Eye On Housing
Author Archives
Stephen Melman, J.D., is the Director of Economic Services at the National Association of Home Builders. Mr. Melman is a spokesman for NAHB’s forecast of new housing trends and the analysis of the home building industry. He has published numerous research articles on topics including industry structure and publicly traded builders. Before his current position, Mr. Melman was responsible for NAHB’s multifamily and federal housing program initiatives. Prior to NAHB, Mr. Melman was an Appeals Officer for the US Civil Service Commission in Washington, DC. He is a former president of Sinai House, a nonprofit that provides transitional housing for homeless families in Washington, DC. Mr. Melman earned a J.D. from St. Louis University School of Law, a Masters in City and Regional Planning from Rutgers University, and a B.A. in Economics from Washington University in St. Louis.
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Existing Sales Grow – Except for First-Time Buyers
Existing home sales, as reported by the National Association of Realtors, increased for the third consecutive month in July, and remained at the highest level since February 2007; but the first-time buyer share fell for the second consecutive month to the lowest level since January. Total existing home sales increased by 2.0% in July to a seasonally adjusted rate of… Read More ›
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Pending Sales – Another Bump in the Ride Up
The Pending Home Sales Index declined in June after reaching the highest level in over nine years in May. The Pending Home Sales Index (PHSI), a forward-looking indicator based on signed contracts reported by the National Association of Realtors (NAR), decreased 1.8% in June, but is up 8.2% from the same month a year ago, and has increased year-over-year for… Read More ›
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Existing Home Sales Rise to Pre-Recession Level
Existing home sales, as reported by the National Association of Realtors, increased in June to the highest level since February 2007. Although the June percent share of first-time buyers declined from May to 30%, that share remained at or above 30% for the fourth consecutive month. Total existing home sales increased by 3.2% in June to a seasonally adjusted rate… Read More ›
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Pending Sales Continue Momentum
The Pending Home Sales Index increased for the fifth straight month to the highest level in over nine years. The Pending Home Sales Index (PHSI), a forward-looking indicator based on signed contracts reported by the National Association of Realtors (NAR), increased 0.9% in May to 112.6, and climbed to 10.4% above the May level a year ago. Regionally, the May… Read More ›
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Existing Home Sales Pause
Existing home sales declined 3.3% in April, despite the fact that almost half of April sales remained on the market less than one month. The National Association of Realtors (NAR) reported April 2015 total existing home sales at a seasonally adjusted rate of 5.04 million units combined for single-family homes, townhomes, condominiums and co-ops, down from an upwardly revised 5.21… Read More ›
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What Builders are Building
Based on a December 2014 survey of builders, the Walk-in Closet in the Master Bedroom and the Laundry Room ranked as the top two features builders are most likely to include in new 2015 homes. Scored by a choice of Very Likely equal to 5 and a Not at All Likely choice equal to 1, these top two features rated… Read More ›
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Pending Sales Momentum
The Pending Home Sales Index increased for the third straight month in March to a level 11.1% above the same period a year ago. The Pending Home Sales Index (PHSI), a forward-looking indicator based on signed contracts reported by the National Association of Realtors (NAR), increased 1.1% in March to 108.6, up from an upwardly revised 107.4 in February. The… Read More ›
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Top Builder Challenges
Builders surveyed in January 2015 ranked the most significant problems expected to face the industry in 2015. Topping the list was the Cost/Availability of Labor, an issue which has increased in importance the past two years. In 2013, 53% of builders rated Labor as a significant problem, followed by 61% in 2014 and 68% in 2015. This trend suggests an… Read More ›
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Spring for Existing Home Sales in America?
Existing home sales soared 6.1% in March, and the share of sales for first-time buyers also increased. The National Association of Realtors (NAR) reported March 2015 total existing home sales at a seasonally adjusted rate of 5.19 million units combined for single-family homes, townhomes, condominiums and co-ops, up from an upwardly revised 4.89 million units in February. March existing sales… Read More ›
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Recent Homeownership Developments in the U.K.
Declines in homeownership rates are not just a concern in the U.S. In fact, homeownership declines in the U.K. have been relatively larger for younger households than the impacts experienced here. In the U.S., the homeownership rate for 25 to 34 year olds fell from 42.2% at the end of 2003 to 35.8% at the end of 2014, according to data from… Read More ›