Tag: home sales

US Existing Home Sales Highest Since Housing Boom

US existing home sales rose further in August due to near record low mortgage rates, cutting into supply and driving prices up further. National Association of Realtors chief economist Lawrence Yun said that housing appears to be in a V-shaped recovery, with further increases likely through the end of the year as rates remain low. […]

US Home Sales Centre Stage in Quiet Data Week Ahead

In the lighter data week ahead, the focus will be on new and existing home sales for June, reflecting the extremely low level of mortgage rates offset by continued uncertainty due to the resurgence of COVID cases and the elevated unemployment rate. In May, existing home sales plunged by 9.7%, a third straight decline. However, […]

May Existing Home Sales Likely Hit Bottom

Existing home sales fell for the third straight month in May, but the current month’s data reflects contract signings in March and April at the worst points of the shutdown. It is expected that this may be the bottom for home resales. National Association of Realtors (NAR) chief economist Lawrence Yun said that “sales will […]

Data Preview: After Partial Recovery in May; Focus Turns to June

After solid improvement in the May US data released over the last two weeks, the focus in the coming week turns to the early-June regional conditions data. June readings from the New York Fed and Philadelphia Fed released this previous week indicated continued improvement, with the Philadelphia Fed’s reading indicating positive growth in the region […]

US May Confidence Stops Slide; New Homes Up

The Conference Board’s US consumer confidence index rose slightly to a reading of 86.6 in May from a downward revised 85.7 reading in April, stopping the slide at two months, but leaving the index well below the recent peak in February. Analysts had expected the May index to rise to 88.3 from the originally reported […]

Lack of Demand Keeps US Home Building Depressed

The US April home building data, released Tuesday, reflected the lack of buyer traffic and reduced demand that has been in place since mid-March, even as mortgage rates remain near record lows. Construction was labeled as an essential business in most states during the social distancing shutdowns, but without demand builders were reluctant to get […]

US February New Home Sales Plunge

Sales Pace Falls 4.4% to 765k SAAR, Supply Down Modestly US new home sales fell sharply in February, down 4.4% to a 765,000 annual rate, better than market expectations for a decline to a 743,000 pace, but before the full impact of COVID-19. The January sales pace was revised up to an 800,000 rate from […]