Results from a recent survey by Housing First Minnesota show that Lennar - Minneapolis/ St. Paul was the region’s top ranked builder once again in 2018. Lennar has held the top spot since 2006. Rankings are based on annual gross revenue as reported by respondents for for-sale housing. Lennar reported gross revenue at $591,305,200 for 1,036 single-family homes and 341 multifamily homes closed in the 2018 calendar year.Read More
Recent News / Blog Posts
While the new year began with a dip in permits both statewide and in the Twin Cities, builder confidence remains strong and most economists are projecting that 2019 will be similar overall to the previous year for homebuilders. Data from Housing First Minnesota’s Keystone Report, supplementing this Census Data reported here, indicates a flat start to 2019, suggesting it will echo the previous year. The challenge with this is that housing experts have called for a massive uptick in production, citing the need to build 300,000 new units by 2030, in order to address growing demand and provide pricing relief.
Through January, single-family permits were down 4.8 percent statewide and 14 percent in the Twin Cities. Rochester and Mankato saw year-over-year declines as well.
Slow wage growth throughout this economic expansion has put a damper on the housing market as home prices have climbed much faster than wages. Nationally, only 48 percent of households can afford the median-priced new home. And that number shrinks much lower in many markets.
The lack of wage growth has perplexed many. With job growth having the longest stretch on record, experts have expected wage growth to follow. To date, that growth has been painfully slow.Read More
For the first time since 2008 conventional loans make up more than 75 percent of new home financing. According to analysis by the National Association of Home Builders and data released by the Census Bureau, conventional loans accounted for 76.9 percent of new home sales in the fourth quarter of 2018, a 2.4-percentage point increase from Q3 2018.
According to NAHB conventional loan financing started falling in 2008 and bottomed out at 57.3 percent in the fourth quarter of 2010. The share has risen since then.
The share of new home sales financed with FHA-backed mortgages in Q4 of 2018 was 11.5 percent, less than half its high of 27.6 percent.
Cash purchases accounted for 7,000 new home purchases for 5.4 percent of total new home sales. Cash sales make up a much larger share of existing home sales. Roughly 23 percent of existing home transactions were all-cash sales in September 2018, according to estimates from the National Association of REALTORS.
According to NAHB the share of new home sales backed by Veterans Administration products increased 2.1 percent to 6.9 percent of the total.
Q: As a new state representative, what are some of your legislative priorities?
A: My priority is to reduce duplicitous, unnecessary regulations. A great plan to be instituted on a federal level is that for every new regulation, two must be removed. Return our health insurance back to the free market with the safety nets in place for those with pre-existing conditions and that are financially unable. Rising costs are forcing many small business owners to take jobs that offer insurance benefits. And finally, to put emphasis on teaching trades and tech in our public schools – all trades, not just housing/building – and to educate our next generation that it is okay to not attend colleges and universities.Read More
The International Builders Show hit a post-recession high in attendance at this year’s event in Las Vegas. More than 67,000 building professionals from around the world filled the exhibit halls of the Las Vegas Convention Center for the National Association of Home Builders’ 75th annual event in February.
New smart home technology shined at the show, proving that soon our homes will be more interconnected than ever before. Another hot trend was color. Bright color trends were seen in every element and product for the home, from deep purple bathtubs to bright floral appliances. Yet another trend was personalization, from interchangeable farmhouse sink fronts to a suite of changeable faucet wraps and accessories that give buyers a chance to update their look more easily.
More than 150 Minnesota homebuilders, remodelers and suppliers stopped by Housing First Minnesota’s happy hour at Chayo for a great networking opportunity at the International Builders Show.
“It’s going to take a powerful effort by the thousands of Minnesota construction businesses to create a movement that makes construction an industry of choice for Minnesota’s youth,” said David Siegel, executive director of Housing First Minnesota and treasurer of the Project Build Minnesota board.Read More
The Twin Cities Spring Parade of Homes and Remodelers Showcase provided homebuyers the opportunity to see, free of charge, the entire gamut of new and remodeled homes across the Twin Cities, central Minnesota and western Wisconsin. There were 472 new homes and 59 remodeled homes open this March, with new home prices ranging from $210,000 to $3.57 million.Read More
Over the course of the last four years, Pastor Nick Dyrud of Emmaus Lutheran Church in Bloomington and his family along with several others within the Emmaus congregation have been working with Together for Good, an organization that connects trusted volunteers to assist mothers facing crisis situations with respite care for their children.Read More
Recent data from the Census Bureau points to a transition from renting to owning which is pushing up household demand. The Bureau’s most recent measure of household formations, a key driver of housing demand, revealed that the count of total households increased to 122.4 million in the last quarter of 2018, from 120.1 million a year ago.
The gains are attributed to strong owner household formation, as the number of homeowner households has been climbing since the third quarter of 2015. The number of renter households has been falling.Read More
Hundreds of members of Housing First Minnesota and the Minnesota REALTORS® gathered from across the state for the third annual Housing Day at the Capitol on March 4.
This year’s event kicked off with a rally at the Capitol rotunda where attendees heard from Speaker of the House Melissa Hortman (DFL, Brooklyn Park), Senate Majority Leader Paul Gazelka (R, Nisswa) and House Minority Leader Kurt Daudt (R, Crown). All three praised the groups’ efforts to promote housing affordability and more inventory options across the housing ecosystem.Read More
Minnesota’s Green Path is the leading energy efficiency and green building program for the residential construction industry in Minnesota. The program has provided Home Performance Reports (HPRs) for more than 16,000 newly built homes highlighting the Home Energy Rating System (HERS) score and air exchange rate. When Green Path was created by BATC-Housing First Minnesota in 2011, only 4 percent of Parade of Homes entries were energy tested. In recent events, 70 percent of the homes have been energy tested by a certified rater, showcasing the growth of the program.Read More