Tag Archives: Home Sales

How much have housing sales recovered compared to 2008's levels? According to the most recent measures released by the "U.S. Treasury, 2012's sales fall somewhere in the middle between 2008's highs and 2011's lows. The latest monthly data on U.S. economic statistics shows new home sales reached an annualized average of 368,000 in October. While that statistic comes in above 2010's annualized monthly average of 321,000--and well above 2011's average of 307,000--it still falls short of previous years.

Existing-home sales rose 5.9 percent in November to a seasonally adjusted annual rate of 5.04 million, the highest level since November 2009, the National Association of Realtors reported Thursday. Economists had expected the sales pace to improve to 4.9 million. The increase in sales in November was the fourth in the last six months, following a similar pattern from 2011. According to the NAR's data, November existing-home sales--closed transactions--were up 14.5 percent from one year earlier.

Despite a continuing surge in builder confidence, housing starts dropped 3.0 percent in November to 861,000, the Census Bureau and Department of Housing and Urban Development (HUD) reported jointly Wednesday. Single-family starts dropped 4.1 percent in November, accounting for most of the drop in total starts. Activity was unaffected by superstorm Sandy, which hit the Northeast at the end of October, as most of the drop in single-family starts came in the West and Midwest.

After rising economic growth in the third quarter, overall economic growth is expected to decline this quarter and in early 2013, according to Fannie Mae. However, the GSE anticipates further strengthening in the housing market. Economists anticipate economic growth of less than 2 percent for the first half of 2013 followed by more accelerated growth for the remainder of the year. However, while the overall economy remains dismal, Fannie's economists finds a bright spot in the housing market.

Even as the market heads into its slow season, sales numbers continued to stand well above their year-ago level in November, according to RE/MAX's latest National Housing Report. The report shows home sales were up 15.7 percent year-over-year in November, the second highest annual increase this year. Prices also rose: The median price for homes sold in November was $163,750, 3.6 percent higher than October and 6.9 percent higher than November 2011. November is the 10th straight month to experience year-over-year price gains.

Builder confidence continued to improve in December as the Housing Market Index (HMI) rose two points to 47--its highest level since April 2006--the National Association of Home Builders (NAHB) reported Tuesday. It was the eighth straight monthly increase in the index and matched economist expectations. Two of the three components of the index improved--the measures of current sales and buyer traffic--while the gauge of sales six months out slipped one point from the revised November reading of 52 (down from the original 53).

The number of homebuyers who think the price recovery will continue through 2013 has more than doubled throughout 2012.

Home sales in California displayed a typical seasonal decline in November and fell month-over-month, but the median price posted both monthly and yearly gains, San Diego-based DataQuick reported. About 37,481 new and existing homes were sold in November, representing a 4.5 percent decline from October, but a 14.7 percent increase from November 2011, according to DataQuick.

Asking prices on homes improved on a yearly basis for the seventh straight month in November, according to the latest report from FNC, Inc. The report also shows a steady improvement in liquidity conditions throughout 2012--meaning the gap between asking prices and selling prices is closing, even as prices rise. The average home sale in October closed at 6.6 percent below the asking price, a year-over-year improvement from 9.7 percent.

Add Freddie Mac to the list of companies forecasting great things in the 2013 housing market.