May delivers robust existing-home sales
On the heels of promising housing starts figures from last month, May’s existing-home sales also experienced a sizeable year-over-year bump, according to the National Association of Realtors.
May’s total existing-home sales rose 4.2% to a seasonally adjusted annual rate of 5.18 million, up from 4.97 million in April and delivering growth of 12.9% from May 2012’s 4.59 million rate. This is the highest it’s been since the tax stimulus of November 2009, with sales staying above year-ago levels for the past 23 months. The national median existing-home price for all sales came in at $208,000, up 15.4% from last year’s figures and marking the strongest price gain since October 2005.
NAR chief economist Lawrence Yun cautioned that though the market is strengthening, supply will not be able to support the current growth rate unless new home construction quickens its pace.
"The housing numbers are overwhelmingly positive," said Yun. "However, the number of available homes is unlikely to grow, despite a nice gain in May, unless new home construction ramps up quickly by an additional 50%. The home price growth is too fast, and only additional supply from new home building can moderate future price growth."
Total housing inventory is up 3.3% in May and is strong enough to support a 5.1-month supply at the current sales rate, down slightly from 5.2 months in April.
"The issue now is pent-up demand and strong growth in the number of households, with buyer traffic 29% above a year ago, coinciding with several years of inadequate housing construction," said NAR president Gary Thomas. "These conditions are contributing to sustainable price growth."
TruStile reimagines the modern door at the AIA National Convention
TruStile Doors will be exhibiting in full force at the American Institute of Architects National Convention in Denver June 20-22. Its Modern Door Collection aims to redefine the aesthetic and design choices of architects, builders, designers and homeowners.
The collection will reimagine traditional features for the modern 21st century home, including those with stacked rail designs.
"Today, architects and interior designers often default to flush doors for modern and contemporary interior design because there are no great modern door options," said TruStile president and CEO Scott Schmid. "The TruStile Modern Door Collection radically alters the concept of what a door can bring to today’s modern and contemporary designs."
The collection’s stacked horizontal rail designs are offered in both 9 and 13 rail options and an option to include a 1/8-in. radius reveal or a 1/4-in. kerf cut. Wood rails and panels can also be subsituted with glass, resin, metal, leather and more. TruStile is also expanding its wood offerings to include bamboo, laminated veneered lumber and wenge.
The collection will be available to dealers starting in early July.