New single family residential (SFR) home sales of 689,000 on seasonally adjusted annualized rate (SAAR) were up 14.1 percent versus a year ago and 6.7 percent sequentially from April. Other than the 712,000 SAAR rate posted in November 2017, this is the greatest level seen since October 2007. Year-to-date new home sales are up 8.8 …Read more
Tight inventories of listings for sale and rising residential mortgage interest rates and home values continued to deflect existing home sales in May 2018 as reported by the National Association of Realtors® (NAR). Actual sales in May 2018 of 536,000 compared to 555,000 a year ago were down 3.4 percent, but sales year-to-date dipped just …Read more
We economists have a secret rule when making forecasts on interest rates: give a rate or give a date, but never give both at the same time because you are going to be wrong. Fortunately, Fannie Mae, Freddie Mac and the MBA update their quarterly and annual forecasts monthly for residential lending volumes – …Read more
Home prices are a pure function of the interaction of supply and demand. Strong job growth, rising wages (the average hourly wage in the U.S. is up 2.6 percent in the prior 12-months), rising rents and lack of supply is propelling prices upwards in most markets. In the latest 12-months the U.S. added 2.281 million …Read more
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. Driving these lending forecasts is the expectation of future interest rates. As the following table shows, there is not perfect …Read more
Real estate is a major component of the total U.S. Gross Domestic Product (GDP), with residential real estate alone making up 15.6 percent in Q3 2017 according to the National Association of Homebuilders. That activity spans from building and remodeling to marketing – which includes real estate agents. What markets are best for residential real …Read more
Existing home sales came in at 5.60 million dwelling units on a seasonally adjusted annualized rate (SAAR) in March 2018, down 1.2 percent versus a year ago but up 1.1 percent sequentially compared to February 2018, according to the National Association of Realtors® (NAR). On a raw unadjusted basis, sales totaled 434,000 in March 2018 …Read more
Sales of existing homes ratcheted up 1.1 percent in February 2018 compared to a year ago, hitting a seasonally adjusted annualized sales rate (SAAR) of 5.54 million homes according to the National Association of Realtors® (NAR). On a raw unadjusted basis, home sales of 319,000 in February 2018 were up from 315,000 a year ago, …Read more
Contrary to popular opinion, Millennials are buying homes today and the rate of homeownership among the demographic is going no place but up in the long run as they age. Since 2016, Millennials have been the top homebuyer demographic cohort in the U.S. according to the National Association of Realtors® (NAR). In the latter half …Read more
Existing home sales posted a seasonally adjusted annualized rate (SAAR) of 5.81 million dwelling units in November 2017, up 3.8 percent versus a year ago and the most seen since December 2006, according to the National Association of Realtors® (NAR). Median price of $247,000 (not seasonally adjusted), posted a 5.8 percent gain versus a year …Read more