Tag Archives: housing market

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New Home Sales Lower on Weakness in South and West

New home sales fell to a 482,000 unit annualized pace In June, down 35,000 from May. That drop came on top of a 29,000 downward revision to the previous month. Sales in three of the four regions in the country were lower,

Existing Home Prices Hit New Highs

The median sales price for existing homes increased 6.5% in June from last year. That increase pushed prices above the previous peak set back in July 2006. Sales volume increased to 5.5 million last month, a level not seen since February 2007. Demand continued to outpace supply,

Housing Primer

Watch this week’s housing market data closely for key trends: 1. Was it a fluke that first-time buyers increased in May, in both relative and absolute terms? Millennials were reluctant/unable to buy (or even leave their parent’s homes) earlier in the expansion. A critical issue will be whether the volume of first-time buyers in the [...]

Multifamily Market Hot: Inflation Tepid

Housing starts rebounded to a 1.174 million-unit pace in June, while the decline for May was slightly less than initially reported. Gains were concentrated in the multi-family market as builders are still rushing to meet what they see as a permanent shift by millennials to move to urban centers and delay marriage and having children; [...]

Rebound in Construction Spending Continues

Construction spending rose 0.8% in May and held most of April’s bounce-back. The April data were revised down a bit, but March revisions now show that we were already seeing a comeback from the worse-than-usual winter by early spring. Gains during the most recent month occurred in both the public and private sectors, but were [...]

New Home Sales Surge

New home sales accelerated to a 546,000-unit pace in May. This data not only beat expectations but also comes after a strong upward revision to April. Both the Northeast and West posted increases from April

Home Sales Highest Since 2009

Existing home sales grew to 5.35 million on an annualized basis in May. That is the fastest pace of sales since November 2009 when sales were inflated by the temporary tax credit for first-time home buyers.

Housing Starts Down, Permits Up

Housing starts plunged 11.1% to slightly above the million-unit mark in May, after a surge in April. The correction in May from the April spurt was expected and somewhat offset by upward revisions to the April data. The housing market was playing catch-up in April after a dismal winter.

Consumers Emerge From Cave

Retail sales jumped 1.2% in May from April as hibernating consumers emerged from their caves. Vehicle sales fueled overall gains but were not as strong as we expected, given the near-record, 17.8 million-unit, annualized pace we saw for the month. Incentives were sweetened to drain dealer inventories. Some of the gains we saw also likely [...]