New-home sales unexpectedly jump to highest level since 2007 Bill Dobbins New home sales unexpectedly jumped in March, according to the Department of Commerce. Sales of new single-family houses rose 5.8% at a seasonally adjusted annual rate of 621,000, the highest since last August. Economists had forecast that new home sales fell by 1.4% at a seasonally adjusted annual rate of 584,000, according to Bloomberg.
While the median price climbed in March, the average price of a new home in the united states declined by $14,500 or roughly 3.7 percent. This is the dilemma facing new home builders as mortgage interest rates now sit near 4-year highs.
An unexpected decline in sales of previously owned homes last month to the lowest level since August 2016 indicates rising prices and lean inventories are impeding faster growth in the housing market, National Association of Realtors data showed on Thursday.
The median forecast of 76 economists surveyed by Bloomberg called for 470,000 new-home sales. ahead in January, capping the biggest three-month gain in 17 years. For those who can purchase a home,
· Despite this monthly decline, new home sales rose 8.3 percent overall in 2017 to 608,000 units. “The number of consumers planning to buy a new home in the near future is trending upward,” said NAHB Chairman Randy Noel, a custom home builder from LaPlace, La. “Inventory remains low, but its growth in 2017 is an encouraging sign.
Movement Mortgage plans operations expansion The 100 job cuts are happening in the company’s mortgage department, said the person, who asked not to be identified because the matter is private. SoFi has said it plans to dramatically. of credit.
The next chart shows the raw monthly data for median and average new home sale prices in the U.S. from January 2000 through December 2018, where we find that one reason for the sudden decline in the ..
Sales of existing homes fell to a three-year low in January, with prices surging especially high for those looking to buy their first home. Home sales skid to biggest drop in three years in January
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Sales Price. The median sales price of new houses sold in June 2018 was $302,100. The average sales price was $363,300. For Sale Inventory and Months’ Supply. The seasonally-adjusted estimate of new houses for sale at the end of June was 301,000. This represents a supply of 5.7 months at the current sales rate.
New home sales in August decreased to a seasonally adjusted annual rate of 560,000, a new low for 2017. However, housing inventory also increased, reaching 6.1 months at the current sales rate.
US New Home Sales at 8-Month Low. Sales of new single-family houses in the United States declined 5.3 percent from the previous month to a seasonally adjusted annual rate of 631 thousand in June of 2018, following a downwardly revised 3.9 percent gain in May.