Home Sales and Prices consists of blogs detailing existing home sales, new home sales, all cash sales, home prices and others.
Total (new and existing) home inventory is an important measure for gauging and forecasting home prices and home construction impacts. The intuition is clear: more inventory yields weaker or declining home price growth and home building activity. Lean inventory levels lead to price growth and gains for home building. The metric “months’ supply” is a…
Mortgage rates that averaged 7.06% in May per Freddie Mac, the highest monthly average since last November, put a damper on new home sales last month. Sales of newly built, single-family homes in May fell 11.3% to a 619,000 seasonally adjusted annual rate from a sharp upwardly revised reading in April, according to newly released…
The S&P CoreLogic Case-Shiller U.S. National Home Price Index (HPI) increased at a seasonally adjusted annual rate of 3.18% for April. This was following a revised rate of 3.69% in March. On a year-over-year basis, the non-seasonally adjusted (NSA) index posted a 6.29% annual gain in April, following a 6.52% increase in March. As shown in…
Existing home sales fell for the third straight month in May due to lingering high mortgage rates and record-high prices, according to the National Association of Realtors (NAR). Low resale inventory and strong demand continued to drive up existing home prices, marking the eleventh consecutive month of year-over-year median sales price gains. However, rising inventory…
Up to this point in 2024, the median builder has sold 22% of its homes to buyers who used all cash to pay for them (i.e., did not take out a mortgage), according to a recent NAHB survey. The survey took the form of a special question appended to the instrument used to collect data…
Despite higher mortgage rates, limited resale inventory and strong growth in demand continued to put upward pressure on house prices. House price appreciation was recorded in all 50 states and the District of Columbia. According to the quarterly all-transactions House Price Index (HPI) released by the Federal Housing Finance Agency (FHFA), U.S. house prices rose…
The S&P CoreLogic Case-Shiller U.S. National Home Price Index (HPI) increased at a seasonally adjusted annual rate of 3.65% for March. This was following an adjusted 6.42% rate gain for February. On a year-over-year basis, the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index posted a 6.49% annual gain in March, following a 6.53%…
