existing home sales

New Residential Home Sales October 2010

New Residential Home Sales tanked -8.1% from last month, with an annual sale rate of 283,000 new homes. Sales figures of new homes are -28.5% below this time last year. The median sales price also nose dived -14% to a national $194,900. There is now an 8.6 month's supply to sell new homes at the current rate. Below is the new home sales graph since 1980. Looks like a cliff dive, doesn't it?

 

Existing Home Sales - up 10% for September 2010

This is almost from the department of Huh? The NAR reports existing home sales increased 10% for September:

Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, jumped 10.0 percent to a seasonally adjusted annual rate of 4.53 million in September from a downwardly revised 4.12 million in August, but remain 19.1 percent below the 5.60 million-unit pace in September 2009 when first-time buyers were ramping up in advance of the initial deadline for the tax credit last November.

It appears 35% are distressed sales, meaning homes that were foreclosed, from short sales or under negative financial duress.

Inventory is now at 10.7 months, down from 12 months reported in August.

Total housing inventory at the end of September fell 1.9 percent to 4.04 million existing homes available for sale, which represents a 10.7-month supply4 at the current sales pace, down from a 12.0-month supply in August. Raw unsold inventory is 11.7 percent below the record of 4.58 million in July 2008.

The NAR claims housing is cheaper than rent, with the affordability index increasing 60 points since the housing boom. Yet the median price is $171,700. While mortgages are at record lows, without a good paying job, this still isn't that affordable.

The reason this report goes to the department of huh is the NAR is claiming we're in a strong recovery and it's all good. Somehow 10 months of inventory, sales down 19% from last year, still deep into the recession trough, doesn't sound all rah, rah and cheers to me.

Existing Home Sales - up 7.6% for August 2010

The National Association of Realtors reports existing home sales increased 7.6% in August 2010.
Supply is now at 11.6 months, down -7.2% from last month's 12.6 month supply. The median home price dropped to 178,600, down from last month's median home price of 182,100.

Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, increased 7.6 percent to a seasonally adjusted annual rate of 4.13 million in August from an upwardly revised 3.84 million in July, but remain 19.0 percent below the 5.10 million-unit pace in August 2009.

Mortgages are at record lows:

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to a record low 4.43 percent in August from 4.56 percent in July; the rate was 5.19 percent in August 2009.

Over a third, of 34% of existing home sales were distressed sales. In other words, foreclosures, short sales.

A parallel NAR practitioner survey shows first-time buyers purchased 31 percent of homes in August, down from 38 percent in July. Investors rose to a 21 percent market share in August from 19 percent in July; the balance of purchases were by repeat buyers. All-cash sales slipped to 28 percent in August from 30 percent in July.

Existing Home Sales - up 6.8% for March 2010

Talk about the tax credit bump. Existing home sales soared with an 6.8% increase for March 2010. From the NAR:

Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, rose 6.8 percent to a seasonally adjusted annual rate of 5.35 million units in March from 5.01 million in February, and are 16.1 percent above the 4.61 million-unit level in March 2009.

On inventories:

Total housing inventory at the end of March rose 1.5 percent to 3.58 million existing homes available for sale, which represents an 8.0-month supply2 at the current sales pace, down from an 8.5-month supply in February. Raw unsold inventory is 1.8 percent below a year ago, and is 21.7 percent below the record of 4.58 million in July 2008.

Existing Home Sales - down 7.2% for January 2010

Existing home sales for January 2010 are down 7.2%.

Existing-home sales – including single-family, townhomes, condominiums and co-ops – dropped 7.2 percent to a seasonally adjusted annual rate1 of 5.05 million units in January from a revised 5.44 million in December, but remain 11.5 percent above the 4.53 million-unit level in January 2009.

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