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Oct 30

Pending Home Sales Index Suggests Housing Momentum Into 2013

The home resales is expected to finish the year with strength. Last month, for the fifth straight month, the Pending Home Sales Index hovered near its benchmark value of 100, registering 99.5 in September. The Pending Home Sales Index tracks homes under contract to sell, but not yet sold, and is published by the National Association of REALTORS®. The index is a relative one. It compares today's housing market activity to the housing market activity of 2001 -- the index's first year of … [Read more...]

Oct 26

New Home Supply Remains Firmly In “Seller’s Market” Territory

The U.S. housing market appears headed for a strong close to 2012. According to the U.S. Census Bureau, the number of new homes sold jumped to 389,000 units in September 2012 on a seasonally-adjusted, annualized basis. Not since the expiration of the $8,000 federal home buyer tax credit in April 2010 have new homes sold at such volumes. September's tally marks a 5.7 percent increase from the month prior, and a 27 percent increase from September 2011. There are now just 145,000 new homes … [Read more...]

Oct 22

What’s Ahead For Mortgage Rates This Week : October 22, 2012

Mortgage markets worsened last week as hope for a European economic rebound and stronger-than-expected U.S. economic data moved investors out of mortgage-backed bonds. Mortgage rates all of types -- conventional, FHA and VA -- lost ground last week, harming home affordability in DC and reducing purchasing power nationwide. Rising rates also thwarted would-be refinancing households hoping to time a market bottom. The increase runs counter to Freddie Mac's weekly Primary Mortgage Market … [Read more...]

Jul 25

Home Values Rise 0.8% In May 2012

The housing market's bottom is 9 months behind us. Home values continue to climb nationwide. According to the Federal Home Finance Agency's Home Price Index, home values rose 0.8% in May on a monthly, seasonally-adjusted basis. May's reading marks the sixth time in seven months that home values rose. Values are now higher by 4 percent since the market's October 2011 bottom. As a DC home buyer or seller, though, it's important to understand what the Home Price Index measures. Or, more … [Read more...]

May 24

New Home Sales Rise For 7th Month Out Of 8

The April New Home Sales report suggests that the market for newly-built homes is as strong as the market for existing ones. According to the U.S. Census Bureau, the number of new homes sold rose 3.3 percent in April to a seasonally-adjusted, annualized 343,000 units sold -- its second-highest reading since April 2010. April 2010 marked the last month of that year's federal home buyer tax credit program. April's New Home Sales data also marks the 7th of eight consecutive months during which the … [Read more...]

Apr 25

New Home Sales Revised Higher In February; Slip 7% In March

Sales of new homes ticked lower in March, unexpectedly. Based on Census Bureau data, the number of new, single-family homes sold in March slipped 7 percent from February -- the largest one-month drop in more than a year. On a seasonally-adjusted, annualized basis, buyers in DC and nationwide purchased 328,000 newly-built homes last month. The decrease in sales from February to March can be attributed, in part, though, to a massive upward revision in February's figures. Last month, the … [Read more...]

Mar 27

New Home Sales Slip In February

Sales of "new homes" fell to the lowest levels in four months last month. According to the Census Bureau's monthly New Home Sales report, 313,000 new homes were sold in February 2012 on a seasonally-adjusted, annualized basis, representing a 1.6% drop from the month prior. A "new home" is a home for which there has been no prior owner nor tenant. At first glance, the data looks negative for the housing market; a suggestion that the well-publicized housing market recovery may be slowed. However, … [Read more...]

Dec 30

Pending Home Sales Index Rises Back Above 100

Low home prices and mortgage rates have combined to push home affordability to record levels nationwide. Home buyers are taking advantage. The Pending Home Sales Index rose 7 percent in November to rise to its highest level since April 2010, the last month of last year's home buyer tax credit program. The Pending Home Sales Index is published monthly by the National Association of REALTORS®. It measures homes under contract nationwide, but not yet "sold". In this way, the Pending Home Sales … [Read more...]

Aug 16

Homebuilders Expect A Soft Winter Housing Market

Two months after posting their worst confidence reading of 2011, home builders say they foresee no improvement in the immediate- or medium-term market for new homes nationwide. In August, for the second straight month, the Housing Market Index read 15. The HMI is a monthly housing survey, published by the National Association of Homebuilders. It's scored on a scale of 1-100 with readings over 50 suggesting favorable home builder conditions. Readings under 50 suggest unfavorable … [Read more...]