According to data released by the United States government, new home sales dropped in July by 13.4%. Housing market experts suggest that the recent fall in home sales could be due to the rise in mortgage rates. Although mortgage rates are expected to continue to increase, many economists say that it is not expected to affect the housing market in a negative way. Senior economist at the National Association of Home Builders, Robert Denk said, “there’s still plenty of juice left in the housing recovery.” More here
Homebuilder confidence has increased to 52 this month, the highest level seen in seven years according to the National Association of Home Builders. When the index average is above 50, it is an indication that homebuilders view sales conditions to be good. New employment and low mortgage rates have also influenced an increasing number of people to invest in new homes or to build. NAHB’s chief economist, David Crowe said, “builders are experiencing some relief in the headwinds that are holding back a more robust recovery.” More here
According to the National Association of Home Builders index, housing market confidence has increased 3 points from April to May averaging around 44 points. The chairman of the building association, Rick Judson said, “builders are noting an increased sense of urgency among potential buyers as a result of thinning inventories of homes for sale, continuing affordable mortgage rates and strengthening local economies.” Additionally, the current-sales index gained 4 points this month and future expectation of home sales also increased 1 point, reaching its highest average since early 2007. More here
The housing market growth has spread to 274 metropolitan cities according to the National Association of Home Builders Improving Markets Index. The expansion has brought new jobs and local tax revenues to an increasing amount of cities as well as home starts and sales. David Crowe, the NAHB Chief Economist said, “with just over 75 percent of the 361 metros covered by the IMI now seen as improving, the housing market is on considerably more solid footing than it was at this time last year.” More here
According to the National Association of Home Builders, builder confidence has dropped slightly, but home-building demand continues to increase. The Chairman at the NAHB, Rick Judson said, “many of our members are reporting increased demand for new homes in their markets.” Building supply companies are finding it difficult to keep up with the high demand in supply. The long term prognosis for home building supply and demand is expected to grow over the coming six months. More here
The Housing Market Index from The National Association of Home Builders has been released and conveys optimism. Housing starts remain growing, which in return, creates more jobs and more money spent by consumers. Gus Faucher, senior economist at PNC Financial Services said “We saw housing starts fall by about 75 percent after the great recession, we’ve seen a modest recovery since then, but there’s still room to grow.” Inflation seems to be under control as well, keeping loan interest rates down. More here
Parameters established by the National Association of Home Builders/First American Improving Markets Index (IMI) states the housing market is considered to be improving. Many metropolitan areas are being restored, and the improved housing market in metros have increased to an overall amount of 201 in December. The (IMI) also shows states obtaining at least one metropolitan city have also shown signs of growth since November. For approximately 6 months, imperative measures of housing and economic growth have been holding steady in many metropolitan cities. More here
The National Association of Home Builders Housing Market Index measures builder confidence in the market for newly built, single-family homes on a scale where any number below 50 indicates that more builders view conditions as poor than good. In November, the index rose five points to 46. It was the seventh consecutive monthly gain and a significant improvement over last year’s reading of 19. Builder confidence is now at its highest level since May 2006. Barry Rutenberg, NAHB’s chairman, said builders are reporting increasing demand for new homes as inventories of foreclosed and distressed properties begin to shrink across the country. Components measuring current sales conditions and expectations for the next six months both experienced gains, as did all four regions of the country. More here.
The National Association of Home Builders Improving Markets Index identifies metropolitan areas that have experienced at least six consecutive months of improvement in housing permits, employment, and home prices since their respective bottoms. In November, the list of improving markets expanded by 22 metros bringing the total for the month to 125. It was the third consecutive monthly gain and nearly 100 cities better than last November’s total. Barry Rutenberg, chairman of the NAHB, said the housing recovery is firmly taking root and helping generate jobs and growth across the country. The geographic diversity of the index also improved, with 38 states and the District of Columbia now represented on the list. New additions to the index include San Diego, Calif.; Gainesville, Ga.; Omaha, Neb.; Louisville, Ky.; and Charlotte, N.C. More here.
According to the outlook of a group of economists recently gathered by the National Association of Home Builders, the housing market is recovering steadily and should continue to gain momentum though next year and beyond. David Crowe, NAHB’s chief economist, said we’re seeing a more robust housing sector than other parts of the economy due to rising home prices across the nation. The NAHB is forecasting a 21 percent increase in housing starts this year and an additional 26 percent climb in 2013. Mark Zandi, chief economist of Moody’s Analytics, believes low mortgage rates, job market gains, and less economic uncertainty will lead to an acceleration in GDP growth as well as new home construction. A big part of this optimism is the housing market, Zandi said. Also, NAHB’s vice president of forecasting and analysis, Robert Denk, said that housing production should be 55 percent back to normal by the end of next year. More here.