This article was originally published by a www.houzz.com . Read the Original article here. .
With mortgage rates declining by more than one-half of a percentage point from early August through mid-September, per Freddie Mac, builder sentiment edged higher this month even as builders continue to grapple with rising costs.
Builder confidence in the market for newly built single-family homes was 41 in September, up two points from a reading of 39 in August, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). This breaks a string of four consecutive monthly declines.
Due to lower interest rates, builders now have a positive view for future new home sales for the first time since May 2024. However, builders will face competition from rising existing home inventory in many markets as the mortgage rate lock-in effect softens with lower rates.
With inflation moderating, the Federal Reserve is expected to begin a cycle of monetary policy easing this week, which will produce downward pressure on mortgage interest rates and also lower the interest rates on land development and home construction business loans. Lowering the cost of construction is critical to confront persistent challenges for housing affordability.
The latest HMI survey also revealed that the share of builders cutting prices dropped in September for the first time since April, down one point to 32%. Moreover, the average price reduction was 5%, the first time it has been below 6% since July 2022. Meanwhile, the use of sales incentives fell to 61% in September, down from 64% in August.
Derived from a monthly survey that NAHB has been conducting for more than 35 years, the NAHB/Wells Fargo HMI gauges builder perceptions of current single-family home sales and sales expectations for the next six months as “good,” “fair” or “poor.” The survey also asks builders to rate traffic of prospective buyers as “high to very high,” “average” or “low to very low.” Scores for each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view conditions as good than poor.
All three HMI indices were up in September. The index charting current sales conditions rose one point to 45, the component measuring sales expectations in the next six months increased four points to 53 and the gauge charting traffic of prospective buyers posted a two-point gain to 27.
Looking at the three-month moving averages for regional HMI scores, the Northeast fell three points to 49, the Midwest edged one-point higher to 40, the South decreased one point to 41 and the West increased two points to 39.
The HMI tables can be found at nahb.org/hmi.
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This article was originally published by a eyeonhousing.org . Read the Original article here. .
Bringing a fresh look to a historical home’s landscape while still maintaining some original charm means navigating a fine line between past and present.
Challenge: Designer Sara Yant of Twistleaf was tasked with reimagining outdoor spaces in the Historic District of Fredericksburg, Texas, including for a Queen Anne Victorian mansion, a carriage house, a five-unit barn conversion and three 1930s bungalows. “We needed to create a cohesive look that would complement the different architectural styles and prioritize an intuitive circulation between the spaces,” Yant says.
There were some hiccups along the way that impacted the original plan. A long-abandoned and crumbling drainage pipe beneath the mansion’s front yard was a safety risk. Stringent watering restrictions also were implemented for the Texas Hill Country during that time.
Solution: Yant replaced the fencing and gates with period-appropriate designs. She also updated the hardscape using a mix of concrete, bricks and decomposed granite to create paths and relaxing courtyards and retreats. Removing the crumbling pipe allowed her to reinforce the surrounding ground.
She finished the space with a mix of native and adapted plants that complement the architecture of the Queen Anne Victorian home. Black and blue sage and soft leaf yucca provide seasonal interest and attract butterflies and hummingbirds. American beautyberries (Callicarpa americana, USDA zones 6 to 10; find your zone), dwarf palmetto palms (Sabal minor, zones 7 to 10), aromatic aster (Symphyotrichum oblongifolium, zones 3 to 9) and inland sea oats (Chasmanthium latifolium, zones 3 to 8) define the restorative green retreat by the bungalows.
“We also reduced the amount of lawn in the original design and replaced several areas [including the space shown here], with Leavenworth’s sedge (Carex leavenworthii, zones 6 to 9) as a water-conscious solution,” Yant says.