Jaffa News

Existing home sales in May up by 12.9% from a year ago as prices rise 15.4%

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 4.2 percent to a seasonally adjusted annual rate of 5.18 million in May from 4.97 million in April, and is 12.9 percent above the 4.59 million-unit pace in May 2012.

Existing-home sales are at the highest level since November 2009 when the market jumped to 5.44 million as buyers took advantage of tax stimulus. Sales have stayed above year-ago levels for 23 months, while the national median price shows 15 consecutive months of year-over-year increases.

Even so, the big jump in confidence registered this month by the National Association of Home Builders/Wells Fargo Housing Market index was surprisingly robust. Pete Flint, chief executive of online real-estate company Trulia, said conditions were just right for confidence to blossom, with supply of available homes still trailing a rising tide of buying sentiment.

Confidence of Homebuilders
Jumps as Recovery Deepens

Reuters

A majority of homebuilders say conditions for new construction are favorable, rather than poor, for the first time since the housing crisis began seven years ago, according to a closely watched index released.

Executives in the homebuilding industry say a steady rise in home prices, tighter inventories of properties up for sale and a slowing trend in foreclosures have helped the housing market regain its stride over the past year.

Prices in Nevada jumped 24.6 percent from a year earlier, the most among the states. California posted a 19.4 percent gain, followed by Arizona, at 17.3 percent; Hawaii at 17 percent; and Oregon, at 15.5 percent.

Recovery in U.S. Housing Market Looking Solid,
according to Latest NAR Data

PropertyWire

Existing home sales in the United States improved in May and remain solidly above a year ago, while the median price continued to rise by double digit rates from a year earlier, according to the latest data from the National Association of Realtors.

Total existing home sales, which are completed transactions that include single family homes, town homes, condominiums and co-ops, rose 4.2 percent to a seasonally adjusted annual rate of 5.18 million in May from 4.97 million in April, and is 12.9 percent above the 4.59 million-unit pace in May 2012.

Lawrence Yun, NAR chief economist, said the recovery is strengthening and he expects limited housing supplies for the rest of the year in much of the country.

'The housing numbers are overwhelmingly positive. However, the number of available homes is unlikely to grow, despite a nice gain in May, unless new home construction ramps up quickly by an additional 50 percent,' he explained.

Interiors

What do you imagine when you hear the word “Staircase”?

You most likely picture the most basic hardwood or carpet covered stair, something that is not often given a second thought. When trying to bring in more design, creativity and style into a home, using a stairway as an artistic focal point is an increasingly popular solution. Flights of stairs are no longer just a way to get from level to level; they are constructed works of art, designed with one solo purpose; to turn your stairway into a stunning standalone feature. These seemingly mundane objects expressively change a space's functionality and look, transforming the ordinary into the extraordinary. It permits both designers and homeowners to show their creativity in the most functional of ways, allowing you to navigate from one floor to the next in style.

As demonstrated here in a featured Jaffa Group home, there is beauty in incorporating different metals and using it to contrast with its wood counterpart, thus accentuating them both. Whether you opt for a more rustic vibe or if you favor the slight lines that a cable has to offer, by designing a unique stairway it will create a striking design accent to your architectural interiors every step of the way.

Architectural Feature

5 Amazing Elements of Green Architecture

by Becky Striepe

When you think of green architecture, do you picture a sleek, energy-efficient but boring-looking building? You shouldn't. Not only can green architecture help protect the environment and reduce energy costs for the building's occupants, it can also lead to some amazing design!

Green Product / Recycle News

Choosing Green Windows

by Marcus Pickett

Few home improvements do more for your home from a green perspective than installing new, green windows. Poor windows can heat up your home like an oven in the summertime, and they can account for as much as 25 percent of your home's heat loss in the winter. On the other hand, energy-efficient windows and designs can drastically improve your home's energy efficiency in all seasons, as well as improve your home's looks, resale value, and overall comfort.

Testimonial

“We wanted to take a moment and express what a great builder Jaffa Group is to work for. We have performed various tasks for Jaffa over the last 4 years or so and have found them to be of strong integrity and character from the Jaffa owners to the superintendents. If they say something they follow through. All their projects run smoothly and are very organized. Also their quality and craftsmanship is hard to beat, just look at their awards. It brings us great pride to come in at the end of a new home build and make these beautiful homes shine for their customers. As a subcontractor we have always been paid on time and never have to worry if we are going to be paid. In this market it really means a lot and I value my business relationship with Jaffa Group and look forward to many more years with them. I would love to build a home in Park City and when I get ready Jaffa will be my only phone call.”

~ Steve Underwood, A-Team Cleaning Management