NAR reported their December 2012 Existing Home Sales. Existing home sales decreased -1.0% from last month and inventories are down to an absurdly tight 4.4 months of supply. Existing homes sales have increased 12.8% from a year ago. While this is the highest annual increase in five years, existing home sales on a monthly basis are not to even 2009 levels.
Pending Home Sales rose in November by 1.7%, annualized according to the National Association of Realtors. This is highest level since April 2010 to an index level of 106.4 and a 9.8% increase from a year ago. October pending home sales was revised down to 5.0% increase from September.
The November 2012 Residential construction report showed housing starts decreased, -3.0%, from October. Both October and September was revised downward. October was revised from 894,000 housing starts to 888,000. September was revised down by 20,000, from 863,000 to 843,000.
October New Residential Single Family Home Sales decreased -0.3%, or 368,000 annualized sales. July through September were all revised considerably lower. September was revised down from 389,000 to 369,000, which instead of the originally reported 5.7% increase gives a 0.8% change from August.
The September 2012 S&P Case Shiller home price index shows a 3.0% price increase from a year ago for over 20 metropolitan housing markets and a 2.1% change for the top 10 housing markets from September 2011.
The October 2012 Residential construction report showed Housing starts increased, 3.6%, from September's revised 863,000, to a level of 894,000 Housing starts have increased +41.9% from a year ago, outside the ±15.9% margin of error. For the month, single family housing starts decreased -0.2%.
September New Residential Single Family Home Sales increased 5.7%, or 389,000 annualized sales. June through August were all revised. August's single family new home sales were revised from 373 thousand to 368 thousand homes sold, which is a -1.3% decline instead of the -0.3% originally reported. June is now a -2.4% drop from May, or 360,000 homes and July now shows a 3.6% increase to 373,000.
NAR reported their September 2012 Existing Home Sales. Existing home sales decreased -1.7% from last month and inventories are down to a now tight 5.9 months of supply. Existing homes sales have increased 11.0% from a year ago. Volume was 4.75 million, annualized against August's revised up, from 4.82 to 4.83 million, annualized existing home sales.
The September 2012 Residential construction report showed Housing starts increased 15.0%, and from a year ago have soared 34.8%. September's housing start annualized levels were 872 thousand, whereas August's housing starts tallied to 758,000. In August, housing starts increased by a revised 4.1%.
August New Residential Single Family Home Sales declined by -0.3%, or 373,000 annualized sales. July's single family new home sales were not revised from their 3.6% increase. The August monthly percentage change has a ±9.3% error margin and this is why we see large revisions to new home sales figures. In other words, don't get too attached to the monthly percentage changes for odds are they will be revised.
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