IC HBA Directory2018
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2017 LOCAL HIGHLIGHTS<br />
3 Environment. NAHB supports a common sense,<br />
scientific approach to safeguarding the environment<br />
that reasonably balances protection of endangered<br />
species, clean air and clean water, with the need to<br />
allow local communities to grow and thrive.<br />
3 Appraisals. Flawed appraisals remain a major<br />
problem for home buyers and home owners. The<br />
inappropriate use of distressed and foreclosed sales<br />
as comparables in determining new home values is<br />
needlessly driving down home prices and impeding a<br />
housing and economic recovery.<br />
As a result, many home owners seeking to refinance and<br />
take advantage of today’s low interest rates are unable to<br />
do so. NAHB continues to work with all major stakeholders<br />
to institute major reforms in appraisal practices and<br />
oversight to ensure that appraisals accurately reflect true<br />
market values.<br />
NAHB/Wells Fargo Housing Market Index – The<br />
index, which measures builder confidence in the market<br />
for newly built single-family homes, rose four points to 68<br />
in October from a September reading of 64. Any number<br />
over 50 indicates that more builders view sales conditions<br />
as good than poor.<br />
NAHB Chief Economist Robert Dietz’s analysis:<br />
“Although this hurricane season has taken a toll on singlefamily<br />
production, builder confidence remains strong and<br />
production should bounce back as the recovery process gets<br />
underway. Still, builders need to be mindful of the long-term<br />
repercussions from the storms, such as intensified material<br />
price increases and labor shortages. With a tight inventory<br />
of existing homes and promising growth in household<br />
formation, we can expect the new home market will continue<br />
to strengthen at a modest rate in the months ahead. Policy<br />
risk is also rising as Congress tackles tax reform that could<br />
increase the cost of home buying and home building.”<br />
To learn more about NAHB’s policy issues, log on to<br />
nahb.org/priorities.<br />
Economic Outlook<br />
Looking forward, there are signs that conditions in the<br />
housing market should show continued improvement in<br />
the coming months:<br />
• While the economic recovery has been uneven, it<br />
continues to add jobs, a key driver for housing market<br />
recovery.<br />
• Low interest rates and post-bubble house prices that<br />
have settled back to normal in most of the country<br />
means that housing affordability is high in many<br />
markets.<br />
• Growing household formations, along with shortages<br />
of lots and labor, have resulted in tight housing<br />
inventories in many markets across the nation.<br />
Housing Market Snapshot<br />
Housing Starts (September 2017)<br />
Total: 1.13 millionâ Single: 829,000â Multi: 298,000â<br />
Home Sales* (September 2017)<br />
NEW: 667,000á EXISTING: 5.39 millioná<br />
Median Home Prices (September 2017)<br />
NEW: $319,700á EXISTING SF: $246,800á<br />
*Seasonally Adjusted Annual Rate; Arrows indicate direction<br />
from previous month for starts and sales and year for prices.<br />
Licensed & Insured<br />
Commercial & Residential<br />
New & Remodel<br />
537B HWY 1 West<br />
PO Box 386<br />
Iowa City, IA 52244<br />
319-354-2814<br />
Jane Hagedorn,<br />
CGR, CAPS, CGP OWNER<br />
plumbing@beaday.com<br />
www.beaday.com<br />
2018 MEMBERSHIP DIRECTORY 47
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