Category Archives: Residential

New Home Sales October 2017 – Highest in 10 Years

New homes sales surged in October 2017, rising to an estimated 685,000 dwelling units on a seasonally adjusted annualized rate (SAAR).  This is the most seen since the 711,000 level posted 10 years ago in October 2007.  Sales were up 18.7 percent on a year-over-year basis (SAAR) and up 6.2 percent sequentially from September (with …Read more

October 2017 Existing Home Sales Rebound from Hurricane Slump, Up 2.0 Percent Sequentially from Prior Month, (Seasonally Annualized), But Down 0.9 Percent Year-Over-Year

Existing home sales sprang back in October 2017, rising 2.0 percent (on a seasonally adjusted annualized rate) from the downward trend in September arising from Hurricane Harvey and Irma impacts, but remained off slightly (down 0.9 percent) from a year ago according to the National Association of Realtors® (NAR).  Median price was $247,000 (not seasonally …Read more

Residential Purchase and Refinance Lending Volume Forecast Update — October 2017

As we economists say, “forecasting is difficult, especially the future.”   Fortunately, Fannie Mae, Freddie Mac and the MBA update their quarterly and annual forecasts monthly for residential lending volumes –  both refinance and purchase transactions.  The forecasts typically span a three-year period, currently from 2016 to 2018.  The lagging year (2016 at this time) often …Read more

Existing Home Sales Dip 1.6 Percent Year-Over-Year in September 2017, But Surprisingly Rose 0.7 Percent from August

Given the Hurricanes Harvey and Irma, consensus was for declining existing home sales year-over-year and sequentially from August.  While sales dipped 1.6 percent in September 2017 versus a year ago, sales edged up slightly (0.7 percent) from August according to the National Association of Realtors® (NAR) to a 5.39 million seasonally adjusted annualized rate (SAAR).  …Read more

Another Top-10 List — Where Millennials Are Moving

The housing market is a function of the interaction of supply and demand.  Since 2016, Millennials make up the largest homebuyer demographic in the U.S. even though they, as a group, are not yet into the age that has the greatest demand.  Those aged 31 are the most common first-time homebuyers while the highest age …Read more

Residential Purchase Lending Volume Forecast August 2017

As stated last month: As we economists say, “forecasting is difficult, especially the future.”   Fortunately, Fannie Mae, Freddie Mac and the MBA update their quarterly and annual forecasts monthly for residential lending volumes –  both refinance and purchase transactions.  The forecasts typically span a three-year period, currently from 2016 to 2018.  The lagging year (2016 …Read more

New Home Sales Wilt in the Heat of Summer in July 2017

New home sales unexpectedly fell 8.9 percent on a year-over-year basis in July 2017, now at an estimated 571,000 unit sales pace on a seasonally adjusted annualized rate (SAAR).  Sales dropped 9.4 percent sequentially from June’s 630,000 pace (SAAR).  Median new-home price was $313,700, up 6.3 percent versus the same month a year ago while …Read more

Existing Home Sales Up 2.1 Percent Year-Over-Year in July 2017 but Slip 1.3 Percent Sequentially from June

Existing home sales rose 2.1 percent year-over-year to 5.44 million on a seasonally adjusted annualized rate (SAAR) but fell 1.3 percent sequentially from June according to the National Association of Realtors® (NAR).   Raw monthly home sales in July 2017 (not seasonally adjusted), at 513,000 single family, townhouse, condominium and co-op closings were unchanged from a …Read more

Average Mortgage Interest Deduction by State — 2015

Congress has encouraged homeownership by allowing the deduction of home mortgage interest payments and property taxes on primary and second homes owned by individuals.  For full details on home mortgage interest deductibility as it currently stands, read the IRS publication with all of the particulars at https://www.irs.gov/publications/p936/ar02.html Naturally to qualify for a deduction, the minimums …Read more