The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly released the latest housing data this week showing that sales of new single-family homes in July hit their lowest level in 6½ years. While unit sales declined, both median and average prices continued to increase, making future home sales even more unaffordable.
new home sales
In the latest report from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, sales of newly constructed homes (new home sales) in June returned to their months-long downward trend after a brief bump up in May. Another sign of a housing market in decline, rising mortgage rates combined with rising home prices have thrown cold water on what had been a very hot housing market over the last year-and-a-half.
See more on new home sales in June, a key housing statistic[Read more…] about Housing: After a Bump in May, June New Home Sales Back to Downward Trend
A Fluke? Or is Housing Making a Comeback?
Data released on Friday by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development showed that sales of newly constructed homes actually increased in May. At the same time, the National Association of Realtors released new data on pending home sales which also showed a surprise jump in contracts in May.
What’s going on? Is the housing market mounting a comeback?
What does this surprise increase in new & pending home sales mean?[Read more…] about What?! Both New Homes Sales & Pending Home Sales Jump in May
Is Housing a Bubble About to Burst?
After a spectacular run in 2020, it looks as though housing may be taking a pause to regroup. Strata-gee reported last week that residential construction starts had dropped by 10.3% in February. Now we learn that sales of newly built single-family homes have also dropped in February, this time by a scary 18.2% to a seasonally adjusted annual rate of 775,000 units. On top of that, existing home sales also dropped in February, coming in at 6.22 million units or 6.6% off of January’s rate.
What’s going on in housing?…[Read more…] about Sales of New and Existing Homes Drop in February
In late December we got the latest data from the U.S. Commerce Department on the sales of new homes in November 2020. According to the government, new home sales showed a sharp decline in November. The fact that there was a decline itself was not as much of a surprise to analysts as much as how sharp that decline was that caught their attention.
Many analysts are suggesting that this decline in home sales is another indicator of a slowing economy.
See more on this key economic data point…[Read more…] about New Home Sales Show a Sharp Decline in November
Two new economic reports from June covering the housing industry show promising results, with both residential construction (otherwise known as housing starts), and sales of newly constructed homes taking a nice bounce in June. This was welcome news after dramatic declines hit the housing market in early Spring.
But will it hold?
See more on the changing housing market[Read more…] about Residential Construction & New Home Sales Bounce Back in June
You knew it was coming, but we just couldn’t see it until statistical data caught up with the rapidly changing U.S. economy. But now, we are getting a snapshot of these changes and they are breathtaking…and a little scary. Hold on tight…it’s going to get worse before it gets better.
See a selection of data showing the economy hitting the brakes…[Read more…] about Tighten Your Harness, The Rocket Ship U.S. Economy is Coming Down Hard
The U.S. Census Bureau and the U.S. Department Housing and Urban Development announced this week that sales of newly built residences fell in February 2020. Housing starts also fell in February. This housing market downturn is likely a precursor to much more dramatic declines when figures for March 2020 are reported – a time period when the coronavirus (COVID-19) pandemic began to really take hold across America, forcing State and City governments across the U.S. to order residents of all non-essential businesses to stay home.
See more on the drop in new home sales…[Read more…] about New Home Sales & Housing Starts Decline in February, A Hint of Things to Come
Last week, Strata-gee reported that housing construction starts jumped mightily in December 2019 – but now we learn in a new report from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development that new home sales actually declined at the same time. Typically, analysts like to see both home sales and construction starts increase together as an indicator of a healthy economy.
See more on this latest economic data…[Read more…] about New Home Sales Decline in December 2019
In new data from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, the readings appear split with housing starts showing increases while new home sales declined. Housing, a prime component of the overall U.S. GDP has been in a bit of a swell over the last couple of months, driven largely by low interest rates stimulating demand for homes.