April New Home Sales: Back to Earth
The 11.4 percent drop was the biggest month-over-month drop in new home sales since March 2015, and the first time this year that sales have undershot forecasts.
Rapid Reaction: April New Home Sales
April new home sales fell 11.4 percent from a strong March, to 569,000 units (SAAR), according to the U.S. Census Bureau. Sales of new homes were up 0.5 percent from a year ago. A dramatic decline in sales activity in the West largely drove the big monthly drop, accounting for roughly 2/3 of overall the national fall.
April Home Sales Forecast: New Home Sales Headed for 2007 Levels
In five of the past seven months, existing home sales have beat expectations -- but we're still predicting a drop. If our new home sales forecast is accurate, that would bring new homes sales in line with levels seen at the end of 2007.
Rents Are Climbing Faster in Suburban Than Urban Areas
For the first time in four years, suburban rents are rising faster than rents in urban areas. The trend is more pronounced in booming markets where rent affordability is an issue.
Transfer Taxes: A Rude Surprise for Some Home Sellers
These taxes are a commonly overlooked hidden cost to selling, and they vary considerably across markets. For example, transfer taxes on a median-valued home in Chicago total $2,501. If you live just outside the city limits, they're only $313.
An Inventory Quandary: Three Theories for Why People Are Moving Less
The shift from single-family homes being owned to being rented has likely been an important contributing factor to low turnover. As rental homes, these properties are put up for sale less frequently – creating more options for renters and fewer for buyers.
Despite Rising Costs, Most Renters Feel Secure in Their Homes
Most U.S. renters – including lower-income renters – feel confident they will be able to stay in their current homes as long as they want. Lower-income renters in Los Angeles, San Jose and Dallas feel least secure in their ability to stay long-term.
Southern Comfort: First-Time Home Buyers Will Find More Favorable Conditions in the South
First-time home buyers looking for friendly market conditions would do well to avoid the busy, headline-making markets in the West and the Northeast, and focus their search instead on homes in slower-moving, more sedate Southern and Midwestern metros.
Rapid Reaction: April 2017 Jobs Report
After a late bout of wintry weather put a damper on hiring in March, employers bounced back strongly in April, adding enough jobs to bring the unemployment rate down to its lowest level in a decade.
What’s the Best Time of Year for Home Buyers?
The start of the busy home shopping season in early spring is a time of optimism for would-be home buyers – more new listings come on the market in spring than any other time of year. Come late spring, however, that optimism may turn into desperation as fear of missing out on the season’s newly listed homes leads many to pay more for a home than they otherwise may have.
