New Homes

/Tag:New Homes

Average New Home Size Continues To Shrink

The National Association of Home Builders reported that the median and average size of a new home in the U.S. continued to decline in the third quarter. Third quarter numbers on housing starts show that the median single-family new home size was 2,378 square feet.  The average square footage for new single-family homes declined to 2,518 square feet. According to the NAHB, this is apparently just part of the normal housing cycle. "The post-recession increase in single-family home size is consistent with the historical pattern coming out of recessions. Typical new home size falls prior to and during a [...]

3000 New Homes Coming To Pecan Square Northlake TX

Hillwood Communities has purchased 1157 acres for a new master-planned community to be named Pecan Square. Pecan Square will be a new development in Northlake Texas, west of I-35 along FM 407. Pecan Square will feature new homes from Ashton Woods, CalAtlantic (aka Lennar post-merger), D.R. Horton, David Weekley, Highland, Perry, Plantation and Pulte. Hillwood Communities expects to break ground on Pecan Square in the spring of 2018 with new homes arriving to the market in the summer of 2019. New home prices in Pecan Square are slated to start in the mid $200's. Pecan [...]

Why Home Builders Can’t Meet Housing Demand

America's home builders are having a difficult time meeting housing demand, or so they say. While access to credit is cited as a factor that is holding back builders, that's only a partial cause of builders' reluctance to put their money where their optimism index mouth is. As NAHB chief economist, Robert Dietz, explains it builders are finding it more difficult and expensive to develop land. Home builders should be thanking the The Federal Reserve for this warped, manipulated landscape, but most builders will likely avoid the discussion. The first rule of fight club is [...]

By | 2017-12-22T01:48:02+00:00 January 11th, 2017|Development, New Home Sales, Real Estate, Spin Cycle|1 Comment

Single-Family Permits Flat In October As Housing Starts Jump

Single-family permits fell flat in October. That's the news from today's Census numbers on October construction starts and permits. The unadjusted single-family permits data show 60,500 new single family permits for October 2016, virtually unchanged from last year's 60,300 print. Headline numbers for housing starts show a huge 23.3 percent YoY increase, and a 21.7 percent increase in single-family starts during October. Not seasonally adjusted, single-family starts rose almost 25 percent year-over-year. It certainly appears we will see more new home sales revisions in the months ahead. If homebuilders actually did put more inventory on [...]

Lennar Homes Sees Declining Deliveries & New Orders In Houston During Q2

Lennar Homes reported fiscal second quarter numbers this week. Although the company posted higher revenues and earnings for the quarter, Lennar's Houston numbers were a noticeable soft spot. As one of the Houston area's largest new home builders, Lennar is a good gauge for the overall strength of the Houston market. As one might expect, the local market for new homes is still facing the headwinds of weak employment growth and general economic weakness stemming from the downturn in the energy sector. For the second quarter, Lennar delivered 613 new homes at an average sale [...]

Census: New Home Sales Rise To 619,000 (SAAR) In April

The Census Bureau released another version of cartoon lunacy this morning with the April new home sales report. If we are to believe the government's ongoing collective work of fiction, New Residential Sales In April rose to a seasonally adjusted annual rate of 619,000. This would be fabulous news if it stands, but a 53 percent rise in the Northeast leads me to believe this is nothing more than election-year padding of the economic statistics. The latest data point for April new home sales certainly looks like an outlier. It looks even more dubious when [...]

Census: Permits & Starts For Single-Family Homes Rise In April

The Census Bureau reported housing starts and permits data for April, and the numbers show a slight rebound for the residential home construction market in April. Although multi-family activity declined during the month, the year-over-year comparisons for both starts and permits of single-family homes rose in April. YoY comparisons show that single-family starts rose 4.3 percent from April 2015, and permits increased by 8.4 percent compared to April 2015. The starts and permits activity for single-family homes in April is a bit surprising because the reality is that new homes are still extremely expensive when compared [...]

By | 2016-11-20T13:30:16+00:00 May 17th, 2016|Development, Economy, New Home Sales, Real Estate|0 Comments

Hovnanian Reports Q1 Results, Announces Exit From “Frothy” San Francisco Market

Hovnanian Enterprieses (HOV) reported 2016 fiscal first quarter results today, posting a 29 percent increase in revenues and a net loss of $16.2 million. That was just part of the story for Hovnanian Enterprises. The more important news is that Hovnanian said it has exited the markets of San Francisco, Minneapolis and Raleigh, with plans to wind down operations in Tampa, FL and the San Francisco Bay area.  As far as actual performance results, Hovnanian's cancellation rate jumped from 18 percent last year to 21 percent in this most recent quarter. Hovnanian reported a 15.3 [...]

Census: New Home Sales Decline 5 Percent YoY In January To 494,000 (SAAR)

The Census new home sales report came in lighter than expected today. New Residential Sales In January 2016 posted at a seasonally adjusted annual rate (SAAR) of 494,000. This was well shy of analysts estimates of 520,000 and 5.2 percent lower than January 2015. The median price of a new home in January 2016 was $278,800, a $13,200 drop from the median price last year. The average price of new home sold (contracted) in January was $365,700, a $9700 increase from the same time a year ago. The pricing mix of new homes in 2016 [...]

By | 2016-02-24T23:19:13+00:00 February 24th, 2016|Development, Markets, Mortgage Rates, New Home Sales, Real Estate|0 Comments

Toll Brothers Reports Fewer Deliveries, Lower Net Income In Q1 2016

Toll Brothers reported fiscal first quarter 2016 earnings this morning, and the results look like more stagnation for the luxury home builder. Deliveries were off 3 percent year-over-year while revenues climbed 9 percent on higher average prices. Toll saw signed contracts rise by 18 percent in the quarter, which is good considering that Toll's community count rose only slightly from 288 last year to 291 this year. What's not good is that both gross margins and income from operations fell during the quarter. Not surprisingly, Toll remains optimistic with their projections for the year. Toll [...]

By | 2017-12-22T02:04:08+00:00 February 23rd, 2016|Development, Economy, Markets, New Home Sales, Real Estate|0 Comments