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New Home Sales For December Post At 694,000 SAAR

The Census Bureau reported new home sales for December at a seasonally adjusted annual rate (SAAR) of 694,000. This was slightly lower than downwardly-revised November figures, but up 23 percent compared to December 2018 when the markets were sliding off a cliff. The median price of a new house sold in December 2019 was $331,400 while the average sales price was $384,500. Both figures represent slight price increases from last year and noticeable jumps from prices in November. The supply of new homes for sale stood at 5.7 months. Despite the downward revisions to previous [...]

Census: New Home Sales Up 16.9% In November

The Census Bureau reported new home sales for November at a seasonally adjusted annual rate (SAAR) of 719,000 units. That was 1.3 percent better than the previous month, and a 16.9 percent rise from last year. The median price of a new home contracted in November was $330,800, while the average price stood at $388,200. Both figures represent a large increase from the prices seen last year. The supply of new homes stood at 5.4 months in November, down 17 percent from the 6.5 months of inventory we had last year. These figures from Census [...]

October New Home Sales Rise On Easy Comparison

On the surface, the Census Bureau's 31.6% year-over-year increase in new home sales for October looks spectacular. To put it in context, however, new home sales are simply responding to the Federal Reserve's market interventions and that spectacular plunge in mortgage interest rates providing a very easy year-over-year comparison. On a monthly basis, new home sales dipped about one percent in October to a seasonally adjusted annual rate of 733,000 units. The longer term view shows new home sales still rising on a steady path out of the abyss. Along with the big drop in [...]

New Home Sales Still Riding Wave Of Lower Interest Rates

The Census Bureau reported new home sales for September at a seasonally adjusted annual rate (SAAR) of 701,000 in September. This was in line with expectations, although the August figure was revised down slightly. The September print for new home sales translates into a 15.5 percent increase from the same time last year. As a reminder, mortgage interest rates were over 100 basis points higher last year. This helped to drive new home contract activity in September. This made for a really easy year-over-year comparison. Another thing that contributed to September sales of new construction [...]

New Home Sales Soar In August, DFW Included

The Census Bureau reported new home sales for August at a seasonally adjusted annual rate (SAAR) of 713,000 for August, This was above expectations and sales for July were revised upward as well. The median price of a new home contracted in August was $328,400, while the average price of a new home shot up to $404,200. Lower rates obviously spurred more borrowers to open up their checkbooks in August. Months of supply for new homes stood at 5.5 in August, down almost 13 percent from the 6.3 months of supply seen last year. As [...]

Diminishing Returns? July New Home Sales Up 4.3%

The Census Bureau reported sales of new single-family homes at a seasonally adjusted annual rate of 635,000 in July. That's up 4.3 percent from July of last year, but down 12.8 percent below the sharply revised June numbers. The median price of a new home contracted in July was $312,800 while the average price of a new home contracted was $388,000, both lower than prices last year. The median new home price for July was $14,700 (about 4.5%) less than July of last year. The supply of new homes stood at 6.4 months in July, [...]

Plunging Mortgage Rates Lift Denton County Home Sales In July

Plunging mortgage interest rates lifted Denton County home sales to a near record month in July. Home sales in Denton County posted a 14 percent year-over-year jump on record high average prices. The average price of a home sold in Denton County last month was a record $374,130. The surge in sales during July helped to offset the sales decline in June, and year-to-date sales are now slightly in positive territory. If you read Dallas' largest newspaper, the July rebound in the housing market was all about the strong economy and fabulous jobs market. In [...]

New Home Sales Rise 4.5 Percent In June On Lower Rates

The Census Bureau reported new home sales for June at a seasonally adjusted annual rate of 646,000 units. This was up 7 percent from revised May figures and 4.5 percent higher than a year ago. The previous three months were revised lower. The median price of a new home contracted in June was $310,400, almost unchanged from last year. The average price of a new home in June was $368,600, a decrease of $1500 from June 2018. Months of supply stood at 6.3 in June, up from 6.0 months of supply last year. Translated on [...]

Census: New Home Sales Decline 3.7 Percent In May Despite Lower Mortgage Rates

According to the Census Bureau new home sales for May posted at a seasonally adjusted annual rate of 626,000 units. This was 7.8 percent below revised April numbers and 3.7 percent below the rate seen last year. Despite plunging mortgage interest rates this year, new home sales are not exactly inspiring any headlines. The median price of a new home contracted in May was $308,000 while the average price of a new home stood at $377,200. The inventory of new homes for sale stood at 6.4 months of supply, up from 5.6 months a year [...]

Single-Family Housing Permits & Starts Still Stagnating

The Census Bureau reported permits and starts numbers for May which were less than impressive. While permits were up from revised April figures, they were still lower than levels seen last year. Single-family permits (one unit structures) were down 3.3 percent from the same time a year ago. The sluggish numbers for housing permits and starts in May is a bit surprising to some of the experts considering the recent plunge in mortgage interest rates. Unfortunately there is more to the demand for new homes than just ultra low interest rates. Housing starts in May [...]