Eye On Housing
Existing home sales increased 2.4% in July, tallying the fourth consecutive month of increase. While the pace of existing home sales remains 4.3% below the July 2013 rate, the steady improvement for resales is positive news for the new home market because prospective repeat homebuyers must sell their existing home before buying a newly built residence. The National Association of… Read More ›
Tag Archive for ‘eye on the economy’
Eye on the Economy: Home Construction Rebounds in July
After a disappointing June report, housing starts rebounded to an annual rate of 1.093 million for a 15.7% increase over the upwardly revised June level. The substantial June dip, caused by a fall in single-family construction in the South, was eliminated as single-family construction rose 8.3% with increases in three of the four regions. Midwest single-family starts were down 6.8%… Read More ›
Eye on the Economy: New Home Sales Disappoint in June
New homes sales declined in June, falling 8.1% from a revised May rate to a seasonally adjusted annual pace of 406,000, according to data from the Census Bureau and HUD. It’s a return to the trend in place since March of this year, with gains expected in the months ahead as the labor market and the overall economy improve. New… Read More ›
Eye on the Economy: Housing Starts Pause and Existing Sales Rise
Existing home sales posted a third monthly increase in June, passing a 5 million annualized sales pace for the first time since October of 2013. The recent gains reverse the negative trend that had set in after an increase in mortgage interest rates in the fall followed by an unusually long winter in some parts of the country. However, gains… Read More ›
Eye on the Economy: Builder Confidence and Home Sales on the Rise
Housing news turned positive this week as spring gave way to summer. Future data will confirm whether the recent turn in momentum reflects a return to the improving trend that was in place before the end of 2013, but early signs are encouraging. New single-family home sales reached their highest pace in six years in May. According to estimates from… Read More ›
Eye on the Economy: Slow Progress after a Tough Quarter
The overall economy slowed at the start of 2014, which took a toll on housing and economic activity. According to the Bureau of Economic of Analysis, real GDP contracted at a 1% seasonally adjusted annual rate during the first quarter. Growth would have been slightly positive absent a decline in business inventory investment. However, this drawdown sets the stage for… Read More ›
Eye on the Economy: New Home Sales and Starts Post Gains in April
Housing data for April offered positive news as the traditional spring housing season began with the pace of home building and new home sales increasing for the month. The monthly rate of housing construction starts exceeded 1 million for first time since last year and housing permits were over 1 million for a third consecutive month. However, the monthly increases… Read More ›
Eye on the Economy: Home Improvement Season
After a weak performance for the economy as a whole during the first quarter, spring is a time for improvements – for homes and the overall housing market. May is National Home Remodeling Month, and NAHB has useful data for remodelers who want to know why home owners are undertaking improvements, as well as the most common types. Among remodelers participating… Read More ›
Eye on the Economy: Mixed Signals as Spring Data Bloom
With the unseasonably cold winter now finally over, the spring home building and selling season has begun. Economic data thus far presents mixed news. For example, new home sales disappointed for the month of March. The U.S. Census Bureau and the Department of Housing and Urban Development reported that March new home sales were down 14.5% in March to a… Read More ›
Eye on the Economy: Builder Confidence Flat As Winter Ends
An unseasonably cold winter took its toll on economic activity at the start of 2014, causing many key market measures to fall short of initial forecasts. For example, first quarter GDP growth will likely prove to have been less than 1%. However, as winter turns to spring, we can expect a rebound as consumers undertake activities that may have been… Read More ›