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%.

Mortgage Applications Fell for the 4th Consecutive Week on Rising Rates

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.

Toll Brothers Earnings Helped By Cost Reductions as Contracts Fall on Economy Lockdown

Leading luxury homebuilder Toll Brothers reported better than expected first-quarter earnings Wednesday. The stock $TOL rose over 9% on the report after being up over 9% earlier, up 18% on the day on hopes of recovery. Home sales revenues were $1.52 billion, down 11%

U.S. Pending Home Sales Fall Sharply in Largest Decline Since May 2010

US pending home sales fell a sharp -4.9% v +0.5% estimates, in contrast to December existing home sales rising to 5.54M v 5.43M expected. Mortgage data has been volatile but stronger in late 2019 flowing onto housing as the stockmarket hit all time highs.