home resales: Pending Home Sales Unexpectedly Spike In May
- 07/02/11 03:18 AM
The summer housing market is heating up. According to data from the National Association of REALTORS®, the Pending Home Sales Index smashed analyst expectations, jumping 8 percent on a monthly basis in May. Wall Street calls were for an increase of just 0.5 percent. It was a surprise result that, coupled with the recent stronger-than-expected New Home Sales and Existing Home Sales readings, has sparked housing market optimism in North Carolina and nationwide. The biggest reason for the optimism is because of what the Pending Home Sales Index measures. In contrast to "traditional" housing data which reports on how housing performed … (0 comments)
home resales: New Home Supplies Drop, And So Does Homebuilder Confidence
- 06/24/11 10:03 AM
On paper, the market for newly-built, single-family homes looks healthy. Last month, the number of new homes sold on an annualized, seasonally-adjusted basis tallied 319,000. The May reading is the second-highest of the year, and 6 percent above the current 12-month average. These are strong numbers in isolation. However, after accounting for the dwindling supply of new homes for sale as well, the figures look even stronger. In May, at the current pace of sales, the complete, national inventory of new homes for sale would have been sold in just 6.2 months. That’s the quickest pace in a year and … (0 comments)
Despite rising new home sales and an increase in building permits nationwide, home builder confidence slipped to a 9-month low in June. The monthly Housing Market Index from the National Association of Homebuilders registered 13 this month — three ticks lower than last month, and its lowest level since September 2010. June’s 3-point drop from May is the biggest one-month move since May 2010, the month after the expiration of the federal home buyer tax credit. The retreat could signal favorable pricing for new home buyers in Raleigh in the months ahead. When builders get less bullish on housing, … (2 comments)
home resales: Existing Homes Sales Slip In May
- 06/22/11 05:09 AM
Home resales slipped 4 percent in May, falling below the 5,000,000-unit mark on a seasonally-adjusted, annualized basis for the first time since February. April’s resales were revised lower, too. Analysts were surprised by the figures because it runs counter to the National Association of REALTORS® monthly Pending Home Sales reports. The association’s Pending Home Sales Index is purported to be a forward-looking indicator for the housing market because 80% of homes under contract close within 60 days and recent Pending Home Sales readings show an increase in “pending” homes. This month’s Existing Home Sales, however, fell flat. May’s drop in home resales wasn’t … (2 comments)
The summer housing market is heating up.
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