Housing Analysis , ,

New Home Sales Remain Elevated Into Q4 2012

Sales of newly-built homes took a small step lower in October, but remain strong. According to the Commerce Department, New Home Sales slipped 1,000 units last month, falling to 368,000 units on a seasonally-adjusted, annualized basis.  The final reading fell short of Wall Street expectations, and the government revised downward its initial findings from August and September by 2,000 units and 20,000 units, respectively. A "new" home is a home that is considered new construction. Furthermore, the number of new homes for sale nationwide ticked higher to 147,000 -- the highest reading in 9 months. However, in taking a broader look…
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Housing Analysis , ,

New Home Supply Remains Firmly In “Seller’s Market” Territory

The U.S. housing market appears headed for a strong close to 2012. According to the U.S. Census Bureau, the number of new homes sold jumped to 389,000 units in September 2012 on a seasonally-adjusted, annualized basis. Not since the expiration of the $8,000 federal home buyer tax credit in April 2010 have new homes sold at such volumes. September's tally marks a 5.7 percent increase from the month prior, and a 27 percent increase from September 2011. There are now just 145,000 new homes for sale nationwide and, according to the National Association of Homebuilders, buyer demand continues to grow.…
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Housing Analysis , ,

New Home Supply Remains Firmly In “Seller’s Market” Territory

The market for new construction homes remains strong nationwide. According to the U.S. Census Bureau, the number of new homes sold slipped 0.3 percent in August 2012 to a seasonally-adjusted, annualized 373,000 units sold — just 1,000 units less than July 2012 and the second-highest reading since April 2010. April 2010 was the last month of that year's tax credit which granted home buyers up to $8,000 off of their federal tax bill. As compared to one year ago, sales of new homes are higher by 28%. Furthermore, during the same time frame, the median sale price of a new home moved…
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Housing Analysis , ,

New Home Sales Reach Multi-Year High

The market for newly-built homes remains strong. As reported by the U.S. Department of Commerce, 372,000 new homes were sold in July on a seasonally-adjusted, annualized basis. A "new home" is a home that can be considered new construction. July's New Home Sales report highlights what today's buyers of new construction and the nation's home builders have witnessed for themselves already -- that the market for newly-built homes is improving in Morgan Hill and nationwide. The number of new homes sold in July on a seasonally-adjusted, annualized basis matches the tally from May 2012, and is the highest reading since April 2010,…
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