New Home Sales At 6-month Low
Home sales
The U.S. Commerce Department reported today that August new-home sales fell 2.3 percent, to a six-month low in August. This marks the fourth straight monthly decline for new home sales.
New-homes sales are on track for the worst year since the government began keeping records a half century ago!
National Association of Home Builders has said that while new homes represent less than one-fifth of the housing market, they have an outsize impact on the economy. Each home built creates an average of three jobs for a year and generates about $90,000 in taxes.
New Home Sales Fall in July
home sales
Home sales
The Commerce Department just reported, that new home sales fell for the third consecutive month to a five-month low!
Nationally, many believe if the current pace continues, 2011 would be the worst year for new-home sales in nearly half a century.
Well, there was some good news in this report, and that was that sales rose in July for new homes valued at less than $150,000 and also increased for those going for more than $750,000. But mid-priced home sales fell.
What you won’t see reported along with the story, and probably the most ominous sign this drop in new home sales is indicating, is that this drop in sales is occurring at the seasonal best time for real estate sales. So, in a couple months as we approach fall and winter, the traditional slow time for real estate sales, what do you think will be happening in the market?
Home Prices – Home Sales Drop
The National Association of Realtors (NAR) just reported that existing-home sales slipped in April, although the market has managed six gains in the past nine months.
The national median existing-home price for all housing types was 5.0% below April 2010 prices. Distressed homes accounted for 37% of sales in April, down from 40% in March; they were 33% in April 2010.
Single-family home sales slipped 0.5% to a seasonally adjusted annual rate of 4.42 million in April from 4.44 million in March, and are 12.6% below the 5.06 million pace in April 2010. The median existing single-family home price was 5.4% below a year ago. Read more 
New Home Sales Drop 36.5%
home sales
Today the Commerce Department reported new home sales tumbled 12.6 percent to a seasonally adjusted 284,000 unit annual rate after a downwardly revised 325,000-unit pace in December. But, the big news in this report was a 36.5 percent drop in new home sales in the West.
The report showed that for January there were 188,000 new homes available for sale, the lowest since December 1967. The new home sales for January were down by 18.6 percent compared to a year ago.
Now from the ‘It’s always a good time to buy real estate crowd’ National Association of Realtors today, released a separate report that showed existing home sales in the U.S. rose for the third consecutive month in January.
The existing home sales rose 2.7 percent in January to an annual rate of 5.36 million. Many had expected the existing home sales to have also been down in January.
San Diego condominium sales
New-Home Sales Fall in July
real estate new home sales
Yesterday it was existing home sales off double digits. Today it’s new home sales for July also off double digits with a fall of 12.4%.
The Commerce Department just reported July new home sales at a seasonally adjusted rate of 276,000, way below the expectations for a rate of 334,000 sales.
June New Home Sales Climb
home sales
The commerce Department reported today that June New Home Sales climbed 24% from May’s sales. One should realize that May’s sales were were the slowest since 1963! Read more