According to an index compiled by The National Association of Home Builders (NAHB), the market for condos and apartments continued to grow in the 1st quarter of this year. The Multifamily Production Index (MPI) shows a market that is experiencing its 5th straight quarter of positive sentiment towards this sector of real estate.
The National Association of Realtors (NAR) is reporting growth in sales for existing-homes during April of this year. Existing-home sales include completed transactions for single-family homes, townhomes, condos and co-ops.
The National Association of Home Builders (NAHB) is reporting housing affordability during the 1st quarter of this year was near historically high levels nationwide. The data was taken from the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI), which measures housing prices in relation to local median income. From the beginning of January to the end of March, 73.7% of all new and existing-homes sold were affordable to those earning the U.S. median income of $64,400.
Three NPI inspectors are celebrating their 10 year anniversaries as National Property Inspections business owners. Thanks Terry Haynie, Rob Whatley, and Darryl Chandler for a great 10 years.
The Wall Street Journal is also reporting big gains for the new-home sales market during the month of April. Demand for new inventory for new and older homes, and low interest rates have more potential home buyers looking to buy in.
When it comes to newly built, single-family homes, American home builders remain bullish. According to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), May showed improvement among home builders. This index tracks builder sentiment on current sales conditions, sales expectations and traffic of prospective buyers.
Optimus and The CPSC have issued a recall for Portable Infrared Radiant Quartz Electric Space Heaters with the model numbers H-5210, produced in 2011 and H-5211, produced in 2012. Combustible materials coming into contact with the heater can ignite and become a fire hazard. The recall is in effect for approximately 355,000 units sold.
There are now 263 U.S. housing markets considered improving during the month of June. The information was taken from the Association of Home Builders/First American Improving Markets Index (IMI). This is more than 70% of all American cities on the list.
According to numbers released by HUD and the U.S. Census Bureau, the sale of newly built, single family homes increased by 2.3% in April. This would bring sales to a seasonally adjusted annual rate of 454,000 units for the month.
All of us at National Property Inspections would like to say congratulation to John Lewis of Salinas, California. He has been an NPI franchisee for 5 years now. Thanks John for a great 5 Years.