home prices

Existing Home Sales Bubble Up 1.2% from the February Northeast Frozen Tundra

NAR's existing home sales bounced up slightly for February with a 1.2% sales increase.  This is surprising sales increased at all, even with seasonality adjustments, considering America's East was stuck in either a snow bank or an ice cube for the month..  This makes sales 4.7% higher than February of last year.  Sales by volume was 4.88 million in February.

New Home Sales Stay At High Levels But Median Price Increases

The January 2015 New Residential Single Family Home Sales decreased -0.2% to 481,000 in annualized sales.  This change is maintaining six year highs and this month is well within the statistical error margin of ±22.2%. .  For the year, new single family home sales are up 5.3% from the January 2014 457,000 sales levels.

Case-Shiller Shows Home Prices Still on the Rise and Not Affordable

The December 2014 S&P Case Shiller home price index shows a seasonally adjusted 4.5% price increase from a year ago for the 20 metropolitan housing markets and a 4.3% yearly price increase in the top 10 housing markets.  There are two ways to look at the never ending increasing home prices.

Existing Home Sales Fell Like Snow For January 2015

The bitter cold blew in more than snow for January.  Existing home sales suffered as well with a -4.9% decline in sales for the month.  This is the biggest monthly drop off in nine months with single family homes declining by -5.1% in sales.  Sales by volume are now 4.82 million in January.  April 2014 showed 4.75 million annualized sales.

December New Home Sales Surge, But Annual Sales Up Only 1.2%

The December New Residential Single Family Home Sales increased 11.6% to 481,000 in annualized sales.  This change is well within the statistical error margin of ±16.5%, but the highest level in six years.   New home sales are notorious to be revised so while this surge seems strong, the figure to pay attention to is the annual sales.

Existing Home Sales Feed Wall Street's Surge

The existing home sales headlines blare this is the highest increase for 2014.  That is true, yet the increase isn't much of a soar, more of a bounce back from last month's -1.75% decline. The NAR reported existing home sales increased 2.4% from last month and are down -1.7% from last year.  This represents 5.17 million homes at annualized rates.

 

New Home Sales January 9.6% Surge Still Inside Error Margin

January 2014 New Residential Single Family Home Sales increased 9.6% to 468,000 in annualized sales.  This change is well within the statistical error margin of ±17.9%.   This is the highest level of new home sales since July 2008.  New single family home sales are now just 2.2% above January 2013 levels, but this figure has a ±20.2% margin of error.

Don't Blame the Weather For Existing Home Sales -5.1% Drop

The NAR reported existing home sales plunged -5.1% from last month and are down -5.1% from January of last year.  This is the 3rd decline from from year ago.   Existing home sales are now at July 2012 levels.  While many blame the harsh winter on falling sales, in the West where weather has not been a factor, existing home sales declined -7.3% for the month and are down -13.7% for the year.

Existing Home Sales Soaring Highs Deceptive

The NAR reported existing home sales increased 1.0% from last month and are down -0.6% from December of last year.  This is the 2nd decline from from year ago, previously not seen since June 2011.   Existing home sales for the entire 2013 year, on the other hand, hit housing bubble levels not seen since 2006.  For all of 2013, existing home sales increased 9.1% from 2012.

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