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Sales of newly built, single-family homes rose 16.6% in April from an upwardly revised March reading to a seasonally adjusted annual rate of 619,000 units, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. This is the highest sales pace since January 2008.
“Builders remain optimistic about the housing market, and this month’s jump in new home sales is a positive sign that growing demand will keep the housing sector on an upward trajectory through the spring buying season,” said National Association of Home Builders Chairman Ed Brady.
“Rising home sales combined with tight inventory will translate into increased housing production as we move onward in 2016, especially as job creation continues and mortgage rates remain low,” said National Association of Home Builders Chief Economist Robert Dietz.
The inventory of new homes for sale was 243,000 in April, which is a 4.7-month supply at the current sales pace. The median sales price of new houses sold in April was $321,100.
Regionally, new home sales rose by 52.8% in the Northeast, 18.8% in the West and 15.8% in the South. Sales fell by 4.8% in the Midwest.
See National Association of Home Builders’ historical new home sales data and read Dietz’s Eye on Housing blog post for further details.
Existing home sales, as reported by the National Association of Realtors (NAR), surged 14.7% in December, including an increase in the first-time buyer share to 32%, the highest share since August. December sales snapped back from a November decline partially attributable to delays in closings from the rollout of the Know Before You Owe mortgage disclosure rule by the Consumer Financial Protection Bureau (CFPB). The new rule was designed to help consumers understand their loan options and avoid closing cost surprises. Total existing home sales in December increased to a seasonally adjusted rate of 5.46 million units combined for single-family homes, townhomes, condominiums and co-ops, up from 4.76 million units in November. December existing sales were up 7.7% from the same period a year ago.
Existing sales increased in all regions, ranging from 8.7% in the Northeast to 23.2% in the West. Year-over-year, all regions increased, ranging from 4.6% in the South to 11.9% in the Northeast.
Total housing inventory decreased by 12.3% in December, and is 3.8% lower than its level a year ago. At the current sales rate, the December unsold inventory represents a 3.9-month supply, down from a 5.1-month supply in November. Some 32% of homes sold in December were on the market for less than a month.
Distressed sales are defined as foreclosures and short sales sold at deep discounts. The distressed sales share decreased to 8% in December from 9% in November. The December all-cash sales share decreased to 24% from 27% in November and 26% in December 2014. Individual investors purchased a 15% share in December, down from 16% in November and 17% a year ago.
The December median sales price of $224,100 was 7.6% above last December, and represents the 46th consecutive month of year-over-year increase. The median condominium/co-op price of $209,900 in December was up 4.9% from last December.
Although the Pending Home Sales Index fell slightly in November, the sharp volatility in November and December sales was a function of implementing a new regulation. Builder sentiment remains strong, and the tight inventory of existing homes bodes well for new single-family sales in 2016.
Sales of newly built, single-family homes rose 14.5% to 501,000 units in 2015: the highest level since 2007, according to newly released data from the Department of Housing and Urban Development and the U.S. Census Bureau. Meanwhile, sales in December increased 10.8% to a seasonally adjusted annual rate of 544,000 from an upwardly revised November reading.
“The December sales report is a great end to a very strong year,” said National Association of Home Builders Chairman Ed Brady. “As we move forward in 2016, we should see the housing market continue to make lasting gains.”
“Relatively low interest rates and an improving economy are motivating buyers to make a new-home purchase,” said National Association of Home Builders Chief Economist David Crowe. “Builders are upping their inventory in response to heightened consumer interest. Housing inventory is now at its highest level since October 2009.”
Sales increased in all four regions in December. The Midwest, West, Northeast and South all posted respective gains of 31.6%, 21%, 20.85% and 0.4%.
The inventory of new homes for sale was 237,000 units in December, a 5.2-month supply at the current sales pace.
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Sales of newly built, single-family homes rose 4.3% to a seasonally adjusted annual rate of 490,000 units in November, according to newly released data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.
“It is encouraging to see new-home sales continue to tick upward,” said NAHB Chairman Tom Woods. “Builders are also increasing their inventory even as they face difficulties accessing lots and labor.”
Regionally, sales rose 20.5% in the West and 4.5% in the South. Sales fell 28.6% in the Northeast and 8.6% in the Midwest.
“Limited gains in new-home sales can be attributed to a weak existing sales report,” said NAHB Chief Economist David Crowe. “People who already own a house comprise most of the new residential construction market, and they often must sell their existing home before making another purchase.”
The inventory of new homes for sale was 232,000 units in November. This is a 5.7-month supply at the current sales pace. This increase in new home sales shows the continuation of growth in the industry.
Sales of newly built single-family homes fell 11.5% to a seasonally adjusted annual rate of 468,000 units in September, according to newly released data from HUD and the U.S. Census Bureau.
“Despite this monthly drop, our members continue to tell us that housing is moving in the right direction,” said NAHB Chairman Tom Woods. “Consumers may have simply been reacting to soft job numbers.”
“It is not surprising to see sales pull back in September following a strong August reading, especially after a few months of weak job creation,” said NAHB Chief Economist David Crowe. “However, new-home sales year to date are up 17.6% compared to the same period of 2014, and we expect the market to continue improving at a gradual but steady pace for the rest of year.”
Regionally, new home sales were down across the board. Sales fell 61.8% in the Northeast, 8.3% in the Midwest, 8.7% in the South and 6.7% in the West.
The inventory of new homes for sale was 225,000 units in September. This is a 5.8-month supply at the current sales pace.