Here’s why new home sales are up along with prices

This data line needs serious context to make sense.

Today new home sales beat estimates, and new home median sales prices hit an all-time high. What is going on here? My job is always to be the detective, not the troll so let’s take a look at today’s data, as there is a constant theme here that I have talked about for some time. Hopefully, I can make sense of this report, which showed the home sales beat estimates with prices still at all-time highs.

From Census: New Home Sales Sales of new single-family houses in October 2022 were at a seasonally adjusted annual rate of 632,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 7.5 percent (±20.8 percent)* above the revised September rate of 588,000, but is 5.8 percent (±19.6 percent)* below the October 2021 estimate of 671,000

New home sales haven’t gone anywhere for a few months now, and this report also had negative revisions to the prior reports. The cancellation rates are rising, this is true, but the Census reports don’t properly account for those sales being lost. In theory, the sales levels are lower than the data will show.

Also, these reports are very wild month to month, so we can get a swing back lower in next month’s report. However, with all that said, new home sales are historically low today and have been for some time. We are well below the 2000 recession level and back to 1996 levels.

When you account for a population of over 330 million people, that sales number looks a lot lower than in 2000 and 1996 so be mindful that we are trending at low levels today.

While the actual sales trends can be more downward than the report shows, it’s not off by a significant amount. We are, for now, bouncing off the bottom that we had back in 2018, which was historically low as well.

In 2005, when the housing bubble peaked in sales at around 1.4 million, we had a clear, aggressive downtrend in sales with cancellation rates rising aggressively. Today we are finding a low base for now, because new home sales are historically low. 

I would be careful reading too much into this report or even the current trend. The housing market has been in a recession since June of this year, and we have other data lines that can be more useful in gauging the new home sales sector.

From Census: For Sale Inventory and Months’ Supply The seasonally adjusted estimate of new houses for sale at the end of October was 470,000. This represents a supply of 8.9 months at the current sales rate.

My rule of thumb for anticipating builder behavior is based on the three-month supply average. This also has nothing to do with the existing home sales market; this monthly supply data is only for the new home sales market.

• When supply is 4.3 months, and below, this is an excellent market for builders.

• When supply is 4.4 to 6.4 months, this is an OK market for the builders. They will build as long as new home sales are growing.

• The builders will pull back on construction when the supply is 6.5 months and above.

Read the full article on Housing Wire.

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These 9 Color Trends Will Be Big in 2023

From warm neutrals to elemental inspiration, industry experts expect these color trends to explode.

With every year's end comes the color of the year announcements. These well-researched spotlights from leading companies often pave the way for trends across industries, especially interior design, and set the tone for our everyday lives. We're already in full swing of the cycle for 2023, with many companies naming their colors and experts weighing in. Ahead, dive into the major themes and colors that are expected to dominate in 2023. (And if you're eager for more predictions, take a look at the interior design trends for 2023 as well as kitchen and kitchen cabinetry trends for the new year!)

Vibrant Orange-y Reds

BENJAMIN MOORE, Housing Beautiful

Benjamin Moore announced its 2023 Color of the Year as Raspberry Blush, a fiery red-orange that's basically the best color in a really good sunset. The vivacious color marks a pull toward bold, warm hues. “We've had colors that are on the cooler side of the color wheel for a number of years, and now we're really starting to see a shift to the warmer colors,” says Andrea Magno, color marketing and development director at Benjamin Moore.

Bold Reds

Designer Sarah Stacey adds that red is especially making a comeback. "Try pairing red accents, like dining chairs or smaller accent pieces, with neutrals to bring more of an emphasis to the color," Stacey says. This luscious red reading room designed by Kati Curtis features a lacquered finish, making the color pop even further.

Warm Neutrals

Warm neutrals embrace wellness and comfort. Not to mention, they can be incorporated into practically any design style. That's exactly why Behr named Blank Canvas as its Color of the Year for 2023. “White is the key to individual style simply because it’s so easy to change up,” says Erika Woelfel, vice president of color and creative services at Behr. “It’s really simple to bring in other colors, textures, patterns, and materials to individualize this color.”

Brown Ochre

MICHAEL CLIFFORD, House Beautiful

While you can cover a blank canvas with pops of color, you can also lean into neutrals. "We see a trend in 2023 toward warm, non-intrusive, neutral tones and materials, which provide comfort and security," says Max Gansow, co-founder of furniture brand Vetsak. "Raw, organic materials, and tones such as brown ocher, which we showcase in our genuine bovine leather collection, offer a cozy-yet-modern grounding base." This living room designed by Chad Wood
proves that this color trend has staying power.

Softer Shades of Bold Colors

Soft colors promote tranquility. “Understated tones make it easier to create monochrome looks that evoke a sense of consistency and allow homeowners to choose which areas of the home they want to emphasize by drawing the eye to where there is color," says Christine Marvin, chief marketing and experience officer at Marvin.

Beige-Blush

STEPHEN KARLISCH, House Beautiful

Light blue is always going to be a winner, but an earthier example of the above trend is Sherwin-Wiliams's 2023 Color of the Year: Redend Point. The blush-beige color "lends to the macro trends we’re seeing around empathy and care culture," says Sue Wadden, director of color marketing at Sherwin-Williams. Here it is in a sipping room designed by Jean Liu.

Elemental Inspiration

Deeply saturated hues found in the wild are on the rise and inspired by everything from tropical flowers to carbon. With this in mind, York Wallcoverings named Amber as its Color of the Year for 2023. “An organic gemstone made from tree resin, Amber is often associated with absorbing negative energy and releasing bright, soothing energy,” says Carol Miller, trend and color expert for York Wallcoverings. “When Amber catches the light, it emanates a sense of renewal, energy, and power.”

In a bedroom by French & French Interiors, plaster walls perfectly embody the warm yellow. The emerald green linen bedding and wood bed frame complete the cozy look.

Jewel Tones

Jewel tones create an elegant moodiness that designers expect to be sought after. "I love mixing jewel tones with spicier colors, like burnt orange, for an unexpected color-blocked look," says Stacey.

"Aubergine is a big color this year, and I think it would make for a beautiful alternative to red," adds designer Killy Scheer. "Pair it with creams and greens for an unexpected yet still traditional-leaning combination."

Here, MasterBrand cabinets are coated in Sherwin-Williams's Foxhall Green, which adds liveliness to the kitchen and makes the neutral accents stand out.

Versatility

A major color requirement for 2023 is versatility. Neutrals often possess this quality, but they don't have to be the neutrals we're used to seeing. They can have blush, yellow, purple, or blue undertones. “A neutral doesn’t necessarily have to be white, beige, or gray; it can be a color or have colorful undertones, such as pink," says Wadden. "It’s all about how you use it in a space." We're loving the purple and clay tones in this gray room designed by Lauren Nelson.

Keep reading on House Beautiful.

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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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5 Things You Can Add to Your Guest Room to Make It Feel Like a Hotel

When we book a hotel, we make our decision based on how many amenities it has, both inside and outside the room. There’s just something about the little luxuries that can make or break the stay.

Even in a combo office / guest bedroom space, we all like our guests to feel as comfortable + welcomed as possible. From toiletries for the taking to a hydration station, here are a few ideas we can borrow from hotels to make our guest bedrooms feel a little more lux.

Here are five things I added to make their stay feel like a fun hotel experience and, thanks to the professional organizer in me, keep their things a little tidier.

Toiletries for the Taking

It’s inevitable to forget something while packing, but I try to reduce the risk of anyone having to make a run to CVS. Taking an inexpensive glass jar with a lid, I threw in things such as mini bars of soap, travel-size dry shampoos and toothpaste tubes, tampons, individual packs of makeup wipes, new razors, and shower caps (that I admittedly collected from past hotel stays). This was also not an entirely altruistic act as it gave me a place to store my overflow toiletries. And I most definitely pick through the jar before I travel anywhere. 

It sits on the guest bathroom counter for the taking with a custom-made label letting visitors know not to be shy. As a bonus, I placed a couple of my favorite ceramic toothbrush holders next to the jar so they can keep theirs upright and sanitary.

Very Own Closet Space

I refer to the closet in my guest bedroom using another sitcom reference: the Monica Geller closet from “Friends.” It’s stuffed with, well, a lot of stuff and a future organization project. In the meantime, I wanted guests to have their own space to hang their clothes, so I found a slim garment rack that fits easily in the corner of the room and includes a handful of wooden hangers. There’s even a bottom shelf for shoes and, for folded items like pajamas and underwear, I left the nightstands empty to double as dressers. This way they can unpack and organize their outfits as soon as they arrive.

A WiFi Welcome

I dread asking anyone what their WiFi is when I’m at their place. The look of panic on their face feels familiar as they scramble to remember or find it. I wanted to avoid this annoying interaction in my own house so I found this adorable sign, wrote in the WiFi info with a dry-erase marker, and popped it onto one of the nightstands so guests can instantly connect.

Hydration Station

Even if I don’t take a sip, I still need a glass of water on my bedside table every night. So I wanted my visitors to have their own source of hydration without needing to trek into the kitchen. I found this carafe with the cup serving as the lid when not in use and placed it on one of the nightstands. If you want to level up the luxe look (and taste!), add a few slices of lemon and lime to the carafe.

Keep Them Charged

Sometimes, I’d rather not take my charger out of my bag when I arrive anywhere because it simply increases the chance of me forgetting it (thanks to my ADHD). So I plugged in an extra iPhone charger behind the bed and kept it accessible by using a small cable clip attached to the side of a nightstand. If you want to accommodate all types of phones, try a charging pad that’s compatible with different brands.

Get more tips like this on Apartment Therapy.

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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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5 Must-Haves Before Starting on Your Home Addition

Building a home can be a fun, exciting project that offers many benefits upon completion, but it takes a lot of forethought and planning to ensure a successful build.

You may be ready to dive right into your home addition project, but there are a few things you'll need before you can begin. Here are five things you absolutely must have before starting your home addition.

A Budget
Building an addition is not cheap. You should carefully plan and budget for all expenses before starting on the project. If you are working with a contractor, they should be able to provide you with an estimate. It's also important to evaluate hidden costs and set aside adequate funds. Things like plumbing, electrical wiring and permits may not be included in the estimate.

A Floor Plan
You can't begin an addition without a floor plan. Specialists like ADU floor plans allow you to design an addition that complies with all the rules and regulations. Your plan will serve as a roadmap for the entire project, so it's one of the first things you should obtain when you decide to build.

The Right Contractor
Your contractor can make or break your home addition project, so it's important to pick the right one. Your contractor should be properly licensed and insured for your area, and they should have a solid, positive reputation. Take your time to research the contractor online, obtain references from their previous clients and compare their quote with other companies.

Proper Permits and Inspections
Permits and inspections can be costly and difficult to obtain, but you can't legally build an addition without them. Some permits have to be purchased upfront, while others must be obtained at various project checkpoints. It's important to research the permits and inspections you'll need so you can budget your resources accordingly. Failure to comply with these rules can result in an unsafe structure and legal repercussions.

A Timeline for Your Project
A timeline for your project is almost as vital as the floor plan. Building an addition is a huge time commitment, so it is incredibly important for you and your contractor to stay on schedule. A timeline will keep the project moving along quickly so it doesn't drag on forever.

Building an addition on your home requires careful planning in multiple areas. When you take the time to budget, plan and hire the right people, you can ensure your addition will be finished on time without any major problems.

Learn more.

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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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How to Budget While Remodeling Your Bathroom

It is always exciting to plan a bathroom remodel, but you want to avoid causing financial stress over your project.

Luckily, there are ways to stay on top of your budget while planning a remodel. The following tips can help you set and stick to your budget while remodeling your bathroom.

Set Your Budget In Advance
Setting your budget in advance is essential to a successful bathroom remodel. This way, you know how much you can spend on your project. It is important to set a realistic budget because you still need to afford your usual expenses. One idea is to work with a professional contractor or company to determine an estimated cost and realistic budget for your project.

Factor In Unexpected Costs
When planning a remodel, it is important to leave room for unexpected expenses in your project. You may need to add a walk-in shower for a relative who is moving into your home, or maybe you need to choose a different tile for your shower because your original choice is unavailable. A change in your project could result in a higher cost, but you can stay on top of those changes by adding unexpected costs to your budget.

Determine Your Ideal Changes
Before you contact a company that offers bathroom remodeling, you need to determine your ideal changes. Are you looking to add wall-mounted fixtures? Do you want a large mirror surrounded by LEDs? You may want to upgrade to a handicap-accessible bathroom for family and guests. It is easier to set a realistic budget when you know what changes you want to make to your bathroom.

Prioritize Your Bathroom Wishlist
Unfortunately, you may not be able to fit your entire wishlist into your budget. This is why it is important to prioritize when creating your bathroom remodel wishlist. One idea is to choose the top three changes that are most important to you, such as floating fixtures, upgraded tile and an LED mirror. You may also need to swap the high-end features for mid-range features that are just as stylish and convenient.

Determine Your DIY Projects
You can save money by figuring out which upgrades you can DIY and which upgrades require a professional. For example, you may be able to install your LED mirror and paint the walls yourself. This also saves you time because you do not have to wait for a professional to take care of these upgrades. Of course, upgrades such as installing a new toilet may require the expertise of a professional contractor. It is important to call in a contractor as needed to avoid any costly mistakes.

With the above tips, you can easily stay on top of budgeting when remodeling your bathroom. If you keep these in mind you should get a good running start at getting the bathroom of your dreams.

Get more on RISMedia.

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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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