New housing starts on private residences in November came in 3% below the October estimate of 888,000 starts, according to the U.S. Census Bureau and the Department of Housing and Urban Development. While the estimated percentage was not met, analysts with Econoday, an economy announcement company said, “the November slowdown is a minor pullback after strong gains the prior two months.” Econoday analysts suggested the recent decrease in housing starts can be blamed on slow construction in many areas. Building permits grew in November with 899,000 permits filed, a 3.6% increase from October and 26.8% from last year with 709,000 filings. There were 677,000 housing completions in November, 16.1% above the November 2011 rate of 583,000 housing completions. More here
Figures released by the U.S. Census Bureau and the Department of Housing and Urban Development show privately owned housing starts up 3.6 percent in October, which puts them 41.9 percent above last year’s rate. The improvement beat economists’ expectations and helped new residential construction hit its highest rate in more than four years. Building permits, on the other hand, slipped from September, falling 2.7 percent. Despite the dip, they are still up nearly 30 percent above last year’s rate. Also, single-family authorizations posted a 2.2 percent improvement in October. More here and here.
Each month, the U.S. Department of the Treasury and the Department of Housing and Urban Development release a housing scorecard that highlights key market data and the results of federal recovery efforts. In October, the scorecard found positive price trends, low inventory, high affordability, increases in sales, and mortgage rates near record lows. Federal foreclosure prevention and mortgage modification programs have resulted in more than one million permanent HAMP modifications, saving homeowners a median of $541 on their monthly mortgage payment. Despite the strength of recent housing data, however, the report also cautions that the recovery will take place over time due to continued fragility in the market. Still, more than 18 million homeowners have refinanced their loans since April 2009 and home equity posted a sharp gain in the second quarter of this year. More here.
In September, new home sales reached their highest level since April 2010, when they were boosted by the homebuyer tax credit. According to estimates released by the U.S. Census Bureau and the Department of Housing and Urban Development, sales of new single-family homes were at a seasonally adjusted annual rate of 389,000, which is up 5.7 percent from August and 27.1 percent from last year’s estimate of 306,000. The median sales price of new houses sold in September was $242,400; the average price was $292,400. Median price is now 11.7 percent above year before levels. At the current sales pace, there was a 4.5-month supply of new homes for sale at the end of the month. More here and here.
Estimates released by the U.S. Census Bureau and the Department of Housing and Urban Development show housing starts and building permits both surged in September. Privately-owned housing starts jumped 15 percent above the revised August estimate of 758,000 to a seasonally adjusted annual rate of 872,000. The improvement puts new residential construction 34.8 percent above last year’s level. Additionally, single-family housing starts were up 11 percent for the month. Building permits, which are an indicator of future activity, also saw large gains in September. Permits were up 11.6 percent for the month and are now 45.1 percent above last September’s estimate. Single-family authorizations rose 6.7 percent. More here and here.
Recent market data shows signs of a strengthening recovery, according to the latest housing scorecard released by the U.S. Department of Housing and Urban Development and the U.S. Department of the Treasury. The administration’s housing scorecard tracks key data and follows the progress of federal foreclosure-prevention programs. Erika Poethig, HUD’s acting assistant secretary, said the results of the September scorecard indicate that the housing market is showing important signs of recovery. Among the highlights, homeowner equity rose to its highest level since the third quarter of 2008, lifting 1.3 million families above water on their mortgages. Also, existing-home sales are now at their strongest pace in two years. Despite the recent positive turn, the report cautions that there is still fragility in the market and that the recovery will take place over time. More here and here.
In August, sales of new single-family homes were 0.3 percent below July’s upwardly revised annual rate of 374,000, according to estimates released by the U.S. Census Bureau and the Department of Housing and Urban Development. New home sales were at a seasonally adjusted annual rate of 373,000, which is 27.7 percent above last year’s level. But though sales were relatively flat month-over-month, median price rose significantly, climbing 11.2 percent and setting a record for the largest one-month gain. The median sales price of new houses sold during the month was $256,900; the average sales price was $295,300. Also, there was a 4.5-month supply of new homes available for sale at the end of August. More here and here.
The latest estimates from the U.S. Census Bureau and the Department of Housing and Urban Development show permits to build privately-owned housing units reached a four-year high in July. Building permits rose 6.8 percent from June’s rate of 760,000 to a seasonally adjusted annual rate of 812,000, which is nearly 30 percent higher than they were a year earlier. Permits to build single-family homes increased 4.5 percent. Construction of new homes and apartments, on the other hand, slipped in July. Housing starts fell 1.1 percent after rising nearly 7.0 percent the month before. Despite the drop, housing starts remain 21.5 percent above year-ago levels. More here and here.
The most recent housing scorecard from the U.S. Department of Housing and Urban Development and the U.S. Department of the Treasury collects key housing market data and tracks the impact of the administration’s foreclosure prevention programs. In July, the scorecard shows important progress in both the inventory of homes on the market and the number of underwater mortgages. The number of borrowers who are underwater on their mortgage fell 5.8 percent from the previous quarter and is 0.9 percent below one year ago. But, though foreclosure activity was down in July, the report says there is an expectation that it will increase in coming months as processing delays are lifted. Also, housing inventory remains low. Experts consider a six-month supply of homes to be a balanced market. At the current sales pace, July’s estimates show a 6.6-month supply of existing homes and a 4.9-month supply of new homes currently on the market. Erika Poethig, HUD’s acting assistant secretary, says there has also been important progress in refinance activity. According to Poethig, July’s indicators show momentum not seen since before the housing crisis as refinances through the HAMP program have continued to surge. More here and here.
Estimates released by the U.S. Census Bureau and the Department of Housing and Urban Development show sales of new single-family houses were at a seasonally adjusted annual rate of 350,000 in June, which is 15.1 percent above last year’s rate of 304,000. But, despite the year-over-year gains, June sales were 8.4 percent below an upwardly revised May rate of 382,000. So far this year, new home sales have been higher than expected and most monthly estimates have been revised upward after their initial release. The median sales price of new homes sold in June was $232,600; the average sales price was $273,900. Also, the seasonally adjusted estimate of new houses for sale at the end of the month was 144,000, which represents a 4.9-month supply at the current sales rate. More here and here.
