HBAWV Newsletter – June 2023
JUNE 2023
Legislative Conference 2023
HBAWV Members Attend Leg Con 2023
On June 7th, HBAWV members attended the NAHB Legislative Conference, where they held meetings with Senator Shelley Moore Capito, Senator Joe Manchin, Congresswoman Carol Miller and Congressman Alex Mooney.
Thanks to HBAWV President Aaron Dickerson, NAHB State Representative Kent Pauley, North Central EO Terri Boone, HBAWV Life Director Tom Board and wife Carol Board.
HBAWV Hosts Annual Auction
On June 17th, the HBAWV held its annual auction in Morgantown. It was a great day! We’d like to thank all our members who donated items and all our volunteers who made this event possible!
BEST OF WEST VIRGINIA SUBMISSIONS
Information to submit your entries is coming soon!
Register for our Summer Meeting Today!
Registration Now Open!
We are excited to be holding our Summer Meeting at the Summit Bechtel Reserve in Glen Jean, WV!
We would like to thank 84 Lumber for sponsoring our hospitality room in the Sunset Lounge beginning Thursday, August 3rd from 5:00 to 10:00 pm. It will also be open Friday, August 4th from 3:00 to 6:00 pm.
We are excited about our Build PAC Event, which will be held Friday evening, August 4th at Fenneman Great Hall and will be featuring a live acoustical performance by Matt Mullins.
The cut-off date to make your room reservations is Wednesday, July 19th by 10:00 am. Please call 304-465-2800 to make your reservations today. PLEASE NOTE: When calling, ask for the Gene H. Yamagata Lodging desk and be transferred. Online registration is the best way to make your reservation. Make sure you use the discount code HBAWV.
Links to schedule and the reservation form are below. Please complete your reservation form and email it to traci@omegawv.com or mail it to the HBAWV Office at 2006 Kanawha Blvd., E., Charleston, WV 25311 no later than Wednesday, July 19th.
If you have any questions, please contact the Association Office.
New Home Sales Jump in May
A lack of existing inventory coupled with solid consumer demand helped to boost new home sales in May to their highest level since February 2022.
Sales of newly built, single-family homes in May increased 12.2% to a 763,000 seasonally adjusted annual rate, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.
“Demand for new homes is strengthening because of a lack of existing home inventory,” said Alicia Huey, chairman of the National Association of Home Builders (NAHB) and a custom home builder and developer from Birmingham, Ala. “And while builders continue to grapple with elevated construction costs, an encouraging sign is a big gain in home sales priced in the $200,000 to $300,000 price range. In May 2022, just 5,000 homes sold in this range and that total increased to 12,000 in May 2023.”
“The lack of resale homes available for sale, at just a three months’ supply, is supporting demand for newly built homes,” said NAHB Chief Economist Robert Dietz. “New home inventory was 31% of total inventory in May. Historically it is typically 10% to 15%. Further, the pace of resales is down 20% from a year ago, while the rate of new home sales is up 20% from a year ago.”
A new home sale occurs when a sales contract is signed or a deposit is accepted. The home can be in any stage of construction: not yet started, under construction or completed. In addition to adjusting for seasonal effects, the May reading of 763,000 units is the number of homes that would sell if this pace continued for the next 12 months.
New single-family home inventory in May was 428,000, down 2.9% compared to a year ago. This is down to a more balanced 6.7 months’ supply at the current building pace, despite tight existing home supply conditions. A measure near a 6 months’ supply is considered balanced.
The median new home sale price in May was $416,300, down 7.6% compared to a year ago.
Regionally, on a year-to-date basis, new home sales are up 0.8% in the Northeast and 1.6% in the South. New home sales are down 2.5% in the Midwest and 20.7% in the affordability-challenged West.
Federal Agencies Update Workplace Posters for Pregnant Workers Fairness Act
Following passage of the Pregnant Workers Fairness Act in December 2022, federal agencies have updated several of their workplace posters for businesses to display when the new law goes into effect June 27.
NAHB Legal Action Fund Awards Grants to HBAs to Fight Local Issues
At the 2023 NAHB Spring Leadership Meeting, the Board of Directors approved the recommendation of the NAHB Legal Action Committee to provide financial assistance to three local and state associations fighting impact fees and building code changes.
House Passes Bill to Block New Fee Structure on Fannie-Freddie Home Loans
The House today passed legislation that would block the Federal Housing Finance Agency from implementing a new pricing framework for single-family home loans eligible for purchase by Fannie Mae and Freddie Mac that will lower mortgage fees for some borrowers and raise fees for others.
Army Corps Official Signals Next Steps in WOTUS Rulemaking
During a June 22 congressional hearing, it was revealed that the Environmental Protection Agency and U.S. Army Corps would use an administrative rulemaking process to expedite a new waters of the United States (WOTUS) rule following the Supreme Court’s Sackett ruling.
Encova new member discount for policies effective September 1, 2022 through August 31, 2023 will be 6.1%.
Share Your Good News With Us!
If you have something exciting going on with your company, proud of work you are doing in your community or just want to brag a little bit .. share it with us! We love to share good news!
2023 Associate Member Council Buyer’s Guide Now Available!
We are excited to announce that our 2023 Associate Member Council Buyer’s Guide is now available on the HBAWV Website! Members should have received their hard copies recently, but if you would like an online option, we invite you to visit our website. If you would like additional hard copies, please contact your local office.
Important Dates:
Future HBAWV Board of Directors Meetings
HBAWV Summer Board of Directors Meeting – August 3rd – 5th, 2023 – 2550 Jack Furst Dr., Glen Jean, WV
HBAWV Annual Conference – October 27th – 28th, 2023 – The Blennerhassett, Parkersburg, WV
Future NAHB Board of Directors Meetings
IBS
February 25-29, 2024 – Las Vegas
Spring Midyear Meetings:
Leg Con:
June 6th – 10th, 2023 – Washington, D.C.
Fall Meeting:
September 19th – 21st, 2023 – Palm Springs, CA
