US New Home Sales Slump 12.2% in November, South Down 20.9% on Supply

New home sales fell 12.2% month-over-month in November in the largest decline since April 2022. There were at a seasonally adjusted annual rate of 590,000 units (consensus 689,000) from a downwardly revised 672,000 (from 679,000) in October. On a year-over-year basis, new home sales were up 1.4%. New home sales activity fell hard paced by the South, largest region for new home sales where prices are generally more affordable. The weakness stems somewhat from supply constraints for lower-priced homes and … Continue reading “US New Home Sales Slump 12.2% in November, South Down 20.9% on Supply”

US Existing Home Sales Rebound 0.8% in November as Mortgage Rates Fall

US existing home sales in November rose 0.8% on the month to 3.82M vs 3.77M estimate and the prior month 3.79M annualized, finishing a five-month drop. Sales retreated 7.3% from one year ago.The median existing-home sales price rose 4.0% from November 2022 to $387,600, the fifth consecutive month of year-over-year price increases. Inventory is still tight at 1.130M or 3.5 months, down 1.7% from the previous month. High mortgage rates, high selling prices, and limited inventory are still holding back … Continue reading “US Existing Home Sales Rebound 0.8% in November as Mortgage Rates Fall”

US New Home Sales Slump 5.6% in October, Downwardly Revised for September

New home sales fell 5.6% month-over-month in October to a seasonally adjusted annual rate of 679,000 units (consensus 720,000) from a downwardly revised 719,000 (from 759,000) in September. On a year-over-year basis, new home sales were up 17.7%. Noticeably new home sales activity slumped in October despite a big drop in median and average selling prices. The latter had to do with a large decline in sales in the high-priced West region. What is clear is inflation and high mortgage … Continue reading “US New Home Sales Slump 5.6% in October, Downwardly Revised for September”

US Existing Home Sales Fell 4.1% in October at Slowest Pace Since August 2010

High mortgage rates, high selling prices, and limited inventory saw US existing home sales at the slowest pace of sales since August 2010. The National Association of Realtors said the sales decreased 4.1% month-over-month in October to a seasonally adjusted annual rate of 3.79 million (consensus 3.90 million) from a downwardly revised 3.95 million (from 3.96 million) in September. Sales were down 14.6% from the same period a year ago. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 7.44% … Continue reading “US Existing Home Sales Fell 4.1% in October at Slowest Pace Since August 2010”

US Existing Home Sales Fell 2.0% in September to Lowest Since October 2010

US existing home sales from the National Association of Realtors decreased 2.0% month-over-month in September to a seasonally adjusted annual rate of 3.96 million. Sales retreated 15.4% from one year ago. Existing-home sales rose in the Northeast but receded in the Midwest, south, and West. All four regions registered year-over-year sales declines. Inventory of existing homes for sale climbed 2.7% from the prior month to 1.13 million at the end of September, or the equivalent of 3.4 months’ supply at … Continue reading “US Existing Home Sales Fell 2.0% in September to Lowest Since October 2010”

US New Home Sales Declined 8.7% in August as Mortgage Rate Strangle Affordability

New home sales declined 8.7% month-over-month in August to a seasonally adjusted annual rate of 675,000 units (consensus 695,000) from an upwardly revised 739,000 (from 714,000) in July. On a year-over-year basis, new home sales were up 5.8%. Rising mortgage rates create added affordability pressures. Reality is though with rates over 7.2%, and inflation high- and real-income hurt lower affordability and supply pressures remain for many prospective buyers. There is some new home sales activity being helped by the tight … Continue reading “US New Home Sales Declined 8.7% in August as Mortgage Rate Strangle Affordability”

US Existing Home Sales Fell 0.7% in August, High Mortgage Rates and House Prices Impacting

US existing home sales from the National Association of Realtors decreased 2.2% month-over-month in July to a seasonally adjusted annual rate of 4.07 million (consensus 4.15 million) from an unrevised 4.16 million in June. Sales were down 16.6% from the same period a year ago. Inventory of existing homes for sale remains extremely tight, due partially to the strength of the labor market (and ability to work remotely) and affordability with higher mortgage rates. According to Freddie Mac, the 30-year fixed-rate … Continue reading “US Existing Home Sales Fell 0.7% in August, High Mortgage Rates and House Prices Impacting”

US New Home Sales Rose 4.4% in July, Midwest Sales Surged 47.4%

New home sales increased 4.4% month-over-month in July to a seasonally adjusted annual rate of 714,000 in July (consensus 701,000) following the prior revised count of 684,000 (from 697,000) in June. Sales are the highest level since February 2022. On a year-over-year basis, new home sales were up 31.5%. New home sales activity is being helped by the tight supply of existing homes for sale. However, rising mortgage rates that created added affordability pressures. Reality is though with rates over … Continue reading “US New Home Sales Rose 4.4% in July, Midwest Sales Surged 47.4%”

US Existing Home Sales Fell 2.2% in July, High Mortgage Rates and Tight Inventory Impacting

US existing home sales from the National Association of Realtors decreased 2.2% month-over-month in July to a seasonally adjusted annual rate of 4.07 million (consensus 4.15 million) from an unrevised 4.16 million in June. Sales were down 16.6% from the same period a year ago. Inventory of existing homes for sale remains extremely tight, due partially to the strength of the labor market (and ability to work remotely) and affordability with higher mortgage rates. According to Freddie Mac, the 30-year fixed-rate … Continue reading “US Existing Home Sales Fell 2.2% in July, High Mortgage Rates and Tight Inventory Impacting”

US New Home Sales Fall 2.5% in June Hampered by High Mortgage Rates

New home sales decreased 2.5% month-over-month in June to a seasonally adjusted annual rate of 697,000 units (consensus 722,000) from a downwardly revised 715,000 (from 763,000) in May. On a year-over-year basis, new home sales were up 23.8%. New home sales activity is being helped by the tight supply of existing homes for sale. However rising mortgage rates that created added affordability pressures. Reality is though with rates over 6.5%, and inflation high- and real-income hurt lower affordability and supply … Continue reading “US New Home Sales Fall 2.5% in June Hampered by High Mortgage Rates”