Eye On Housing
Author Archives
Stephen Melman, J.D., is the Director of Economic Services at the National Association of Home Builders. Mr. Melman is a spokesman for NAHB’s forecast of new housing trends and the analysis of the home building industry. He has published numerous research articles on topics including industry structure and publicly traded builders. Before his current position, Mr. Melman was responsible for NAHB’s multifamily and federal housing program initiatives. Prior to NAHB, Mr. Melman was an Appeals Officer for the US Civil Service Commission in Washington, DC. He is a former president of Sinai House, a nonprofit that provides transitional housing for homeless families in Washington, DC. Mr. Melman earned a J.D. from St. Louis University School of Law, a Masters in City and Regional Planning from Rutgers University, and a B.A. in Economics from Washington University in St. Louis.
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Pending Home Sales Decline in April
The Pending Home Sales Index decreased 1.3% in April, and remains 2.1% below the level one year ago, having declined on an annualized basis for the fourth straight month. The Pending Home Sales Index (PHSI) is a forward-looking indicator based on signed contracts reported by the National Association of Realtors (NAR). The PHSI decreased to 106.4 in April from an… Read More ›
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Existing Sales Retreat 2.5% in April
Existing-home sales decreased 2.5% in April to a level 1.4% below a year ago, and sales have now decreased year-over-year for two consecutive months. The first-time buyer share of 33% was an increase from last month, but remains down from 34% a year ago. The National Association of Realtors reported that 57% of homes sold last month were on the… Read More ›
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Pending Home Sales Increase Slightly in March
Pending home sales increased slightly in March, but the lack of choice among prospective buyers continues to impede the number of new contracts. The Pending Home Sales Index increased 0.4% in March, but remains 3.0% below the level a year ago, and the PHSI declined on an annualized basis for the third straight month. The Pending Home Sales Index (PHSI)… Read More ›
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Existing Sales Rise 1.1 Percent in March
Existing-home sales increased 1.1% in March, but remain down 1.2% from a year ago. The first-time buyer share of 30% is also down from 32% a year ago. The National Association of Realtors reported that 50% of homes sold last month were on the market less than a month. The March inventory increased 5.7%, but remains 7.2% below the level… Read More ›
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Pending Home Sales Rebound
After a slow start to the year, the Pending Home Sales Index increased 3.1% in February, but remains 4.1% below a year ago. The Pending Home Sales Index (PHSI) is a forward-looking indicator based on signed contracts reported by the National Association of Realtors (NAR). The PHSI increased to 107.5 in February from a downwardly 104.3 in January. The PHSI… Read More ›
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Existing Sales Increase 3 Percent in February
Existing-home sales increased 3.0% in February, but the first-time buyer share remained at 29%, compared to 31% a year ago. The National Association of Realtors reported that 46% of homes sold last month were on the market less than a month. The February inventory increased 4.6%, but remains 8.1% below the level a year ago, and has decreased for 33… Read More ›
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Pending Home Sales Start 2018 Lower
The Pending Home Sales Index decreased 4.7% in January to the lowest level since October 2014. The Pending Home Sales Index (PHSI) is a forward-looking indicator based on signed contracts reported by the National Association of Realtors (NAR). The PHSI fell to 104.6 in January from a downwardly revised 109.8 in December. The PHSI decreased in all four regions, ranging… Read More ›
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Existing Sales Fall 3.2 Percent in January
Existing-home sales decreased 3.2% in January, and the first-time buyer share slipped to 29% from 32% last month. The National Association of Realtors reported that 43% of homes sold last month were on the market less than a month. The January inventory actually increased 4.1%, but is 9.5% below the level a year ago, and has decreased for 32 consecutive… Read More ›
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UK Mortgages – High Share for Interest-Only Debt
New data from the UK offers a reminder of how different housing finance systems are nation to nation. Almost one in five home owners in the UK has an interest-only mortgage, with three maturity peaks. In contrast, only 0.2% of 2017 US home purchase and refinance originations were interest-only as reported by Frank Nothaft, Chief Economist at CoreLogic, a property… Read More ›
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Existing Sales Decline 3.6% in December
Existing-home sales decreased 3.6% in December, but the first-time buyer share rebounded to 32% from 29% last month. The National Association of Realtors reported that existing sales for all of 2017 increased 1.1% from the previous year, and was the best year for sales in 11 years. Some 44% of homes sold last month were on the market less than… Read More ›