There were 413,000 construction job openings in January, near the record 454,000 vacancies in November, according to the Bureau of Labor Statistics. But the industry needs to bring on more than 700,000 new workers a year because so many people are leaving field, mainly due to retirements, said Robert Dietz, chief economist at the National Association of Home Builders.
Category Custom Home Builders|Comments Off on These businesses say they can’t keep up with consumer demand without immigrant workers. Americans just don’t want … – WICZ
A lack of existing inventory that continues to drive buyers to new home construction, coupled with strong demand and mortgage rates below last falls cycle peak helped push builder sentiment above a key marker in March.
Builder confidence in the market for newly built single-family homes climbed three points to 51 in March, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) released today. This is the highest level since July 2023 and marks the fourth consecutive monthly gain for the index. It is also the first time that the sentiment level has surpassed the breakeven point of 50 since last July.
Buyer demand remains brisk and we expect more consumers to jump off the sidelines and into the marketplace if mortgage rates continue to fall later this year, said NAHB Chairman Carl Harris, a custom home builder from Wichita, Kan. But even though there is strong pent-up demand, builders continue to face several supply-side challenges, including a scarcity of buildable lots and skilled labor, and new restrictive codes that continue to increase the cost of building homes.
With the Federal Reserve expected to announce future rate cuts in the second half of 2024, lower financing costs will draw many prospective buyers into the market, said NAHB Chief Economist Robert Dietz. However, as home building activity picks up, builders will likely grapple with rising material prices, particularly for lumber.
With mortgage rates below 7% since mid-December per Freddie Mac, more builders are cutting back on reducing home prices to boost sales. In March, 24% of builders reported cutting home prices, down from 36% in December 2023 and the lowest share since July 2023. However, the average price reduction in March held steady at 6% for the ninth straight month. Meanwhile, the use of sales incentives is holding firm. The share of builders offering some form of incentive in March was 60%, and this has remained between 58% and 62% since last September.
Derived from a monthly survey that NAHB has been conducting for more than 35 years, the NAHB/Wells Fargo HMI gauges builder perceptions of current single-family home sales and sales expectations for the next six months as good, fair or poor. The survey also asks builders to rate traffic of prospective buyers as high to very high, average or low to very low. Scores for each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view conditions as good than poor.
All three of the major HMI indices posted gains in March. The HMI index charting current sales conditions increased four points to 56, the component measuring sales expectations in the next six months rose two points to 62 and the component gauging traffic of prospective buyers increased two points to 34.
Looking at the three-month moving averages for regional HMI scores, the Northeast increased two points to 59, the Midwest gained five points to 41, the South rose four points to 50 and the West registered a five-point gain to 43.
HMI tables can be found at nahb.org/hmi. More information on housing statistics is also available at Housing Economics PLUS (formerly housingeconomics.com).
Falling mortgage rates helped end a four-month decline in builder confidence, and recent economic data signal improving housing conditions heading into 2024.
Builder confidence in the market for newly built single-family homes rose three points to 37 in December, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) released today.
With mortgage rates down roughly 50 basis points over the past month, builders are reporting an uptick in traffic as some prospective buyers who previously felt priced out of the market are taking a second look, said NAHB Chairman Alicia Huey, a custom home builder and developer from Birmingham, Ala. With the nation facing a considerable housing shortage, boosting new home production is the best way to ease the affordability crisis, expand housing inventory and lower inflation.
The housing market appears to have passed peak mortgage rates for this cycle, and this should help to spur home buyer demand in the coming months, with the HMI component measuring future sales expectations up six points in December, said NAHB Chief Economist Robert Dietz.
Dietz added that the recent pessimism in builder confidence this fall has been somewhat counter to gains for the pace of single-family permits and starts during this time frame.
Our statistical analysis indicates that temporary and outsized differences between builder sentiment and starts occur after short-term interest rates rise dramatically, increasing the cost of land development and builder loans used by private builders, Dietz noted. In turn, higher financing costs for home builders and land developers add another headwind for housing supply in a market low on resale inventory. While the Federal Reserve is fighting inflation, state and local policymakers could also help by reducing the regulatory burdens on the cost of land development and home building, thereby allowing more attainable housing supply to the market. Looking forward, as rates moderate, this temporary difference between sentiment and construction activity will decline.
But with mortgage rates still running above 7% throughout November, per Freddie Mac data, many builders continue to reduce home prices to boost sales. In December, 36% of builders reported cutting home prices, tying the previous months high point for 2023. The average price reduction in December remained at 6%, unchanged from the previous month. Meanwhile, 60% of builders provided sales incentives of all forms in December, the same as November but down slightly from 62% in October.
Derived from a monthly survey that NAHB has been conducting for more than 35 years, the NAHB/Wells Fargo HMI gauges builder perceptions of current single-family home sales and sales expectations for the next six months as good, fair or poor. The survey also asks builders to rate traffic of prospective buyers as high to very high, average or low to very low. Scores for each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view conditions as good than poor.
The HMI index gauging traffic of prospective buyers in December rose three points 24, the component measuring sales expectations in the next six months increased six points to 45 and the component charting current sales condition held steady at 40.
Looking at the three-month moving averages for regional HMI scores, the Northeast increased two points to 51, the Midwest fell one point to 34, the South dropped three points to 39 and the West posted a four-point decline to 31.
HMI tables can be found at nahb.org/hmi. More information on housing statistics is also available at Housing Economics PLUS (formerly housingeconomics.com).
On Your Lot Homes is revolutionizing custom home building by giving home buyers more autonomy throughout the process.
COLUMBIA, Md., April 28, 2023 /PRNewswire/ -- Homebuyers looking to build their dream home will soon have the services of a Maryland custom home-building dream team at their disposal when On Your Lot (OYL) Homes launches in April.
Our mission is to empower homeowners to build their ideal home, tailored to their tastes, budget, and timeline with the support of leading industry experts across a range of disciplines who are passionate about creating homes that are as beautiful, efficient, and enriched with purposeful innovation as the people who inhabit them.
Following Money Magazine's declaration that Columbia is the best place to live in Maryland, more people are pursuing custom home-building options in Maryland; however, the problem is that most custom home builders continue to take the same old-school approach of doing things their way. But not anymore.
On Your Lot Homes offers asingle-source home-building solution that helps clients transform their dreams into reality. The companyis taking a new approach to the home-building process by offering homeowners more power to make decisions. Far from the average custom homebuilders, OYL Homes offers leading-edge processes and best practice standards to every build. The team guides customers through the entire home building process, from inspecting the lot to the final walkthrough. Throughout the process, they keep customers informed and ensure that the project is completed within the time frame. What's more, is that every build is backed by a comprehensive warranty through a national insurer.
Led by Gregory Phillips, the OYL Homes team boasts a combined expertise of nearly 100 years in land development, home building, and construction management. Together they harness their skills as well as those of the designers and contractors to streamline the process and ensure a quality custom home that buyers are proud of.
To get the ball rolling, OYL Homes can provide information on the best loan programs and rates and can also recommend qualified lenders. They also offer a list of hand-selected lots for new home construction on their website. Once they have secured a lot, customers can follow through with the custom home building process, including selecting a floor plan, interior selections, and finalizing the price.
Story continues
Phillips is excited about the company's launch in April. He said: "We are revolutionizing the homebuilding process from the ground up. We want to empower the custom home buyer by giving them more autonomy in the building process with the specialist support of our experts."
On Your Lot Homes is located at 9520 Berger Road, Suite 212 Columbia, MD 21046. For further information about On Your Lot Homes, visit http://www.oylhomes.com:
As the newly-named COO of Yankee Barn Homes, Kerri Post will oversee the day-to-day operations. Post says that attending WUHS had a massive impact on her career trajectory. Post is pictured at center with her team.
Woodstock Union High School graduate Kerri Post is making a name for herself in the world of construction and home design, as the newly appointed Chief Operating Officer (COO) of custom home-builder Yankee Barn Home (YBH). Post is the first female C-Suite executive in the companys 54-year history.
Post grew up in Bridgewater after her parents moved to the area in the hopes of providing a better education for their children. From a really young age, I was really interested in home design, said Post. As a kid, I would sketch houses and floor plans and stuff. No idea why. But it just was something that I always enjoyed doing. And then in high school, at Woodstock Union, they had drafting as a course when I was there. And I took that, and I really, really got into it.
When it came time to pursue higher education, Post says that her family wasnt in a position to send her to college. My choices were pretty limited. Thankfully, with the assistance of VSAC (Vermont Student Assistance), I had a counselor that I worked with, who encouraged me to apply for a bunch of scholarships, said Post. I ended up getting a full scholarship at Vermont Tech and I went for architectural engineering. It was truly a blessing that I was able to get that.
Post says that she never expected to achieve more than a job as a drafter. I didnt see women in any other positions. Then on a whim, I saw an ad for a home designer, and that was for Real Log Homes in Hartland. Post worked at Real Log Homes for 15 years, climbing the ranks from designer to manager. Eventually she decided to stretch her wings even further through directorial positions in various home-building companies. Then in 2013, she was approached by YBH CEO and Owner, Paul Marinelli, to join the team as head of sales and marketing. I just came in and filled in the gaps, she says.
Yankee Barn Home currently boasts about 25 employees, but Post says that when she started in 2013, that number was even smaller. When she started at the position, YBH was mainly building what she describes as semi-custom homes in New England. Now, Post says they have reached beyond New England, making a name for themselves in the New York Hamptons, and have built a number of houses across the country, including Virginia, Oregon, Washington and Michigan. Thanks in large part to Post, they have also transitioned from semi-custom to fully custom. We really have shifted in the last nine years to basically not saying no to anything, she explained. We will build you any home that you want.
Read more in the April 27 edition of the Vermont Standard.
Dan and Jenny Catones new home sits on a cliff its primary color, a dark gray, is highlighted with pops of red and theres a small tower on the top.
The house was designed by Jenny Catone who drafted the plans herself. She consulted with an architect and has been working closely with Tyler Hessenthaler of Powell-based TH Custom Builders. Dan credits a lot of the tiny details and artistic parts of the house to Jenny. The home has acid stained concrete floors, unique tile work thats been laid by Jenny and a stucco wall with a pizza oven andfireplace adorned with hand painted tiles that she had commissioned by Dan Dalton as well as other unique flourishes.
Some of the window and door frames are built with salvaged wood from old ranch structures that exist on Catones land.
Its part of the history of this area incorporated into the construction of the house itself, Dan said.
The couple paid their children to gather wood from down the hill. Dan added that some of the wood was 2 inches thick, 12 inches wide and 16 feet long. Now the pieces of wood sit prominently in the house, some of the selected chunks used as shelving are still home to lichen that lived on the wood long before it entered a new life in the home of the Catones.
The rest of the house
The rest of Catones house is equally well built and designed. The rooms and halls are spacious, a captains ladder leads to a small tower where the family can look out over the prairie and towards the McCullough Peaks. The childrens rooms have large windows and upstairs balconies where they can also enjoy the view. At the ground level Jenny designed the house to be zero entry to accommodate Dans father who uses a wheelchair. Theres a guest room with walls that emulate the warm look of tanned leather and a zero entry shower.
Moving downstairs, corrugated steel leads you into Dans man cave. Dan has a passion for cold war history and the stairs are meant to be a nod to that. When you get into the basement there is a wine cellar and in the bathroom there are hieroglyphics and pictures of Ra, the Egyptian sun god. Egyptology is another passion of Dans. He said that every year he picks a new topic to learn and several years ago he landed on Egyptology and has since fallen in love with the topic he has even traveled to Egypt.
Tyler is professional, competent and thoughtful
The Catones could not be happier with Hessenthaler, who they described as professional, competent and thoughtful. They were introduced to Hessenthaler when he stabilized their first home on the same property, which was only partially completed by a separate contractor. While assessing their first home they met contractor Greg Anderson who told them that sadly the house was not salvageable. Anderson was unable to take the project but highly recommended Hessenthaler.
Jenny designed a new home from scratch with a different floor plan but theyre still using pieces from the old house like doors, cabinets and windows. They just gave their garage roof away to a friend.
Were trying to do a slow motion demo, Jenny joked.
Dan and Jenny both appreciate Hessenthalers work as theyre racing against the clock to get into the new home.
Its just important with everybody to do a good job but with Dan and Jenny I think its important to make sure theyre happy with everything and in the know with everything, Hessenthaler said.
He added that the Catone house has been a way fun project that isnt an ordinary house,its important to take pride in what you are doing.
At the end of the day give them something to be happy with, Hessenthaler said.
Alair Homes announced a five-year environmental stewardship commitment with the Watauga Riverkeeper Thursday.To celebrate the launch, teams from both organizationsworked together, planting native trees and live stakes in the wetlands on TheMiddle Fork Greenway. The Greenway, a multi-use recreational trail, is being developed to connect Blowing Rock to Boone.
We have a unique opportunity to use our collective voices to influence others to create a cleaner, more sustainable environment, said Whitney Brown of Alair Homes Carolinas. This positive environmental impact, while seemingly small in scale, would be the first step to fostering better habits and, in turn, influencing others to live better. Change starts with us, as individuals, working together with local partners like the Watauga Riverkeeper.
Brown shared that sediment pollution is one of the top reasons for poor water quality in North Carolina and construction sites are currently the number producer of sediment pollution throughout the southeast. Alair Homes is working hard over the next five years to change that statistic and to help educate others on how they can better protect our waterways, she added.
Live staking, using woody plants, is a method of repairing stream banks using native tree cuttings to revegetate the riparian buffer. The riparian buffer consists of trees, shrubs, and grasses alongside stream banks. The trees we planted today will be three feet tall in no time, saidHigh Country Regional Director and Watauga Riverkeeper Andy Hill. It is asupercharged really effective way to plant trees. This is a really great option when building a custom home. Often, during construction, many trees are removed. This is one way the homeowner can put a little local flair into a project while helping the environment, he added.
As builders, we take out a lot of trees, Brown said. I dont know that many of us stop and think about maybe we should actually plant back some of the destruction that takes place in the construction industry, she said. Its really important for us to know that so much of the pollution in the waterways comes from construction that we try to educate ourselves but we also take the time to actually correct part of the problem.
The Watauga Riverkeeper is a program ofMountainTrues High Country Officeand a proud member of theWaterkeeper Alliance. Alair Homes High Country is a Custom home builder located at 109 Aho Rd #3, Blowing Rock, and is owned by Jeff Smith.
Category Custom Home Builders|Comments Off on Alair Homes Announces Environmental Stewardship Commitment with Watauga Riverkeeper; Kicks Off with Planting Native Trees in Floodplains – High…
PARK CITY, Utah Many things in life are subjective, like taste in music, food, art, and lighting. Yes, lighting; its an essential part of any home or business, yet it is so often overlooked. Chesley Electric invites those building, remodeling, or upgrading to its showroom, where the full range of tunable, adjustable Ketra lighting options can be seen with the touch of a screen.
Chesley Electric works with architects, designers, and other contractors from start to finish to create a perfect space in the eye of its beholder. Lighting can be fully customized to any preference and create any ambiance.
Tunable lighting offers the users ambiance for any mood, from a birthday party with all of the colors of the rainbow on display to a cozy night in reading with dim, warm lighting. The benefits of tunable lighting include sustainability, design focus, increased productivity, and even health benefits. Ketra tunable lighting is on the leading edge of lighting innovation, and for good reason; all of these options are available at your fingertips.
Chesley Electric is no stranger to adjustable lighting, which is not as new of technology as tunable. Adjustable lighting dims and brightens lighting. With adjustable lighting, you can create ambiance with the touch of a screen or a voice command. Adjustable lighting can be used in both the interior and exterior of your home.
Art buffs love these custom lighting options.
Some people want to have just a warm glow on a painting. Some people want that piece to pop, said Tim Chesley.
We have clients that have artwork from the Renaissance era, and it was painted in candlelight. They want the color temperature to be similar to what the artist was painting in. Then, youll have a plein air artist thats doing a landscape on a bright day, so their light can be adjusted to reflect that atmosphere.
Clients can bring art into the Chesley Electric showroom to play with the full range of lighting features to find the perfect shade and brightness for their pieces. Beyond artwork enhancements, Ketra accommodates cove lighting, uplighting, highlighting architectural features, indirect lighting, and daylight-responsive lighting control system.
Daylight-responsive systems detect the light quality from the outdoors to match harmoniously with the indoor light settings for a more comfortable and natural ambiance.
Daylight-responsive systems literally change the tone and the brightness. People dont realize how much they love this feature until they live with it.
The Chesley team has 30 years of expertise but for those new to lighting and all its options, the showroom is extremely helpful. Chesley Electric also works with interior designers and architects to get a clients vision to the finish line all within the budget of their choosing.
People love the showroom because they can come in and decide what type of light they like. Then they can pick light bulbs based off of the color temperature.
In addition to creating an incredibly custom home or business atmosphere, programmable lighting in homes is a huge bonus for resale value. With tunable and adjustable lighting on a control panel or smartphone app, new owners dont have to accept whatever the previous owners installed; they can adjust it from a cozy coffee shop to bright, playful art gallery.
Hilton Head Island, SC - Ambrosic Home Theater Designs, LLC, based in Hilton Head Island in South Carolina, is committed to helping locals realize their vision for a customized home theater.
Ambrosic Home Theater Designs, LLC is proud to have many years of experience designing home theaters that are both aesthetically appealing and highly functional. The company's owner and CEO, Frank Ambrosic, dabbled in the audio-video industry and founded Ambrosic Home Theater Designs, LLC in 2000, and has since become an industry leader in Custom Home Entertainment.
The company from Hilton Head Island has installed so many home theater systems that they understand there is more to it than simply purchasing the finest equipment. Essential factors that installers must consider include location, configuration, wiring, illumination, and seating arrangement.
When recommending a model, the home theater expert considers all these specifics. They ensure that the space can accommodate the home theater equipment selected by the client and that it will be arranged to provide an enjoyable viewing experience.
One of their services is a fantastic Live Streaming in Home Theater. Ambrosic Home Theater Designs, LLC is the finest in the region for installing a home theater entertainment system that allows live streaming at home. It can be indoor and outdoor. They create a fantastic outdoor entertainment experience with a high-tech outdoor system that can make any backyard feel like a private theater.
"Our outdoor entertainment systems at Ambrosic Home Theater Designs, LLC are ideal when you invite everyone to your house for a BBQ, a swim in the pool, or matchday entertainment. We add music, film, and a lighting control system to create the perfect outdoor place for family and friends," said a representative of the company.
The Hilton Head Island company is committed to providing quality service to the Bluffton area, whether the service is the construction of a brand-new home theater or renovation.
Creating a home theater is an enjoyable and stress-free experience for any family with the assistance of Ambrosic Home Theater Designs, LLC. In addition to audio and video, they offer Home Theater Design, Home Theater Installation, Outdoor Theater Entertainment, and the Modus VR. Interested parties may visit https://www.ahtdesigns.com/ for additional information on the company's offerings.
"Because we've been in the industry for a long time, we can create home theaters that meet our client's requirements and preferences. We will work with you to ensure your complete satisfaction, beginning with the consultation and ending with the installation," the company states.
Those who are interested in the finest Custom Built Home Theater Installation Services may call 843-338-5084 to contact Ambrosic Home Theater Design, LLC. They are located at 35 Wood Duck Court, Hilton Head Island, South Carolina, 29928.
###
For more information about Ambrosic Home Theater Designs, LLC, contact the company here:
Ambrosic Home Theater Designs, LLC(843) 338-5084[emailprotected]35 Wood Duck CourtHilton Head Island, SC 29928
Press Advantage is a Full-Service Press Release distribution service. Learn more at PressAdvantage.com