Nationally, there has been a 1.7 percent decline in the sale of homes priced between $100,000 and $250,000 in the past year. But the sale of homes worth more than $1 million has jumped by 11.8 percent, a sign that the greater concentration of wealth among the top sliver of households is reshaping how the U.S. housing market operates. … [Read more...] about US Home Sales Flat in August, Down Over Past 12 Months
Sales have fallen by the most in the West, where most of the nation's hottest real estate markets are located and where prices have soared for several years. Sales tumbled 12.2 percent in that region in the past year, compared with just 5.6 percent in the Northeast and 1.5 percent in the Midwest. They dropped just 0.5 percent in the South from a year earlier, despite a sharp decline in September due to Hurricane Florence. … [Read more...] about Home Sales Fell in September to Slowest Pace in 3 Years
After a disappointing Winter for homebuilders, which many blamed on the frigid weather across much of the country, Spring 2014 brings mixed news for homebuilders and those selling existing homes in the new season. According to the U.S. Census Bureau and HUD, new home sales were down 14.5% in March. This represents the lowest seasonally-adjusted annual rate since July 2013 and a 13.3% national decline year over year. … [Read more...] about A Mixed Report for Spring Home Sales
The Commerce Department said Wednesday that newly built homes sold at a seasonally adjusted annual rate of 631,000 last month, less than May's revised figure of 666,000. The decline follows solid growth in previous months. New-home sales have risen 6.9 percent so far this year, but builders are starting to wrestle with rising costs for lumber. At the same time, mortgage rates are on the rise and wage growth has been meager, squeezing many would-be buyers. … [Read more...] about New-home sales fall 5.3 pct in June … a warning light?
Mortgage rates are likely to rise further, with the Federal Reserve expected to raise interest rates in December for the fourth time this year. Another report on Wednesday from the Mortgage Bankers Association showed applications for loans to purchase a home rose 2 percent last week. Applications, however, remained 4 percent lower than two weeks ago. … [Read more...] about U.S. new home sales near two-year low as mortgages rates rise