Aug
25

Holy Housing

homebuilding2From 1/1/14 through 7/31/14 new home sales totaled 266,000, down from 268,000 during the same period in 2013. Similarly, single-family starts are up just 3.2% year-to-date and single-family permits are up just 0.8% year-to-date. Single-family activity is, in part, so lackluster because the average new house price hit a new record high of $339,100 last month! At the height of the housing boom in 3/07 the average was just $329,400.

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  1. Good morning Elliot,

    I hope all is well with you and your family!

    My first year at KHOV was great, 3 closed deals under my belt. However, land deals are becoming more challenging do to increased construction costs and land sellers believing there property is worth what land prices were in the mid-2000’s. Sales have been very challenging, majority of the metro builders have slashed base pricing anywhere from $50K to $150K depending on the market area location, free basements, 50% off all options, etc. Everyone is looking for what maybe the bottom of the market regarding base pricing, especially during the Parade of Homes which is starting this week.

    Could you take my personal email address off of your list abakritges@msn.com and just use my business email address regarding your blog. You can email me on my personal email address regarding other matters if you wish.

    Hopefully, next time your in the Twin Cities, we can go and have a beer. Take Care – Talk Soon!

    Tom Bakritges

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