The January 2015 New Residential Single Family Home Sales decreased -0.2% to 481,000 in annualized sales. This change is maintaining six year highs and this month is well within the statistical error margin of ±22.2%. . For the year, new single family home sales are up 5.3% from the January 2014 457,000 sales levels.
The December 2014 S&P Case Shiller home price index shows a seasonally adjusted 4.5% price increase from a year ago for the 20 metropolitan housing markets and a 4.3% yearly price increase in the top 10 housing markets. There are two ways to look at the never ending increasing home prices.
The bitter cold blew in more than snow for January. Existing home sales suffered as well with a -4.9% decline in sales for the month. This is the biggest monthly drop off in nine months with single family homes declining by -5.1% in sales. Sales by volume are now 4.82 million in January. April 2014 showed 4.75 million annualized sales.
The December New Residential Single Family Home Sales increased 11.6% to 481,000 in annualized sales. This change is well within the statistical error margin of ±16.5%, but the highest level in six years. New home sales are notorious to be revised so while this surge seems strong, the figure to pay attention to is the annual sales.
The Census released the monthly construction spending report today. Spending was $971 billion in October, up +1.1% from September and an increase of +3.3% from October 2013. This is a rebound from last month with the largest gain in five months. September was revised upward from -0.4% to -0.,1%. For just 2014, spending has increased 5.8%.
The existing home sales headlines blare this is the highest increase for 2014. That is true, yet the increase isn't much of a soar, more of a bounce back from last month's -1.75% decline. The NAR reported existing home sales increased 2.4% from last month and are down -1.7% from last year. This represents 5.17 million homes at annualized rates.
January 2014 New Residential Single Family Home Sales increased 9.6% to 468,000 in annualized sales. This change is well within the statistical error margin of ±17.9%. This is the highest level of new home sales since July 2008. New single family home sales are now just 2.2% above January 2013 levels, but this figure has a ±20.2% margin of error.
The December 2013 S&P Case Shiller home price index shows a seasonally adjusted 13.4% price increase from a year ago for the 20 metropolitan housing markets and a 13.6% yearly price increase in the top 10 housing markets.
The NAR reported existing home sales plunged -5.1% from last month and are down -5.1% from January of last year. This is the 3rd decline from from year ago. Existing home sales are now at July 2012 levels. While many blame the harsh winter on falling sales, in the West where weather has not been a factor, existing home sales declined -7.3% for the month and are down -13.7% for the year.
The NAR reported existing home sales increased 1.0% from last month and are down -0.6% from December of last year. This is the 2nd decline from from year ago, previously not seen since June 2011. Existing home sales for the entire 2013 year, on the other hand, hit housing bubble levels not seen since 2006. For all of 2013, existing home sales increased 9.1% from 2012.
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