LAS VEGAS – “Discover the Building Universe” was the theme of the National Association of Home Buildings International Builders’ Show held Jan. 19-21 in Las Vegas. Realty News Report covered the massive event and presents these highlights of the convention:
Millennials to Shape Housing Preferences, Once They Start Buying
LAS VEGAS – The millennial generation is poised to make a significant impact on home design, once they move out of their parents’ houses and into residences of their own, said NAHB Assistant Vice President for Survey Research Rose Quint, speaking at the recent International Builders’ Show.
“In 2015, about 15 percent of adults aged 25-34 lived with a parent, about 3 percent more than the highest percentage recorded between 1983 and 2007 – 12 percent,” she said. “That translates into 1.3 million people who would normally be out there forming their own households [and] demanding their own units, either as buyers or renters.”
Quint said she anticipated new mortgage programs and looser mortgage insurance requirements last year would entice first-time home buyers, but just the opposite happened. Home sizes grew to an average of 2,721 square feet, the largest ever, indicating the new-home market is still dominated by move-up buyers, not first-time purchasers.
Millennials who did buy homes preferred energy efficiency and smart home technology; comfortable, workable kitchens and more casual spaces, said speakers from the NAHB and Better Homes and Gardens.
This year, buyers of all ages want homes with separate laundry rooms, energy-star appliances and windows, exterior lighting and a patio.
They don’t want rooms with cork flooring, elevators, pet washing stations, expensive outdoor kitchens and fireplaces, two-story entryways and family rooms. Countertops had better be granite, not laminate, says a fall 2015 survey of potential buyers.
Spending for Residential Remodeling Keeps Trending Up
LAS VEGAS – Spending on residential remodeling will continue to trend upward, according to experts speaking at a press conference hosted by NAHB Remodelers at the International Builders’ Show in Las Vegas.
The NAHB expects remodeling spending for owner-occupied single-family homes to see a 1.1 percent increase in 2016 over 2015 and another 1.9 percent hike in 2017. Professional remodelers from around the country agreed with the forecast, citing clients’ increased financial security.
“After recent revisions, census estimates now indicate that improvements to owner-occupied housing increased 1.3 percent last year, consistent with NAHB’s expectations and our measure of remodelers’ sentiment,” said Paul Emrath, NAHB’s vice president for survey and housing policy research.
“Going forward, we expect modest growth to continue, fueled in part by steady appreciation in house prices, enabling owners to tap into their home equity to fund remodeling projects.”
NAHB Unveils New American Home for 2016
LAS VEGAS – The National Association of Home Builders Leading Suppliers Council, in collaboration with Professional Builder magazine, recently unveiled The New American Home 2016. It was the official home of the International Builders Show.
Located in the foothills of Henderson, Nev., The New American Home 2016 boasts 5,200 square feet. It was designed and built by Element Design of Las Vegas.
NAHB Leaders Selected for 2016
LAS VEGAS — Members of the National Association of Home Builders elected two senior officers to top leadership positions during the association’s International Builders’ Show.
Taking the helm as chairman of the board was Ed Brady, a Bloomington, Illinois-based builder. Also chosen was Granger MacDonald, a Kerrville, Texas-based builder, elected first vice-chairman of the board. He is chairman and CEO of the MacDonald Companies.
NAHB Chief Economist David Crowe to Retire
LAS VEGAS — The National Association of Home Builders’ Chief Economist, David Crowe, Ph.D., will retire effective March 18, it was announced at this year’s International Builders’ Show. He will be succeeded by Robert D. Dietz, Ph.D., vice president for tax and market analysis at NAHB.
Crowe has been responsible for NAHB forecasts of housing and economic trends, survey research and analysis of the home building industry and consumer preferences as well as microeconomic analysis of government policies that affect housing.
NAHB’s senior vice president for regulatory and housing policy before being named chief economist in 2008, Crowe was previously deputy director of the Division of Housing and Demographic Analysis for the U.S. Department of Housing and Urban Development. He earned a Ph.D. in economics from the University of Kentucky.
Dale King contributed to this report.
Jan 30, 2016