new home sales: New Home Sales Stumble In May
- 06/26/09 01:37 AM
According to the Census Bureau, new home sales disappointed expectations by declining -0.6% in May compared to April when they fell to a 342,000 seasonally adjusted annual rate. The current rate of new home sales continues to hover around the record low pace that was set in January of 2009 at a seasonally adjusted rate of 329,000. The pace of home sales is still down -32.8% from last year, and 2008 was a really bad year for new home sales. New home inventory of unsold new homes also fell by -35.5% from last year to 292,000. The end result is that the … (1 comments)
new home sales: New Home Sales Still Down -34% From Last Year
- 05/29/09 01:40 AM
The Census Bureau is reporting that new home sales in April rose 0.3% from last month to a seasonally adjusted annual rate of 352,000, but are still down -34% from last year. While the new home market remains over shadowed by the existing home sales market in terms of sales and supply volume, it is worth noting that the construction of new homes does have a significant GDP associated with it. Jobs are created, supplies and materials are purchased, and tax revenues are produced for local municipalities. In other words, new home construction contributes to the broader GDP for our economy. Unfortunately, as the … (3 comments)
new home sales: New Home Sales Remain Sluggish
- 04/25/09 10:39 AM
The U.S. Census Bureau reported this week that new home sales remained sluggish in March with a 356,000 seasonally adjusted rate, down just -0.6% from the previous month but still down -30.6% from last year. The data that the media jumped all over was that the inventory of unsold new homes declined -5.2% from last month to just 311,000, the lowest inventory number in over a year. The result of this supply and demand relationship for new homes is that the month's supply of housing dropped from an 11.2 month supply in February to a 10.7 month supply in March, a -4.5% … (3 comments)
new home sales: New Home Sales Off of Record Lows
- 03/26/09 04:49 PM
The Census Bureau is reporting that new home sales for February increased 4.7% from January to a seasonally adjusted pace of 337,000. Additionally, the inventory of unsold new homes decreased -2.9% from last month to 330,000. The result is that the month's supply of new homes decreased -5.4% from last month to a 12.2 month supply. And while these recent numbers are an improvement from the previous month, it's kind of like Julio Lugo finally getting a infield base hit after an 0-24 streak when the Red Sox are getting blown out, it's important to keep a perspective on the data. Specifically, how does it compare … (3 comments)
new home sales: New home sales fall to a new low...again
- 02/26/09 02:23 AM
According to the Census Bureau, the current pace of new home sales, which fell -48.2% from last year (and -10.2% from last month) to 309,000 at a seasonally adjusted pace, is the lowest on record going back to 1963. This despite the fact that there are over 100 million more Americans today than there were in 1963. Additionally, while the inventory of unsold new homes declined by -3.1% from last month to 342,000, the month's supply of housing soared to a 13.3 month supply. The month's supply of housing is the relationship between the supply and demand for real estate and is the leading … (1 comments)
new home sales: New home sales continue their free-fall
- 01/29/09 03:37 PM
The commerce department today announced that new home sales in December plummeted to 331,000 seasonally adjusted sales, this is the lowest level on record sine they began tracking the data in 1963. This is a seasonally adjusted sales decline of -14.7% from last month and -44.8% from December of 2007. The number of news homes for sale declined to only 357,000, yet despite this 10% decline from last month and 27% decline from last year, the month's supply of housing which is the relationship between the supply and demand, surged to a 12.9 month supply of housing. As I have mentioned … (4 comments)
new home sales: Home building industry facing a prolonged head-wind
- 12/18/08 08:56 AM
As I have commented before, I don't think the decline of the home builder industry and new home sales is a good thing for our economy. Yes, I do realize the broadest challenge facing the housing market is that there are simply too many homes for sale and not enough demand for them. However, a significant component of this supply are existing homes, specifically foreclosed homes, not new homes. The new home market actually represents only about 8% of the overall supply of homes. Currently there are 381,000 (source: Commerce Department) new homes for sale compared to 4.234 million exisitng homes for sale (source: NAR). … (1 comments)
new home sales: Just how bad is the new home sales market?
- 11/27/08 09:21 AM
In case you are wondering why I am writing this blog post on Thanksgiving, I do indeed have a life - sort of. I also happen to have three little babies who are nestled all snug in their beds napping after their feast this afternoon. So I have a chance to look into something that I have been wondering about. I have written quite a bit about the existing home sales market, the one that NAR tracks. Just to give you some context, in 2008, we are expecting to see about 4.98 million existing home sales, according to the NAR. This is down … (4 comments)
new home sales: New Home Sales Report Released
- 10/27/08 03:21 AM
The commerce department published the new home sales data today, and it was strikingly similar to that of exisiting home sales report that came out last week. New home sales are up. The inventory of new homes for sale is down. The month's supply of new home sales is down. Good news on all fronts. New home sales are up 2.7% from last month, however, they are still down -33.1% from last year. That is a breath taking decline in one year, especially considering 2007 was not a robust year for the real estate market. New homes FOR sale are down -7.3% … (3 comments)
According to the Census Bureau, new home sales disappointed expectations by declining -0.6% in May compared to April when they fell to a 342,000 seasonally adjusted annual rate.
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