Tag Archives: national association of home builders

Median Home Prices Up

29 Oct

The new home market is a greater source of strength for the economy in that new home sales jumped 5.7% in September.This is the
largest increase since the stimulus efforts of 2010.   Although prices for new
homes slid back just by 3.2%, we are still seeing that median home prices are
11.7% higher from a year ago.

The National Association of Realtors is optimistic that low interest rates will continue to influence home sales, despite an only 0.3 increase in September home sales.

National Association of Home Builders os optimistic in its economic outlook as well.  The NAHB is predicting a 21 percent increase in single-family starts this year to 528,000 units and a further 26 percent rise to 665,000 units in 2013. As for multi-family units, the NAHB expects a 26 percent increase this year to 224,000 units and a 6 percent climb in 2013 to 328,000 units.

 

Some Promising Numbers

23 Mar

Mortgage rates dropped slightly this week after an uptick of just under ½% in the last two weeks. The recent rate increase, however, immediately impacted activity in the housing market. The Mortgage Bankers Association reported that for the prior week, applications for home purchases declined by 1.0%. The big impact of the rate increase was felt in the refinance index which dropped 9.3%.

The Housing Market Index, which measures the confidence reported by the National Association of Home Builders, is at the highest level since the start of the recession. Home builders are indicating that they are expecting significant growth in new construction in the coming months. Although housing starts dropped slightly after January’s very strong report, the good news is that permits for new construction are continuing to increase which is evidence of the builder’s sentiment on an improving real estate picture.

Existing Home Sales dropped just under 1.0%, however this report comes after January’s upwardly revised jump of 5.7%. Compared to last year, existing home sales are up 8.8%, making us optimistic that housing is on the mend.