New home sales increased 7.5% month-over-month in October to a seasonally adjusted annual rate of 632,000 units (consensus 578,000) from a downwardly revised 588,000 (from 603,000) in September. The surprise rise went against the recent drawdown in housing demand as the Federal Reserve aggressively tightens monetary policy. Higher mortgage rates and higher prices pressured affordability even more for prospective buyers. On a year-over-year basis, new home sales were down 5.8%. New home sales month-over-month/year-over-year by region: Note new home sales … Continue reading “US New Home Sales Rose 7.5% in October as Average Sales Price Jumped 11.5%”
US Existing Home Sales Fall for Ninth Straight Month in October at Weakest Sales Pace Since 2011 ex. Pandemic
October US existing home sales from the National Association of Realtors fell 5.9% month-over-month in October to a seasonally adjusted annual rate of 4.43 million (consensus 4.38 million) versus an unrevised 4.71 million in September. That is the ninth straight month that existing home sales have fallen, and it is the weakest pace of sales since late 2011, excluding the 2020 pandemic period. Total sales in October were down 28.4% from a year ago. Higher interest rates are creating affordability pressures … Continue reading “US Existing Home Sales Fall for Ninth Straight Month in October at Weakest Sales Pace Since 2011 ex. Pandemic”
US New Home Sales Slide 10.9% in September as Higher Mortgages Pressured Affordability
It appears the big jump in US new home sales for August was a sugar high. After the biggest increase since June 2020 last month new home sales declined 10.9% month-over-month in September. From a seasonally adjusted annual rate of 603,000 units (consensus 575,000) from a downwardly revised 677,000 (from 685,000) in August. On a year-over-year basis, new home sales were down 17.6%. Higher mortgage rates and higher prices pressured affordability even more for prospective buyers. New home sales declined … Continue reading “US New Home Sales Slide 10.9% in September as Higher Mortgages Pressured Affordability”
US Existing Home Sales Fall for Eighth Straight Month in September as Mortgage Rates Breach 7 Percent
August US existing home sales from the National Association of Realtors fell 1.5% month-over-month in September to a seasonally adjusted annual rate of 4.71 million (consensus 4.70 million) versus a downwardly revised 4.78 million (from 4.80 million) in August. That is the eighth straight month that existing home sales have fallen with the weakest pace of sales since 2012, according to NAR. Total sales in September were down 23.8% from a year ago. Higher interest rates are creating affordability pressures … Continue reading “US Existing Home Sales Fall for Eighth Straight Month in September as Mortgage Rates Breach 7 Percent”
US New Home Sales Reverse Slide Soaring 28.8% in August
US new home sales for August from a month earlier to a 5-month high of 685K, the biggest increase since June 2020 and above market expectations of 500K. Sales rose in the Northeast (66.7%), the Midwest (16.7%), the South (29.4%), and the West (27.5%). On a year-over-year basis, new home sales were down 0.1%. The median sales price of new houses sold was $436,800, up 8% from a year ago, but the smallest increase since November 2020 and the average … Continue reading “US New Home Sales Reverse Slide Soaring 28.8% in August”
US Existing Home Sales Fall for Seventh Straight Month in August as Mortgage Rates Soar
August US existing home sales from the National Association of Realtors fell 0.4% month-over-month to a seasonally adjusted annual rate of 4.80 million (consensus 4.70 million) versus an upwardly revised 4.82 million (from 4.81 million) in July. That is the seventh straight month that existing home sales have fallen. Total sales in August were down 19.9% from a year ago. The last time sales declined for seven consecutive months was between August 2013 and January 2014, according to NAR. Higher interest … Continue reading “US Existing Home Sales Fall for Seventh Straight Month in August as Mortgage Rates Soar”
Housing Becoming Unaffordable, NAHB Housing Market Index Slide Continues to May 2014 Levels
The NAHB housing market index fell three points in September to 46, the lowest level since May 2014 with the exception of the spring of 2020. Forecasts were for a moderate fall of 47. Builder sentiment has declined every month in 2022. Mortgage recently hit the highest rate since 2008 and inflation has been soaring to 40-year highs striking out affordability for many. More than half of the builders in their survey reported using incentives to bolster sales, including mortgage rate … Continue reading “Housing Becoming Unaffordable, NAHB Housing Market Index Slide Continues to May 2014 Levels”
US New Home Sales Slide Accelerates in July, Down Another 12.6% from June
US new home sales for July declined 12.6% month-over-month to a seasonally adjusted annual rate of 511,000 units (consensus 580,000) from a downwardly revised 585,000 (from 590,000) in June. On a year-over-year basis, new home sales were down 29.6%. The median sales price increased 8.2% yr/yr to $439,400 while the average sales price jumped 18.3% to $546,800. as higher mortgage rates and higher prices pressured affordability even more for prospective buyers. New home sales declined 12.6% month-over-month in June to a … Continue reading “US New Home Sales Slide Accelerates in July, Down Another 12.6% from June”
US New Home Sales Slide 8.1% in June, West Down 36.7%
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%”
NAHB Housing Market Index Skids to Lowest Level Since May 2020 with Soaring Interest Rates
NAHB housing market index fell to 55 in July of 2022, down from 67 in June to the lowest reading since May of 2020. Forecasts were for a moderate fall of 65. Mortgage recently hit the highest rate since 2008 and inflation has been soaring to 40-year highs striking out affordability for many. Buyer traffic fell to 37 from 48 crushing homebuilder sales expectations in the next six months 11 points to 50. US July NAHB home builder sentiment 55 vs … Continue reading “NAHB Housing Market Index Skids to Lowest Level Since May 2020 with Soaring Interest Rates”