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Lower Interest Rates Help Boost March New Home Sales

Sales of newly built, single-family homes rose to a seasonally adjusted annual rate of 692,000 units in March after a slightly revised February report, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. This is the highest sales pace since November 2017.

“These numbers indicate that builders who can produce housing at affordable price points will experience sales growth,” said Greg Ugalde, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Torrington, Conn. “However, builders are still dealing with a shortage of construction workers and buildable lots, which limits housing affordability.”

“We saw a large gain at lower price points where demand is strong. In March of 2019, 50 percent of new home sales were priced below $300,000, compared to 39 percent in March of 2018,” said NAHB Chief Economist Robert Dietz. “These are the price points that are attractive for renters seeking to become homeowners.”

A new home sale occurs when a sales contract is signed or a deposit is accepted. The home can be in any stage of construction: not yet started, under construction or completed. In addition to adjusting for seasonal effects, the March reading of 692,000 units is the number of homes that would sell if this pace continued for the next 12 months.

The inventory of new homes for sale was 344,000 in March, representing a 6 months’ supply. The median sales price was $302,700 with strong gains in homes sold at lower price points. The median price of a new home sale a year earlier was $335,400.

Regionally, and on a year to date basis, new home sales fell 17.6 percent in the Northeast, 8.1 percent in Midwest and 5.9 percent in the West. Sales rose 9.6 percent in the South, where 58 percent of new home sales occurred in March.

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Orange County Property Appraiser Acquires Reveal™ Imagery from EagleView for Better Visual Representation of Parcels for Property Assessment

Orange County Property Appraiser Acquires Reveal™ Imagery from EagleView for Better Visual Representation of Parcels for Property Assessment

 

ORLANDO, FLA./ APRIL 23, 2019 (STL.News)

Rick Singh, CFA, today announced that the Orange County Property Appraiser’s office (OCPA) has added Reveal™ ultra-high-resolution aerial imagery from EagleView to its collection of assets for real property assessment. Reveal is the highest resolution aerial imagery on the market today, capturing images at a sub-one-inch ground sample distance (GSD). This advanced technology will help the property appraiser and his staff keep pace with ongoing real estate growth in Orange County.

Continue reading Orange County Property Appraiser Acquires Reveal™ Imagery from EagleView for Better Visual Representation of Parcels for Property Assessment at STL.News.

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MortgageFlex Systems Announces Successful Implementation of MortgageFlexONE at Priority Funding, LLC

MortgageFlex Systems Announces Successful Implementation of MortgageFlexONE at Priority Funding, LLC

 

JACKSONVILLE, FLA./ APRIL 23, 2019 (STL.News)

MortgageFlex Systems, a leading LOS and servicing provider has announced its successful implementation of its LOS, MortgageFlexONE at Priority Funding LLC, a wholly-owned affiliate of BayCoast Bank. Priority Funding, who is a leading provider of mobile and manufactured home loan programs initially looked for a LOS that could fit their requirements. Priority Funding found MortgageFlexONE the right system to support their goals of performing outstanding service in manufactured and mobile home financing.

Continue reading MortgageFlex Systems Announces Successful Implementation of MortgageFlexONE at Priority Funding, LLC at STL.News.

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Architects, Builders, Interior Designers & Construction Estimators Applaud HTA’s Technology Budget Calculator

Architects, Builders, Interior Designers & Construction Estimators Applaud HTA’s Technology Budget Calculator

 

SANTA MONICA, CALIF./ APRIL 23, 2019 (STL.News)

The Home Technology Association has updated its popular smart home technology Budget Calculator, making it even easier for builders, interior designers, architects, construction estimators, and homeowners to allocate budget for and physically accommodate technology earlier in their projects.

Launched in conjunction with the HTA website and free for anyone to use, the Budget Calculator has grown into the association’s most-used resource to empower decision-makers in the technology-buying process.

Continue reading Architects, Builders, Interior Designers & Construction Estimators Applaud HTA’s Technology Budget Calculator at STL.News.

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Georgia on the Rise: 2019 Trends in Real Estate and Construction

Georgia on the Rise: 2019 Trends in Real Estate and Construction

 

ATLANTA/ APRIL 23, 2019 (STL.News)

Smith & Howard recently completed its third annual survey of real estate and construction professionals across the state of Georgia to get their perspective on the current environment within their industries. The survey results elaborate on their thoughts and address barriers to growth, emerging markets and more.

The challenge of finding and keeping skilled labor continues to be the number one threat, mirroring the previous two years.

Continue reading Georgia on the Rise: 2019 Trends in Real Estate and Construction at STL.News.

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Broward Luxury $1-Million-and-Up Home Sales Jump in March

Broward Luxury $1-Million-and-Up Home Sales Jump in March

 

MIAMI/ APRIL 23, 2019 (STL.News)

Broward County total luxury home sales surged year-over-year in March as single-family home sales rose, according to the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.

Broward luxury home sales jumped 33.3 percent year-over-year in March, from 78 to 104. Broward single-family home sales rose 1.3 percent, from 1,338 to 1,355.

“Broward luxury condo sales, which increased 48.6 percent in 2018, continued rising in March,” said Broward-MIAMI President Jonathan Keith, a Fort Lauderdale broker.

Continue reading Broward Luxury $1-Million-and-Up Home Sales Jump in March at STL.News.

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