US new home sales for June declined 8.1% month-over-month to a seasonally adjusted annual rate of 590,000 units (consensus 670,000) from a downwardly revised 642,000 (from 696,000) in May. On a year-over-year basis, new home sales were down 17.4%. New home sales were the weakest in the South and West, the two largest regions as higher mortgage rates and higher prices pressured affordability even more for prospective buyers. New home sales fell 8.1% month-over-month in June to a seasonally adjusted annual … Continue reading “US New Home Sales Slide 8.1% in June, West Down 36.7%”
KB Homes reported better than expected Q2 earnings after the market Wednesday, however its sales pace slackened as buyers faced higher mortgage interest rates and soaring inflation. The stock was higher with other homebuilders after the report. Earlier today the Mortgage Bankers Association showed mortgage applications in the US w.e. 17 June rose another 4.2% after rising 6.6% the prior week. Buyers appear to be trying to get in ahead of more Fed rate rises. The average long-term mortgage rate climbed … Continue reading “KB Homes New Homes Average Selling Price Up 21% Year-on-Year but Sales Pace Slackened”
US new home sales for April were 591K vs 751K estimate as the 30-year fixed rate has now risen to 5.36%. This is 16.6 percent (±10.4 percent) below the revised March rate of 709,000 and is 26.9 percent (±13.7 percent), below the April 2021 estimate of 809,000. The median sales price of new houses sold in April 2022 was $450,600. The average sales price was $570,300. The seasonally adjusted estimate of new houses for sale at the end of April … Continue reading “US New Home Sales Slide 16.1% in April, Lowest Level Since April 2020”
Mortgage applications in the US fell again this week. The weekly MBA Mortgage Index fell 0.6% to follow last week’s 4.0% fall. The Purchase Index fell 3.3% while the Refinance Index rose 2.2% as mortgagees moved on rate expectations. From the U.S. Mortgage Bankers Association for the week ending 22 October 2021 Applications to purchase a home -0.6% v -4.0% prior MBA 30-Yr Mortgage Rate w/e 3.27% (Prev. 3.3%) Mortgage Market Index w/e 588.4 (Prev. 591.7) MBA Purchase Index w/e … Continue reading “Mortgage Applications Fell Again as Economy and Rate Jitters Overhang”
US new home sales for October were 745K vs 800K estimate. The prior month of 800K was revised sharply lower to 742K) However, the median sales price increased to $407,700 in October, the highest on record. That was the largest increase in the median sales price on record as it increased to $407,700 in October. October US New Home Sales US October new home sales 745K vs 800K expected Prior 800K (revised to 742K) On a year-over-year basis, new home sales … Continue reading “US New Home Sales Miss Forecasts in October, Revised Lower in September”
Mortgage applications in the US rose 4% as Mortgage rates rose to an 8-month high. The average 30-year fixed-rate mortgages increased to 3.30% from 3.23%. Refinance share of mortgage activity decreased to 62.2% of total applications from 63.3%. From the U.S. Mortgage Bankers Association for the week ending 22 October 2021 Applications to purchase a home +0.3% v -6.3% prior Purchase index 275.6 vs 266.2 prior Refinancing index 2,763.8 vs 2,807.9 prior 30-year mortgage rate 3.30% vs 3.23% prior Refinance … Continue reading “Mortgage Rates Continue To Rise, Hitting 8 Month High Sending Refinance Volume Down 26%”
Mortgage applicationsin the US fell for the 4th consecutive decline, as higher mortgage rates started to dent the housing market. Applications fell 2.2 percent in the week ended March 26th, 2021. The average 30-year fixed-rate mortgages edged down to 3.33% from 3.36%, the highest since the beginning of June last year.
KB Homes reported better than expected Q1 earnings after the market Tuesday on lower than expected revenue from the weatherand power issues in Texas. The stock was higher with other homebuilders after robust order numbers. $KBH had the company’s highest backlog level in the last 15 years.
KB Homes reported better than expected Q3 earnings after the market Tuesday. The stock jumped 3% after it had been bid up over 4% with other homebuilders after a robust existing housing sales number before the report. A rise in homesales since the COVID lockdown has suprised many experts..
US MBA mortgage applications for the week ending 17 January 2020 were down 1.2% after last week’s huge 30.2% pump. Mortgage rates were steady under 4% fueling the activity.