July New Home Sales: Surprising Drop, But With Caveats
New homes sales declined 9.4 percent from June to 571,000 units at a seasonally adjusted annual rate (SAAR), according to the U.S. Census Bureau. The number of new homes for sale increased 1.5 percent to 276,000 units (SAAR), its highest level since June 2009. Unlike last month when spec homes were a major driver, the July increase was driven by completed or under-construction new homes.
Rapid Reaction: July New Home Sales
July new home sales fell 9.4 percent from June and 8.9 percent from a year ago, to 571,000 -- the lowest level since December 2016.
July Home Sales Forecast: Inventory Plateau Leaving Buyers High and Dry
We expect existing home sales to edge slightly lower, while new home sales will fall more sharply.
A Turning Tide? U.S. Homeownership Rate Climbs in Q2 as Rental Vacancies Mount
After a decade in which essentially all household formation was among renters, the most recent homeownership data provides a faint signal that the market may be turning. Between Q2 2016 and Q2 2017, the number of owner households increased 1.7 percent while the number of renter households fell by 1.6 percent.
June New Home Sales: Inventory Is Up. Kinda.
June new home sales edged higher, rising 0.8 percent from May to 610,000 units at a seasonally adjusted annual rate (SAAR), according to the U.S. Census Bureau. Sales for the previous three months were revised downward by a combined 27,000 units.
June Existing Home Sales: Low Inventory Pushes Sales Down, Prices Up
June existing home sales fell in line with expectations, declining 1.8 percent from May to 5.52 million units at a seasonally adjusted annual rate (SAAR), according to the National Association of Realtors (NAR).
June Home Sales Forecast: Home Sales Expected to Slow Across the Board in June
A recent trend of weakening home sales – both new and existing – likely continued in June, according to Zillow’s June home sales forecast, reflecting the increasingly heavy weight of limited inventory and soft new construction activity.
As the U.S. Dollar Strengthens, How Do Foreign Buyers Respond?
As the U.S. dollar has strengthened over the past few years, foreign buyers of U.S. homes have responded to the squeeze in different ways. Buyers from some countries have adjusted their sights lower and responded by shopping for less expensive homes, while others have likely dropped out of the market altogether allowing their better-heeled countrymen to seek more expensive places. And still others seemingly haven’t adjusted their behavior at all.
Bremerton’s Affordable Housing Just Got Closer to Seattle – But There’s a Catch
A new high-speed ferry service connecting downtown Seattle with the city of Bremerton promises to make a number of more-affordable communities accessible to Seattle home shoppers. But because Bremerton isn’t part of the Greater Seattle market, some borrowers seeking even relatively affordable homes may need to do some potentially costly mortgage gymnastics to make their home purchase in and around Bremerton work.
Typical U.S. Home Sellers Gained $39,900 Last Year. See How They Did in Your Market.
Homeowners who sold in 2016 made 3.4 percent a year, the highest gain for home sellers since 2007, when the typical gain was $47,500. Typical sellers in 2016 also owned their homes for seven years and five months at the mid-point – the longest period in decades.
