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Affordability and Lack of Supply Put a Dent in New Home Sales

2020 was a great year for the home building and remodeling industry. More people than ever before worked from home which helped spike the demand for homes with offices. The ability to work remotely allowed people to move away from the office and into communities that were more suitable for their lifestyle. Many people fled the cities to build homes with more space - larger lots. 

Home remodeling also flourished. Whether DIY or hiring a professional company - homeowners wanted to create a space that worked for their new normal - working from home, home schooling etc.

While the current pandemic has been a boom to the housing industry there are still concerns  - lack of supply and affordability. In this recent article from the National Association of Home Builders they report that the market remains strong after taking a bit of a dip in November. Still, affordability and supply will continue to be issues in the current climate. Continue below for the full article from the NAHB.

Affordability and Lack of Supply Put a Dent in New Home Sales

New home sales dipped in November, but remained at a solid level as builders struggled to meet demand and gain access to building materials.

Sales of newly built, single-family homes in November fell 11 percent to an 841,000 seasonally adjusted annual rate, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. Despite the monthly decline, the November rate is 20.8 percent higher than a year ago.

“Though the market remains strong, the pace of sales pulled back in November as inventory remains low and affordability concerns persist as builders grapple with a shortage of lots, labor and building materials,” said Chuck Fowke, chairman of the National Association of Home Builders (NAHB) and a custom home builder from Tampa, Fla.

“The home building industry saw a historic gap between the pace of new home sales and construction of for-sale single-family housing this fall,” said NAHB Chief Economist Robert Dietz. “As a result, the pace of new home sales was expected to slow to allow construction to catch up. This appears to have occurred in November as inventory of completed, ready to occupy new homes was down 43 percent compared to November 2019 at just 43,000 homes nationwide.”

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 November reading of 841,000 units is the number of homes that would sell if this pace continued for the next 12 months.

Inventory rose slightly to a 4.1 months’ supply, with 286,000 new single-family homes for sale, 11.2 percent lower than November 2019.

The median sales price was $335,300. The median price of a new home sale a year earlier was $328,000.

Regionally, on a year-to-date basis new home sales were up in all four regions: 28.2 percent in the Northeast, 24 percent in the Midwest, 16.9 percent in the South and 20.5 percent in the West.

Pantone Colors of the Year 2021

Introducing the Pantone Colors for 2021. Usually Pantone announces one new color - the color for 2020 was a classic blue. This year, they've chosen two stunning colors that represent hopefulness and strength.

The colors are Ultimate Gray (17-5104) and Illuminating (13-0647). Pantone sets the bar when it comes to color. Pantone influences design and forecasts global color trends. 

Expect to see these stunning colors show up everywhere in the home, online and in fashion. 

Here's what Pantone had to say about these two colors:

Ultimate Gray and Illuminating

PANTONE 17-5104 Ultimate Gray + PANTONE 13-0647 Illuminating, two independent colors that highlight how different elements come together to support one another, best express the mood for Pantone Color of the Year 2021. Practical and rock solid but at the same time warming and optimistic, the union of PANTONE 17-5104 Ultimate Gray + PANTONE 13-0647 Illuminating is one of strength and positivity. It is a story of color that encapsulates deeper feelings of thoughtfulness with the promise of something sunny and friendly.

A message of happiness supported by fortitude, the combination of PANTONE 17-5104 Ultimate Gray + PANTONE 13-0647 Illuminating is aspirational and gives us hope. We need to feel that everything is going to get brighter – this is essential to the human spirit.

As people look for ways to fortify themselves with energy, clarity, and hope to overcome the continuing uncertainty, spirited and emboldening shades satisfy our quest for vitality. PANTONE 13-0647 Illuminating is a bright and cheerful yellow sparkling with vivacity, a warming yellow shade imbued with solar power. PANTONE 17-5104 Ultimate Gray is emblematic of solid and dependable elements which are everlasting and provide a firm foundation. The colors of pebbles on the beach and natural elements whose weathered appearance highlights an ability to stand the test of time, Ultimate Gray quietly assures, encouraging feelings of composure, steadiness and resilience.

Emboldening the spirit, the pairing of PANTONE 17-5104 Ultimate Gray + PANTONE 13-0647 highlights our innate need to be seen, to be visible, to be recognized, to have our voices heard. A combination of color whose ties to insight, innovation and intuition, and respect for wisdom, experience, and intelligence inspires regeneration, pressing us forward toward new ways of thinking and concepts.

About Pantone Color of the Year

For over 20 years, Pantone’s Color of the Year has influenced product development and purchasing decisions in multiple industries, including fashion, home furnishings, and industrial design, as well as product packaging and graphic design.

The Pantone Color of the Year selection process requires thoughtful consideration and trend analysis. To arrive at the selection each year, Pantone’s color experts at Pantone Color Institute comb the world looking for new color influences. This can include the entertainment industry and films in production, traveling art collections and new artists, fashion, all areas of design, popular travel destinations, as well as new lifestyles, playstyles, and socio-economic conditions. Influences may also stem from new technologies, materials, textures, and effects that impact color, relevant social media platforms and even upcoming sporting events that capture worldwide attention.

Learn more about Pantone and the Color of the Year.

Events in Houston this January 2021

Happy New Year!! 2021 has got to be better than 2020, right? It will still be several months before large gatherings are encouraged, but there’s still plenty to do online and on your own outdoors. If you’re looking for events in Houston this January there are a lot of fun, educational and entertaining things to do, some online and some in person.

Events in Houston this January 2021

Holiday In the Gardens

When: Now through January 2nd, 2021

Where: Moody Gardens

Seven Hope Blvd

Houston, TX

Seven Holiday Attractions! One Venue!

Festival of Lights · Holiday 3D Films · Hotel Packages · Rudolph 4D ·  Arctic Slide · Train Rides · Star: the Dancing Tree of Light · Holiday Dinners Nightly Fireside S'Mores and other Festive Foods · Group Rates, Holiday Parties and More!

Starry Night Express

When: Now through January 3rd, 2021

Where: Houston Museum of Natural Science

5555 Hermann Park Drive

Houston, TX

Enjoy this LIVE show for stargazers of all ages. Practice finding constellations, planets, the moon, meteor showers and the Milky Way band   everything you might see on the next starry night. Then imagine leaving Houston behind for a visit to our George Observatory and on to the darkest skies on Earth. The live action adventure then zooms out to the different planets you can see, past Pluto, and on to the stars of the nearby Pleiades star cluster and into the birth clouds of the Orion Nebula. Watch the Milky Way transform into a barred spiral galaxy within a sea of galaxies. This is a guided tour led by your personal astronomer, beginning with the objects you can see tonight in your own backyard.

Note: Please arrive at least 15 minutes before showtime. Late entry is not allowed.

Sugar Land Holiday Lights

When: Now through January 3rd, 2021

Where: Constellation Field

1 Stadium Drive

Sugar Land, TX

Join us here at Constellation Field for the 7th annual Sugar Land Holiday Lights cooled by Just Fix It November 20 through January 3! Enjoy over 3 million lights, holiday vendors, a carnival, great food and SO much more! Plus, Santa Claus himself will be available for safe visits and photos through December 23! Don’t miss out on socially-distanced holiday fun for the entire family – get your tickets now!  

Monuments by Craig Walsh

When: Now through January 18th, 2021

Where: Discovery Green

1500 McKinney Street

Houston, TX

Discovery Green honors unsung Houston heroes in its winter art installation, Monuments by Craig Walsh.

Monuments consists of slow-motion, close up videos of the faces of unsung Houston heroes projected onto five living trees in the park. The installation is by internationally recognized Australian artist Craig Walsh who has pioneered site-responsive projections in public spaces.

At once eerie and beautiful, the projections of human faces onto living trees creates a “monument” that connects the individual to nature.

At the same time, this installation challenges our conception of historic monuments and involves the public directly in the decision of who should be honored in public space.

The Ice at Discovery Green

When: Now through January 31st, 2021

Where: Discovery Green

1500 McKinney Street

Houston, TX

Glide beneath the glittering lights of downtown Houston and discover holiday magic on The Ice powered by Green Mountain Energy! We have reinvented the experience to ensure that you can still make memories here with your family and friends. Safety protocols include increased sanitation and contactless ticket buying. A reduced number of tickets will be sold to maintain social distancing.  

Artful Anniversary: Carmen Herrara Estructuras Monumentales

When: Now through April 23rd, 2021

Where: Buffalo Bayou Park

105 Sabine Street

Houston, TX

In celebration of the 5th anniversary of the completion of Buffalo Bayou Park, Buffalo Bayou Partnership is hosting Artful Anniversary, a series of 5 unique virtual performances and experiences through the month of October. Grab your party hat, tune in to our website or visit the park on your own, and enjoy the music, dance and art along Houston’s 160-acre award-winning green space. All 5-Year Artful Anniversary programs are free and available online. 

Walk among the larger-than-life shapes of Estructuras Monumentales, an exhibition of outdoor sculptures by the 105-year-old, New York-based artist Carmen Herrera (b. 1915, Havana, Cuba).

Body Worlds & The Cycle of Life

When: Now through May 31, 2021

Where: Houston Museum of Natural Science

5555 Hermann Park Drive

Houston, TX

BODY WORLDS & The Cycle of Life, a new special exhibition, delivers a breathtaking encounter with the inner workings of the human body and shows the effects of poor health, good health and lifestyle choices. In addition to showcasing the wonders of human development, the 100+ preserved human specimens – including whole-body plastinates – demonstrate the complexity, resilience and vulnerability of the human body in distress, disease and optimal health. 

In the exhibition, designed by BODY WORLDS’ creative and conceptual designer, Dr. Angelina Whalley, visitors follow the human body through the span of time and learn about the latest findings in anatomy, longevity and health. 

Happy New Year!

Happy New Year!

Wishing all of you a very Happy New Year!!

Merry Christmas!

Merry Christmas!

From all of us at Preston Wood and Associates, we hope you have a wonderful holiday season!

Merry Christmas!

Builder Confidence in the 55+ Housing Market At an All-Time High in Third Quarter

Builder Confidence in the 55+ Housing Market At an All-Time High in Third Quarter

Builder confidence continues at an all time high according to this article from the National Association of Home Builders

(NAHB) 

Builder confidence in the single-family 55+ housing market was at an all-time high in the third quarter, jumping 18 points to 83, according to the National Association of Home Builders’ (NAHB) 55+ Housing Market Index (HMI) released today.

The 55+ HMI measures two segments of the 55+ housing market: single-family homes and multifamily condominiums. Each segment of the 55+ HMI measures builder sentiment based on a survey that asks if current sales, prospective buyer traffic and anticipated six-month sales for that market are good, fair or poor (high, average or low for traffic).

“We saw 55+ buyers come out in force in the third quarter of this year, driving strong growth in sales at 55+ communities,” said Harry Miller III, chairman of NAHB’s 55+ Housing Industry Council and president of Regal Builders LLC in Dover, Del. “However, shortages of key building materials are contributing to affordability concerns and delayed construction schedules, although recent declines in lumber prices offer good news.”

All three index components of the 55+ single-family HMI posted gains in the third quarter and were all-time highs: present sales increased 16 points to 88, expected sales for the next six months rose 20 points to 90 and traffic of prospective buyers jumped 23 points to 69.

The 55+ multifamily condo HMI increased 20 points to 67—a record level. All three index components also posted increases from the previous quarter: present sales rose 20 points to 70, expected sales for the next six months increased 15 points to 67 and traffic of prospective buyers jumped 24 points to 63.

All four components of the 55+ multifamily rental market went up in the third quarter: present production increased six points to 62, expected future production rose seven points to 61, present demand for existing units increased 15 points to 76 and future expected demand rose seven points to 71.

“Like the broader housing market, low interest rates and the importance of home are helping to lift market sentiment,” said NAHB Chief Economist Robert Dietz. “The rebound in the stock market has also contributed to demand for the 55+ housing market.”

For the full 55+ HMI tables, please visit nahb.org/55hmi.