Leading luxury homebuilder Toll Brothers reported better than expected fiscal second-quarter earnings Tuesday. Shares of $TOL rose 3.2% in after-hours trading. Home sales revenues were $1.52 billion, down 11%. The home builder also raised its guidance for FQ3, seeing deliveries of 2,350-2,450 units, higher than street consensus of 2,078. Affordability has seen mortgage applications collapse, there has been demand creep back into the highest end home market given the scarcity of supply. Toll Brothers Inc NYSE: TOL Reported Earnings After … Continue reading “Toll Brothers Earnings and Outlook Higher as Luxury Housing Demand Improves”
U.S. Pending Home Sales for March -5.2%, First Decline since November 2022
US pending home sales unexpectedly fell by 5.2% month-over-month in March 2023, the first decline since November 2022 and missing market expectations of a 0.5% growth. Pending home sales declined in the Northeast (-8.1%), in the Midwest (-10.7%) and the West (-8%) but rose in the South (0.2%). For perspective year-on-year, pending home sales are down 23.2% year-on-year in March 2023, following a 21.1% fall in February, and marking a 22nd straight month of declines. In March however we saw … Continue reading “U.S. Pending Home Sales for March -5.2%, First Decline since November 2022”
US Home Prices Rise 0.5% in February FHFA House Price Index Shows
The FHFA Housing Price Index rose 0.5% in February from a revised 0.1% in January (from 0.2%). House prices with mortgages guaranteed by Fannie Mae and Freddie Mac rose nationwide the FHFA House Price Index showed. Higher mortgage rates continue to put downward pressure on demand, weakening house price growth. For the nine census divisions, monthly house prices advanced the most in the East South-Central division (2.3 percent), while prices fell in the South Atlantic division (-0.4 percent). Regarding 12-month … Continue reading “US Home Prices Rise 0.5% in February FHFA House Price Index Shows”
U.S. Home Prices in February Rose +0.4% y/y vs 0.0% expected – S&P CoreLogic Case-Shiller
The S&P Case-Shiller 20-city home price index in the US rose 0.4% y/y in February 2023, lower than the 2.6% rise in January, and market forecasts of a flat reading. On a monthly basis house prices rose 0.1% in February, as compared to the previous month. This is the first-time home prices have risen in 8 months. The average rate for a 30-year fixed mortgage was 6.39% in the week ended April 20, up from 5.11% a year earlier, according … Continue reading “U.S. Home Prices in February Rose +0.4% y/y vs 0.0% expected – S&P CoreLogic Case-Shiller”
U.S. Pending Home Rise for a Third Consecutive Month in February
US pending home sales rose for a third consecutive month in February, up 0.8% month-over-month to the highest level since August, following an 8.1% jump in January. The sales number was way ahead of market forecasts of a 2.3% fall. Pending home sales were up in the Northeast (6.5%), the South (0.7%) and the Midwest (0.4%) but fell in the West (-2.4%). For perspective year-on-year, pending home sales are down 21.1%. In February however we saw a resurgence in mortgage … Continue reading “U.S. Pending Home Rise for a Third Consecutive Month in February”
US Home Prices Rise 0.2% in January FHFA House Price Index Shows
The FHFA Housing Price Index rose 0.2% in January after decreasing 0.1% in December. House prices with mortgages guaranteed by Fannie Mae and Freddie Mac rose nationwide after being down 0.1 percent in December the FHFA House Price Index showed. Higher mortgage rates continue to put downward pressure on demand, weakening house price growth. The average prices of single-family houses with mortgages guaranteed by Fannie Mae and Freddie Mac in the United States advanced 5.3 percent in January 2023, the … Continue reading “US Home Prices Rise 0.2% in January FHFA House Price Index Shows”
U.S. Home Prices in January Fell for Seventh Month, San Francisco and Seattle Fall Worsened – S&P CoreLogic Case-Shiller
The S&P Case-Shiller Home Price Index declined 0.6% month-over-month in January of 2023, a seventh consecutive decline, with 19 cities registering a drop and continued weakness in home prices on the West Coast where prices are falling fastest. Year over year the S&P CoreLogic Case-Shiller 20-city home price index in the US rose 2.5% year-on-year in January of 2023, the smallest increase since November of 2019, following a 4.6% rise in December, and in line with market forecasts. “Mortgage financing … Continue reading “U.S. Home Prices in January Fell for Seventh Month, San Francisco and Seattle Fall Worsened – S&P CoreLogic Case-Shiller”
US Home Prices Fall Again in December FHFA House Price Index Shows
House prices with mortgages guaranteed by Fannie Mae and Freddie Mac fell nationwide, down 0.1 percent from November in December the FHFA House Price Index showed. Higher mortgage rates continued to put downward pressure on demand, weakening house price growth. “House price appreciation continued to wane in the fourth quarter. House prices grew at amuch slower pace in recent quarters amid higher mortgage rates and a decline in mortgageapplications. These negative pressures were partially offset by historically low inventory.” said … Continue reading “US Home Prices Fall Again in December FHFA House Price Index Shows”
U.S. Home Prices in December Fell for Sixth Month, San Francisco decline Worsened – S&P CoreLogic Case-Shiller
Major city home prices fell in December-0.8% m/m, worse than the -0.5% expected. The fall was heavier year-over-year with prices now up +4.6% vs +5.8% expected and from the prior y/y +6.8% according to the latest S&P/Case-Shiller index. All 20 cities in the index recorded declines in the year ending December 2022 versus the year ending November 2022. The median decline was -1.1%. Housing affordability continues to be crushed in America with higher mortgage interest rates and inflation. Prices are … Continue reading “U.S. Home Prices in December Fell for Sixth Month, San Francisco decline Worsened – S&P CoreLogic Case-Shiller”
U.S. Pending Home Sales Rise 8.1% in January for Largest gain in 2-1/2 Years
US pending home sales unexpectedly rose 8.1% month-over-month in January of 2023, the biggest increase since June 2020 and just the second rise since May. The sales number was way ahead of market forecasts of a 1.0% rise. Sales contracts increased in all four regions. For perspective year-on-year, pending home sales are down 24.1%. In February however we have seen a resurgence in mortgage rates which could delay a much-awaited housing market turnaround. We had seen in the weekly mortgage … Continue reading “U.S. Pending Home Sales Rise 8.1% in January for Largest gain in 2-1/2 Years”