A Positive Employment Report for August

The NAHB Eye on Housing reported an increase in nonfarm payroll employment from July to August this year. Nonfarm payroll employment increased to 31 states in August with 235,000. This was at a slower rate than seen in July with an increase of 1,053,000.

August saw a strong increase on a month-over-month basis in California where 104,300 jobs were created, in Texas 39,300 and New York 23,500 were created. Nineteen of the states and the District of Columbia saw a decline with a loss of 64,100 jobs.

Out of the 48 states which reported construction sector job information, 24 of those states saw an increase in both residential and non-residential construction jobs. Colorado, South Dakota and Utah saw no changes while Nevada added 3,000 construction jobs. There was a 4.4% increase in New Hampshire but a 3.7% in Kansas between July and August.

The construction sector jobs also saw an increase of 2.7% by 193,000 jobs on a year-over-year basis. California again came in at the top with 35,900 construction sector jobs while New York lost the most at 11,700 jobs. In percentage comparisons, Rhode Island had the highest growth at 13.9 which Wyoming at the worst at a decline of 7.7%.

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New Home Sales Rise the First Month of 2021

The Census Bureau and HUD reported a 4.3% increase in January for new single-family home sales to a 923,000 seasonally adjusted annual rate. January sales overall saw a rate of 19.3% higher than January 2020.

The increase comes from the current housing demand as homeowners are still spending the majority of their time in their homes. Lower interest rates still also play a part but according to data gathered,  Housing affordability headwinds will increase in 2021, due to price growth and mortgage rates trending higher.

As for inventory, it is still lagging behind. In January sales-adjusted inventory levels were at a 4 months’ supply. January 2021 saw a 5.5% lower increase in count than a year ago. For new home inventory that has not started yet has increased 45% over the last year from 56,000 to 81,000.

The higher cost for building materials has caused a rise in housing affordability coming into 2021. The media sales price at the beginning of the year saw a 5.3% gain for just a year ago to $346,000.

If you are in the market are considering purchasing a home, now is a good time before prices and mortgage rates rise. A smart move is to contact a Realtor in your area who can help you find the right home for you.

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Plaquemines Parish Experiences a Growth in Home Prices

Plaquemines Parish, specifically Belle Chasse, saw a 7.9% growth in home prices during the first 6 months of 2015 according to Wade Ragas, local real estate consultant and expert.  The 7.9% growth was based on numbers pulled just before Hurricane Katrina, and overall in the Greater New Orleans area, home prices have jumped 50% since just before Katrina.  On the Southshore, the average sale price for a single-family home in New Orleans went from $114 / square foot to $166 / square foot which was a different in home pricing of $228,620 vs. $339,743.  Belle Chasse in Plaquemines Parish saw the 2nd highest increase in home prices in Greater New Orleans followed by a 6% increase in St. John the Baptist Parish.

Home prices on the Southshore in New Orleans have risen on average 4.6% per year for a record-high increase of 46%.  All numbers culminated for the 8-parish region surrounding Lake

Pontchartrain in the Greater New Orleans area saw an increase in home prices of 18.6%, which is still a pretty significant increase for a 10-year period.  However, interestingly, Jefferson Parish home pricing has not “moved” very much at all since Hurricane Katrina.

Homes for sale in Jefferson Parish have remained nearly the same pricing overall in this period with only a 1% growth in 10 years.  The average price of a home in Jefferson Parish is $194,510 which equals approximately $106 / square foot.  Spikes of home pricing in Jefferson Parish can be seen in prominent neighborhoods such as Old Metairie and Bucktown where the average price of a home is $494,724 amounting to $204 / square foot.

The Greater New Orleans area can actually be compared to larger metros in its growth rate.  These metros, such as Dallas, Houston, or Miami were seeing similar growth according to Ragas.
“We have a surge in demand, but we don’t have enough inventory to keep that at an affordable level,” Ragas said. “Problems like this tend to solve themselves if markets are left alone.”

Ragas claims that there is a supply of buyers but not such a large supply of homes to be purchased, which have led to bidding wars for homes located in safe and quality neighborhoods in the city.  The Parks of Plaquemines, located just across the river from New Orleans offers new lots for sale as well as new homes for sale.  When buying a new home in our master planned community, you can avoid the high price of purchasing a home in the city of New Orleans with lower taxes, lower utilities, and a much higher level of safety.  For More Information about purchasing a home at The Parks of Plaquemines, Contact Us at 504-364-2350 or E-mail Info@TheParksLifestyle.com.

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