Pace of new-home sales suggests steady housing strength
Following a substantial gain in July, the pace of new-home sales held virtually unchanged at a seasonally adjusted annual rate of 373,000 units in August, according to newly released figures from HUD and the U.S. Census Bureau.
The U.S. housing market is stabilizing near 10-year highs, according to government data Wednesday that showed sales of new homes were slightly less than forecast. Avenue Mortgage, LLC NMLS #1115220 August 7, 2017
The average total of new home sales was up 14.1% year to date and represented the largest increase since june 2008. combined with a 1.8% slide in existing home sales reported by the National Association of Realtors, the latest data suggests the lack of supply kept a lid on activity in the crucial spring selling season despite steady housing demand.
Unseasonably cold temperatures at the end of December probably also hurt sales. Economists polled by Reuters had forecast that new home sales, which account for 10.1 percent of the housing market,
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The relative strength index (RSI) also remains relatively lofty at 68.49 – which suggests overbought conditions. From a fundamental standpoint, January new home sales grew at an annual pace of just.
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The U.S. housing market is stabilizing near 10-year highs, according to government data July 26 that showed sales of new homes were slightly less than forecast. Pace of US New-Home Sales Suggests.
Pace of new-home sales suggests steady housing strength (Bloomberg) – U.S. purchases of new homes declined more than projected last month and were revised down in the prior period, showing the market returned to a less exuberant pace as the year drew to a close, according to government data Thursday. Single-family home sales fell 9.3% m/m.
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· The latest news from the housing sector showed a nice surprise to the upside, as lower mortgage rates helped boost sales activity. In February, sales of previously owned (existing) homes jumped 12% from January, which was far more than expected.
Despite some volatility in the month-to-month sales figures, October marks the sixth month in 2017 at an annual sales pace of more than 600,000. New home sales through October are running 8.9% higher than this time in 2016, in line with NAHB’s forecast.