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Wednesday, December 02, 2009
New U.S. Home Sales Rise 6.2 Percent in October
October new U.S. home sales up 6.2 percent in sign of stability for housing
WASHINGTON (AP) -- Sales of new homes rose in October to the highest level in more than a year as strong activity in the South offset weakness in the rest of the country.
The Commerce Department said last week that sales rose 6.2 percent to a seasonally adjusted annual rate of 430,000 from an upwardly revised 405,000 in September. Economists surveyed by Thomson Reuters had expected a pace of 410,000.
There were 239,000 new homes for sale at the end of October, the lowest inventory level in nearly four decades. At the current sales pace, that's a 6.7 months of supply, down from last winter's peak of more than a year.
The report tallies signed contracts to buy homes, rather than completed sales. Home shoppers in October were acting before lawmakers decided to extend a tax credit for first-time buyers and expand it to some existing homeowners. The credit now covers contracts signed by April 30, and analysts expect it to further the housing recovery in the coming months.
The surge in sales was driven entirely by a 23 percent increase in the South. Sales fell about 5 percent in the West and Northeast, and fell 20 percent in the Midwest. Despite the lack of certainty about the tax credit that buyers faced in October, sales were up 5.1 percent from a year ago, the first yearly increase since November 2005.
Labels: 2009, housing market, new home, october, real estate, sales
Tuesday, July 28, 2009
Existing Home Sales Up for the Third Straight Month
ASSOCIATED PRESS: The US Housing market has started to recover from the most far-reaching crisis since the Great Depression, data released Thursday shows. Sales of previously occupied homes rose for the third month in a row in June, the National Association of Realtors reported. That hasn't happened since early 2004, during the boom. "The turnaround in the housing market appears finally to be here and indeed may be gaining some speed," wrote Joel Naroff, president of Naroff Economic Advisors Inc. Home sales rose 3.6 percent to a seasonally adjusted annual rate of 4.89 million last month, from a downwardly revised pace of 4.72 million in May. Sales were up in all four regions of the country. It was the highest level of sales since last October and beat economists' expectations. Sales had been expected to rise to an annual pace of 4.84 million units, according to Thomson Reuters. In another encouraging sign, the share of foreclosures on the market is shrinking. About one out of three homes sold in June was foreclosure-related, down from nearly half earlier this year. And the glut of homes up for sale dwindled to 3.8 million. That's a 9.4-month supply at the current sales pace and another important sign of a recovery. When the market balances at a 7-month supply prices should begin to stabilize, the Realtors's group said. Labels: foreclosure, home sales, housing market, inventory, recovery
Tuesday, May 05, 2009
New Home Sales Show Signs of Revival
Despite a decline in March, the annual rate remains above what economists expect after an even stronger than originally reported February. NEW YORK (CNNMoney.com) -- Sales of newly constructed homes are showing indications, ever so slight, that the housing decline may be near an end, a government report showed Friday.
The Commerce Department said new home sales fell 0.6% last month to a seasonally adjusted annual rate of 356,000. But that was from a rate of 358,000 in February that was revised up from the originally reported at 337,000 -- the level economists were expecting for March.
The net revision to the prior three months equals an increase of 31,000 units, according to Wachovia Economics Group. "This is clearly a better-than-expected number," said Michael Larson, a real estate analyst at Weiss Research. "Technically, yes, sales declined, but the last three months were revised higher and the raw number came in better than expectations. All signs are pointing to stabilization in market conditions, which is due to lower prices, Larson said. We still have a problem with unemployment, and that's why any rebound we see will be muted."
Labels: atlanta, housing market, new home, real estate, sales
Sunday, April 26, 2009
Forbes Magazine Predicts Atlanta's Recovery To Begin
Forbes Magazine made some good predictions for Atlanta homebuilders and residents last week. While other cities, like Las Vegas and Phoenix are expected to see home prices decrease by up to 50%, Atlanta is predicted to see significant increases as early as 2009. (This reiterates that NOW is the time to buy Atlanta Real Estate. Discounts on current new home inventory are available now. They won't last forever!) Although Forbes mentions the number of Atlanta foreclosures in early 2008, our continued steady job growth rate promises an end to our housing slump. In fact, next year home starts are expected to jump up by 32.5% for single family homes around the metro Atlanta area. Multi-family home prices are expected to rise by as much as 18.4% and job growth will remain around the steady 2% yearly increase that has kept Atlanta afloat and the envy of the nation. We are placed at number nine in the group of ten "lucky cities" that are predicted to experience long term recovery that will begin next year. Other cities where home prices are expected to rise include Oklahoma City, Minneapolis, Colorado Springs, Salt Lake City, Austin, Portland, San Antonio, Charlotte, and Albuquerque. So while times may seem tough now, if we can just hold out for a little while longer, things should be looking up for the economy and the Atlanta housing market once again. Labels: atlanta, forbes, foreclosure, housing market, recovery
Thursday, December 04, 2008
4.5 Percent Mortgage Rates
The Treasury Department is considering a plan to drive mortgage rates as low as 4.5 percent. As rates are already at historic lows, the treasury feels people can refinance already into a low rate, but the main purpose of this program will be to get the housing market moving. A 4.5% rate would attract a lot of new home buyers which will hopefully help to reduce the available inventory. It will be interesting to see what the outcome will be over the next few weeks. We will keep you posted. Labels: 4.5 percent, housing market, mortgage rates, treasury department
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