Tag Archives: housing market
New home sales sprang back in February, with a surge in spending on less expensive first-time buyer homes. The bulk of the increases occurred in the $200,000 to $299,000 and the $150,000 to $199,000 range. This marks a sharp shift down in price from earlier in the cycle and suggests builders are finally building less [...]
In February, existing home sales rose to a seasonally adjusted rate of 4.88 million units. Sales were only 60,000 units above last month’s pace, but are 220,000 units where we were last year. Sales fell in the Northeast as individuals were snowbound by record high snowfall. The West led with an increase of 60,000 units
Total housing starts for February dropped to 897,000 on an annualized basis to levels not seen since September 2013. Severe winter weather played a significant role in the drop. All regions posted declines. The Northeast and Midwest posted the worst, dropping 61,000 and 57,000 respectively from last month. On a percentage basis, these declines were [...]
Construction spending plummeted 1.1% in January as another relentless winter disrupted public and private sector projects alike; that was despite seasonal adjustment of the data. We experienced more weather disruptions in more places in February than January so the noise from distortions will likely get worse before it gets better. Losses were broad-based
New home sales came in at a 481,000-unit pace in January, nearly even with the better-than-expected showing we saw in December. Moreover, in a shift that started late last year, gains were more concentrated in lower priced homes, which took down the median and average sale price
The number of existing homes sold in January was 4.82 million on an annualized basis. That is the lowest level since May of 2014. All regions were down, led by the Northeast and West. Weather played a role in restricting the number of sales across the nation, but cannot be blamed for all of the weakness in [...]
Housings starts came in weaker with 22,000 fewer starts in January compared to the previous month for a total of 1.065 million on an annualized basis. The data was slightly below consensus.
Construction spending rose 0.4% in December, less than hoped, but that followed a slight upward revision for the previous month. Gains in the public sector outpaced gains in the private sector, but the public sector has yet to regain ground lost earlier in the quarter. Public infrastructure projects picked up
Premium well above long-term average: Illustrates bifurcation in housing market between high-& low-end buyers. Low-end buyers cannot drive price appreciation as much for new homes. High-end buyers pay top dollar for prime, turnkey, customized properties. Volatility in sales due to data not adjusted for seasonal factors.
Just over five million existing homes were sold in December, in line with expectations. December sales came in higher than November’s, which were revised down slightly. Comparisons for sales and prices were positive as total and single-family sales increased