Pace of new-home sales suggests steady housing strength
Also noteworthy is that the increase in new home sales is coming at a time when new home supplies are slipping. At the end of July 2012, there were just 142,000 new homes for sale nationwide. This is the smallest new home housing stock in at least 7 years, and a signal that buyers are buying homes faster than builders can build them.
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It’s a statistic that suggests housing market weakness. However, in looking at a different component of the New Home Sales report – the supply of homes for sale – we’re forced to reconsider. At the current pace of sales, every new home for sale nationwide would be "sold" in a matter of 6.1 months.
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March New Home Sales: Is March’s Strong Sales Pace Sustainable? New home sales rose to an annual rate of 621,000 units in March from February’s revised sales rate of 587,000 units. Months supply of inventory stands at 5.2 months; the median new home sale price rose by 1.2 percent on a year-over-year basis.
As a result, monthly home sales will struggle to gain traction in the near term following two years of little to no transactional growth. Despite tight inventory: levels, overall home prices are accelerating at a subdued pace as buyers remain on the sidelines by not providing offers on marketed homes. Housing needs are then directed to apartments.
The sales. of Housing and Urban Development on Sep 25 showed that new home sales increased 18% to a seasonally adjusted annual rate of 504,000 units in August from a revised July number of 427,000..
The pace of single-family construction and new home sales in early November has been similar to October. Most District builders report that construction has been flat to slightly down compared with a year ago, while new home sales have declined somewhat from last year’s record highs.
WASHINGTON – U.S. sales of new homes rose in March to a seasonally adjusted annual rate of 417,000. The increase added to evidence of a sustained housing recovery at the start of the spring.
We conclude by recommending the homebuilders best placed to benefit from this strength. new home permit and construction data, helps to magnify the slow, but steady, recovery in home sales activity.