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Housing Market Update: New Construction and the Overall Market

PORTAGE, Mich, January 30th, 2020- Beginning in 2018 and continuing through 2019, the housing market has continued to face an inventory strain and rising prices. Overall, home sales and new housing starts (permits) were down in 2018 locally. Despite a strong economy, housing continues to face a new challenge with affordability concerns keeping buyers on the sidelines and slowing the rate of home sales. That trend continued through 2019, as existing homes sales (both new and used) are down year over year and prices continue to increase.

Allen Edwin Homes has gathered and monitored new and existing homes sales and prices to identify trends and market conditions throughout the following markets and local Realtor associations: Grand Rapids, Kalamazoo, Lansing, Livingston County, Washtenaw County, Jackson County, and West Michigan/Lakeshore. Below is a breakdown of new home starts (permits) for the local markets in 2019:

Sales and Average Price**

Number of Permits*

*Detroit includes Livingston/Washtenaw/Jackson County

Allen Edwin Homes has used information and data from local Realtor associations, new housing data from housing starts (permits) and market depth (months of supply) by price points to help formulate a solution for the first-time buyer and the supply constrained housing markets. In November of 2018, Allen Edwin Homes launched the Integrity Collection to gives first time and move up buyer’s options to own a new home with monthly payments comparable, or in some cases, lower than the cost to rent. The new collection of homes range from 2-5 Bedrooms, 1-4.5 Bathrooms, and 1,252-2,276 square feet with monthly payments starting from just over $1,000 per month. This collection includes features such as Energy Smart Certified Homes by RESNET, including 96% high efficiency furnaces and air conditioning by Carrier, Moen fixtures, Aristrokraft cabinets and much more. Allen Edwin Homes is up 47% in home sales from 2018 to 2019 due to the change and focus on affordability.

*Builder Track **Michigan Realtors Housing Statistics

For more information on Allen Edwin Homes, please visit www.allenedwin.com

About Allen Edwin Homes: Allen Edwin Homes, one of Michigan’s largest home builders, was established in 1994 in Portage, Michigan and builds in over 100 great communities across Southeast MI, Kalamazoo, Grand Rapids, Lansing, the West Michigan Lakeshore and Indiana. Priced from the mid $100,000s to $500,000s, all Allen Edwin Homes are RESNET® Certified Energy Smart Homes and include a 10 Year Structural Warranty backed by the RWC®. For more information about any of Allen Edwin Home’s new communities, please call 800-313-9211 or visit www.allenedwin.com

Contact: Mike McGivney VP of Sales & Marketing Allen Edwin Homes 616-238-2141 mmcgivney@allenedwin.com www.allenedwin.com