U.S. New Home Sales Rose 3.3 Percent In April
Sales of newly built, single-family homes rose 3.3 percent in April to a seasonally adjusted annual rate of 526,000 units, the U.S. Commerce Department reported today. However, this gain reflected downward revisions to sales numbers reported for each of the previous three months, including a particularly large revision for March.
“The fact that new-home sales are up slightly from a dismal beginning to the spring home buying season in March isn’t much to celebrate,” said Sandy Dunn, president of the National Association of Home Builders (NAHB) and a home builder from Point Pleasant, W. Va. “We still need a great deal of help from the Administration and Capitol Hill to halt the downward trends in home sales and house prices that are producing such a drag on our nation’s economy and disrupting financial markets.”
Housing Slump Has Yet To Bottom Out
A flat pattern in home sales activity should continue for the next couple months before improving over the summer, according to the latest forecast by the National Association of Realtors®.
Lawrence Yun, NAR chief economist, said the extent of an expected recovery hinges on better access to affordable loans. “Things are beginning to improve, but the availability of affordable mortgages is uneven around the country and sometimes within metropolitan areas,” he said. “As anticipated, we continue to look for a soft first half of the year, for both housing and the economy, before notable improvements in the second half. Some time is needed for FHA and new conforming jumbo loans to become widely available.”
U.S New Home Sales Decline 8.5 Percent In March
Sales of new one-family houses in March 2008 were at a seasonally adjusted annual rate of 526,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 8.5 percent (±16.1%)* below the revised February rate of 575,000 and is 36.6 percent (±11.1%) below the March 2007 estimate of 830,000.
The median sales price of new houses sold in March 2008 was $227,600; the average sales price was $292,200. The seasonally adjusted estimate of new houses for sale at the end of March was 468,000. This represents a supply of 11.0 months at the current sales rate.
26 Percent Drop in U.S. New-Home Sales for 2007
NEW RESIDENTIAL SALES IN DECEMBER 2007
Sales of new one-family houses in December 2007 were at a seasonally adjusted annual rate of 604,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 4.7 percent (±12.1%)* below the revised November rate of 634,000 and is 40.7 percent (±7.8%) below the December 2006 estimate of 1,019,000.
The median sales price of new houses sold in December 2007 was $219,200; the average sales price was $267,300. The seasonally adjusted estimate of new houses for sale at the end of December was 495,000. This represents a supply of 9.6 months at the current sales rate.
New Home Sales Take a Dip
Sales of new one-family houses in November 2007 were at a seasonally adjusted annual rate of 647,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 9.0 percent below the revised October rate of 711,000 and is 34.4 percent below the November 2006 estimate of 987,000.
The median sales price of new houses sold in November 2007 was $239,100; the average sales price was $293,300. The seasonally adjusted estimate of new houses for sale at the end of November was 505,000. This represents a supply of 9.3 months at the current sales rate.
Home Buyers Wait For Better Deals
$5,000 toward closing costs!
Zero Down Payment!
Zero Payments for 6 Months!
$10,000 off Select Homes!
These are some of the current headlines for New Home Builder ads. Still many prospective buyers don’t see the bargains. Is it ineffective marketing? Or maybe afraid of the current market conditions? J.W. Elphinstone Associated Press writes “Home Buyers Wait For Better Deals” for the Detroit News.
Also read “New Home Sales Hit 12-Year Low” by Chris Isidore at CNNMoney.com