Fall 2024
Anticipated Rate Cut Slows August New Home Sales
Expectations of the Federal Reserve beginning the first in a series of rate reductions kept potential home buyers in a holding pattern in August. Sales of newly built, single- family homes in August fell 4.7% after an unusually strong July, according to newly released data from HUD and the U.S. Census Bureau. August new home sales registered a 716,000 seasonally adjusted annual rate, after an upwardly revised estimate of 751,000 for July. Despite the slip in August, the three-month moving average for new home sales is at its highest level since March of 2022. New home sales are up 4% on a year-to-date basis through August. A new home sale occurs when a sales contract is signed, or a deposit is accepted. The home can be in any stage of construct- ion: not yet started, under construction or completed. In addition to adjusting for seasonal effects, the August reading of 716,000 units is the number of homes that would sell if this pace continued for the next 12 months. New single-family home inventory increased 1.7% to 467,000 in August, a 7.8 months’ supply at the current sales pace. Completed Completed, ready to occupy inventory increased to 105,000 homes, which is the highest level since 2009. Median new home price fell back to $420,600, down 4.6% from a year ago due to builder price incentives amid multi-decade highs for housing affordability challenges. The Census data reveals a gain for new home sales priced below $300,000, which made up 18% of new home sales in August compared to 12% a year ago. Regionally, on a year-to-date basis, new home sales are up in all four regions, rising 2.1% in the Northeast, 21.9% in the Mid- west, 0.8% in the South and 4.7% in the West.
Attend IBS 2025 and See ‘More’ at TNAH The New American Home 2025 could be summarized into one word: More. The flagship exhibit of next year’s International Builders’ Show (IBS) will feature more levels, more openness and even more of the latest innova- tions in residential construction. An expansive living space of 9,423 total square feet will include five bed- rooms, two of which are located on a second level where there is also will include five bedrooms and a large multipurpose game room. Other features include an interior court- yard, an in-law/guest casita, two garages (a three-car and a two-car), and an 800-squar 800-square-foot underground wine cellar and lounge. IBS Takes place Feb. 25-27, 2025 in Las Vegas. Learn more and register at BuildersShow.com.
Codes Plan Worries Multifamily Many multifamily housing developers are concerned about plans by the Biden administration to mandate all new homes to be built to the latest energy codes as a requirement for certain federal home loan programs, according to a new survey. HUD and the USDA said earlier this year they would require all HUD- and USDA-financed new single-family construction housing to be built to the 2021 International Energy Conservation Code (IECC) and HUD-financed multifamily housing be built to 2021 IECC or ASHRAE 90.1-2019 standard, the commercial energy code used by larger multifamily buildings.
NAHB Seeks Feedback on Heat Rule OSHA in August published a proposed rule to establish the first federal standard for preventing heat-related injuries and illnesses in work settings. If finalized, the standard would apply to all employers conducting outdoor and indoor work in all general industry, construction, maritime and agriculture sectors, with some exceptions. NAHB has prepared a summary of the proposal. OSHA is allowing the public to submit feedback in response to the proposal until Dec. 30. NAHB is asking members to provide feedback on the rule.
HBAGC will play a role in preparation for the winter 2025 10-week distribution period. This is how you can join with our members and take part in our campaign from now through November 30. Donate a pallet of non-perishable food . . . vegetables, soups, peanut butter, pasta, marinara, mac & cheese, etc. Must be in cans, boxes or plastic, NO glass. Donations will be gathered at Builders FirstSource and then delivered to the warehouse. Builders FirstSource can pick up your donation at the purchased location. You can a place an order with Kroger two or three days before pick-up. If using Sam’s Club, you will need to call the evening before pick up to find what is available. Walmart requires orders 21 days in advance. Schedule your donation pickup with Donna Crotty, 304.744.2200 or dcrotty@hbagc.org. UFO is registered as a charitable organization and files an annual report with the West Virginia Secretary of State’s Office. You may prefer to make a monetary donation to: United Food Operation P.O. Box 20441 Charleston, WV 25362 Or donate by credit card with MightyCause to securely make a donation to United Food Operation with Visa, MasterCard or American Express. Let’s do our part. Let’s make a difference.
FOOD DRIVE
As an all-volunteer non-profit organization founded in 1981, United Food Operation, Inc. (UFO) continues to fight hunger in our local communities. Operating as a qualified 501-c(3) charitable organization, all funds raised go directly to 12 community pantries in Kanawha and Putnam Counties. The food bank operates out of donated warehouse space at ALTIVIA’s Institute Industrial Park.
HBAGCwill play a role in preparation for the winter 2025 10-week distribution period.This is how you can join with our members and take part in our campaign fromnow through November 30. ·Donate a pallet of non-perishable food . . . vegetables, soups, peanut butter, pasta, marinara, mac & cheese, etc.Must be in cans, boxes or plastic,NOglass. ·Donations will be gathered atBuilders FirstSourceand then delivered to the warehouse. ·Builders FirstSourcecan pick up your donation at the purchased location. ·You can a place an order withKrogertwo or three days before pick-up.If usingSam’s Club, you will need to call the evening before pick up to find what is available.Walmartrequires orders 21 days in advance. ·Schedule your donation pickup with Donna Crotty, 304.744.2200 or dcrotty@hbagc.org. UFO is registered as a charitable organization and files an annual report with the West Virginia Secretary of State’s Office. You may prefer to make a monetary donation to:United Food Operation P.O. Box 20441 Charleston, WV 25362 Or donate by credit card with MightyCause to securely make a donation to United Food Operation with Visa, MasterCard or American Express. Let’s do our part.Let’s make a difference.
Mary Morris, Window World of Kanawha Katie Moskala, Ferguson Enterprises Russ Johnson, Ferguson Enterprises Jamie Messer, Alford Foundation & Crawl Space Repair Robert Cook, Alford Foundation & Crawl Space Repair Tim Martin, Montani Mechanical Group Calvin Duncan, Pinnacle Sales
REGISTER
The next BIG idea. The strategies and trends. The products, connections and experts you won’t see anywhere else. It’s all here! The NAHB International Builders’ Show (IBS) – the premier, once-a-year event that connects, educates and improves the residential construction industry – is a three-day epicenter for new product launches, construction demos, industry thought leader sessions, workshops, panel discussions. . . and more. First-Time Attendee Deal . . . Put your NAHB membership to work and join us at the building industry’s most anticipated event for only $195! Who Qualifies? New NAHB Members: If you’re a new member of your local home builders’ association and NAHB. First-time IBS Attendees: If you’re a current member of your local home builders’ association and have only registered for IBS in the past as a non-member or if you’re a current member who is new to the show and have never previously registered for IBS.
2024 Board of Directors Officers President - Welford Haines* Ferguson Enterprises Vice President - Zach Crede Crede Lawn & Landscaping Associate Vice President - Matt Aldridge* IKO Industries Treasurer - Jason Staats* Rollins, Cleavenger & Rollins CPAs Secretary - Barbara Rucker Summit Community Bank Builder Member-at-Large - John Lee Secure Construction Immediate Past President - Bob Ritenour* Bob's Basic System Directors Brad Cunic House Doctors Tim Cunningham* Cunningham Electrical Service Robert Dorsey* L.R. Dorsey Inc. Jack Grimm Garlow Insurance Cindy Hale* Nitro Carpet Outlet & Design Center Roger Harper 84 Lumber Shannon Hudnall Truist John Kopyscianski* Builders FirstSource Connie Marshall* Encova Insurance Steve Michael* Quality Construction Michael Moore Elk River Design Dale Oxley* Modern Home Concepts Greg Paxton* Mr. Handyman of Kanawha Valley Stephanie Ramsey TTLC Merchant Solutions J.D. Stricklen* Stricklen Realty Steve Zubrzycki East Coast Tees *Life Director Donna Crotty, Executive Officer
Upcoming Events November 1 - 30 United Food Operation Food Drive November 5 HBAGC Board Meeting November 8 - 9 HBAWV Convention Oglebay November 12 HBAGC Membership Dinner Tabletop Reception Election of Officers Holiday Inn & Suites South Charleston November 22 Bell Ringing for Salvation Army Cabela's December 5 Beneficial Ownership Information Class (US Treasury required by 12.31.2024) HBAGC Office December 10 HBAGC Christmas Party Ferguson January 10 - 11 HBAWV Winter Meeting Holiday Inn & Suites January 21 HBAGC Board Meeting February 25 - 27 NAHB International Builders' Show Las Vegas April 4 - 5 - 6 55th WV Home Show
Cruise-in
NAHB’s Associate members grossed an all-time high in average revenue in 2023, besting 2021’s record of $2.86 million by $140,000, according to NAHB’s annual census of members. The $3 million average reflects the booming success that Associate members across the Federation saw last year. Other highlights from the census include: Associate members account for approximately 65% of NAHB’s membership. 39% of Associate members say they contribute to the development of green/sustainable homes. The typical Associate member employs 12 people, which ties last year’s all-time high. The census also detailed the businesses in which Associate members work. The most prevalent business is sub- contracting/specialty trade contracting at 45% of all Associate members, up 4% from a year ago. The next-largest segments include professional specialties (11%), retail dealerships/ distributorships (10%), financial services (8%) and wholesale dealerships/ distributorships (5%).
Who Are NAHB’s Associate Members?