National Outlook

BREXIT: What will it mean for the U.S. Housing Market?

By Mark Boud, Senior Vice President/Metrostudy – On June 23, 2016, the British voted by a slim margin to withdraw from the European Union (EU). Those voting to exit the EU cited negative pressures felt regarding immigration and sovereignty. Those wanting to remain in the EU argued that leaving the EU would result in trade barriers, diminished influence in world affairs, reduced national security, …

CONSUMERS EXPECT HOME PRICE INCREASE, INCOME DECREASE IN YEAR AHEAD

Estimates of home price appreciation and overall inflation are nearly equal. By Hanley Wood Data Studio Consumers expect home prices to rise 3.21% in the next 12 months, a 3% increase from April’s reading of 3.1%, according to the Federal Reserve Bank of New York’s MaySurvey of Consumer Expectations, released Monday. Home price expectations trended down before the turnaround in December, in respon …

NEW SINGLE-FAMILY HOME SALES FALL

Sales dropped to annual rate of 551,000 in May but remain within the healthy range seen in the past a few months. By Hanley Wood Data Studio New single-family home sales fell to a seasonally adjusted annual rate of 551,000 in May after reaching a 8-year high in the previous month, according to a joint release of New Residential Sales data by the Census Bureau and the Department of Housing and Urba …

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Local View

Chicago Housing Market 1Q16: Quarterly Starts Spike & Closings Show Strongest Growth in Seven Years; Concerns Remain About Affordability & Tight Inventory

1Q16 Quarterly New Home Starts Up 11.8% YoY; Annual New Home Starts Up 1.3% YoY. 1Q16 Annual Closings Up 7.4% YoY – strongest closing performance in seven years; Quarterly Closings Up 1.6% YoY. The supply of finished and vacant inventory declined to 2.5 months as of 1Q16, but Metrostudy expects inventory levels will rise slightly later in 2016. JUNE 2016 – Metrostudy’s 1Q16 survey of the twelve co …

RIO GRANDE VALLEY HOUSING 1Q16: New Home Starts Grow 9% YoY, Continuing to Gather Strength on a Slowly Improving Job Market

1Q16 Annual New Home Starts Up 9% YoY; Annual New Home Closings Down 5% YoY. In spite of declines in total inventory, vacant developed lot inventory remains well above what is considered a healthy range with 82.9 months of supply. A small group of active subdivisions produces the majority of new home activity MAY 2016 – Metrostudy’s 1Q16 survey of the Rio Grande Valley housing market shows the ann …

Orlando Housing Market 1Q16: Significant Growth in Starts & Closings; Housing Inventory Increased 32.3% YoY

1Q16 Quarterly New Home Starts Up 3% over 1Q15; Annual Starts were Up 24.1% YoY. 1Q16 Quarterly Closings Up 7% over 1Q15; Annual Closings were Up 6.5% YoY. Starts in the higher price ranges are seeing strong growth: Starts in the $250K to $299K range increased 37.6% YoY while starts below $199K continued to decline. MAY 2016 – Metrostudy’s 1Q16 survey of the new home market in the Orlando MSA – La …

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