The NAHB/Westlake Royal Remodeling Market Index (RMI) is based on a quarterly survey of NAHB remodeler members that provides insight on current market conditions as well as future indicators for the remodeling market. New Methodology as of Q1 2020 The NAHB/Westlake Royal RMI is based on a quarterly survey of NAHB remodeler members that provides insight on current market conditions as well as future indicators for the remodeling market. The RMI survey asks remodelers to rate five aspects of the remodeling market as “good,” “fair” or “poor.” Each question is…
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Bobcat to Debut Several New Machines, Product Innovations at Equip Expo 2024
Bobcat Company, a global equipment, innovation and worksite solutions brand, will showcase several all-new and recently introduced grounds maintenance and turf renovation machines at Equip Expo. New Utility Tractors on Display Introduced in June 2024, Bobcat’s utility tractor lineup (UT6066, UT6566, UT6573) offers a competitive advantage for hauling, digging, raking, scraping and more. Bobcat will display its UT6573 at this year’s show. Bobcat utility tractors feature 12×12 powershuttle transmissions that deliver smooth shifting without stepping on a clutch pedal. Powered by turbocharged, Tier 4 diesel engines, these tractors offer robust…
Read MoreKey Hardware Trends to Monitor
The Farnsworth Group, which conducts extensive research in the hardware and building materials markets, offers a slew of insights into what consumers are increasingly seeking (and buying). Here’s a look at top trends owners should consider to finish 2024 strong and plan for a healthy 2025. The outlook for 2025 looks positive. This year bas been down, but thing could be looking up. Farnsworth writes: “According to the August Size of Market release by The Home Improvement Research Institute, the hardware market is anticipated to rebound into positive territory in…
Read MoreRemodeling Spending to Tick Up Through Mid-Year 2025
Homeowner spending on improvements and repairs is projected to stabilize and gradually increase through mid-2025, with a slight annual decline of -0.5% expected by the second quarter, according to Harvard’s Joint Center for Housing Studies. Despite economic uncertainty and slower home sales, the home remodeling slowdown is predicted to remain mild, with annual expenditures reaching $466 billion, similar to the previous year’s levels. According to Harvard University, a modest downturn, homeowner expenditures for improvements and repairs are expected to trend up through the first half of 2025, according to the…
Read MoreFraming Lumber Prices
According to the NAHB, the framing lumber composite price increased 0.5% for the week ending on Oct. 4 compared to the previous week. Lumber prices are currently 3.6% lower than they were one year ago. NAHB continually tracks the latest lumber prices and futures prices, and provides an overview of the behaviors within the U.S. framing lumber market. The information is sourced each week using the Random Lengths framing lumber composite price which is comprised using prices from the highest volume-producing regions of the U.S. and Canada. A summary of…
Read MoreAlabama housing market showing positive trends in 2024
Alabama’s real estate market shows continued growth, with July home sales up 0.9% from last year and 13.1% from June, driving a total sales volume of $1.51 billion. With rising median home prices and a robust economic impact, the market’s upward trend is expected to persist, fueled by strong demand and potential interest rate reductions. According to Yellow Hammer, home sales reached 6,136 in July, up 0.9% from last year and a significant 13.1% from June. The total sales volume surged to $1.51 billion, marking an 8.6% increase from July…
Read MoreHome Building Geography Index (HBGI)
The Q2 2024 Home Building Geography Index shows continued growth in single-family construction due to limited inventory and pent-up demand, while multifamily construction declines amid tighter financial conditions and high apartment construction levels. Both sectors face ongoing challenges from labor and supply shortages, along with higher mortgage rates. According to the NAHB, the Home Building Geography Index (HBGI) is a quarterly measurement of building conditions across the country and uses county-level information about single-family and multifamily permits to gauge housing construction growth in various submarkets. The HBGI for the second…
Read More9 Emerging Home Building Trends
Homebuilders are adapting to material shortages and rising costs by embracing new trends such as prefinished engineered floors, which are cost-effective and structurally sound, and mixed-use spaces to address the shortage of affordable housing. Other emerging trends include dopamine decor for mental well-being, all-electric homes for environmental and cost benefits, and a growing preference for single-story homes due to their accessibility and aesthetic appeal. According to U.S. News, homebuilders have faced their share of challenges in recent years. Material shortages and increased costs have forced builders to be more mindful…
Read MoreU.S. Home Prices Forecast to Rise Modestly as Fed Cuts Rates
U.S. home prices are expected to rise modestly in 2024 despite tight supply and anticipated Federal Reserve rate cuts, with affordability improving but still strained. Prices remain over 50% higher than pre-pandemic levels, driven by homeowners holding onto low mortgage rates, and are projected to increase by a median of 5.4% next year. U.S. home prices will rise relatively modestly this year and next despite tight supply and expected U.S. Federal Reserve interest rate cuts, according to housing analysts polled by Reuters who said purchasing affordability will improve but would…
Read MoreFraming Lumber Prices
Lumber prices have risen for seven consecutive weeks, with the framing lumber composite price increasing by 0.8% as of Aug. 30, 2024, but prices remain 7.4% lower than a year ago. Volatility in lumber prices, influenced by demand, tariffs, and supply-chain issues, continues to impact the cost of new homes, contributing to declining housing affordability. The NAHB explains that it continually tracks the latest lumber prices and futures prices, and provides an overview of the behaviors within the U.S. framing lumber market. The information is sourced each week using the…
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