New Home Sales Increase 6.6 Percent In September

September sales of new single-family homes rose 6.6 percent above August’s rate, according to estimates from the U.S. Census Bureau and the Department of Housing and Urban Development. Nicholas Tenev, an economist with Barclays Capital, said it looks as though new-home sales have stabilized and he expects a gradual recovery over the coming months. Despite the unexpected jump, sales of new homes are still 21.5 percent below last year’s levels. The median sales price of new houses sold in September was $223,800; the average sales price was $257,500. More here and here.

Filed under: Uncategorized, Housing Market, Inventory, New Home Sales, News, Prices, Real Estate, Sales, Trends

Builder Confidence Up For 1st Time In 5 Months

Builder confidence rose for the first time in five months, a sign that builders are starting to see interest from potential buyers. The National Association of Home Builders/Wells Fargo Housing Market Index for October shows builder confidence rose three points to 16. The index gauges builders’ perception of the market for newly built, single-family homes. A number below 50 indicates negative sentiment about market conditions. David Crowe, NAHB’s chief economist, said the new-homes market is finally moving past the lull that occurred after the expiration of the homebuyer tax credit. More here and here.

Filed under: Uncategorized, Builder Confidence, Housing Market, New Home Sales, News, Real Estate, Sales, Tax Credit, Trends

New Home Sales Flat in August

According to estimates from the U.S. Census Bureau and the Department of Housing and Urban Development, sales of new single-family homes were unchanged in August from July’s rate. The median sales price of new homes was $204,700 with an average price of $248,800. Leif Thomsen, CEO of Mortgage Master, told CNN he believes the report shows prices are starting to stabilize. The estimate of new houses for sale was 206,000, a supply of 8.6 months at the current sales rate. More here and here.

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Interest Rates Could Fall Below Four Percent

David Lykken of Mortgage Banking Solutions says mortgage rates could fall below 4.0 percent by the end of the year.

Filed under: Uncategorized, Existing Home Sales, Foreclosures, Housing Market, Interest Rates, Inventory, New Home Sales, Real Estate, Sales, Video, Views

New Home Sales Fall In July

Sales of single-family homes fell 12.4 percent in July, according to estimates from the U.S. Census Bureau and the Department of Housing and Urban Development. Year-over-year, sales were down 32.4 percent. The past three months have been the worst on record for new home sales and July’s pace was the slowest since records began in 1963. An estimated 210,000 new houses were for sale at the end of July, a 9.1-month supply at the current sales pace. Six months of inventory is considered normal market conditions. More here and here.

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New Home Sales Jump In June

Following a record low in May, new home sales surged 23.6 percent in June, according to estimates from the U.S. Census Bureau and the Department of Housing and Urban Development. The better than expected recovery is misleading, however. Year-over-year numbers were down 16.7 percent and the sales pace was the second slowest since the Commerce Department began tracking the data in 1963. The median sales price of new houses sold in June was $213,400; the average sales price was $242,900. Also, the estimate of new houses on the market at the end of June was 210,000, a 7.6 month supply at the current sales rate. That was down from 9.6 months in May. More here, here, and here.

Filed under: Uncategorized, Housing Market, Inventory, New Home Sales, News, Prices, Real Estate, Sales, Trends