Philadelphia Market 1Q15: 2015 Off to a Slow Start; Market is Constrained by Limited Land and Lot Availability

Posted in Philadelphia - Market | Posted on 05-20-2015 | Written by Metrostudy News

  • 1Q15 New Home Starts in the Philadelphia region are down 11.6% YoY; starts in the Philadelphia MSA are down 21.7% YoY.
  • New subdivisions that became active in the past year are moving at a exceptionally faster pace than old legacy subdivisions
  • Overall, the region is capped by the limited supply of high valued land while also being constrained by limited lot availability in job center markets

May 2015 – Metrostudy’s survey of the Philadelphia region’s housing market shows that there were 1,978 home starts in 1Q15, down 10.6% from 4Q14 and a 11.6% decline from 1Q14. The annual starts pace ending 1Q15 stands at 9,667, a decrease of 2.6%. Closings or move-in’s saw a larger drop off of 25.7% quarter to quarter and year over year had an 11% decrease. The annual closings pace for the 1st Quarter of 2015 was 9,792 a 2.3% decrease off of the pace for 4Q14.

The Philadelphia MSA had 963 starts for 1Q15 which is down 15.8% from 4Q14. Year over year starts dropped 21.7%. Annual pace of starts came in at 4,800. That was a 5.2% decrease off of the pace last quarter. Closings for the MSA came in at 908 which is a 33% drop off of last quarter. Looking at the numbers year over year showed a decrease of 21.6%. Annual closings came in at 4,909 for 1Q15 versus the 5,160 pace last quarter which represents a 4.8% drop in pace.

“Analyzing the numbers looks like there was a big drop off in activity, but it is more about the amount of active subdivisions in the market,” said Quita Syhapanya, Director of Metrostudy’s Philadelphia market. “There were 581 active subdivisions in 1Q14 versus 501 for 1Q15. Overall the region is capped by the limited amount of supply of high valued land while also being constrained by the limited amount of finished lots that are currently available. The volume and activity can only gain momentum when the supply opens up to feed the demand. The housing market is catering towards the move up buyers only with first timers still figuring out their finances for rent versus buy. New subdivisions that became active in the past year are moving at a faster pace than old legacy subdivisions.”

The median closing price for a new home in the Philadelphia region was $337,300 an uptick of .3% quarter to quarter. Year over year change was a 3.9% increase for the 1st Quarter of 2015 over the same period last year. The median closings price for a single family home ended the 1st Quarter at $356,200. It was a small fraction of a decrease from the prior quarter. Year over year the price for a single family home increased 4.8%. Price increases the past three years for the 1st Quarter have slowed down.

In 1Q15, there were 22,548 Vacant Developed Lots (VDL) in the Philadelphia Region. Finished lots decreased by 1.3% quarter to quarter. Year over year vacant developed increased by 4.5%. The region’s vacant developed lot months of supply increased to 28 months from 27.6 the prior quarter. A healthy market supply level for equilibrium would be between 24 to 30 months.

In the Philadelphia MSA there are only 7,998 finished lots available in the market. There is 20 months’ worth of finished lots. Months of supply increased from the 19.6 months from the prior quarter due to the slight slow down in pace of annual starts. The Philadelphia MSA continues to be in short supply of available finished lots.

“Most of the new home construction occurring in Philadelphia is happening in and around the city with luxury townhomes replacing old existing row homes,” said Syhapanya. “Condos are making a big comeback in the city of Philadelphia as well. Philadelphia County only has 8.3 months of supply. Montgomery County which is an in demand market with good schools only has 15.1 months of supply. Chester and Bucks counties are both still less than 20 months of supply for finished lots with 19.8 months for both counties.”

The Philadelphia region can be broken up into three distinct markets. We have the Philadelphia Metro, South Jersey market, and Delaware market. Within each market there are submarket and specific communities that carry most of the market when it comes to activity.

The South Jersey market has various dynamics that have slowed progress in housing. There are some positive economic initiatives that could help spur further economic growth which could bring jobs and home buying activity that follows the jobs in the future. The backlog of foreclosures has most likely peaked in September of 2014 and there is light at the end of the tunnel as South Jersey works to get to a normalized housing cycle.

The state of Delaware is having a renaissance of sorts in parts of Sussex County east towards the shore and in submarkets within New Castle County. There are many advantageous of living in Delaware, including no personal property taxes, no sales tax, and social security benefits are not taxed which is a big draw for the active adult group. The new home construction numbers bear that out with the pace of starts and closings for Delaware out pacing the rest of the region. The annual pace for starts is at 3,609 and closings at 3,673. The closings pace has risen the past 3 quarters and increased 3% for 1Q15 versus the pace to end the last quarter of 2014.

The five county Philadelphia Metro has seen solid activity across all the counties. When looking at the numbers single family new home housing inventory sits at 6.7 months of supply and only 17.6 months of supply for vacant developed lots (finished lots) in the market. The Townhome/Duplex product type has been driving activity in the Philly metro area. To close out 1Q15 Townhomes/Duplex started 1,561 homes and closed 1,450 on a rolling 4 quarters. Looking at starts year over year they are up 4%. The Philadelphia Metro is under supplied across the board and even more so around prime locations with easy access to job centers.

For information contact
Quita Syhapanya
215.893.9890 x231
qsyhapanya@metrostudy.com

About Metrostudy

Metrostudy is the leading provider of primary and secondary market information to the housing and related industries nationwide. Metrostudy provides research, data, analytics and consulting services to help builders, developers, lenders, suppliers, retailers, utilities and others make investment and business decisions every day. For more information, visit www.metrostudy.com

About Hanley Wood

Hanley Wood is the premier information, media, event, and strategic marketing services company serving the residential, commercial design and construction industries. Utilizing the largest editorial- and analytics-driven construction market database, the company produces powerful market data and insights; award-winning publications, newsletters and websites; high-profile executive events; and strategic marketing solutions. To learn more, visit hanleywood.com.

 

Northern New Jersey/New York Suburbs 1Q15: Demographics are Driving the Market: Retirees go Central while Millennials Look to Rent, not buy

Posted in New Jersey Market | Posted on 05-20-2015 | Written by Metrostudy News

  • New home starts in 1Q15 were up 11.5% from 4Q14, but down 14.8% from 1Q14
  • Median closing prices for single-family homes stand at $452k, down 4.4% YoY, even as condo sales prices have risen 30% in the same period.
  • We have seen a 11.9% rise in lot deliveries, an encouraging sign for new home starts in the coming summer months.

May 2015 – Metrostudy’s 1Q15 survey of the housing market in the Central/Northern New Jersey & NY Suburbs region shows that new home construction has been constrained by the limited amount of buildable land in the region. The limited supply in desirable locations has kept a cap on new home construction activity. In parts of Hudson County as well as parts of Bergen, condo sales are driving the market.

“Overall the market has its challenges, but there are two distinct demographics that are looking to make a home in both Central & Northern NJ,” said Quita Syhapanya, Regional Director for Metrostudy’s Northern New Jersey & New York Suburbs market. “You have 55+ groups looking at towns in Central NJ and the millennial group looking to rent rather than buy. Thirty percent of the closings in Central New Jersey can be attributed to the various active adult communities being offered in this market.”

Our survey shows that this market had 756 new home starts in 1Q15, a 11.5% increase from 4Q14. Year over year, starts for the 1st Quarter showed a 14.8% decrease from an fairly decent 1Q14. Quarterly closings for the market also showed declines in activity. For the 1st Quarter there were 1,112 closings, a 2.4% decrease from 4Q14. Year over year saw a 10.3% decrease in buyers moving into their new homes. 1Q15 closings are close to the average since Metrostudy started tracking the Central/Northern New Jersey & NY suburbs in 2Q13.

The annual pace of starts and closings for a rolling 4 quarters saw a decrease of 5.9% in annual starts and a 2.6% decrease in annual closings. Annual starts for the 1st Quarter came in at 3,727 versus the 4,744 annual closings. These indicators will be important to monitor in the 2Q and 3Q when activity is at its highest.

Total housing inventory ended the 1st Quarter with 6,704 units, a 5% decrease from 4Q14. Year over year also saw a drop off by 10.8%. Units that are under construction stand at 3,356, a 2.7% decrease from 4Q14. Year over year looking at the 1st Quarter also saw a 12.4% downward swing from this time last year when there was 3,835 units under construction. Finished vacant inventory decreased by 7.4% to 3,074 from the 3,322 vacant standing units in 4Q14. Year over year it is a decrease of 12.4% which is one indicator that shows some improvements to the market. Total Inventory months of supply for the 1st Quarter is at 17 months which decreased from 17.4 months from the prior quarter. The months of supply has decreased the past three quarters and is at its lowest level since Metrostudy started tracking the market. The market is still on the high side in regards to housing inventory months of supply only because of the condo units that are in the market that still have unoccupied units.

The median closing price for a new home closed in the Northern New Jersey/NY Suburbs for the 1st Quarter was $429,200, a 2.8% decrease quarter to quarter. Year over year for the 1st Quarter saw a 10.5% increase in the median sale price of a new home. The median closing price for a single family home for 1Q15 was $452,200, which is a 4.4% decrease year over year and an 8.2% decrease from 4Q14. Condo sales prices have strengthened, with demand driving condo prices up 30% year over year.

For 1Q15 there are 9,156 Vacant Developed Lots (VDL) in the market, a .5% decrease in developed lots in the region from 4Q14. From the 1st quarter of this year versus the 1st quarter of last year there has been a 3.7% increase in developed lots. With an annual starts rate of 3,727 it would take 29.5 months to go through the remaining lots at this pace. The months of supply increased 1.2 months from last quarter. The slow-down in starts due to some weather related issues at the tail end of the quarter contributed to the increase in VDL months of supply. A healthy market supply level for equilibrium would be between 24 to 30 months. The Northern New Jersey/NY Suburban market remains in equilibrium, but is teetering on being slightly over supplied in finished lots.

“There were 714 lots delivered into the market,” said Syhapanya. “A nice uptick from the prior quarter by 11.9%. An encouraging indicator can be seen in the year over year lot deliveries where a 61.1% increase can be seen from 1Q14. There is very limited land available for new development in the market so a 61.1% year over year increase is a very good sign for possible new home starts in the summer months ahead.”

Central New Jersey has been the most active market in the region. Central NJ had 415 starts in 1Q15 which is a 32.5% jump from 4Q14. Year over year had a decrease of 11.7% in starts activity. Closings for 1Q15 showed tremendous progress with 694 closings, the most since Metrostudy started tracking the market. Big condo projects are planned for 2015 and beyond with many apartments coming online in the very near future as well. Developers are able to take advantage of the demand for housing across the Hudson from New York City to build large scale projects.

For information contact
Quita Syhapanya
215.893.9890 x231
qsyhapanya@metrostudy.com

About Metrostudy

Metrostudy is the leading provider of primary and secondary market information to the housing and related industries nationwide. Metrostudy provides research, data, analytics and consulting services to help builders, developers, lenders, suppliers, retailers, utilities and others make investment and business decisions every day. For more information, visit www.metrostudy.com

About Hanley Wood

Hanley Wood is the premier information, media, event, and strategic marketing services company serving the residential, commercial design and construction industries. Utilizing the largest editorial- and analytics-driven construction market database, the company produces powerful market data and insights; award-winning publications, newsletters and websites; high-profile executive events; and strategic marketing solutions. To learn more, visit hanleywood.com.

INLAND EMPIRE HOUSING 1Q15: A Market in Search of Qualified Buyers; Affordability Issues are Key

Posted in Inland Empire Market, Southern California Market | Posted on 05-20-2015 | Written by Metrostudy News

  • Metrostudy’s 1Q15 survey shows the Annual Starts rate in the Inland Empire is up 23.1% YoY;
  • Affordability concerns are keeping potential buyers in the rental market, with rental occupancy rates averaging 95% across Southern California
  • The difference between new and resale median prices is over $135,000 in the Inland Empire, with less than 30% of home buyers currently able to afford a new home

May 2015 – Metrostudy’s 1Q15 survey of the housing market in the Inland Empire showed the annual starts rate at 6,002, up 6.8% from 4Q14. Year-over-year annual starts experienced a significant jump from 4,875 starts in 1Q14 or up 23.1%. The current housing inventory monthly supply stands at 9.5 months, not much different than 4Q14, but it is 2.3 months higher than 1Q14. Vacant Developed Lots increased from 16,597 lots in 4Q14 to 17,002 lots in 1Q15, with monthly supply dropping from 35.5 months to 34 months during the same period. Annual Closings increased from 4,795 in 4Q14 to 5,059 in 1Q15, or up approximately 5.5%. Since 4Q14, quarterly closings have decreased from 1,490 to 1,296 or down 13%.

 “The highest volume of 1Q15 starts occurred in the following price segments: $300k – $400k (37% of starts) and $400k – $500k (28%),” said Dennis Handler, Director of Metrostudy’s Southern California region. “Approximately 81% and 85% of housing inventory and VDL inventory falls below the $500k range, respectively.

Starts by County (4Q14 to 1Q15)

Riverside County starts increased from 702 to 945 (+34.6%), and annual starts increased from 3,790 to 3,956 (+42.6%).

San Bernardino County quarterly starts increased from 490 to 583 (+19%), and annual starts increased from 1,827 to 2,046 (+12%).

Closings By County (4Q14 to 1Q15)

Riverside County closings decreased from 1027 to 910 (-11.4%), and annual closings increased from 3,246 to 3,444 (+6.2%).

San Bernardino County closings decreased from 463 to 386 (-16.6%), and annual closings increased from 1,549 to 1,615 (+4.3%).

Vacant Developed Lot Inventory (4Q14 to 1Q15)

Riverside County VDL’s increased from 8,804 lots to 8,995 lots (+2.2%). VDL monthly supply is 27.3 months.

San Bernardino County VDL’s increased from 7,793 lots to 8,007 lots (+2.7%). VDL monthly supply is 47 months.

In 1Q15, the Inland Empire real estate market experienced similar characteristics to the broader Southern California market, as resale transactions dropped off considerably. However, resale inventory remains fairly strong at a 6-month supply and prices of both new and resale homes have displayed positive appreciation. Unfortunately, the average days on market for resale homes remain in the 115-day range with no foreseeable change in this trend. New construction annual starts and annual closings have continued to display further separation as closings maintained a fairly flat trend through half of 1Q15 while starts began to accelerate. Since 2011, annual starts and closings have more-or-less been in-line with each other offering positive energy and confidence for the builder community. In addition, inventory levels have begun to creep up, specifically finished vacant home inventory. Overall, the Inland Empire market appears to have lost some momentum due to a drop in consumer demand and limited affordable product supply.

“Fundamentally, the economic conditions are favorably moving in the right direction due to consistent job growth and lower unemployment, low interest rates, and growing consumer confidence,” said Handler. “Affordability and number of qualified buyers are still primary factors that have a significant impact on the new home buyer market. The difference between new and resale median prices is over $135,000 in the Inland Empire, with less than 30% of home buyers currently able to afford a new home, which combined with limited product inventory at the lower-end of the price spectrum, has major implications on the home building industry through the balance of 2015. Alternatively, the rental market continues to benefit as rental rates are expected to remain stable with occupancy rates averaging 95% across Southern California.”

In general, the Inland Empire is experiencing a relatively stable economic environment. Optimism for gradual economic improvement remains strong and expected to continue through 2Q15. The job market is also maintaining a steady flow of new jobs with unemployment rates continuing to move closer to the national average. Interest rates are still low, with no foreseeable increase in the short-term, and the housing market is also operating at a stable and manageable pace.

For information contact: Dennis Handler
email: dhandler@metrostudy.com

About Metrostudy

Metrostudy, a Hanley Wood company, is the leading provider of primary and secondary market information to the housing and related industries nationwide.  Established in 1975 in Houston, Metrostudy provides research, data, analytics and consulting services that help builders, developers, lenders, suppliers, retailers, utilities and others make investment and business decisions every day.  www.metrostudy.com

About Hanley Wood

Hanley Wood is the premier information, media, event, and strategic marketing services company serving the residential, commercial design and construction industries. Utilizing the largest editorial- and analytics-driven construction market database, the company produces powerful market data and insights; award-winning publications, newsletters and websites; marquee trade shows and executive events; and strategic marketing solutions. To learn more, visit hanleywood.com.

CALIFORNIA COASTAL COUNTIES 1Q15 Housing: Affordability is the Story as Production Moves to Higher Price Points

Posted in Southern California Market | Posted on 05-20-2015 | Written by Metrostudy News

  • Metrostudy’s survey of 1Q15 new home starts in the Coastal Counties shows a decline of 30% from 1Q14
  • Affordability is key as starts at lower price points are squeezed out – 28% of 1Q15 starts were over $900k
  • In both Los Angeles and Orange counties, less than 30% of home buyers can currently afford to purchase a new home, which combined with limited product inventory at the lower-end of the price spectrum, has major implications on the home building industry moving forward through 2015.

May 2015 – Metrostudy’s 1Q15 survey of the new home market in California’s coastal counties – Los Angeles, Orange, and Ventura – shows that annual new home starts stand at 8,040, down 9.2% from 4Q14 levels. Year-over-year first quarter starts experienced a significant decline from 2,731 starts to 1,910 or -30%. The current housing inventory monthly supply stands at 8.9 months, which is also just slightly up from 8.6 months in 4Q14. Vacant Developed Lots increased from 7,350 lots to 7,410 lots in 1Q15 or from a 10-month supply to 11.1 month supply as Builders continue to assess the absorption rates across their new communities before adding more to the current supply. Annual Closings decreased from 8,259 in 4Q14 to 8,034 in 1Q15, or down approximately 3%. Since 4Q14, quarterly closings have decreased from 2,104 to 1,875 or 11%.

 The highest volume of 1Q15 starts occurred in these major price segments: $900k< (28% of starts), $400k – $500k (16%), $500k – $600k (15%) and $600k-$700k (12%),” said Dennis Handler, Director of Metrostudy’s Southern California region. “Approximately 56% and 50% of housing inventory and VDL inventory falls above the $700k range, respectively.”

Starts by County (4Q14 to 1Q15)

  • Los Angeles County starts increased from 654 to 889 (+36%), yet annual starts decreased from 3,810 to 3,415 (-10.4%).
  • Orange County quarterly starts decreased from 950 to 888 (-6.5%), and annual starts decreased from 4,383 to 3,985 (-9%).
  • Ventura County starts decreased from 165 to 133 (-19.4%), and annual starts decreased from 668 to 640 (-4.2%).

Closings By County (4Q14 to 1Q15)

  • Los Angeles County closings decreased from 851 to 760 (-11%), and annual closings decreased from 3,464 to 3,210 (-7%).
  • Orange County closings decreased from 1,158 to 932 (-19.5%), and annual closings decreased from 4,293 to 4,258 (-1%).
  • Ventura County closings increased from 95 to 183 (+93%), and annual closings increased from 502 to 566 (+12.7%).

Vacant Developed Lot Inventory (4Q14 to 1Q15)

  • Los Angeles County VDL’s increased from 3,005 lots to 3,170 lots (+5.5%). VDL monthly supply is 11.1 months.
  • Orange County VDL’s decreased from 3,565 lots to 3,479 lots (-2.4%). VDL monthly supply is 10.5 months.
  • Ventura County VDL’s decreased from 780 lots to 761 lots (-2.4%). VDL montly supply is 14.3 months.

The Southern California real estate market has continued to display a slowdown in 1Q15 as new construction annual starts and closings have begun to teeter down along with declining resale transactions and longer average days on market. Fundamentally, the economic conditions are favorably moving in the right direction due to consistent job growth and lower unemployment, low interest rates, and growing consumer confidence.

“Affordability and number of qualified buyers, however, are still primary factors that have a significant impact on the new home market,” said Handler. “The difference between new and resale median prices is over $250,000 in Orange County and over $100,000 in Los Angeles County. In both counties, less than 30% of home buyers can currently afford to purchase a new home, which combined with limited product inventory at the lower-end of the price spectrum, has major implications on the home building industry moving forward through 2015. Alternatively, the rental market continues to benefit as rental rates are expected to remain stable with occupancy rates averaging 95% across Southern California.”

Going forward through 2015, builders should expect the Southern California market to continue along a fairly uneventful path. As it stands today, traffic at subdivisions is moderately improving, yet conversions are still struggling to stay above 1.7% and average weekly sales contracts are barely above one per week. Builders are competing for a very small buyer pool relative to the resale market, which is going to make effective marketing strategies and a strong understanding of buyer segmentation and preferences even more important in order to attract and convert new home buyer prospects.

For information contact:
Dennis Handler
dhandler@metrostudy.com

About Metrostudy

Metrostudy is the leading provider of primary and secondary market information to the housing and related industries nationwide. Metrostudy provides research, data, analytics and consulting services to help builders, developers, lenders, suppliers, retailers, utilities and others make investment and business decisions every day. For more information, visit www.metrostudy.com

About Hanley Wood

Hanley Wood, LLC is the premier information, media, event, and strategic marketing services company serving the residential, commercial design and construction industries. Utilizing the largest editorial- and analytics-driven construction market database, the company produces powerful market data and insights; award-winning publications, newsletters and websites; marquee trade shows and executive events; and strategic marketing solutions. To learn more, visit hanleywood.com.

 

San Diego Housing 1Q15: The Market is Squeezed as Fewer Residents Can Afford New Home Product

Posted in San Diego Market | Posted on 05-20-2015 | Written by Metrostudy News

  • Our 1Q15 survey shows annual new home starts through 1Q15 down 21.3% from 1Q14 levels.
  • The Average price of a new home stands at $850k in 1Q15, down 11.5% from 4Q14
  • The difference between new and resale median prices is nearly $170,000 in San Diego County, with less than 23% of home buyers currently able to afford a new home.

May 2015 – Metrostudy’s 1Q15 survey of the San Diego County market shows annual new home starts decreased from 2,373 in 4Q14 to 2,188 in 1Q15, or down 7.8%. Year-over-year annual starts dropped 21.3% from 2,789 starts since 1Q14. Annual Closings increased from 2,235 in 4Q14 to 2,351 in 1Q15, or up approximately 5.2%. Since 4Q14, quarterly closings have increased from 467 to 576 or +23.3%.

Housing Inventory supply stands at 10.9 months, with levels increasing slightly from 2,103 lots in 4Q14 to 2,141 in 1Q15 lots (+1.8%). Vacant Developed Lot Inventory increased from 3,965 lots in 4Q14 to 4,040 lots in 1Q15, with monthly supply increasing from 20.1 months to 22.2 months during the same period.

“Starts by Price Range are broadly distributed across all major price ranges, with 26.1% of starts showing up above the $900,000 mark,” said Dennis Handler, Director of Metrostudy’s San Diego market. “Approximately 48% and 56% of housing inventory and VDL inventory falls below the $500k range, respectively. Single-Family Permit Activity through the first two months of 2015 totaled 687 permits, approximately 27% of total permits that were approved for all of 2014.”

Average resale price for single family detached homes increased from $618,556 in 4Q14 to $655,844 in 1Q15, or +6%. For all product types combined, the average resale price increased from $545,586 in 4Q14 to $582,139 in 1Q15 or +6.7%.  New annual average price for single family detached decreased from $960,948 in 4Q14 to $849,869 in 1Q15 or -11.5%. For all product types combined, the average new price decreased from $758,998 in 4Q14 to $713,804 in 1Q15 or -6.0%.

In 1Q15, San Diego County experienced similar characteristics to the broader Southern California market, as resale and new home transactions dropped off nearly 9% and 46%, respectively. However, resale inventory remains fairly low at a 4.4-month supply while new home housing inventory rests closer to an 11-month level. Currently, housing inventory and Vacant Developed Lot monthly supply levels appear relatively stable so long as starts and closings can maintain a somewhat close correlation.

“Average prices for new and resale homes moved in opposite directions as resale prices trended up approximately 6% and new home prices dropped by just over 11% due primarily to affordability of resales versus new homes, as well as builders increasing sales of smaller and more affordable product,” said Handler. “Average days on market for resale homes remain in the 80-day range with no foreseeable change in this trend. Fundamentally, the economic conditions are favorably moving in the right direction due to consistent job growth and lower unemployment, low interest rates, and growing consumer confidence. Builders are addressing affordability by offering smaller new product options at the low-mid range of the buyer price spectrum, thus driving buyer curiosity and higher levels of traffic to new subdivisions.”

Affordability and number of qualified buyers are still primary factors that have a significant impact on the new home buyer market. The difference between new and resale median prices is nearly $170,000 in San Diego County, with less than 23% of home buyers currently able to afford a new home, which combined with limited product inventory at the lower-end of the price spectrum, has major implications on the home building industry through the balance of 2015. Alternatively, the rental market continues to benefit as rental rates are expected to remain stable with occupancy rates averaging 95% across Southern California.

Going forward, builders should expect San Diego County to continue along a fairly stable path. As it stands today, traffic at subdivisions is moderately improving, with a strong bump in activity in 2Q15, yet conversions are still struggling to stay above 1.5% and average weekly sales contracts are averaging less than one per week. Builders are competing for a very small buyer pool relative to the resale market, which is going to make effective marketing strategies and a strong understanding of buyer segmentation and preferences even more important in order to attract and convert new home buyer prospects.

For information contact:
Dennis Handler
dhandler@metrostudy.com

About Metrostudy

Metrostudy is the leading provider of primary and secondary market information to the housing and related industries nationwide. Metrostudy provides research, data, analytics and consulting services to help builders, developers, lenders, suppliers, retailers, utilities and others make investment and business decisions every day. For more information, visit www.metrostudy.com

About Hanley Wood

Hanley Wood, LLC is the premier information, media, event, and strategic marketing services company serving the residential, commercial design and construction industries. Utilizing the largest editorial- and analytics-driven construction market database, the company produces powerful market data and insights; award-winning publications, newsletters and websites; marquee trade shows and executive events; and strategic marketing solutions. To learn more, visit hanleywood.com.

 

Maryland Housing 1Q15: 2015 Starts Flat – Still on Target for Growth

Posted in Maryland Market | Posted on 05-18-2015 | Written by Metrostudy News

  • Our 1Q15 survey shows new home starts up 2% YoY, caused mainly by a resurgence of mid to high-rise condo activity in the District and Bethesda;
  • We are seeing the highest rate of starts in Anne Arundel county, which is up 34% YoY; the Washington DC rate is also up 23%
  • There is more upward pressure on home prices in Suburban Maryland compared to Baltimore, which is more balanced.

May 2015 – According to the Metrostudy quarterly survey, home starts, attached and detached, in Maryland – which includes nearly the entire state save the Eastern Shore south of Queen Anne’s County – numbered 9,466 during the year ending 1Q15. This is up 2 percent from the previous year, but we are seeing a resurgence of mid to high-rise condo activity in the District and Bethesda. Excluding this product type, annual starts numbered 8,869, which is essentially flat compared to a year ago. (NOTE: Metrostudy includes The District in our Maryland territory.)

In the resale home market, supply is growing while sales are increasing, both of which are signs of confidence in the housing market at this stage of the cycle. March resale listings in Maryland numbered 19,706 units, attached and detached, which is up 10 percent from a year ago – even though it is down since September 2014 due to seasonality. Resale inventory now measures 4.1 months of supply, which is similar to one year ago and just below normal by historical standards. This figure is a little higher in Baltimore at 4.6 months and lower in Suburban Maryland at 3.6 months. There is more upward pressure on home prices in Suburban Maryland compared to Baltimore, which is more balanced.

During the year ending in March, Maryland MLS sales numbered 57,800 units, which is up 6 percent from one year ago. Annual sales in Baltimore Metro are up 8 percent, a larger increase perhaps because it has more supply compared to Suburban Maryland.

“The median price of a home sold in Maryland through the MLS reached $255,250 in March, a 1.9% increase from a year ago,” said Ben Sage, Director of Metrostudy’s Mid-Atlantic Region. “The median price in Suburban Maryland is $277,500, which is up 2.3% from one year ago, while Baltimore – at $230,000 – is up 1.1%. Median price is not the best indicator of home price appreciation. According to Clear Capital’s repeat-sales index for 1Q15, home values are up 2.9% year-over-year in the DC Metro area but down 1.8% in Baltimore.”

In terms of starts activity, Maryland is now led by Anne Arundel, which surpassed Montgomery and Prince George’s thanks to a surge of starts in the first quarter. Anne Arundel’s 1,425 starts over the past year represent a 34 percent increase from a year ago. Washington DC is also expanding, as the 923 annual starts in that area represent a 23 percent increase from this time last year. Furthermore, Baltimore County, Charles, and Frederick all registered notable gains of 12 to 19 percent. Among the counties that lost market share, Howard gave up the most ground. The 854 starts represent a 29 percent decline from a year ago. This is largely due to an under-supply of lots, as Howard remains a desirable destination. Last quarter we noted the return of mid to highrise condo construction in the District, and it should be noted that Bethesda is a hot spot for this product type as well.

The overall inventory of vacant developed lots (VDL), or finished lots, numbers 12,845, which is essentially even with last year. This is for all product types, including attached product as well as custom lots. The corresponding months of supply has remained steady for the last 7 quarters. Current supply of 16 months is quite low, as this is one of the most land constrained markets in the country. The only market area with more than enough lots is Cecil.

As new-home demand has declined slightly, it appears that builders remain disciplined with spec inventory. Finished vacant new homes number 1,932 units in Maryland, which would last 2.6 months at the current closings pace. Single family and townhome product accounts for 88 percent of Maryland starts, and their combined months of supply measures only 1.4 months. While this is up slightly from 1.3 months one year ago, it is still quite low.

While starts in Maryland (excluding mid and highrise condos) are flat, builder feedback has been generally positive. In Metrostudy’s weekly builder survey, builders are reporting an average of 2.5 sales per month per subdivision so far this year, which is up from 2.3 per month over the same time last year. Given the continued low mortgage rates and lower gas prices, we might have expected more sales activity, but Maryland is on target for our forecasted 5 percent increase in starts this year.

For information contact
Ben Sage
703.574.8429
bsage@metrostudy.com

About Metrostudy

Metrostudy is the leading provider of primary and secondary market information to the housing and related industries nationwide. Metrostudy provides research, data, analytics and consulting services to help builders, developers, lenders, suppliers, retailers, utilities and others make investment and business decisions every day. For more information, visit www.metrostudy.com

About Hanley Wood

Hanley Wood is the premier information, media, event, and strategic marketing services company serving the residential, commercial design and construction industries. Utilizing the largest editorial- and analytics-driven construction market database, the company produces powerful market data and insights; award-winning publications, newsletters and websites; high-profile executive events; and strategic marketing solutions. To learn more, visit hanleywood.com.

Phoenix Housing 1Q15: 2015 Starts Strong; Economic Consistency is Key

Posted in Phoenix - Tucson Market | Posted on 05-18-2015 | Written by Metrostudy News

  • Sales have been positive – when will the price appreciation begin?
  • Consistency in job growth and wage increases hold the key to maintaining and improving starts numbers
  • Builders optimistic but cautious about 2015 closings – is the subcontractor base large enough to meet current demand?
  • Metrostudy’ s forecast remains unchanged: 8% starts growth in 2015

May 2015 – According to the Metrostudy 1Q15 survey, home starts, attached and detached, in the Phoenix area numbered 10,160 over the last four quarters. 4Q14 annual starts were down significantly year over year at 14%. This was not unexpected as builders were much more pessimistic going into 2015 than 2014. Due to the 2014 decrease we did not see much improvement in the annual start numbers up only 1% annually. This raises a few questions if you have been watching sales numbers during the first quarter.

MLS single family monthly sales have seen solid growth showing 16% growth year over year up to 7,326 during the month of March. Annual sales year over year are still down 5% to 73,622. That is driven by the market contraction we started to see in March/April 2014. Though the annual sales number is still down it has steadily been improving 3% month over month, which substantiates that there are more buyers in the market for new homes and resales.

“With sales on the rise and median MLS single family pricing seeing a solid increase of 7% the market vibe has cautious but positive vibepositive,” said Rachel Cantor, Director of Metrostudy’s Phoenix region. “The solid price appreciation seen in the resale market is a good sign. The plan is this price appreciation will be felt on the new home side late Q2 2015. MLS inventory did raise some questions as it has seen a solid decrease over the past quarter down 16% from March 2014. The Phoenix resale market is still below the equilibrium currently holding 3.4 months of supply and days on market has seen a slow increase to 93 days. With inventory continuing to drop we may begin to see a supply issue that could push buyers to new homes and sellers to the market. It is only a watch item at this time.”

As always the highs and lows of the market are driven by the SE Valley. With a major gain in SE Valley 1Q14 to 1Q15 (starts up 26.8%) we can see the market improvement. One submarket does not make the entire market so though the growth is definitely notable more of a shared starts growth is needed before we start projecting larger growth than the projected 8% for the Phoenix metro area. Low starts growth can be attributed to less spec building. If we look back at 1Q14 builders were just starting to pull back on starts as the market was retracting. Another question mark is do we have the subcontractor base in place to support larger growth. The SE Valley is now driving 40% of starts for the market so builders may be searching for contractors in the other submarkets which could also be leading to the slower starts. With increased sales, most builders are still providing some type of incentive but it appears that the war on incentives has become less volatile.

Annual closings showed a slight decrease year over year down 1.8% (45 closings). As we watch the SE Valley again leading the closings charge with 17.6% increase (152 closings). The NE Valley also showed a 26% improvement with 32 additional closings year over year. Closing increases definitely spark our interest because at the end of the day that is how builders make their money.

Inventory in the form of finished vacant (FV) units saw a slight decrease down to 2.8 months with a total unit count of 2,394. It is within the market equilibrium and builders have been careful managing the unit count. The overall inventory of vacant developed lots (VDL) continued to rise in Q1. The slight increases indicate that we are bringing slightly more inventory to market than is being absorbed. Since the market boom, the Phoenix market has held a larger than typical VDL count and months of supply are driven by start changes. Phoenix is carrying about 25,000 D lots “dead lots” across the market. These lots have streets completed but are currently in undesirable locations for the builder and not completely finished in some cases. .

Q2 2015 will really set the market for 2016 – 2017 as builders will have to make the decision on their expected growth. Planning for future growth of 15-20% is not a realistic expectation based on what we have seen historically. It is also not clear that we can build them if we sell them. If we can continue to see consistent job growth like we have seen in the trade base then I would feel more comfortable that we can meet the larger demand.

“Overall we have some solid indicators in the Phoenix market,” said Cantor. “It was expected that we would see some growth from those exiting the penalty box this year, but it appears that more of the buyer drive is from consumer confidence. Also it appears that buyers are more qualified – also another bonus for homebuilders. With continued solid economic growth in the form of jobs and hopefully wages to follow then the growth will be sustainable. My previous forecast of 8% starts growth (11,800) remains in place. “

For information contact:
Rachel Cantor
480.588.1585
rcantor@metrostudy.com

About Metrostudy

Metrostudy is the leading provider of primary and secondary market information to the housing and related industries nationwide. Metrostudy provides research, data, analytics and consulting services to help builders, developers, lenders, suppliers, retailers, utilities and others make investment and business decisions every day. For more information, visit www.metrostudy.com

About Hanley Wood

Hanley Wood is the premier information, media, event, and strategic marketing services company serving the residential, commercial design and construction industries. Utilizing the largest editorial- and analytics-driven construction market database, the company produces powerful market data and insights; award-winning publications, newsletters and websites; high-profile executive events; and strategic marketing solutions. To learn more, visit hanleywood.com.

TAMPA 1Q15 HOUSING: Job Growth is Back – and Housing Demand is Growing With It

Posted in Tampa Market | Posted on 05-14-2015 | Written by Metrostudy News

  • 1Q15 New Home Starts were up 24.5% over 1Q14 levels
  • The Tampa region is now at 99% Peak Employment – and we are starting to see the effects of that on the Housing Market
  • Wildcards in Demand include Pricing and Availability of Entry Level Product 

May 2015 – Metrostudy’s 1Q15 survey of the Tampa housing market shows that 1,422 single-family units were started in the quarter, up 24.5% over 1Q14 levels. The annual starts rate, compared to last year, decreased by 12 starts or 0.2%, to 6,122 annual starts. Single-family quarterly closings totaled 1,364 units, down 7.5% from 1Q14. The annual closings rate was 5,695 units, 10.9% below the annual closings rate of 6,394 units for the twelve months ending 1Q14.

“A quarter ago, we were questioning lack of job growth and its affect upon housing demand,” said Tony Polito, Director of Metrostudy’s Tampa Market. “With one stroke of the government pen in March, Tampa Bay job growth was restated to add 18,000 additional jobs. Moreover, our unemployment rate has dropped by 1.1 percent over the last twelve months. Couple this with higher household formations, lower gas prices and wage growth, demand for housing is improving. Coming out of the Great Recession we stated that Tampa will not return to average housing activity until the workforce size fully recovers to prerecession levels. As of March, Tampa is at 99% of the peak employment level. If job creation continues at the current pace, Tampa will set a new peak employment level sometime in 2015. The wildcards in demand moving forward will be pricing, availability of entry level product and potential interest rate increases.”

The chart below shows annual starts by price range since 1Q12:

Tampa-Fig6

Total single-family inventory, which is composed of units under construction, finished vacant and models equaled 3,772 units on the ground at the end of the 1st Quarter of 2015; an 7.9-month supply. Inventories grew by 13.2% compared to 1st Quarter of 2014.

Compared to last year, the number of units under construction rose by 361 homes to 1,898 homes. Finished vacant inventory (non-condo) increased by 2.8% from 1,101 units last year to 1,132 this year. However, the number of move-ins exceeded completions during 1Q and FV inventory decreased by 39 units versus 4Q14. The FV months of supply held steady at 2.4 months.

This quarter, 2,295 lots were delivered to the Tampa market, up 79% from 1Q14. Vacant developed lot inventory stands at 33,133 lots, an increase of 16.6% from last year. Based upon the annual start rate, this level of lot inventory represents a 64.9 month supply, an increase of 9.3 months compared to last year.

 Hillsborough County remained the most active county within the Tampa market. However, it lost market share, down to 61.6% as of March 31, 2015 as quarterly starts went from 891 in 4Q14 to 893 for 1Q15. Market share in Pasco County for 1Q 15 improved 25.9% as quarterly starts increased from 320 in 4Q14 to 389 for 1Q15. The VDL supply for Hillsborough County stood at 31.1 months, and the VDL supply in Pasco stood at 49.8 months as of March 31, 2015. These two major counties accounted for 87.5% of all annual start activity in Tampa Bay as of 1Q 2015. For the twelve months ending March 2015, annual new home starts in price ranges under $200k totaled 1,608 units. This was up 1.2% from the 1Q 2014 annual activity in prices less than $200k. New home starts in prices over $200k totaled 4,514 units, which were down 0.7% for 1Q2015 versus 1Q2014.

A review of deed records thru February indicates prices are increasing from 4Q2014 as year-end purchase incentives have been reduced. Surprisingly, new SF detached homes closed in Pasco in January and February averaged $317.8K for 2,830 SF versus $290.7k for 2,723 SF in Hillsborough.

For the first three months of 2015, MLS SF sales were up 22.5% from the same period of 2014 with 9,866 sales. The median home price in March 2015 was $166,900, up 11.3% from March 2014. The other significant trends involve new housing inventory. Finished Vacant units fell by 39 units during 1Q 2015 and at 2.4 months, the supply of FV units still needs to come down nearer to 1.5 months. The backlog of under construction units grew from 1,798 units as of December 2014 to 1,898 units as of March 2015. The UC months of supply has grown from 3.7 months for 4Q 2014 to 4.0 months as of 1Q 2015, as 270 less units were completed.

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The table below ranks the top ten communities in the market by annual starts.

Community (Area)                             Ann Starts

Magnolia Park ………………………………………… 205

Valencia Lakes ……………………………………….. 180

Hawks Point ……………………………………………. 173

Sun City Center ………………………………………. 157

FishHawk Ranch ……………………………………. 155

Waterset ………………………………………………….. 150

Ayersworth Glen ……………………………………. 143

K-Bar Ranch ……………………………………………. 136

Lake Brandon …………………………………………. 136

Cypress Creek ………………………………………… 128

For information contact:
Tony Polito
813.888.5151
tpolito@metrostudy.com

About Metrostudy

Metrostudy is the leading provider of primary and secondary market information to the housing and related industries nationwide. Metrostudy provides research, data, analytics and consulting services to help builders, developers, lenders, suppliers, retailers, utilities and others make investment and business decisions every day. For more information, visit www.metrostudy.com

About Hanley Wood

Hanley Wood is the premier information, media, event, and strategic marketing services company serving the residential, commercial design and construction industries. Utilizing the largest editorial- and analytics-driven construction market database, the company produces powerful market data and insights; award-winning publications, newsletters and websites; high-profile executive events; and strategic marketing solutions. To learn more, visit hanleywood.com.

SARASOTA HOUSING 1Q15: Despite Rising Prices, Retiree Demand is Still Strong

Posted in Sarasota - Bradenton Market, Sarasota Condo Market | Posted on 05-12-2015 | Written by Metrostudy News

  • 1Q15 New Home Starts are up 1.6% from 1Q14 and the annual starts rate was up 2.5% YoY
  • We continue to see a squeeze on housing starts in the lower price ranges, as starts under $250k are down 15.3% YoY
  • Demographic shifts – most notably an increase over-65 population in the coming five years – are still driving growth in this market.

May 2015 – Metrostudy’s 1Q15 survey of the Sarasota-Bradenton market showed 894 single family units started in the first quarter of 2015, up 1.6% from 1Q14 and a 0.8% decline from 4Q14’s total. The annual start rate compared to last year increased by 2.5%, to 3,837 annual starts. Single-family quarterly closings totaled 914 units, which was 0.8% lower than the same quarter last year. The annual closings rate was 3,665 units per year, which was 6.2% above the annual closings rate in the same quarter last year.

The chart below shows the trend in annual starts by price range since 1Q12:

Chart6

“For the twelve months ending March 31, 2015, new homes starts in price ranges under $250k totaled 1,324 units, down 15.3% from the 1Q2014 annual levels,” said Tony Polito, Regional Director of Metrostudy’s Sarasota market. “Annual new homes starts in prices over $250k were up 15.3% for the twelve months ending March 31, 2015 versus 1Q2014.”

During 1Q2015, Manatee County recorded 513 housing starts, down 4.5% from 4Q2014 but up 8.7% compared to 1Q14. During 1Q15, Sarasota County recorded 343 housing starts, up 7.9% versus 4Q14 but down 5.5% compared to 1Q14.

Total single-family inventory, which is composed of units under construction, finished vacant and models, equaled 1,971 units on the ground at the end of the first quarter, a 6.5 month supply. Inventories increased by 9.6% compared to the same quarter last year.

Compared to last year, under construction inventory rose by 129 units to 1,414. Finished vacant inventory increased by 4.7% from 318 units last year to 333 this year. However, the number of completions exceeded move-ins during the quarter and FV inventory increased by 1 unit.

The final significant trend worth noting is new housing inventory. The supply of finished vacant housing units has been dropping since 4Q06. As of March 31, 2015, the months of supply of FV units for all of Sarasota/Bradenton stood at 1.1 months, below our equilibrium range of 1.5-2.0 months. The County by County finished vacant supply indicated that Manatee County is still below equilibrium level of FV supply at 1.4 months. Sarasota County was even further below equilibrium at 0.6 months. At 1.5 months, Charlotte County was at an equilibrium level. The UC months of supply are up slightly from 4.5 months a year ago to 4.6 months in 1Q2015. The Sarasota market’s inventory levels are very well balanced and show no negative signs. In fact, the market can still use some additional “spec” units.

“Sarasota’s employment is cyclical with employment rising into the “Snowbird Season”,” said Polito. “While this is a positive for housing demand, retirees still drive the Sarasota/Bradenton market. In 2015, the number of people turning 65 will be slightly less than those that turned 65 in 2014. However, in 2016, the number of people turning 65 will jump by 4% and will continue to increase for the following five years. Our forecast for 2015 is for moderate growth in housing starts in the 5 – 10% range and then stronger growth in 2016. In another piece of good news, Gallup just named the Sarasota MSA as the “Happiest City in America”, which should continue to drive retiree demand. Metrostudy expects moderate price increases in 2015 for all three counties with Sarasota County still commanding a price premium.”

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The table below ranks the top ten communities in the market by annual starts.

Community (Area)                                    Ann Starts

Lakewood Ranch ………………………………………… 498

The West Villages ……………………………………….. 376

Palmer Ranch …………………………………………….. 189

Harrison Ranch ………………………………………….. 126

Grand Palm ………………………………………………. 112

Heritage Harbour ……………………………………….. 110

University Groves ……………………………………….. 105

Venetian Golf & River Club ………………………….. 82

Sarasota National ………………………………………… 78

Greyhawk Landing ………………………………………. 76

For information contact:
Tony Polito
813.888.5151
tpolito@metrostudy.com

About Metrostudy

Metrostudy is the leading provider of primary and secondary market information to the housing and related industries nationwide. Metrostudy provides research, data, analytics and consulting services to help builders, developers, lenders, suppliers, retailers, utilities and others make investment and business decisions every day. For more information, visit www.metrostudy.com

About Hanley Wood
Hanley Wood is the premier information, media, event, and strategic marketing services company serving the residential, commercial design and construction industries. Utilizing the largest editorial- and analytics-driven construction market database, the company produces powerful market data and insights; award-winning publications, newsletters and websites; high-profile executive events; and strategic marketing solutions. To learn more, visit hanleywood.com.

 

TWIN CITIES HOUSING 1Q15: Despite Strength in the Economy, Regulation & Rising Costs are Pushing Buyers into the Resale Market

Posted in Twin Cities Market | Posted on 05-12-2015 | Written by Metrostudy News

  • Despite many signs of economic growth, the Minneapolis/St. Paul market’s 1Q15’s starts and closing numbers are the lowest in three years.
  • The annual rate of new home starts continues to trend down, with starts through 1Q15 down 9.4% from 1Q14’s numbers
  • Low levels of lot supply in some markets and submarkets have had the effect of restricting demand and increasing prices at a time when demand has declined and prospective buyers are price sensitive.

May 2015 – Metrostudy’s 1Q15 survey of the Twin Cities’ new home market shows that during the most recent twelve-month period, there were a total of 5,354 new housing units started, down 9.4% from the 1Q14 annual rate. The 996 units started in 1Q15 represent a decline of 9.0% compared to the 1Q14 starts total. The annual rate of closings is at 5,131 units, down 10.5% compared to the 1Q14 annual rate. The annual rate of new home starts has been steadily declining since the end of 2013, with a consistent drop of nearly 10% each quarter.

“Even in the face of strong job growth numbers, very low unemployment, and recent income growth, starts and closing numbers are at the lowest first quarter level in three years,” said Chris Huecksteadt, Director of Metrostudy’s Twin Cities’ market. “Rising construction costs, development costs, increased regulation (energy code and sprinklers for example) have all negatively impacted the potential for growth in the local housing market. In many markets and submarkets, the gap in price between an existing home and a newly constructed home continues to widen, ranging from $125,000 to $225,000. Although the size of a new home is typically significantly larger than that of an existing home, it may still be a bit much for the consumer to swallow, especially for the first time buyer or younger family that cannot afford a new home.”

Nearly every Twin Cities sub-market tracked by Metrostudy saw a decline in construction activity in the first quarter of this year compared to the prior year. Hennepin County is the most dramatic exception, with new home starts in the first quarter up 11.4% from the prior year. The low levels of lot supply in some markets and submarkets have had the impact of restricting demand and increasing prices at a time when demand has declined and prospective buyers are price sensitive.

As overall demand for new homes in the market has slowed, inventory has risen. Since mid-2013, the amount of standing new home inventory has increased 87%. Currently there is a 1.7 month supply of finished and vacant inventory in the Twin Cities market, well below the estimated normal level of 2.5 months, but up from the 1.0 month supply a year ago. With the recent downturn in the pace of new home construction (the rate of lot absorption), and a static level of vacant developed lot inventory, the months of supply for lots in the Twin Cities has, over the past three quarters, risen. The current overall supply of lot inventory stands at 47.0 months. Builders and developers are both feeling the squeeze from a lack of quality lots in desirable locations, leading to more acquisition and development activity. While the overall market shows a slight oversupply of lots, lots in many of the most desirable locations are becoming more and more scarce, leading builders to seek land and lot opportunities in those markets (driving up the price of land) as well as some secondary markets.

 “Although many reports from the field indicate decent levels of traffic – due likely in no small part to the annual Parade of Homes – sales and construction are below the levels expected in the first quarter,” said Huecksteadt. “An uptick was expected in the first few months of the year if for no other reason than to get homes started before the more onerous energy codes went into effect. With every increase in new home prices due to more regulation, a few more homebuyers are lost to the resale market. In fact, the first quarter of this year saw an uptick of 6.7% in resale transactions. Homes are selling, and will continue to sell. There is job growth and people need a place to live. The question is how big a slice of the pie will the new home market be able to cut.”

Rising home prices due to increased construction costs, land and lot price increases, and rising development costs have forced new home prices above levels that could maximize absorption. Many economists foresee the emergence of the first time home buyer and the millennials as an important component of the new home demand forecasts, however, many of our locations are priced above what these buyers can afford. The new home market is unable to reach the largest pool of potential buyers that are out there. Metrostudy does expect the new home market to rebound slightly in the second half of 2015, IF the economy continues to perform and grow at it’s current pace. The current forecast for construction in the Twin Cities market is at 5,500 units, which would represent only a slight – less than 1% – increase over 2014.

For information contact
Chris Huecksteadt
847-651-9080
chueck@metrostudy.com

About Metrostudy

Metrostudy is the leading provider of primary and secondary market information to the housing and related industries nationwide. Metrostudy provides research, data, analytics and consulting services to help builders, developers, lenders, suppliers, retailers, utilities and others make investment and business decisions every day. For more information, visit www.metrostudy.com

About Hanley Wood
Hanley Wood is the premier information, media, event, and strategic marketing services company serving the residential, commercial design and construction industries. Utilizing the largest editorial- and analytics-driven construction market database, the company produces powerful market data and insights; award-winning publications, newsletters and websites; high-profile executive events; and strategic marketing solutions. To learn more, visit hanleywood.com.