Qualified Remodeler Magazine

JUN 2017

Qualified Remodeler helps independent remodeling firms to survive, become more professional and more profitable by providing must-have business information, namely best business practices, new product information and timely design ideas.

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Page 10 of 60

tubbornly low supply levels held down existing-home sales in April and also pushed down the median number of days a home was on the market to a new low of 29 days, according to the National Association of Realtors (NAR). Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, dipped 2.3 percent to a seasonally adjusted annual rate of 5.57 million in April from a downwardly revised 5.70 million in March. Despite last month's decline, sales are still 1.6 percent above a year ago and at the fourth highest pace over the past year. Lawrence Yun, NAR chief economist, says every major region except for the Midwest saw a retreat in existing sales in April. "Last month's dip in closings was somewhat expected given that there was such a strong sales increase in March at 4.2 percent, and new and existing inventory is not keeping up with the fast pace homes are coming off the market," Yun says. "Demand is easily outstripping supply in most of the country, and it's stymieing many prospective buyers from finding a home to purchase." e median existing-home price for all housing types in April was $244,800, up 6 percent from April 2016 ($230,900). April's price increase marks the 62nd straight month of year-over-year gains. Total housing inventory at the end of April climbed 7.2 percent to 1.93 million existing homes available for sale, but is still 9 percent lower than a year ago (2.12 million) and has fallen year-over-year for 23 consecutive months. Unsold inventory is at a 4.2-month supply at the current sales pace, which is down from 4.6 months a year ago. "Realtors continue to voice the frustration their clients are experi- encing because of the insufficient number of homes for sale," Yun adds. "Homes in the lower- and mid-market price range are hard to find in most markets, and when one is listed for sale, interest is immediate and multiple offers are nudging the eventual sales prices higher." Properties typically stayed on the market for 29 days in April, which is down from 34 days in March and 39 days a year ago, and surpasses last May (32 days) as the shortest time frame since NAR began track- ing in May 2011. Short sales were on the market the longest at a median of 88 days in April, while foreclosures sold in 46 days and nondistressed homes took 28 days. Fifty-two percent of homes sold in April were on the market for less than a month (a new high). Existing-Home Sales Slip Amid New Low for Days on Market MARKET STATS NEWS Deadline suspended for OSHA Recordkeeping Rule The Labor Department has suspend- ed the Occupational Safety and Health Administration (OSHA)'s rule requiring that companies electronically report their injury and illness records. While the rule took effect Jan. 1, 2017, and employers were obligated to send in their summary data by July 1, OSHA has not launched the website for companies to submit the required information. The OSHA website says it "is not ac- cepting submissions of injury and illness logs at this time, and intends to propose extending the July 1, 2017, date by which certain employers are required to submit the information from their completed 2016 Form 300A electronically." At this time, no new date or deadline has been proposed. The final rule to "improve tracking of workplace injuries and illness" requires that establishments with 20 to 249 em- ployees in high-risk industries—including construction—must submit recorded on- site injury and illness data. Analysis of the data, OSHA says, will enable them "to use its enforcement and compliance assis- tance resources more efficiently." The rule also prohibits employers from discouraging workers from reporting an injury or illness—requiring employers inform employees of their right to report work-related injuries and illnesses free from retaliation. In January, the National Association of Home Builders (NAHB), U.S. Chamber of Commerce, the Oklahoma State Homebuilders Association, the State Chamber of Oklahoma and three poultry associations filed a lawsuit against the U.S. S National Single-Family Condo/Co-ops HOUSING SUPPLY AT THE NATIONAL LEVEL 2016.04 2016.05 2016.06 2016.07 2016.08 2016.09 2016.10 2016.11 2016.12 2017.01 2017.02 2017.03 2017.04 3.0 3.5 4.0 4.5 5.0 5.5 M O N T H S S U P P L Y Source: National Association of Realtors 10 June 2017 QR QualifiedRemodeler.com IN BRIEF

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