US New Home Sales Miss Forecasts in October, Revised Lower in September

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 Rates Continue To Rise, Hitting 8 Month High Sending Refinance Volume Down 26%

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%.

Home Prices Rose Record 19.9% yoy in July 2021 says S&P CoreLogic Case-Shiller

US home prices increased at a new record 19.9% yoy in July 2021, following a 19.1% rise in June S&P as measured by the CoreLogic Case-Shiller 20-city home price index. Biggest rises were Phoenix (32.4%), San Diego (27.8%), and Seattle (25.5%)

US Housing Starts Rose 3.9% in August Surging in The Northeast 167.2%

US housing starts rose in August 3.9% m/m vs -7% prior, or 1615K v July’s revised 1554K. Starts surged the most in the Northeast (167.2% to the highest level since January). Building permits rose 6.0% m/m ighest level since April.

Record High U.S. House Prices Hitting New and Existing Home Sales

US May existing and new home sales both came out much lower than expected. It shouldn’t be that big a surprise given just how much prices have risen and how many people have been financially crippled by the COVID lockdown. Low inventory also frustrated potential buyers.

Favorite Fed Inflation Data Core PCE Rose +3.1% YoY vs +2.9% Expected in April

The favorite inflation measure of the Fed, core PCE Price Index, which excludes food and energy, increased 3.1% ahead of consensus 2.9%,the most since 2018 and up from last month’s +1.8% year-over-year. The PCE Price Index jumped 0.7% m/m, over 0.6% expected, up from.4% prior.

US New Home Sales Squeezed by High Building Costs and Prices in April

New home sales fell 5.9% month-over-month in April to a seasonally adjusted annual rate of 863,000 from a downwardly revised 917,000 (from 1.021 million) in March. The median sales price increased 20.0% yr/yr to $372,400 while the average sales price jumped 20.8% to $435,400.

US Existing Home Supply Shortfall Sees Sales Fall Three Months Straight

April US existing home sales from the National Association of Realtors fell 2.7% to 5.858 million v forecasts of a 2 percent rise. Notably pressure is coming from the supply of existing homes for sale remains near all-time low levels. This is creating affordability pressures for prospective buyers.

Zillow Earnings Beat as Housing Market Outlook Brightens

Real Estate firm Zillow returned a profit for the first quarter versus a loss a year ago. $Z is benefiting from the housing boom where US March housing starts soared in March 19.4%, the highest reading since June of 2006. The median existing home price was the highest on record.