April is New Homes Month, and one of the benefits of a newly constructed home is the savings that come from reduced energy and maintenance expenses.
The American Housing Survey (AHS) classifies new construction as homes no more than four years old. Data from the most recent AHS survey shows that for routine maintenance expenses, 26% of all homeowners spent $100 or more a month on various upkeep costs. However, only 11% of owners of newly constructed homes spent this amount. In fact, 73% of new homeowners spent less than $25 a month on routine maintenance costs
The findings for energy expenses are similar. On a median per square foot basis, homeowners spent 78 cents per square foot per year on electricity. Owners of new homes spent 65 cents per square foot per year. For homes with piped gas, homeowners spent, on average, 53 cents per square foot per year. Owners of new homes spent 38 cents per square foot per year.
New Homes Month got off to a good start with the list of housing markets showing measurable improvement expanding slightly to include 101 metropolitan areas in April, according to the National Association of Home Builders/First American Improving Markets Index (IMI). Thirty-five states (including the District of Columbia) are now represented by at least one market on the list.
The index identifies metropolitan areas that have shown improvement in housing permits, employment and house prices for at least six consecutive months. The 101 markets on the April IMI represent a net gain of two from March. Among the new entrants, areas as diverse as Rome, Ga.; Coeur d?Alene, Idaho; Greenville, North Carolina; Brownsville, Texas; St. George, Utah; and Huntington, W.Va., are now represented on the IMI. In South Carolina, Charleston and Spartanburg made the list at numbers 78 and 79, respectively.
While housing markets across the country continue to struggle under the weight of overly tight lending conditions and other challenges, the April IMI indicates that at least 101 individual metros areas are showing measurable and consistent signs that they are headed in the right direction. The fact that the number and geographic distribution of improving housing markets continued to expand beyond the 100 mark in April bodes well for the start of the spring home buying season, and should be an encouraging sign for those who are considering a home purchase.
For information on new homes under construction or custom home building in the Greenville SC area, contact the Home Builders Association of Grenville at (864) 254-0133 or visit HBAofGreenville.com.
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