Rate of new-home sales declines 7.1% in March
Housing sales data took a turn in the wrong direction in March.
Sales of new single-family houses in March 2012 were at a seasonally adjusted annual rate of 328,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.
The March rate is 7.1% below the revised February rate of 353,000, but it’s 7.5% above the same rate from a year ago.
The median sales price of new houses sold in March 2012 was $234,500, down from $236,900 in February. The average sales price rose to $291,200, up from $269,700. The seasonally adjusted estimate of new houses for sale at the end of March was 144,000. This represents a supply of 5.3 months at the current sales rate.
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Housing prices could be down because we reached an elasticity point with the increase from $269,700 to $291,200 - That's a pretty big one-month increase in price. Looks like all of the cheaper housing was taken off the market and the higher priced housing is what was left over. Fortunately according to a real estate report on a top home security blog, the number of rental property purchases are increasing, which means that within the decade we should have another boom.
At HIRI event, a mid-single-digit story of growth
During the Home Improvement Research Institute Spring Conference in Arlington, Va., a presentation from IHS Global Insight presented a relatively positive forecast for the home improvement products market.
Both 2012 and 2013 should be better than 2011, according to the forecast.
The annual change of sales (in nominal dollars) for 2012 is forecast at 5.0% and 4.6% for 2013. In the Consumer market, the growth rates are 5.4% for 2012 and 4.6% for 2013.
The Professional market, which grew a mere 2.9% in 2011, is forecast to grow 4.0% in 2012 and 4.7% in 2013.
Looking further into 2014, the growth rate of the sales of home improvement products is expected to gradually accelerate, according to James Gillula, managing director of consulting services for IHS Global Insight.
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Feedback shapes HD Supply’s new catalog
San Diego-based HD Supply Facilities Maintenance, a leading distributor of maintenance, repair and operations (MRO) products, recently released its 2012 full-line catalog of more than 22,000 products
“Customer feedback is the driving force behind our investments and is reflected in each of the new products and services featured in the catalog,” said Anesa Chaibi, president and CEO of HD Supply Facilities Maintenance. “We are committed to providing the products, services and solutions that best serve the needs of our customers.”
Among the new items:
• New EPA-compliant Dry22 HVAC condensers from industry-leading manufacturer Payne;
• Premier national plumbing brands including TOTO toilets, Grohe fixtures and genuine Kohler repair parts;
• The latest in lightweight, high voltage power tools from trusted brands, including Milwaukee and DeWalt;
• New sustainable products, including LED lighting and fixtures, water conservation parts and recycled content paper products;
• Newly designed Brighton Manor kitchen and bath cabinetry;
• Armstrong floating vinyl Luxe Plank flooring; and
• Expanded line of janitorial products, including new “perfect fit” and recycled trash liners, as well as premium Georgia Pacific’s Angel Soft brand bath and facial tissues.
Chaibi added that the company added 120 sales associates across the business.