The NAR released their August 2012 Existing Home Sales. Existing home sales increased 7.8% from last month and inventories are down to a now tight 6.1 months of supply. Existing homes sales have increased 9.3% from a year ago. Volume was 4.82 million, annualized against July's 4.47 million annualized existing home sales. Existing home sales haven't been this strong since May 2010.
The June 2012 S&P Case Shiller home price index shows a 0.5% price increase from a year ago for over 20 metropolitan housing markets and a 0.1% change for the top 10 housing markets from June 2011. Not seasonally adjusted home prices are now comparable to July 2003 levels for the composite-20 and September 2003 for the composite-10.
July New Residential Single Family Home Sales increased by 3.6%, or 372,000 annualized sales. June's single family new home sales were significantly revised up, from -8.4% to -3.6%. The July monthly percentage change has a ±14.1% error margin and this is why we see large revisions to this report constantly.
The July 2012 Residential construction report showed Housing starts decreased, -1.1%, from June's revised 754,000, to a level of 746,000. In June, housing starts increased by a revised +6.8%. Housing starts have increased +21.5% from a year ago, outside the ±14.2% margin of error. For the month, single family housing starts decreased -6.5%.
The May 2012 S&P Case Shiller home price index shows a -0.7% price drop from a year ago for over 20 metropolitan housing markets and a -1.0% decline for the top 10 housing markets from May 2011. This is the smallest annual price decline in 18 months.
June New Residential Single Family Home Sales declined by -8.4%, or 350,000 annualized sales. This monthly percentage change has a ±12.4% error margin. May's single family new home sales were significantly revised down, from +7.6% to +6.7%, or 382,000 annualized sales. April was revised up to 358,000 from 343,000 as was March, to 352,000.
The NAR released their June 2012 Existing Home Sales. Existing home sales plunged -5.4% and inventories ticked up to 6.6 months of supply. May existing home sales were revised to no change from April. Existing homes sales have increased 4.5% from June of last year.
The June 2012 Residential construction report showed Housing starts increased, +6.9%, from May's revised 711,000, to a level of 760,000. In May, housing starts decreased -4.8%. Housing starts are above 23.6% from a year ago, outside the ±16.8% margin of error. Single family housing starts increased +4.7%.
The Census, part of the Commerce Department, today released the monthly construction spending report. This is a monthly tally, reported seasonally adjusted, annualized, of how much money was spent on construction. Spending was $830.0 billion in May, up +0.9% from April and an increase of +7.0% from May of last year.
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