Tag: home sales

New Home Sales Jump in March on High Consumer Demand

Filed in Economics by on April 23, 2021 2 Comments
New Home Sales Jump in March on High Consumer Demand

Low interest rates and strong consumer demand fueled a solid increase in new home sales in March, despite the ongoing building materials challenges impacting the industry. Sales of newly built, single-family homes rose 20.7% from an upwardly revised February number, to a 1.02 million seasonally adjusted annual rate, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.

Continue Reading »

February Home Sales Down on Rising Material Costs, Interest Rates

Filed in Economics, Material Costs by on March 23, 2021 19 Comments
February Home Sales Down on Rising Material Costs, Interest Rates

Higher interest rates, supply shortages and rising material prices, particularly for lumber, put a damper on new home sales in February. Sales of newly built, single-family homes in February fell 18.2% to a 775,000 seasonally adjusted annual rate, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. This is the lowest level since last May.

Continue Reading »

New Home Sales Higher in January, Yet Supply Side Concerns Remain

Filed in Economics by on February 24, 2021 2 Comments
New Home Sales Higher in January, Yet Supply Side Concerns Remain

Strong demand stemming from low interest rates, favorable demographics and a suburban shift for home building to smaller, more affordable housing markets helped to lift new home sales in January. But rising lumber and material costs threaten to blunt this momentum.

Continue Reading »

New Home Sales Hold Steady in December

Filed in Economics by on January 28, 2021 4 Comments
New Home Sales Hold Steady in December

Higher home prices stemming from rising lumber and other building material costs, as well as a lack of inventory due to a shortage of buildable lots, offset solid demand for new home sales in December. Despite a brief slowing in sales activity toward the end of the year, new home sales in 2020 posted a strong 18.8 percent gain over 2019.

Continue Reading »

Affordability and Lack of Supply Put a Dent in New Home Sales

Filed in Economics by on December 23, 2020 4 Comments
Affordability and Lack of Supply Put a Dent in New Home Sales

New home sales dipped in November, but remained at a solid level as builders struggled to meet demand and gain access to building materials.

Continue Reading »

September New Home Sales Pause Following Strong Summer Surge

Filed in Economics by on October 26, 2020 3 Comments
September New Home Sales Pause Following Strong Summer Surge

Sales of newly built, single-family homes in September fell 3.5% to 959,000 from a downwardly revised August number, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. Despite the monthly decline, the September rate is 32.1% higher than the September 2019 pace, and on a year-to-date basis, new home sales are up 16.9% in 2020.

Continue Reading »

New Home Sales at Highest Pace Since Sept. 2006

Filed in Economics by on September 24, 2020 3 Comments
New Home Sales at Highest Pace Since Sept. 2006

In another indicator that housing continues to lead the economy forward, sales of newly built, single-family homes in August topped the 1 million mark and reached their highest pace since September 2006. Sales increased 4.8% to a seasonally adjusted annual rate of 1.01 million units, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.

Continue Reading »

New Home Sales Reach Highest Level Since Great Recession

Filed in Economics by on July 24, 2020 2 Comments
New Home Sales Reach Highest Level Since Great Recession

In a sign that the housing market is leading the economy during the coronavirus outbreak, sales of newly built, single-family homes rose to their highest level since the Great Recession, up 13.8% to a seasonally adjusted annual rate of 776,000 units in June, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.

Continue Reading »

More Than Half of Builders Used Incentives to Boost Sales in May

Filed in Disaster Response, Economics by on June 1, 2020 1 Comment
More Than Half of Builders Used Incentives to Boost Sales in May

The NAHB/Wells Fargo Housing Market Index survey conducted in May 2020 reveals that more than half of single-family builders areĀ using incentives to bolster sales and/or limit cancellations. This is essentially the same share of builders that were providing incentives during normal market conditions in 2003. By contrast the percentage of builders providing sales incentives was far higher during the Great Recession.

Continue Reading »

Builders Employ Several Strategies to Keep Selling Homes During Pandemic

Filed in Disaster Response, Economics, Safety by on April 20, 2020 4 Comments
Builders Employ Several Strategies to Keep Selling Homes During Pandemic

A recent survey of NAHB members reveals they are implementing several measures to allow them to continue selling homes during the coronavirus pandemic. The most common strategy is private showings of model homes, with 59% of builders saying they doing this already or planning to in the near future.

Continue Reading »