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Builders Only Have 76,000 Completed New Homes For Sale
New home sales missed estimates today but had three months of positive revisions, which continues the story of the builders managing the higher mortgage rate environment. But they still only have 76,000 completed units for sale today.
That's right — for all the hype of massive housing inventory coming from the builders, today we sit here still trying to work back to pre-COVID-19 levels with just 76,000 completed homes ready to be moved.
As shown in the chart below, this sector has never provided many unoccupied new units for sale. Even during the worst months of the housing bubble crash years, the builders were always under 200,000 completed units for sale.
Let's take a look at the other aspects of the report.
From Census: New home sales Sales of new single‐family houses in August 2023 were at a seasonally adjusted annual rate of 675,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 8.7 percent (±15.6 percent)* below the revised July rate of 739,000, but is 5.8 percent (±21.1 percent)* above the August 2022 estimate of 638,000.
With the positive revisions in the data, new home sales continue to crawl slowly higher and we are seeing good year-over-year growth in sales because we have easy comps to beat. As we can see in the chart below, sales levels aren't exactly booming like they were from 2002-2005. As I have stressed, we don't have a high bar to beat for growth; sales weren't historically high last year.
From Census: For sale inventory and months' supply:The seasonally‐adjusted estimate of new houses for sale at the end of August was 436,000. This represents a supply of 7.8 months at the current sales rate.
Here's my model for understanding the builders:
We are at 7.8 months, and we had a big miss on housing starts last week, mostly coming from multifamily construction.
Below, we can see that permits for single-family homes are rising as the monthly supply of new homes has fallen from the recent peak. The question is, what happens in the future with higher mortgage rates?
Overall, the report wasn't great or terrible; the positive revisions show that 2023 will have positive sales for the new home sales sector. One thing we have to remember about the two different housing markets: new home sales had a big monthly supply spike last year,and the existing home sales market didn't.
The builders have been making deals to sell more homes, but existing homeowners have yet to feel that pressure. The existing home market is only sitting at 3.3 months supply, and the days on the market are still 20 days. A few housing markets are feeling the pressure of higher rates more than others, which explains why home prices are back at all-time highs per today's S&P CoreLogic Case-Shiller Home Price Index, but existing home sales are near 21st-century lows in demand.
We can't look to the builders to help us with completed units for sale because it goes against their business model to flood the markets with inventory. This is why the builders only have 76,000 homes ready for sale in a country of 335 million people with more than 156 million people working.
TerraFlame's S'mores Kit Is An Awesome Holiday Gift For Families
TerraFlame's Deluxe S'mores Gift Bundle, ReviewedMicki Wagner
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Bonfires take on an extra cozy feel this time of year. And while we love sitting around a fire pit and catching up with friends, family, and neighbors, we're also very much in it for the s'mores-making that often ensues halfway through the night. But for those of us who don't have a fire pit (or don't want to mess with one simply to have s'mores), TerraFlame's Deluxe Gift Bundle S'mores kit offers a nice alternative.
In case the brand is new to you, TerraFlame makes products that bring the cozy nature of a real flame to your indoor and outdoor spaces, from fire pits to torches to fireplaces. While its parent brand Solo Stove is known for its smokeless fire pits (two of which we named as some of the best in the category), TerraFlame's fire-focused products use liquid and gel fuels that offer the intrigue and coziness of a bonfire without the smoke and ash that a wood-burning fire pit produces. And better yet, TerraFlame's fire products are very aesthetically pleasing, making them a stylish addition to your backyard table, the patio set on your front porch, or even inside.
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Deluxe S'mores Gift Bundle
amazon.Com
$99.99
This gift-worthy s'mores kit is the first product I've ever tried from TerraFlame, and the modern design is what initially piqued my interest. Having tested it out, I can tell you I was also quite pleased with how accessible it made s'mores for a city apartment dweller like myself.
Micki Wagner
Typically priced at $120 (though it's currently on sale for $100), this kit—with its gorgeous roaster bowl, pack of four skewers, compartmentalized bamboo tray, pack of three TerraFlame Pure Gel Fuel by SunJel cans, and a recipe book to help you get interesting with your s'mores—would make for a thoughtful, useful, and good-looking gift. It's especially well-suited for the person who isn't interested in or can't have a fire pit, or for someone who has kids, since this makes it super easy to light a fire and make s'mores with exceptionally minimal clean-up.
Beautiful DesignAvailable in two colors—charcoal gray and sleek white—the s'mores roaster is the most substantial part of this whole set and imparts great style onto your (or your giftee's) countertop or table. The bowl features bamboo on the bottom and down the side, as well as on the included lid, but it's mostly made from concrete.
Micki Wagner
The combination of the wood and concrete gives the roaster a chic, modern feel, though it is quite heavy to pick up. The roaster itself went very nicely with my wicker patio set and sat securely on our small glass table (though we did put a cloth underneath it to catch any graham cracker crumbs and protect the glass surface).
One of the nicest aspects of the roaster is that, in my testing, it never got hot around the outside. Even after having the flame lit for 20 minutes, the outside of the roaster was cool to the touch. It is, of course, warmer on the surface where the flame licks, but that's to be expected.
Micki Wagner
I also appreciated the bamboo tray that comes with the set. The bamboo tray made it super easy to bring all of the s'mores components out onto our balcony without having to tote boxes, bags, and bars outside. It added both organization and a little more style into the mix, which is particularly useful if you or the person you're gifting to likes hosting.
Campfire AccessibilityAs much as I love a backyard bonfire in the colder months, it's no secret that setting up, tending to, and cleaning up the ashes after the fire is out can be a little involved, especially for a week night. This kit from TerraFlame gives you all the coziness of that bonfire without the effort—or needing to be outside in the cold. Once we placed the roaster outside, all we really had to do was open one of the provided gel fuel cans and insert it in the center of the bowl. Using a long lighter, we lit the gel fuel, and that was truly all it took. Then to put out the flame, we put the lid back on the can, which extinguished the flame immediately. It's incredibly simple and user-friendly.
This kit is particularly awesome for short stints of live flame. We never had it lit for more than 30 minutes at a time, and we probably only spent about 10 minutes of that time actively making s'mores. But given its almost nonexistent clean up (save for taking out the gel fuel can once it's cooled down and taking the tray back to the kitchen) and its ease that makes it super accessible even on busy nights, this set is superb if you're looking for a quick and easy fire—or you can leave it outside as a mini bonfire while you entertain guests since the gel cans can burn for as long as three hours.
GiftableYou can absolutely buy this for yourself and your family to enjoy. But we especially like it as a gift since it comes with all the gear a family of four or smaller would need to have a fun s'mores night. It even comes with a s'mores recipe book that can get your gift recipient's creative juices flowing. And while you could certainly gift it to an individual, this set would also make for a great gift for a family altogether, if you're looking to give something inclusive and experience-driven.
Point of ConsiderationOne of the selling points of this roaster bowl is that it can be used inside or outside. Given that I live in a small-ish city apartment, I was way too nervous to test this inside. In my particular apartment, furniture, decor, and miscellaneous items would be all too close to the roaster for my comfort, given that the flame is considerably larger and less contained than that of a candle's, for instance.
The flame is smokeless, which leads me to believe it likely wouldn't set off the fire alarm, but given that fire alarms in city apartments can be quite sensitive, I wasn't up for risking it. My preference here was to use it outdoors for my own peace of mind, but it's technically safe to use indoors per TerraFlame.
The Deluxe Gift Bundle S'mores by TerraFlame, ReviewedAs we approach the holiday gifting season, this bundle is a nice option to consider for folks with a sweet tooth or kids. Its stylish look, thoughtful inclusions, and effortlessness coupled with its indoor-outdoor versatility makes it the kind of gift that is at once functional and fun—something the whole family can look forward to using.
Shop the Deluxe Gift Bundle S'mores by TerraFlame
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When Is The Next Steam Sale?
When is the next Steam sale date? It feels like one Steam sale has just ended when the next one begins, but with some events offering better discounts than others and genre-specific sales, it's a good idea to keep these dates to hand.
Fortunately, Valve has released the entire Steam sale dates for the rest of the year so that you can plan your wishlist beforehand. Whether you're looking for new PC games to sink your teeth into or simply the best PC games of all time, there's something for everyone on Steam. The seasonal sales are much bigger and last one to two weeks, with more games, DLC, and bundles available with chunkier discounts. The Steam summer and winter sales are by far the biggest on the calendar, and winter isn't far off.
Here are the next Steam sales:
There is almost always a sale going on on Steam, and if you're unsure, the current sale is most likely being advertised on the Steam front page. Even when there's no event on, there are always special offers, so check out the Steam specials page, and be sure to wishlist your most wanted games so you're notified when they go on sale.
If you plan to take advantage of the genre-specific Steam sales, check out the best horror games to celebrate spooky season. Alternatively, we've got the best games to play over Christmas if you've been saving up your Steam wallet to spend over the holiday season.
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