Posts tagged ‘NAHB’

January 27, 2015, 11:43 am

What Homes do Millennials Buy?

January 23_Improving Economic and Housing Markets ImageAccording to a recent report from the National Association of Home Builders (NAHB), one out of three Americans who bought a home between 2011 and 2013 were millennials (those 33 years old or younger). The report, titled “Homes Millennials Buy,” explores the home buying behaviors and preferences of this particular generation.

NAHB analyzed the latest American Housing Survey from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau to identify millennials’ preferred home size, purchase price and methods of financing.

The report found the following:

  • Millennials are more likely to buy condominiums and housing in multifamily properties while older generations prefer single-family detached homes.
  • Millennials tend to buy smaller, less expensive homes. A majority of the homes purchased by millenials were under 1,200 square feet and over a quarter of the buyers paid less than $100,000 for their home.
  • Three out of four millennials purchased a home because of its financial appeal.
  • 82 percent of millennials who purchased a home during the two-year period took out a mortgage.

The full report can be found here.

November 12, 2014, 4:56 pm

NAHB Housing Survey Shows Regional Differences

A recent study by the National Association of Home Builders (NAHB) showed significant regional differences in new single-family homes. NAHB analyzed the 2013 Census Bureau Survey of Construction and focused on a variety of characteristics, from price and design features to building materials and financing. The most drastic differences were in the average sales prices and home sizes from region to region.

Here are other highlights from NAHB’s report:

  • Most Expensive. The most expensive homes built for sale last year are located in New England, where the median sales price reached $400,000. Interestingly, New England homes also ranked as some of the smallest, with a median size of 2,240 square feet.

  • Least Expensive. Homes located in the East South Central (Alabama, Kentucky, Mississippi and Tennessee) and West South Central (Arkansas, Louisiana, Oklahoma and Texas) regions tend to be the least expensive. The median sales prices were $221,000 and $223,000 respectively.

  • Siding. Vinyl took the top spot in home siding preferences and was used in nearly 31 percent of homes built in 2013. Brick came in second at 24 percent. Vinyl was most popular in the Northeast and Midwest regions. Brick took the No. 1 spot in the South and stucco was the top choice in the West.

  • Foundation. Homes in colder climates like the Northeast and Midwest tend to have basements, while homes in the South are typically built on concrete slabs. Nearly 58 percent of homes nationwide have two or more stories, with the majority located in the West.

  • Outdoor Features. Porches ranked as the most popular feature nationwide. Patios were widely popular in the West and West South Central regions. Despite a nationwide decline, decks still remain a top choice for homes in New England, and are featured in 63 percent of the homes built last year.

As the economy and building industry continue to rebound, these findings help us better understand the diverse housing demands from one region of the U.S. to the next. Click here to read the full results of NAHB’s study.

Written by MitsubishiHVAC
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June 17, 2014, 3:34 pm

Residential Green Building Market: There’s No Stopping Now

Recently we’ve blogged about what commercial real estate will look like in the next 20 years and what green building trends are expected for 2014 – but what about the residential market? The number of green-certified single-family and multifamily housing has grown significantly over the last decade. It currently contributes about 45 percent of the value of all construction projects started in the U.S. – but is this trend here to stay? Yes, says a recent survey from McGraw Hill Construction and the National Association of Home Builders (NAHB), “Green Multifamily & Single Family Homes: Growth in a Recovering Market.”

The two industry powerhouses surveyed builder and remodeler members of the NAHB. Here’s some of what they found out:

Residential Building Market

Another promising forecast: McGraw Hill Construction anticipates that green single-family housing alone will account for approximately 26-33 percent of the U.S. market by 2016, equating to an impressive $80-101 billion dollars.

This is all good news for the future of the ductless and VRF zoning markets as a whole.

Click here to read the press release from the NAHB and here to view the full report.

Written by MitsubishiHVAC
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June 4, 2014, 12:57 pm

Spring: A Time for Home Improvement

June 4_NAHB Housing Market Trends Image
Spring is typically a popular time for home improvement and marks the beginning of the busy season for many HVAC contractors. According to a recent report from the National Association of Home Builders (NAHB), professionals have a reason to believe that there will be solid growth in the industry, despite disappointing housing data at the beginning of 2014.

Here are some of the interesting survey highlights:

  • Growth for single-family and multifamily homes. Housing’s share of the GDP stood at 15.5 percent as of the first quarter of 2014. The survey results forecast continued growth with the expansion of single-family and multifamily development. Multifamily construction spending increased by 30.8 percent, single-family is up by 16.3 percent and remodeling has grown by 12.8 percent on a three-month average basis from March of last year.

  • Hiring a professional for the job. Data from the American Housing Survey indicated that homeowners use professionals most often for HVAC system installation and roofing; followed by siding, windows and doors, electrical systems, plumbing and floors.

  • Top projects. Bathroom remodeling was the most common, with kitchen remodeling as a close second. Whole-house remodeling, room additions and window and door replacements rounded out the remaining top projects.

  • Reasons for remodeling. A desire for better amenities, a need to replace or repair components and a need for additional space were the most common reasons for undertaking a remodel.

  • Top markets for change. NAHB identified the top markets for change in single-family and multifamily market shares. Areas with the largest gains in single-family market concentration tended to have above-average population growth. Top markets include Fairbanks, Alaska; St. George, Utah; Yuma, Arizona; and Yakima, Washington.

Home improvement spending has a direct effect on both our industry and the economy, and we’re glad to see positive, continued growth so far in 2014. Click here to read the full NAHB report.

Written by MitsubishiHVAC
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April 9, 2014, 11:20 am

ASHRAE, NAHB and ICC Combine Forces to Develop New Green Building Standard

April 9_3 logos
The National Association of Home Builders (NAHB) announced last month that ASHRAE will join forces with the association and the International Code Council (ICC) to develop the 2015 ICC/ASHRAE 700 National Green Building Standard (NGBS). This marks the third adaptation of the standard and the first time that ASHRAE has partnered on its development. As long-time advocates for green building, we’re thrilled to see ASHRAE team up with the NAHB and the ICC to both advance and promote the values of sustainability.

A joint NAHB and ICC committee first developed the NGBS in 2007. The committee included home builders, code officials, product manufacturers, government representatives and building science and energy-efficiency specialists. The American National Standards Institute (ANSI) approved the standard in 2009 as the first green standard for residential construction, development and remodeling. The NGBS was updated in 2012 and since then has been used to certify more than 32,000 residential constructions. In fact, the NGBS now serves as the leading standard in the industry for sustainable home building, a growing trend in the U.S. market and a sector that is expected to represent as much as one third of the building market by 2016.

For more information on the upcoming NGBS, click here to read the full press release from NAHB.

Written by MitsubishiHVAC
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February 20, 2014, 11:02 am

Industry News: Is the Grass Really Greener for Green Homeowners?

February 20_Green Homeowners Survey Image
Are green homeowners really satisfied with their decision? Based on the results from a recent survey conducted by GuildQuality and commissioned by the National Association of Home Builders (NAHB) – they are. The survey was sent to 187 single-family, townhome and condominium homeowners who have purchased a National Green Building Standard-certified home in the past three years.

The results were pretty clear. Ninety-four percent of the homeowners said they would recommend a green home to a friend and an impressive 92 percent said they would purchase another green home. That’s not all though, as green homes scored pretty high in other aspects as well:

  • 71 percent believe that green homes are higher in quality.

  • 65 percent strongly agreed that having an energy-efficient home was an important factor in deciding to build or buy their home.

  • 55 percent knew their home may have cost more but felt the benefits outweighed the cost.

  • Low utility bills, energy efficiency and insulation are the qualities that green homeowners are most satisfied with.

At Mitsubishi Electric, we’ve always been strong supporters of green building and energy efficiency, so it’s nice to see that, in this case, the grass really is greener.

Click here for a recap of the survey in ECOBUILDING Pulse. For the full survey results, visit www.guildquality.com.

February 4, 2014, 11:42 am

2014 New American Home Open for Tours

February 4_2014 New American Home Image Cutting-edge energy efficiency, sustainability and style are the key words that come to mind for this year’s New American Home, an annual feature at the International Builders’ Show (IBS) that showcases the industry-leading products and technology in the market today. As with all of the New American Homes, this year’s construction is certainly one you don’t want to miss.

The 2014 New American Home – co-sponsored by the NAHB and BUILDER and built to the highest level of the National Green Building Standard – embodies the way we live today and how we will live in the future. Featuring the most state-of-the-art technology and innovative building techniques, this year’s home serves as a construction technology laboratory and offers a valuable educational experience for building professionals and homeowners alike.

Tours of the 6,700-square-foot showstopper begin today. So, for those of you attending this year’s IBS in Las Vegas, make sure to stop by the home full of sustainable and inspirational design ideas.

To learn more about the 2014 New American Home, read the Builder article here or visit the New American Home website.

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