New Home Sales Reach 8-Month High
The 2010 housing market finished on a tear, and that momentum is carrying forward into 2011. Expect the spring season to show strongly, and for home prices to be on the rise.
The 2010 housing market finished on a tear, and that momentum is carrying forward into 2011. Expect the spring season to show strongly, and for home prices to be on the rise.
The housing market continues to expand, and surprise.
Newspaper stories can be misleading sometimes -- especially with respect to real estate. We saw a terrific example of this Wednesday.
So long as mortgage rates remain rock bottom, the autumn season is looking like a terrific time to buy.
According to the NAHB, October's HMI reading of 16 is its highest value in 5 months. The uptick hints that the market for newly-built homes may rebound more quickly that this summer's weak new homes sales figures would otherwise suggest.
After reaching a 3-year high just 90 days ago, the National Association of Homebuilders' Housing Market Index is now at a multi-year low after falling by almost half.
A Housing Start is a new home on which construction has started and, over the last 6 months, home builders are averaging one half-million starts per month. This marks the highest 6-month average since 2008 and a reading one-fifth percent better from 12 months ago. Revisions to prior data have all been higher, too.
Like most housing data from November, the most recent New Home Sales report showed sales volume increasing last month, and home supplies falling.
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