According to the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, sales of newly built, single-family homes rose to a seasonally adjusted annual rate of 667,00 units in February 2019 after an upwardly revised January 2019 report. This is the highest sales pace since March 2018. The sales report was delayed due to the partial government shutdown.
"The recent decline in mortgage rates have helped boost sales activity as home buyers take advantage of these lower interest rates," said Greg Ugalde, chairman of the National Association of Home Builders.
"The new home sales data continue to show potential to grow sales at affordable price points that would be attractive for the entry-level buyer," said NAHB Chief Economist Robert Dietz. "However, builders need to be mindful of housing costs as they try to meet this demand."
A new home sale occurs when a sales contract is signed or a deposit is accepted. The home can be in any stage of construction: not yet started, under construction or completed. In addition to adjusting for seasonal effects, the February reading of 667,000 units is the number of homes that would sell if this pace continued for the next 12 months.
The inventory of new homes for sale was 340,000 in February and has been relatively flat since December. The median sales price was $315,300 as most sales growth took place in the $200,000-$400,000 sales class.
Regionally, and on a monthly basis, new home sales rose 26.9 percent in the Northeast, 28.3 percent in Midwest and 1.8 percent in the South. The West remained unchanged.
According to a new U.S. housing report from Redfin, just 9% of offers written by Redfin agents on behalf of their homebuying customers faced a bidding war nationwide in December 2019, down from 12% a year earlier and setting another new 10-year low.
According to CoreLogic's latest Single-Family Rent Index (SFRI), which analyzes single-family rent price changes nationally and among 20 metropolitan areas, data collected for October 2019 shows a national rent increase of 3.1% year over year, compared to 2.9% in October 2018.
According to the National Association of Realtors, pending U.S. home sales increased in November 2019, rebounding from the prior month's decline. The West region reported the highest growth last month, while the other three major U.S.
According to global real estate consultant Knight Frank, home prices across 56 countries and territories worldwide are rising at an annual rate of 3.7% on average. This marks the index's slowest rate of growth for over six years.
US home builder confidence in the market for newly-built single-family homes increased five points to 76 in December 2019 from an upwardly revised November 2019. This is the highest reading since June of 1999.
There were 49,898 U.S. properties with foreclosure filings in November 2019, down 10 percent from October 2019 and down 6 percent from a year ago. Nationally, one in every 2,713 properties had a foreclosure filing in November 2019.
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