The MReport Webcast: Monday 12/1/2014

Sales of newly built homes picked up in October, but a downward revision to September shows numbers in that segment of the housing market remain volatile. The Commerce Department reported Wednesday that sales of new single-family houses were at a seasonally adjusted annual rate of 458,000 in October, up 0.7 percent from September's revised rate of 455,000 and above last year's pace of 450,000 sales. September's sales pace was adjusted from an originally reported 467,000 units, a slight bump over August's dramatically revised rate.

Sales of new homes were up month-over-month in two of the country's four regions. In the Northeast, transactions were estimated at a yearly rate of 30,000, while sales in the Midwest were estimated at 66,000. Both figures were the highest for each region since May. In the typically more active South and West regions, sales were down to 252,000 and 110,000, respectively. Compared to October 2013, new home sales were down in all regions except the West, which saw a nearly 28 percent pickup from a year ago.                                                   

Pending home sales declined month-to-month in October but remained higher than they were a year ago, according to the latest Pending Home Sales Index from the National Association of Realtors. The NAR reported last week that contract signings nationally decreased 1.1 percent last month, though they were still up 2.2 percent compared to last October. Although pending sales took a break last month, existing-home sales in October hit their highest point in more than a year, according to the NAR. It was the first time in 2014 that monthly sales beat 2013 numbers.