third quarter 2012 private construction rose 12.3 percent, year-over-year.
BidClerk, a provider of construction project data and marketing tools for building product manufacturers, contractors and distributors, releases the BidClerk Construction Index quarterly.
© 2012 Florida Realtors®
Monday, October 22, 2012
Friday, October 19, 2012
Fla. housing continues upswing in Sept
ORLANDO, Fla. – Oct. 19, 2012 – Florida’s housing market had higher pending sales, higher median prices and a reduced inventory of homes for sale in September, according to the latest housing data released by Florida Realtors®.
“Florida’s real estate market is no longer in recovery mode – stability and growth gain solid footing,” said 2012 Florida Realtors President Summer Greene, regional manager of Better Homes and Gardens Real Estate Florida 1st in Fort Lauderdale. “Realtors across the state are reporting consistent increases in home sales and median prices, and multiple offers from buyers isn’t unusual. In fact, increasing buyer demand in many local markets is creating inventory shortages – and that’s putting pressure on prices. For sellers who may have been reluctant to enter the market, it’s now time to reconsider. Conditions are turning to a sellers’ market.”
Statewide closed sales of existing single-family homes totaled 15,643 in September, up 2 percent compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing. Closed sales typically occur 30 to 90 days after sales contracts are written.
Meanwhile, pending sales – contracts that are signed by not yet completed or closed – of existing single-family homes last month rose 40.1 percent over the previous September. The statewide median sales price for single-family existing homes in September was $145,000, up 7.4 percent from a year ago.
According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homes in August 2012 was $188,700, up 10.2 percent from the previous year. In California, the statewide median sales price for single-family existing homes in August was $343,820; in Massachusetts, it was $317,750; in Maryland, it was $255,498; and in New York, it was $225,000.
The median is the midpoint; half the homes sold for more, half for less. Housing industry analysts note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes.
Looking at Florida’s year-to-year comparison for sales of townhomes-condos, a total of 7,329 units sold statewide last month, down slightly (-2.9 percent) from those sold in September 2011. Meanwhile, pending sales for townhome-condos in September increased 30.6 percent compared to the year-ago figure. The statewide median for townhome-condo properties was $105,736, up 18.8 percent over the previous year. NAR reported that the national median existing condo price in August 2012 was $176,700.
Last month, the inventory for single-family homes stood at a 5.2-months’ supply; inventory for townhome-condo properties was also at a 5.2-months’ supply, according to Florida Realtors. Industry analysts note that a 5.5-months’ supply symbolically represents a market balanced between buyers and sellers.
“The onward march of Florida's housing market continues,” said Florida Realtors Chief Economist Dr. John Tuccillo. “Inventories have now tilted to the point where we truly have a sellers’ market forming. Prices are up smartly and have been for quite a while. It’s getting to the point where Florida is the place to buy, but it may soon move out of reach for many households.”
The interest rate for a 30-year fixed-rate mortgage averaged 3.47 percent in September 2012, lower than the 4.11 percent averaged during the same month a year earlier, according to Freddie Mac
“Florida’s real estate market is no longer in recovery mode – stability and growth gain solid footing,” said 2012 Florida Realtors President Summer Greene, regional manager of Better Homes and Gardens Real Estate Florida 1st in Fort Lauderdale. “Realtors across the state are reporting consistent increases in home sales and median prices, and multiple offers from buyers isn’t unusual. In fact, increasing buyer demand in many local markets is creating inventory shortages – and that’s putting pressure on prices. For sellers who may have been reluctant to enter the market, it’s now time to reconsider. Conditions are turning to a sellers’ market.”
Statewide closed sales of existing single-family homes totaled 15,643 in September, up 2 percent compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing. Closed sales typically occur 30 to 90 days after sales contracts are written.
Meanwhile, pending sales – contracts that are signed by not yet completed or closed – of existing single-family homes last month rose 40.1 percent over the previous September. The statewide median sales price for single-family existing homes in September was $145,000, up 7.4 percent from a year ago.
According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homes in August 2012 was $188,700, up 10.2 percent from the previous year. In California, the statewide median sales price for single-family existing homes in August was $343,820; in Massachusetts, it was $317,750; in Maryland, it was $255,498; and in New York, it was $225,000.
The median is the midpoint; half the homes sold for more, half for less. Housing industry analysts note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes.
Looking at Florida’s year-to-year comparison for sales of townhomes-condos, a total of 7,329 units sold statewide last month, down slightly (-2.9 percent) from those sold in September 2011. Meanwhile, pending sales for townhome-condos in September increased 30.6 percent compared to the year-ago figure. The statewide median for townhome-condo properties was $105,736, up 18.8 percent over the previous year. NAR reported that the national median existing condo price in August 2012 was $176,700.
Last month, the inventory for single-family homes stood at a 5.2-months’ supply; inventory for townhome-condo properties was also at a 5.2-months’ supply, according to Florida Realtors. Industry analysts note that a 5.5-months’ supply symbolically represents a market balanced between buyers and sellers.
“The onward march of Florida's housing market continues,” said Florida Realtors Chief Economist Dr. John Tuccillo. “Inventories have now tilted to the point where we truly have a sellers’ market forming. Prices are up smartly and have been for quite a while. It’s getting to the point where Florida is the place to buy, but it may soon move out of reach for many households.”
The interest rate for a 30-year fixed-rate mortgage averaged 3.47 percent in September 2012, lower than the 4.11 percent averaged during the same month a year earlier, according to Freddie Mac
Friday, September 28, 2012
Mortgage Rates Sink to New Lows Again
Mortgage rates were back to breaking records for the second consecutive week. All mortgage products, except for the 5-year adjustable-rate mortgage, averaged a new record low, Freddie Mac reports in its weekly mortgage market survey.
For those who can qualify, the low rates are helping to keep home buyer affordability high and refinancing strong, Freddie Mac reports.
"Fixed mortgage rates continued to decline this week, largely due to the Federal Reserve's purchases of mortgage securities, and should support an already improving housing market,” says Frank Nothaft, Freddie Mac’s chief economist.
The Fed recently announced it would purchase $40 billion in mortgage-backed securities every month until the economy shows more improvement. The move is expected to send rates lower.
Here’s a closer look for the national average rates for the week ending Sept. 27:
For those who can qualify, the low rates are helping to keep home buyer affordability high and refinancing strong, Freddie Mac reports.
"Fixed mortgage rates continued to decline this week, largely due to the Federal Reserve's purchases of mortgage securities, and should support an already improving housing market,” says Frank Nothaft, Freddie Mac’s chief economist.
The Fed recently announced it would purchase $40 billion in mortgage-backed securities every month until the economy shows more improvement. The move is expected to send rates lower.
Here’s a closer look for the national average rates for the week ending Sept. 27:
- 30-year fixed-rate mortgages: averaged a new record low of 3.40 percent this week, with an average 0.6 point, dropping from last week’s previous record low of 3.49 percent. A year ago at this time, 30-year rates averaged 4.01 percent.
- 15-year fixed-rate mortgages: averaged a new low of 2.73 percent, with an average 0.6 point, dropping from last week’s previous record low of 2.77 percent. A year ago, 15-year rates averaged 3.28 percent.
- 5-year adjustable-rate mortgages: averaged 2.71 percent, with an average 0.6 point, dropping from last week’s 2.76 percent average. Last year at this time, 5-year ARMs averaged 3.02 percent.
- 1-year ARMs: averaged a new low of 2.60 percent this week, with an average 0.4 point, dropping from last week’s 2.61 percent average. A year ago, 1-year ARMs averaged 2.83 percent.
Thursday, September 27, 2012
New-Home Prices Soar to 5-Year High
The median price of a new home rose a record-breaking 11.2 percent in August, reaching $256,000. That marks the highest level since March 2007, the U.S. Census Bureau reported Wednesday.
The price of new homes in August soared 17 percent compared to last year at this time.
The number of new-homes that sold in higher price ranges — $400,000 or more — rose significantly in August.
"This reflects the fact that people who are able to buy homes right now are those in higher-income ranges who have cash and equity on hand, while first-time buyers are having a tougher time getting qualified for a mortgage," says David Crowe, the National Association of Home Builders’ chief economist.
As prices rose, inventories of new homes in August remained at record lows. It would take 4.5 months to clear the houses on the market at August’s sales pace, the Census Bureau reported.
Single-family home sales mostly held steady in August, remaining at two-year highs. Sales slipped 0.3 percent to a seasonally adjusted annual rate of 373,000.
On a regional basis, new-home sales in August soared 20 percent in the Northeast, 1.8 percent in the Midwest, and 0.9 percent in the West. New-home sales declined 4.9 percent in the South in August.
"New-home sales in August effectively tied the pace they set in the previous month, when they were the strongest we've seen in more than two years — so this is really a continuation of the good news we've been getting on the housing front," says Barry Rutenberg, NAHB chairman. "Looking at the big picture, sales have been trending gradually upward since the middle of last year as favorable interest rates and prices have driven more consumers to get back in the market for a newly built home."
Source: “New Home Sales Ease, But Prices Hit 5-Year High,” Reuters (Sept. 26, 2012) and the National Association of Home Builders
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The price of new homes in August soared 17 percent compared to last year at this time.
The number of new-homes that sold in higher price ranges — $400,000 or more — rose significantly in August.
"This reflects the fact that people who are able to buy homes right now are those in higher-income ranges who have cash and equity on hand, while first-time buyers are having a tougher time getting qualified for a mortgage," says David Crowe, the National Association of Home Builders’ chief economist.
As prices rose, inventories of new homes in August remained at record lows. It would take 4.5 months to clear the houses on the market at August’s sales pace, the Census Bureau reported.
Single-family home sales mostly held steady in August, remaining at two-year highs. Sales slipped 0.3 percent to a seasonally adjusted annual rate of 373,000.
On a regional basis, new-home sales in August soared 20 percent in the Northeast, 1.8 percent in the Midwest, and 0.9 percent in the West. New-home sales declined 4.9 percent in the South in August.
"New-home sales in August effectively tied the pace they set in the previous month, when they were the strongest we've seen in more than two years — so this is really a continuation of the good news we've been getting on the housing front," says Barry Rutenberg, NAHB chairman. "Looking at the big picture, sales have been trending gradually upward since the middle of last year as favorable interest rates and prices have driven more consumers to get back in the market for a newly built home."
Source: “New Home Sales Ease, But Prices Hit 5-Year High,” Reuters (Sept. 26, 2012) and the National Association of Home Builders
Read More
Wednesday, September 26, 2012
Home Prices Continue to Rise Over Last Year's Levels
More housing reports released on Tuesday showed home prices on the rise. The Federal Housing Finance Agency reported that U.S. home prices increased 3.7 percent from a year ago in the 12-month period ending in July.
FHFA’s home price index is now at about the same level it was in June 2004. However, it’s 16.4 percent below the peak reached in April 2007. To calculate its housing index, the FHFA uses purchase price data on mortgages owned or guaranteed by Freddie Mac and Fannie Mae.
Also on Tuesday, S&P/Case-Shiller released a report also showing home prices on the rise for the fourth consecutive month and at their highest level in nearly two years. S&P/Case-Shiller report measures home prices in 10-city and 20-city composite indices. In its 20-city index, S&P/Case-Shiller reported home prices up 1.2 percent compared to a year earlier.
"The news on home prices in this report confirm recent good news about housing,” David M. Blitzer, chairman of the index committee at S&P Dow Jones Indices, told The Wall Street Journal. “Single family housing starts are well ahead of last year's pace, existing home sales are up, the inventory of homes for sale is down and foreclosure activity is slowing. All in all, we are more optimistic about housing."
Last week, NAR reported that the median price on existing-homes rose 9.5 percent over year ago levels. The median home price in August is $187,400.
The increase to the sales price in August was the strongest since January 2006 when median home prices had risen 10.2 percent higher than what they were a year ago.
The National Association of REALTORS® will release its pending home sales report on Thursday.
Source: “FHFA Home Price Index Now Equals 2004 Levels,” HousingWire (Sept. 25, 2012) and “Case-Shiller Shows Home Prices Rise Sharply Again,” The Wall Street Journal (Sept. 25, 2012)
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FHFA’s home price index is now at about the same level it was in June 2004. However, it’s 16.4 percent below the peak reached in April 2007. To calculate its housing index, the FHFA uses purchase price data on mortgages owned or guaranteed by Freddie Mac and Fannie Mae.
Also on Tuesday, S&P/Case-Shiller released a report also showing home prices on the rise for the fourth consecutive month and at their highest level in nearly two years. S&P/Case-Shiller report measures home prices in 10-city and 20-city composite indices. In its 20-city index, S&P/Case-Shiller reported home prices up 1.2 percent compared to a year earlier.
"The news on home prices in this report confirm recent good news about housing,” David M. Blitzer, chairman of the index committee at S&P Dow Jones Indices, told The Wall Street Journal. “Single family housing starts are well ahead of last year's pace, existing home sales are up, the inventory of homes for sale is down and foreclosure activity is slowing. All in all, we are more optimistic about housing."
Last week, NAR reported that the median price on existing-homes rose 9.5 percent over year ago levels. The median home price in August is $187,400.
The increase to the sales price in August was the strongest since January 2006 when median home prices had risen 10.2 percent higher than what they were a year ago.
The National Association of REALTORS® will release its pending home sales report on Thursday.
Source: “FHFA Home Price Index Now Equals 2004 Levels,” HousingWire (Sept. 25, 2012) and “Case-Shiller Shows Home Prices Rise Sharply Again,” The Wall Street Journal (Sept. 25, 2012)
Read More
Thursday, September 20, 2012
In Buy vs. Rent, Home Buying Wins Again
A new Trulia study shows that owning a home is more affordable than renting over a seven-year time frame in America's 100 biggest cities.
Trulia collected data on homes for sale and for rent from its Web site between June 1, 2012 and August 31, 2012, and factored in such items as transaction costs, taxes, and opportunity costs. The study assumes that the home is sold after seven years and includes closing costs, maintenance, insurance, property taxes and other costs. The cost of renting includes security deposit and renters insurance.
Trulia found that nationally, owning is 45 percent cheaper than renting, with affordability highest in Detroit and lowest in Honolulu and San Francisco.
Download Trulia's full buy vs. rent cost analysis (PDF).
Source: "Homeownership 45 Percent Cheaper Than Renting, But Factors Vary," eCredit Daily (09/17/12)
(c) Copyright 2012 Information, Inc
Trulia collected data on homes for sale and for rent from its Web site between June 1, 2012 and August 31, 2012, and factored in such items as transaction costs, taxes, and opportunity costs. The study assumes that the home is sold after seven years and includes closing costs, maintenance, insurance, property taxes and other costs. The cost of renting includes security deposit and renters insurance.
Trulia found that nationally, owning is 45 percent cheaper than renting, with affordability highest in Detroit and lowest in Honolulu and San Francisco.
Download Trulia's full buy vs. rent cost analysis (PDF).
Source: "Homeownership 45 Percent Cheaper Than Renting, But Factors Vary," eCredit Daily (09/17/12)
(c) Copyright 2012 Information, Inc
Wednesday, September 19, 2012
Florida's housing market continues positive trend in August
NAR: August existing-home sales and prices rise
ORLANDO, Fla. – Sept. 19, 2012 – Florida’s housing market had more closed sales, more pending sales, higher median prices and a reduced inventory of homes for sale in August, according to the latest housing data released by Florida Realtors®.
“Florida’s housing marketing continues its momentum,” said 2012 Florida Realtors President Summer Greene, regional manager of Better Homes and Gardens Real Estate Florida 1st in Fort Lauderdale. “Buyers who have been waiting on the sidelines should see this as a sign to jump in before the market escapes them again. Sellers who have been hesitant to sell should put their homes on the market now. Chances are they will entertain multiple offers and be able to take advantage of historically low interest rates to buy their next home. Now our biggest challenge will be appraisals keeping up with the pace of this market.”
Statewide closed sales of existing single-family homes totaled 18,669 in August, up 10.8 percent compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing. Closed sales typically occur 30 to 90 days after sales contracts are written.
Meanwhile, pending sales – contracts that are signed by not yet completed or closed – of existing single-family homes last month rose 40.2 percent over the previous August. The statewide median sales price for single-family existing homes in August was $147,000, up 5.8 percent from a year ago.
According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homes in July 2012 was $188,100, up 9.6 percent from the previous year. In California, the statewide median sales price for single-family existing homes in July was $333,860; in Massachusetts, it was $325,000; in Maryland, it was $261,772; and in New York, it was $233,000.
The median is the midpoint; half the homes sold for more, half for less. Housing industry analysts note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes.
Looking at Florida’s year-to-year comparison for sales of townhomes/condos, a total of 8,767 units sold statewide last month, up 5.7 percent from those sold in August 2011. The statewide median for townhome-condo properties was $102,980, up 13.2 percent over the previous year. NAR reported the national median existing condo price in July 2012 was $180,700.
Last month, the inventory for single-family homes in August stood at a 5.3-months’ supply; inventory for townhome-condo properties was also at a 5.3-months’ supply, according to Florida Realtors. Industry analysts note that a 5.5-months’ supply represents a market balanced between buyers and sellers.
“Florida’s housing market is still reviving,” said Florida Realtors Chief Economist Dr. John Tuccillo. “Everything that should be going up is going up, and everything that should be going down is going down. After the six years of turmoil that we had, it’s good to see the trends strongly moving in the right direction. We’re hurting for inventory, but it’s possible that the improving conditions will lure more sellers into the market and mitigate the housing inventory crunch.”
The interest rate for a 30-year fixed-rate mortgage averaged 3.60 percent in August 2012, lower than the 4.27 percent averaged during the same month a year earlier, according to Freddie Mac.
To see the full statewide housing activity report, go to Florida Realtors website and click on the Research page; then look under Latest Housing Data, Statewide Residential Activity and get the August report. Or go to Florida Realtors Media Center and download the August 2012 data report PDF under Market Data.
© 2012 Florida Realtors®
ORLANDO, Fla. – Sept. 19, 2012 – Florida’s housing market had more closed sales, more pending sales, higher median prices and a reduced inventory of homes for sale in August, according to the latest housing data released by Florida Realtors®.
“Florida’s housing marketing continues its momentum,” said 2012 Florida Realtors President Summer Greene, regional manager of Better Homes and Gardens Real Estate Florida 1st in Fort Lauderdale. “Buyers who have been waiting on the sidelines should see this as a sign to jump in before the market escapes them again. Sellers who have been hesitant to sell should put their homes on the market now. Chances are they will entertain multiple offers and be able to take advantage of historically low interest rates to buy their next home. Now our biggest challenge will be appraisals keeping up with the pace of this market.”
Statewide closed sales of existing single-family homes totaled 18,669 in August, up 10.8 percent compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing. Closed sales typically occur 30 to 90 days after sales contracts are written.
Meanwhile, pending sales – contracts that are signed by not yet completed or closed – of existing single-family homes last month rose 40.2 percent over the previous August. The statewide median sales price for single-family existing homes in August was $147,000, up 5.8 percent from a year ago.
According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homes in July 2012 was $188,100, up 9.6 percent from the previous year. In California, the statewide median sales price for single-family existing homes in July was $333,860; in Massachusetts, it was $325,000; in Maryland, it was $261,772; and in New York, it was $233,000.
The median is the midpoint; half the homes sold for more, half for less. Housing industry analysts note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes.
Looking at Florida’s year-to-year comparison for sales of townhomes/condos, a total of 8,767 units sold statewide last month, up 5.7 percent from those sold in August 2011. The statewide median for townhome-condo properties was $102,980, up 13.2 percent over the previous year. NAR reported the national median existing condo price in July 2012 was $180,700.
Last month, the inventory for single-family homes in August stood at a 5.3-months’ supply; inventory for townhome-condo properties was also at a 5.3-months’ supply, according to Florida Realtors. Industry analysts note that a 5.5-months’ supply represents a market balanced between buyers and sellers.
“Florida’s housing market is still reviving,” said Florida Realtors Chief Economist Dr. John Tuccillo. “Everything that should be going up is going up, and everything that should be going down is going down. After the six years of turmoil that we had, it’s good to see the trends strongly moving in the right direction. We’re hurting for inventory, but it’s possible that the improving conditions will lure more sellers into the market and mitigate the housing inventory crunch.”
The interest rate for a 30-year fixed-rate mortgage averaged 3.60 percent in August 2012, lower than the 4.27 percent averaged during the same month a year earlier, according to Freddie Mac.
To see the full statewide housing activity report, go to Florida Realtors website and click on the Research page; then look under Latest Housing Data, Statewide Residential Activity and get the August report. Or go to Florida Realtors Media Center and download the August 2012 data report PDF under Market Data.
© 2012 Florida Realtors®
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