Table of Content
- New Construction Homes in Washington
- United States New Home SalesNovember 2022 Data - 1963-2021 Historical
- United States Macroeconomic Indicators
- New and Existing Home Sales Reports
- Data
- U.S. existing home sales fell in November, the 10th consecutive month
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New Construction Homes in Washington
Sales of previously owned homes logged their ninth straight monthly decline in October, while single-family homebuilding and permits for future construction dropped to the lowest levels since May 2020, reports showed last week. "In essence, the residential real estate market was frozen in November, resembling the sales activity seen during the COVID-19 economic lockdowns in 2020," said NAR Chief Economist Lawrence Yun. August housing starts, a measure of new home construction, jumped 12.2% from July, and were down 0.1% from a year ago, according to the US Census Bureau. After a big drop earlier this spring, housing starts had been holding relatively steady up until last month. This latest increase in new housing starts is a good thing for the housing market because inventory has been so tight.
The housing market has been hammered by aggressive Federal Reserve interest rate hikes that are aimed at curbing high inflation by dampening demand in the economy. The 30-year fixed mortgage rate breached 7% in October for the first time since 2002, data from mortgage finance agency Freddie Mac showed. Increased mortgage rates have forced many prospective purchasers to cancel contracts or postpone home purchases because they cannot afford the higher monthly payments. The increase in new-home inventories is assisting in slowing the price rise.
United States New Home SalesNovember 2022 Data - 1963-2021 Historical
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New home sales rebounded 7.5% to a seasonally adjusted annual rate of 632,000 units last month, the Commerce Department said Wednesday. September’s sales pace was revised down to 588,000 units from the previously reported 603,000 units. The median prices report provides a month-by-month account of nationwide sales prices and the percent change from the previous month. At July's sales pace it would take 6.2 months to clear the supply of houses on the market, up from 6.0 months in June. About 75% of homes sold last month were either under construction or yet to be built.
United States Macroeconomic Indicators
This will result in immediate suspension of the commentor and his or her account. Monitor Market dynamics, Economies & Risk across financial assets, countries & business sectors affecting your business or investments. Mortgage rates have dipped in recent weeks, giving experts some hope that the market may be thawing.
New home sales in the United States fell 10.9% to a seasonally adjusted annualised rate of 603K in September of 2022, after jumping by a downwardly revised 24.7% in August and compared with market forecasts of 585K. Housing demand in the US has been sharply falling as the Federal Reserve is aggressively raising interest rates to combat the surge in inflation. Sales fell in the South (-20.2% to 356K) and the West (-0.7% to 135K) but rose in the Northeast (56% to 39K) and the Midwest (4.3% to 73K). The median sales price of new houses sold was $470,600, up 13.9% from a year ago and the average sales price was $517,700.
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MacroVar calculates the number of months the United States new home sales has recorded new highs or lows. United States new home sales trend change is assumed when the specific indicator has recorded a 3-month high / low or more. The single-family statistics include fully detached, semidetached (semiattached, side-by-side), rowhouses, and townhouses. In the case of attached units, each must be separated from the adjacent unit by a ground-to-roof wall in order to be classified as a one-unit structure.
The National Association of Realtors said Wednesday that existing home sales fell 7.7% last month from October to a seasonally adjusted annual rate of 4.09 million. That’s lower than what economists were expecting, according to FactSet. Tracking nationwide sales and inventory levels offers key insights about current market conditions and future housing demand. These reports can also serve as early indicators of economic shifts, often triggering changes in consumer behavior. The median sales price is the sales price of the house which falls on the middle point of the total number of houses sold. Half of the houses sold have a sales price less than the median and half have a greater price.
Builder confidence has plummeted as a result of rising costs, higher interest rates, and slower buyer traffic. New home sales rose 1.0% to a seasonally adjusted annual rate of 708,000 units last month. June's sales pace was revised up to 701,000 units from the previously reported 676,000 units.
A significant deviation of a real value from a forecast one may cause a short-term strengthening or weakening of a national currency in the Forex market. The threshold values of the indicators signaling the approach of the critical state of the national economy occupy a special place. That, combined with housing affordability issues and reduced incentives for homeowners to list their homes, all contributed to the rapid loss in home sales, the National Association of Realtors said.
To be included in the sales estimates the sales transaction must intend to include both the house and the land. All new houses are not included in our new residential sales estimates, only houses sold prior to being built or built for sale are included in these statistics. Excluded from these estimates are houses built for rent, houses built by the owner, and houses built by a general contractor on the owner's land. New Home Sales reflect a dollar value of sales of newly constructed residences in the United states in the given month. Also, houses built by land owners and houses built for leasing are not included.
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Also, these units must not share heating/air-conditioning systems or interstructural public utilities, such as water supply, power supply, or sewage disposal lines. Units built one on top of another and those built side-by-side which do not have a ground-to-roof wall and/or have common facilities (i.e., attic, basement, heating plant, plumbing, etc.) are not included in these statistics. Though the report from the Commerce Department on Tuesday showed a big increase in new housing inventory, the jump was driven by a record rise in homes that are yet to be built. Builders are taking longer to complete houses, hobbled by expensive raw materials as well as scarce land and workers. The Census Bureau determines a new home sale as accepting a deposit or signing a contract, while the house can be at any stage of construction, in some cases even before the issuance of a building permit. The period between the contract conclusion and transaction end can last an average of 60 days.
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