New home sales declined in February as existing sales surged, showing buyers still prefer affordable, older stock over new when it becomes available.
That’s according to data from the U.S. Census Bureau and the Department of Housing and Urban Development, which reported sales down by 0.3% to a seasonally adjusted annual rate of 662,000, slipping from the month priors’ revised rate of 664,000.
Sales were still up by 5.9% from the same time last year, however.
The decline was the first in three months and generally unexpected by analysts, according to Bloomberg. Surveyed economists had predicted a rate of 667,000.
There were 463,000 new homes for sale at the end of the month. This represents an 8.4-month supply at the…
Existing-home sales rebounded from a December plummet in January, increasing month-over-month, but not annually.
Sales increased by 3.1% to a seasonally adjusted annual rate of 4.00 million, according to the latest data from the National Association of Realtors. They were down 1.7% from the same time last year, however.
The Midwest, West, and South all saw sales increase, while the Northeast held steady but didn’t decline.
This is a turnaround from December, which saw existing sales shrink to their lowest point since 1995.
“While home sales remain sizably lower than a couple of years ago, January’s monthly gain is the start of more supply and demand,” said NAR Chief Economist Lawrence Yun. “Listings were modestly higher, and home buyers are…
New home sales spiked in December as cooling rates encouraged purchase-shy buyers to make the leap.
That’s according to data from the U.S. Census Bureau and the Department of Housing and Urban Development, which reported sales up by 8% from October to a seasonally adjusted annual rate of 664,000, a jump from the month priors’ revised rate of 615,000.
December saw rates cool to the mid-6’s, a process that began in November but needed time to bear out fully. The data suggests potential buyers who were cautious at first eventually came to terms with slightly lower rates and jumped into the market.
New home sales were up 4.4% from the same time last year.
There were 453,000 new homes for…
Existing-home sales slipped in December to their lowest point since 1995.
Sales declined by 1% to a seasonally adjusted annual rate of 3.78 million, according to the latest data from the National Association of Realtors. They were down 6.2% from the same time last year.
The South and Midwest experienced declines month-over-month, while the Northeast saw effectively no change. Notably, sales in the West spiked by 7.8%. All regions clocked decreases YOY.
This is a turnaround from November, which saw sales increase for the first time in five months, and a break from predictions. Economists surveyed by The Wall Street Journal expected sales of previously owned homes would rise to a seasonally adjusted 0.3%.
NAR Chief Economist Lawrence Yun suggested…
New home sales sank again in November despite cooling mortgage rates, according to data from the U.S. Census Bureau and the Department of Housing and Urban Development.
Sales fell by 12.2% from October to a seasonally adjusted annual rate of 590,000, well below the rate of 685,000 units predicted by economists.
This is the sharpest decline since April 2022.
November saw the beginning of a cool down that brought interest rates to the mid-6’s. But at the start of that process, rates were at their highest levels in more than two decades, nearing 8%.
New home sales were up only 1.4% year-over-year, a notable decline from the month prior’s 17.7% YOY increase. Lack of existing inventory pushed buyers to new…
Existing-home sales increased for the first time in five months as falling rates made homebuying more affordable.
Sales rose by 0.8% to a seasonally adjusted annual rate of 3.82 million, according to the latest data from the National Association of Realtors.
While this is a clear improvement from past months, year-over-year sales are down 7.3%, and NAR Chief Economist Lawrence Yun notes the data is still impacted by the sky-high mortgage rates of the past few months.
“The latest weakness in existing home sales still reflects the buyer bidding process in most of October when mortgage rates were at a two-decade high before the actual closings in November,” said NAR Chief Economist Lawrence Yun. “A marked turn can be expected…
New home sales sank in October as mortgage rates priced potential buyers out of the market, according to newly released data from the U.S. Census Bureau and the Department of Housing and Urban Development.
Sales fell by 5.6% from September to a seasonally adjusted annual rate of 679,000, below the rate of 730,000 units predicted by economists.
New home sales are up 17.7% year-over-year, however, as lack of existing inventory pushes buyers to new construction. There were 439,000 new homes for sale at the end of October, representing a 7.8-month supply at the current sales rate.
The median sales price of new houses sold in October 2023 was $409,300, while the average sales price was $487,000, both down by more…
Existing-home sales sunk even further in September, with all regions seeing declines.
Sales fell by 2% to a seasonally adjusted annual rate of 3.96 million, according to the latest data from the National Association of Realtors.
Leaders there say sales retreated 15.4% from one year ago.
“As has been the case throughout this year, limited inventory and low housing affordability continue to hamper home sales,” said NAR Chief Economist Lawrence Yun. “The Federal Reserve simply cannot keep raising interest rates in light of softening inflation and weakening job gains.”
All regions saw sales slip last month, with the formerly-hot Northeast and Midwest joining the South and West in declines.
The median price for an existing home rose 2.8% YOY to…
Existing-home sales slipped overall in August, though activity in the Midwest and Northeast remained hot.
Sales fell by 0.7% to a seasonally adjusted annual rate of 4.04 million, according to the latest data from the National Association of Realtors.
Year-over-year, sales are down 15.3%.
“Home sales have been stable for several months, neither rising nor falling in any meaningful way. Mortgage rate changes will have a big impact over the short run, while job gains will have a steady, positive impact over the long run,” said NAR Chief Economist Lawrence Yun.
Poor performances in the South and West overshadowed neutral activity in the Northeast and a spike in the Midwest. Yun noted that the South’s performance is an improvement over…
Existing-home sales increased slightly in May, just enough to put a positive spin on the otherwise difficult market.
Sales rose by 0.2%, barely moving, to a seasonally adjusted annual rate of 4.30 million from 4.28 million the month prior, according to the latest data from the National Association of Realtors.
Year-over-year, sales are down 20.4%.
The South and West saw improvement month-over-month, but the Northeast and Midwest fared poorly.
“Mortgage rates heavily influence the direction of home sales. Relatively steady rates have led to several consecutive months of consistent home sales,” said NAR Chief Economist Lawrence Yun.
The median price for an existing dropped, down 3.1% to $396,100, NAR found. This is just the fourth YOY decline in years. February’s…
