Eye On Housing
The US Census Bureau and Department of Housing and Urban Development in a joint release reported that newly constructed single family homes sold at a seasonally adjusted annual pace of 551 thousand in May, down from 586 thousand in April, but up from the average pace of 524 thousand in the first quarter. The monthly numbers can be noisy –… Read More ›
In normal times roughly 70% of new home purchases are trade-up buyers (i.e., they have an existing home to sell) so the strength of existing home sales affects the strength of new home sales. Two series published by the National Association of Realtors (NAR) gauging the strength of the existing home sales sector are: pending sales and sales. The pending… Read More ›
In a joint release the Census Bureau and Department of Housing and Urban Development reported that newly constructed single family homes sold at a seasonally adjusted annual pace of 438 thousand in November, down slightly from October’s 445 thousand pace (-1.6%). Inventories of new homes for sale inched up 1.4% to 213 thousand. New home sales have moved up or… Read More ›
In an August survey asking single-family builders to describe mortgage lending standards in the areas where they build, well over half indicated that standards were tight or very tight. Only 11 percent indicated that lending standards were somewhat easy and none described them as very easy. The survey took the form of special questions appended to the monthly instrument used… Read More ›
The Census Bureau released figures for new home sales in June. Sales of new single family houses were at a seasonally adjusted annual pace of 406 thousand, down from a downwardly revised pace of 442 thousand in May. The June sales pace was disappointing but not a disaster. The May pace, even after revision, was a surprise on the high… Read More ›
Housing news continued to improve as pending home sales surged following a slow first quarter. Home prices also continued to move higher but at a more moderate pace, suggesting the extra push caused by investors may be slowing. Economic news, however, was mixed. Consumer confidence increased in response to improving labor market conditions. On the other hand, new estimates from… Read More ›
According to the Mortgage Bankers Association’s (MBA) Builder Application Survey (BAS), mortgage applications for new home purchases decreased by a not seasonally adjusted monthly rate of 8.4% in May 2014. However, on a 12-month basis, mortgage applications for new home purchases in May 2014 were 4.9% higher than their level in May 2013. This is the fifth consecutive month of… Read More ›
Another set of monthly mixed results for consumer confidence was reported as the Consumer Sentiment Index decreased while the Consumer Confidence Index increased slightly. According to Thomson Reuters and the University of Michigan, the Consumer Sentiment Index fell in August by 3 points from the previous month’s six-year high of 85.1. Meanwhile after declining in July, the Conference Board reported that the Consumer… Read More ›
New home sales have shifted from purchasing completed homes in inventory to purchasing homes still under construction and even homes not-yet-started. The shift is a product of several trends. Eight-in-ten new home buyers already own a home and have often refined their choices to the point where the current inventory does not fit their needs. A completed home does… Read More ›
Today’s joint release from the US Census Bureau and the US Department of Housing and Urban Development reports that newly constructed single family homes sold at a seasonally adjusted annual rate of 476,000 in May. This is a 2.1% increase from the pace in April and represents steady progress from the housing bust lows, but sales remain at historic lows… Read More ›