FHFA: House Prices Continue to Rise

FHFA: House Prices Continue to Rise

U.S. house prices rose in November, up 0.4 percent from the previous month, according to the Federal Housing Finance Agency (FHFA) seasonally adjusted monthly House Price Index (HPI). The previously reported 0.3 percent increase in October was revised to reflect a 0.4 percent increase.

The FHFA monthly HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac. From November 2017 to November 2018, house prices were up 5.8 percent.

For the nine census divisions, seasonally adjusted monthly price changes from October 2018 to November 2018 ranged from -0.8 percent in the Pacific division to +1.1 percent in the South Atlantic division, although the South Atlantic division saw a -0.3 percent drop from September to October.  South Carolina is in the South Atlantic division.

The 12-month changes were all positive, ranging from +4.5 percent in the West South Central division to +7.4 percent in the Mountain division.

HBA members save

HBA members save

Did you know?

HBA members save substantial money just by being members of the association?  In the first three quarters of 2018, HBA of Greenville members received rebates totaling $28,851 from the HBA Rebates program.  These rebates are on materials builders are already buying for the homes that they build.

Don’t miss your opportunity to save on materials you are already buying.  Visit HBASCrebates.com to find out how.

Greenville County Announces New Process for Final Development Plans

Greenville County Announces New Process for Final Development Plans

At their meeting in November, Greenville County’s Planning Commission approved a new procedure for review and approval of Final Development Plans.

Beginning immediately, Final Development Plans will be reviewed and approved by Greenville County staff.  The review is for consistency with the Preliminary Development Plan.  If the Final Development Plan differs significantly from the Preliminary Development Plan, the project could be required to be resubmitted to the Planning Commission.  In addition, if the developer disagrees with an action taken by county staff, the developer may appeal the decision to the Planning Commission.

Planning staff will provide the Planning Commission with a report each month of Final Development Plans that have been reviewed and approved.

This change will save about 45 days in the development approval process and is the result of your HBA continuing to work with Greenville county to speed up the development review process.

Greenville County Financial Security for Water and Sewer to Remain Unchanged–For Now

Greenville County Financial Security for Water and Sewer to Remain Unchanged–For Now

Late last year MetroConnects threw Greenville County government, and developers and home builders, a curve ball when they announced that they would no longer accept a financial security guarantee deposited by the developer with Greenville County.  This announcement had the effect of adding several months to the process of finishing a development and making it ready for builders to buy lots and begin building homes.

After considerable negotiation and lobbying, that included your Home Builders Association, Greenville County announced Friday that the current Financial Security Process will remain unchanged–for now.  This is good news.  Read the county’s announcement below:

Over the past few months there has been some discussion about modifying the process for acceptance of the line item cost for sewer and water completion.

Until further notice, the process will remain the same to include the line item for these costs.   All parties have agreed to discuss this further with all the sub-sewer districts and develop one policy that applies to the entire county.  Once a final decision is reached ample notices will be given if the current policy is changed.

The current policy is still subject to review by the utility provider and approval by the Assistant County Administrator for Community Planning, Development and Public Works or her designated representative.  If approved, the cost estimate form for financial security shall include the full cost of the installation of the water and sewer lines.  Additionally, the financial security amount shall be based on 125% of the cost estimate approved by the County at the time financial security is accepted.

Thank you

Subdivison Administration Team

Land Development Division

Subdivision Administration

Did you know? Greenville is at the center of more than 10% of the housing production in the U.S.

Did you know? Greenville is at the center of more than 10% of the housing production in the U.S.

Within 150 miles of Greenville:

  • More than 100,000 residential single-family permits were issued, more than 10 percent of all housing starts in the U.S.
  • More than 38 million people called that area home
  • Construction accounted for 671,000 jobs

Have a look at this list of cities in the area and the housing production in each market:

  • Atlanta, GA: 33,832
  • Charlotte, NC: 14,818
  • Raleigh, NC: 13,362
  • Myrtle Beach, SC: 8,587
  • Charleston, SC: 7,267
  • Greenville, SC: 6,747
  • Greensboro, NC: 4,658
  • Savannah/Hilton Head: 4,400
  • Columbia, SC: 3,838
  • Knoxville, TN: 3,789
  • Augusta, GA, 3,300
  • Asheville, NC: 2,593
  • Chattanooga, TN: 2,243