US existing home sales from the National Association of Realtors declined 2.4% month-over-month in March to a seasonally adjusted annual rate of 4.44 million (consensus 4.50 million) versus a downwardly revised 4.55 million (from 4.58 million) in February. Sales were down 22.0% 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 mortgage rates. February was the … Continue reading “US Existing Home Sales Fell 2.4% In March, Inventory for Sale Extremely Tight”
US New Home Sales Rose 1.1% in February as Median Home Prices Bounce
New home sales increased 1.1% month-over-month in February to a seasonally adjusted annual rate of 640,000 units (consensus 650,000) from a downwardly revised 633,000 (from 670,000) in January. On a year-over-year basis, new home sales were down 19.0%. Sales activity edged up for the fourth time in the past five months, though revisions have been part of that. We have seen in the weekly mortgage applications reports that the pullback in mortgage rates spurred some renewed demand among home buyers. … Continue reading “US New Home Sales Rose 1.1% in February as Median Home Prices Bounce”
US Existing Home Sales Soar 14.5% In February, First Rise in Over Twelve Months
US existing home sales from the National Association of Realtors rose 14.5% month-over-month in February to a seasonally adjusted annual rate of 4.58 million (consensus 4.2 million) versus an unrevised 4.0 million in January. Existing home sales had fallen twelve straight months prior to February, the longest stretch since 1999, and the lowest level since November of 2010. Total sales in February were down .0% from one year ago. All regions experienced year-over-year declines. The median existing-home price for all housing types … Continue reading “US Existing Home Sales Soar 14.5% In February, First Rise in Over Twelve Months”
US New Home Sales Rose 7.2% in January as Median Home Prices Fall
New home sales in January rose +7.2% m/m vs. +0.7% estimate. Noticeably they were revised up to +7.2% in prior month (rev up from +2.3%). The median new home price fell by 0.7% y/y to $427,500: the first decline since August 2020. Months’ supply fell from 8.7 to 7.9. On a year-over-year basis, new home sales were down 19.4%. We have seen in the weekly mortgage applications reports that the pullback in mortgage rates spurred some renewed demand among home … Continue reading “US New Home Sales Rose 7.2% in January as Median Home Prices Fall”
US New Home Sales Rose 2.5% in December as Lower Mortgage Rates Spur Some Buying
New home sales increased 2.3% month-over-month in December to a seasonally adjusted annual rate of 616,000 units (consensus 614,000) from a downwardly revised 602,000 (from 640,000) in November. On a year-over-year basis, new home sales were down 26.6%. We have seen in the weekly mortgage applications reports that the pullback in mortgage rates has spurred some renewed demand among home buyers. Reality is though with rates over 6.2%, inflation high- and real-income lower affordability and supply pressures remain for many … Continue reading “US New Home Sales Rose 2.5% in December as Lower Mortgage Rates Spur Some Buying”
US Existing Home Sales fell 1.5% In December, Down for Eleventh Straight Month
US existing home sales from the National Association of Realtors fell 1.5% month-over-month in December to a seasonally adjusted annual rate of 4.02 million (consensus 4.20 million) versus an unrevised 4.43 million in November. That is the eleventh straight month that existing home sales have fallen, the longest stretch since 1999, and the lowest level since November of 2010. Total sales in December were down 34.0% from one year ago. All regions experienced year-over-year declines. The median existing-home sales price climbed … Continue reading “US Existing Home Sales fell 1.5% In December, Down for Eleventh Straight Month”
High Mortgage Rates Saw Cancellations Jump 68% for Homebuilder KB Homes in Q4
Homebuilder KB Homes reported worse than expected fiscal fourth quarter 2022 earnings after the market Wednesday. KBH missed EPS by $0.38 and also missed on revenues. Results were “sharply lower demand stemming from higher mortgage interest rates, inflation and other macroeconomic and geopolitical concerns.” Net orders decreased 80% yr/yr to 692. The company guided FY23 revenue inline. KBH shares were down 2.1% after hours. It has been a difficult time for home buyers and home builders alike with sliding home … Continue reading “High Mortgage Rates Saw Cancellations Jump 68% for Homebuilder KB Homes in Q4”
Homebuilder KB Homes Earnings Outlook in a Soft Property Market
Homebuilder KB Homes reports fiscal fourth quarter 2022 earnings after the market Wednesday. It has been a difficult time for home buyers and home builders alike with sliding home sales and affordability squeezed with high interest rates and inflation. Affordability remains the major issue; mortgage demand remains near its lowest level since 1997. Redfin reported pending home sales were down 32% year over year for the four-week period ending January 1. Real estate is experiencing record-low new listings. Analysts are … Continue reading “Homebuilder KB Homes Earnings Outlook in a Soft Property Market”
US Existing Home Sales plunged 7.7% In November, Down for Tenth Straight Month
November US existing home sales from the National Association of Realtors fell 7.7% month-over-month in November to a seasonally adjusted annual rate of 4.09 million (consensus 4.20 million) versus an unrevised 4.43 million in October. That is the tenth straight month that existing home sales have fallen. Total sales in November were down 35.4% from a year ago. Median price growth has slowed meaningfully as higher mortgage rates and inflation has enforced affordability pressures. Yesterday we heard total building permits declined … Continue reading “US Existing Home Sales plunged 7.7% In November, Down for Tenth Straight Month”
Lennar Guides Lower on Weaker New Home Orders with Rising Rates and Elevated Inflation
Lennar Corporation reported better than expected Q4 earnings Wednesday, however forecasted a slowdown in orders for new homes as higher mortgage rates have crushed affordability. $LEN revenue was slightly above analyst forecasts. Lennar fell 2.6% in the premarket with high labor costs, a potential impending recession, an aggressive Federal Reserve and likely margin contraction as overhanging the home builder. LEN missed its new orders forecast of 14,000-15,500 for Q4, orders were just 13,200, a 15% decline yr/yr. Lennar is the … Continue reading “Lennar Guides Lower on Weaker New Home Orders with Rising Rates and Elevated Inflation”