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Friday, May 25 2012

Sales of new single-family homes in April continued to inch up, increasing optimism in the building industry that a recovery is finally taking hold.

New-home sales rose 3.3 percent in April and were up 9.9 percent year-over-year, according to new Commerce Department housing data released Wednesday.

The increase in April sales activity is in line with other important housing measures that have shown continued, gradual improvement from the first quarter as more consumers look to take advantage of today's low interest rates and affordable home prices," says Barry Rutenberg, chairman of the National Association of Home Builders. "In markets where demand is rising, we could be seeing a faster pace of recovery if not for persistently tight lending conditions that are slowing both the building and buying of new homes."

New-home sales rose the most in the Midwest, by 28.2 percent in April, and by 27.5 percent in the West. The Northeast saw new-home sales rise by 7.7 percent in April, while the South posted a 10.6 percent decline last month.

The inventory of new-homes remains historically low at a 5.1-month supply at the current sales pace. But housing experts say the record low inventories may prove an eventual boost for future housing prices.

Home prices for new-homes are up nearly 5 percent compared to a year earlier, with the median price at $235,700 from April, the Commerce Department reported.

In another optimistic sign at recovery for the housing market: The National Association of REALTORS® reported Tuesday that sales of existing homes also increased in April, rising 3.4 percent in April compared to March and increasing 10 percent year-over-year.

Source: National Association of Home Builders and “New-Home Sales Amplify Optimism About Housing,” The Wall Street Journal (May 23, 2012)

Posted by: Rolando Trentini AT 08:55 am   |  Permalink   |  0 Comments  |  Email
Wednesday, November 30 2011
New-home sales for single-family homes rose 1.3 percent in October, marking the best pace for new-home sales activity since this May, the U.S. Commerce Department reports.

Following the sector’s worst year for new-home activity on record last year, several recent reports are suggesting a pick-up in new construction.

"Builders have been seeing some marginal improvement in sales activity over the past few months, particularly in select markets where consumer confidence is higher due to improved economic conditions," Bob Nielsen, chairman of the National Association of Home Builders, said in a statement. "While this trend is encouraging, overall sales activity is still well below normal due to the effects of overly tight credit conditions for builders and buyers, the continued flow of distressed properties on the market, and inaccurate appraisal values on new homes."

Despite the October gain in sales, new-home sales for the month were at an annual rate of 307,000--still less than half the 700,000 in sales that most economists consider healthy for the housing market.

A Regional Look

A break down of sales by region in October:

  • Midwest: Rose 22.2 percent
  • West: Rose 14.9 percent
  • Northeast: Stayed flat
  • South: Declined 9.5 percent

Inventory Drops Drastically

Nationwide, the inventory of new homes for sale stayed at an all-time record low of 162,000 units in October.

"Particularly encouraging is the fact that builders continue to hold down their inventories to match the current sales rate, with the number of new homes for sale now down to a sustainable, 6.3-month supply," NAHB Chief Economist David Crowe said in a statement.

By Melissa Dittmann Tracey, REALTOR® Magazine Daily News

http://realtormag.realtor.org/daily-news/2011/11/29/new-home-sales-post-biggest-gains-in-months

Posted by: Rolando Trentini AT 08:00 am   |  Permalink   |  Email
Friday, May 06 2011
After three straight months of declines, sales of new homes got a boost last month, jumping 11 percent, according to the Commerce Department’s latest new-home sales report released Monday.

New-home sales rose in March to a seasonally adjusted rate of 300,000 homes, up from February’s 250,000. However, the number is still far from what economists view as a healthy 700,000-a-year pace for the sector.

The median price of a new home increased 3 percent from February to $213,800. New-home prices are about 34 percent higher than the median price of existing homes, according to economists.

Regionally, new-home sales saw the biggest boost in the Northeast, jumping nearly 67 percent in March. The West saw an increase in new-home sales last month by nearly 26 percent; the Midwest posted a 13 percent increase; and in the South, new-home sales dipped 0.6 percent.

The new-home market continues to be battered by a high number of foreclosures that continue to dampen home prices across the country. With 1.2 million foreclosures forecast this year, the new-home sales market may not see a major turnaround for years, according to RealtyTrac Inc.

However, while residential construction has decreased considerably in recent years, reports have recently shown building permits have increased 28 percent for apartment and condo buildings.

Source: “The number of people who bought new homes jumped 11 pct., but pace is far below healthy level,” Associated Press (April 25, 2011)
Posted by: Rolando Trentini AT 08:00 am   |  Permalink   |  Email
Sunday, April 25 2010

New Home Sales soared by 26.9% in March to a seasonally adjusted annual rate of 411,000. Relative to a year ago, sales were up 23.8%.

In addition, the numbers for February were revised up to an annual rate of 324,000 rather than the original reported figure of 30.8%. So relative to where we thought sales were they climbed 33.4%.

This is by far the most significant economic number of the week. Inventories of homes for sale fell by 2.1% to 228,000. That drop, combined with the faster sales pace, lowered the months of supply metric down to 6.7 months from 8.6 months in February. Over the last year, inventories are down 27.2%, and a year ago months of supply stood at 11.3.

Read the rest of the story here: http://tinyurl.com/3326rov

 

Posted by: Rolando Trentini AT 08:00 am   |  Permalink   |  0 Comments  |  Email
Saturday, April 10 2010

Economist Says, Foreclosures Notwithstanding, Housing Inventory Isn't Keeping Up With Population Growth

Privately owned housing starts in December 2009 were at a seasonally adjusted annual rate of 557,000, according to the U.S. Census Bureau and the Department of Housing and Urban Development. This is 4% less than where it was in November, which had 580,000 housing starts.

Housing completion numbers also contribute to this dire picture, with December 2009 privately owned housing completions reaching a 768,000 seasonally adjusted annualized rate. That's down 11.2% from the 865,000 completions in November and down 25.3% from the 1,028,000 completions in December 2008.

Some people might shrug these statistics off considering the number of foreclosures in the market. To them, Wesbury told Steve Forbes, "Yes there's foreclosures coming into the market, but we're only starting right now ... We're starting one-third of the houses we need just to keep up with population growth, and that can't last."

There were 315,716 properties last month with foreclosure filings according to RealtyTrac. These filings include default notices, scheduled auctions and bank repossessions. Though last month's filings were 15% more than a year ago, it was 10% less than December's.

Privately owned housing starts in December 2009 were at a seasonally adjusted annual rate of 557,000, according to the U.S. Census Bureau and the Department of Housing and Urban Development. This is 4% less than where it was in November, which had 580,000 housing starts.

Housing completion numbers also contribute to this dire picture, with December 2009 privately owned housing completions reaching a 768,000 seasonally adjusted annualized rate. That's down 11.2% from the 865,000 completions in November and down 25.3% from the 1,028,000 completions in December 2008.

Some people might shrug these statistics off considering the number of foreclosures in the market. To them, Wesbury told Steve Forbes, "Yes there's foreclosures coming into the market, but we're only starting right now ... We're starting one-third of the houses we need just to keep up with population growth, and that can't last."

There were 315,716 properties last month with foreclosure filings according to RealtyTrac. These filings include default notices, scheduled auctions and bank repossessions. Though last month's filings were 15% more than a year ago, it was 10% less than December's.

Aspiriant Chief Investment Officer Jason Thomas doesn't see the foreclosure situation getting better until the labor market picks up. "So many people are getting to a point where they just can't hold on anymore and we may see another wave of that if we don't see a pretty robust turnaround in the labor market," he says.

Posted by: Rolando Trentini AT 08:00 am   |  Permalink   |  0 Comments  |  Email
Thursday, August 27 2009

New U.S. home sales surged 9.6 percent in July, rising for the fourth straight month and beating expectations as the housing market marches steadily back from its historic downturn.

The Commerce Department said Wednesday that sales rose to a seasonally adjusted annual rate of 433,000 from an upwardly revised June rate of 395,000. Sales are now up 32 percent from the bottom in January, but off 69 percent from the frenzied peak four years ago.

Last month’s sales pace was the strongest since September and exceeded the forecasts of economists surveyed by Thomson Reuters, who expected a pace of 390,000 units. The last time sales rose so dramatically was in February 2005.

The median sales price of $210,100, however, was still down 11.5 percent from $237,300 a year earlier.

There were 271,000 new homes for sale at the end of July, down more than 3 percent from May. At the current sales pace, that represents 7.5 months of supply — the lowest since April 2007. The decline means builders have scaled back construction to the point where supply and demand are coming into balance.

Buyers, meanwhile, are rushing to take advantage of a federal tax credit that covers 10 percent of the home price, or up to $8,000 for first-time owners. Home sales must be completed by the end of November for buyers to qualify.

Builders and real estate agents are pressing Congress for that credit to be extended. If it isn’t, sales could reverse their upward trend.

Source: http://www.courierpress.com/news/2009/aug/26/new-home-sales-surge-again/

Posted by: Rolando Trentini AT 09:00 am   |  Permalink   |  0 Comments  |  Email
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The Trentini Team
F.C. Tucker EMGE REALTORS®
7820 Eagle Crest Bvd., Suite 200
Evansville, IN 47715
Office: (812) 479-0801
Cell: (812) 499-9234
Email: Rolando@RolandoTrentini.com


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