Meyers Research: New-home sales up 4.3 basis points nationally

​​SAN FRANCISCO – ​​According to Meyers Research, national new-home sales through March are up 43 basis points year over year.

New-home prices are up 4.5 percent year over year through March. Meyers had estimated a 3.5 percent gain, and JMP assumed a 3 percent gain. At current levels, average selling price is ahead of expense growth.

Existing-home supply has fallen to 3.4 months, and new-home supply has increased to six months. Of the 15 MSAs Meyers looked at, Houston has the second-largest housing supply (3.2 months) behind New York (5.02 months). Dallas’ housing supply is at 1.72 months. The Real Estate Center considers a six- to 6.5-months supply a balanced market.

​In 2017, millennials comprised 40 percent of mortgage originations and are projected to increase to 43 percent in 2018. That’s up from 20 percent in 2015.

The cost/availability of labor and building materials is the top concern in 2018 for homebuilders at 84 percent. Other concerns include the cost/availability of developed lots (62 percent), impact/hookup/inspection and other fees (60 percent), and inaccurate appraisals (42 percent).​