Eye On Housing
Author Archives
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Existing Home Sales Fall in August
As tight inventory continued to push up prices, existing home sales fell in August but remain above pre-pandemic levels, according to the National Association of Realtors (NAR). Though the median existing home prices has increased 34% since January 2020, housing demand remains strong thanks to low mortgage rates and buyers are waiting for more inventory. Total existing home sales, including… Read More ›
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More New Homes Built with Air Conditioning
The Census Bureau’s Survey of Construction (SOC) provides valuable information on the characteristics of new homes started construction, such as air conditioning and heating system installations. Air Conditioning In 2020, 95.4 percent of new single-family homes started had a central AC system, slightly higher than 95.0 percent in 2019. The trend, going back to 2000, shows a steady rise in the share… Read More ›
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Existing Home Sales Rise in July as Inventory Improves
After four months of declines, existing home sales increased for the second consecutive month in July as housing inventory continued to improve, according to the National Association of Realtors (NAR). Though the median existing home price in July remained elevated, home prices may level off if inventory gradually increases in the coming months. Total existing home sales, including single-family homes,… Read More ›
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GDP Back to Pre-Pandemic Level
In the second quarter of 2021, real GDP surged and returned its pre-pandemic level as the economy continued to reopen. This quarter’s growth reflected strong gains for consumer and state and local government spending. However, the second quarter gain did come in below consensus estimates. According to the “advance” estimate released by the Bureau of Economic Analysis (BEA), real gross… Read More ›
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Existing Home Sales Stabilizing in June
After four months of declines, existing home sales stabilized in June as housing inventory modestly improved, according to the National Association of Realtors (NAR). However, the median existing home price in June remained elevated and was the second-highest on record. Total existing home sales, including single-family homes, townhomes, condominiums and co-ops, increased 1.4% to a seasonally adjusted annual rate of… Read More ›
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Consumer Confidence Rises to Highest Level since March 2020
Consumer confidence continued its upward trend and approached to pre-pandemic level in May, as consumers became more upbeat about the current and future economic conditions and job market. Though short-term inflation expectations increased, it had little impact on consumer confidence or spending intentions. The share of consumers planning to buy homes, cars, and major appliances all increased, suggesting consumers will… Read More ›
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Half of New Single-Family Homes: Single-Story in 2020
Information obtained from the US Census Bureau’s Survey of Construction (SOC) and tabulated by NAHB, shows that the share of two-story homes continued to decrease and the share of two or more stories homes started was equal to one story homes in 2020. The Mountain division was the only region for which the number of stories changed in 2020, though… Read More ›
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Existing Home Sales Fall Again Amid Soaring Home Prices
As low inventory continues to push home prices higher and squeeze out some buyers, existing home sales dropped to a eleven-month low in May, according to the National Association of Realtors (NAR). The median existing home price in May surged to an all-time high; the largest annual pace on record. Total existing home sales, including single-family homes, townhomes, condominiums and… Read More ›
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Existing Home Sales Fall for the Third Straight Month
After reaching a record high in October, existing home sales, as reported by the National Association of Realtors (NAR), dropped to a ten-month low in April, as tight inventory continues to limit sales and fuel home price growth. The median existing home price in April surged to an all-time high and was the largest annual pace on record. Total existing… Read More ›
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Existing Home Sales Decline As Low Inventory Continues to Push Prices Higher
After reaching a record high in October, existing home sales, as reported by the National Association of Realtors (NAR), dropped to a seven-month low in March, as tight inventory continues to limit sales and fuel home price growth. The median existing home price in March surged to an all-time high and was the fastest pace on record. Total existing home… Read More ›