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Permits were 1.9% more than the upwardly revised 1.47 million November number and at an annual level of 1.5 million. Housing starts fell 4.3% from the November annual rate of 1.53 million, a reading that was revised downward from the robust 1.56 million originally estimated. Both permits and starts were higher than a year ago, by 6.1% and 7.6%, respectively. The Best Cartoons on the Economy View All 178 Images“Falling mortgage rates should jump-start the demand for housing in the coming months,” said Jeffrey Roach, chief economist at LPL Financial. On Wednesday, the National Association of Home Builders said its January survey found builder confidence surged as mortgage rates for the benchmark 30-year fixed rate loan dipped to 6.75%.

Persons: ”, Jeffrey Roach, Alicia Huey, Kelly Mangold Organizations: Census Bureau, Department of Housing, Urban, Housing, LPL, National Association of Home Builders, ” Builders, Real Estate Consulting Locations: Birmingham , Alabama, U.S

☆ New home sales fell last month as mortgage rates hit 2023 high
▼ + stars: | 2023-11-27 | by ( Anna Bahney | ) edition.cnn.com time to read: +2 min

Washington, DC CNN —New home sales in the United States fell in October as typical mortgage rates reached their highest levels this year. This was below analysts’ expectations of an annualized sales pace of 723,000. The average mortgage rate for that loan has been lower recently, dropping down to 7.29% last week, according to Freddie Mac. New home builders often offer more financing options for homebuyers, she said, and are able to “buy down” mortgage rates to make their offerings more attractive than the resale market. With [mortgage] interest rates anticipated to drop in the coming year, more resale homes may go on the market – however there remains significant pent-up demand from buyers,” Mangold said.

Persons: Freddie Mac, ”, Kelly Mangold, ” Mangold, “ Organizations: DC CNN, US Department of Housing, Urban Development, Census, Federal Reserve, Real Estate Consulting, homebuyers Locations: Washington, United States

New home sales fell 5.6% in October, worse than expected, as higher mortgage rates took a bite out of demand. The annual level of sales in October was 679,000, down from September’s substantially revised 719,000 pace, However, sales in October were still up 17.7% from a year ago. October saw a sharp increase in mortgage rates to around 8% for a 30-year fixed rate loan. However, the higher mortgage rates have slowed sales of new homes as well. The recent drop in mortgage rates, with more expected next year, could prove to be a tonic to the market.

Persons: ”, Kelly Mangold, Greg Logan, Lisa Sturtevant, ” “, ” Sturtevant Organizations: Census Bureau, Department of Housing, Urban Development, Builders, RCLCO Real Estate Consulting, MLS Locations: RCLCO, Southern, Northeast, Midwest

☆ New home construction increased in October for second straight month
▼ + stars: | 2023-11-17 | by ( Anna Bahney | ) edition.cnn.com time to read: +1 min

Washington, DC CNN —The annual pace of new home construction increased again last month amid a historic shortage of housing inventory and crushing mortgage rates. Housing starts, a measure of new home construction, jumped by 1.9% in October, compared to the previous month. Starts rose to a seasonally adjusted annual rate of 1.372 million last month, rising above expectations of 1.35 million, according to data released Wednesday by the Census Bureau. Building permits also ticked up in October, climbing 1.1% from August’s revised number to a seasonally adjusted annual rate of 1.487 million. “The new construction housing market is poised to ensure that inventory is available to meet pent-up demand of households who have been waiting for a reprieve in rates before purchasing.”

Persons: ”, Kelly Mangold, Mangold Organizations: DC CNN, Housing, Census, Real Estate Consulting Locations: Washington

☆ US new home sales surged in September
▼ + stars: | 2023-10-25 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —New home sales in the United States surged higher in September from the month before, even as mortgage rates remained over 7%, making financing a home costlier and pushing people out of the market. This represents the fastest pace of sales since February 2022 and easily exceeds analysts’ expectations of a sales pace of 680,000. Sales of existing homes have been trending down since February and are down 20% year to date in September from a year ago. While new home sales are a much smaller share of the overall sales market than existing home sales, the inventory picture is rosier for new construction homes. This represents a supply of 6.9 months at the current sales pace.

Persons: Freddie Mac, ”, Kelly Mangold, Mangold Organizations: DC CNN, United States, US Department of Housing, Urban Development, Census, Federal Reserve, Real Estate Consulting, National Association of Realtors Locations: Washington, United, “

Consumers are growing more pessimistic about future prospects for the economy, according to the latest survey from the Conference Board released on Tuesday. “Consumer confidence fell again in September 2023, marking two consecutive months of decline,” said Dana Peterson, chief economist at the business organization. “September’s disappointing headline number reflected another decline in the expectations index, as the present situation index was little changed. “Write-in responses showed that consumers continued to be preoccupied with rising prices in general, and for groceries and gasoline in particular,” Peterson added. “Consumers also expressed concerns about the political situation and higher interest rates.

Persons: ”, Dana Peterson, “, ” Peterson, “ Consumers, Kelly Mangold, Lisa Sturtevant Organizations: Conference, “, Federal Reserve, Census Bureau, U.S . Department of Housing, Urban Development, Real Estate Consulting, MLS, American Financial Corporation

The pace of new construction slowed in August amid high mortgage rates and weakening demand, the federal government reported on Tuesday. Housing starts fell 11.3% in August to an annual rate of 1.28 million, the lowest since the summer of 2020. Builders typically pull permits in anticipation of demand, but housing starts occur when lots are ready to be cleared following deposits on future purchases. “The combination of high interest rates, high pricing, and limited inventory has continued to plague the housing market. “And on the supply-side front, builders continue to grapple with shortages of construction workers, buildable lots and distribution transformers, which is further adding to housing affordability woes.

Persons: ”, Kelly Mangold, Alicia Huey, Ksenia Potapov Organizations: Housing, Real Estate Consulting, National Association of Home Builders, First American Financial Corp, “ Locations: Birmingham , Alabama

☆ Home building sank in August amid crushing mortgage rates
▼ + stars: | 2023-09-19 | by ( Anna Bahney | ) edition.cnn.com time to read: +2 min

Washington, DC CNN —US home building sank in August, dropping 11.3% from July levels, as mortgage rates stayed elevated amid lingering inflation. After rising in July, new home starts dropped in August as mortgage rates climbed back to their late 2022 peak. “The combination of high interest rates, high pricing, and limited inventory has continued to plague the housing market,” said Kelly Mangold of RCLCO Real Estate Consulting. “In many cases, even repurchasing their same home at today’s mortgage rates would be out of a typical buyer’s price range.”More than 90% of homeowners have a mortgage rate under 6% and many have rates closer to 2% or 3%. Home builder confidence was lower in September, according to a separate report from the National Association of Home Builders / Wells Fargo Housing Market Index released Monday.

Persons: ”, Kelly Mangold, Mangold, “ Organizations: DC CNN, Housing, Census, Real Estate Consulting, “, National Association of Home Builders Locations: Washington, Wells Fargo

☆ New home sales rose to a 17-month high in July
▼ + stars: | 2023-08-23 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —New home sales rose in July from the month before, beating estimates and reaching a 17-month high, as buyers continue to look to new construction as an option in the face of a historically low supply of existing homes. While new home sales have been trending higher over the past year, sales of existing homes have been down for the past few months. Sales in the Midwest surged 47.4% from a month ago and sales in the West were up 21.5% from June. Meanwhile, sales in the Northeast declined by 2.9% from last month and dropped by 6.3% in the South. “When existing homes are hard to find, new homes at the right price are a good substitute.”

Persons: Kelly Mangold, ”, George Ratiu, Odeta Kushi Organizations: DC CNN, US Department of Housing, Urban Development, Census, Real Estate Consulting, ”, Midwest, National Association of Realtors, “ Builders, Builders, First Locations: Washington, –

☆ US home builders ramped up construction in July, beating expectations
▼ + stars: | 2023-08-16 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Housing starts, a measure of new-home construction, climbed to a seasonally adjusted annual rate of 1.452 million in the month, beating market expectations of 1.448 million, according to data released Wednesday by the Census Bureau. “Buyers embraced new homes in the first half of this year as a welcome alternative to the massive shortage of existing homes,” Ratiu said. The slight increase in starts suggests builders have some optimism, she said, though it remains to be seen what future mortgage rate increases may mean for the market. “In many cases, even repurchasing their same home at today’s mortgage rates would be out of a typical buyer’s price range.”Mortgage rates are hovering around 7% and interested buyer traffic is slowing down for some builders. The National Association of Home Builders/Wells Fargo Housing Market Index, released Tuesday looks at current sales, buyer traffic and the outlook for sales of new construction homes over the next six months.

Persons: George Ratiu, “ Buyers, ” Ratiu, “ Homebuilders, ”, “, eeking, Kelly Mangold, ” Mangold, Alicia Huey, Warren Buffett’s Berkshire Hathaway, LEN, Horton Organizations: DC CNN, Housing, Census, “, West, Real Estate Consulting, National Association of Home Builders Locations: Washington, Midwest, West, Wells Fargo, Lennar

☆ New home sales dropped in June after May’s surge
▼ + stars: | 2023-07-26 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Homeowners with ultra-low mortgage rates are reluctant to sell and buy another home at a much higher mortgage rate. Sales of existing homes have been down for the past few months, while new home sales have been rising. This increase in mortgage rates cooled mortgage applications. New home sales boosted by low inventory of existing homesAlthough sales were down from May, the trajectory of new home sales is generally positive, said Kelly Mangold of RCLCO Real Estate Consulting. By comparison, the inventory of existing homes for sale at the end of June was only a little over 1 million homes.

Persons: Freddie Mac, Kelly Mangold, “ Buyers, ” Mangold, ”, George Ratiu, Charlotte , Organizations: DC CNN, US Department of Housing, Urban Development, Census, Real Estate Consulting, “, National Association of Realtors Locations: Washington, Houston, Dallas, Atlanta, Charlotte, Charlotte , North Carolina, Austin , Texas, Orlando , Florida, Southern

☆ New home construction rose in April after a dip in March
▼ + stars: | 2023-05-17 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

However, housing starts, a measure of new home construction, were down 22.3% from a year ago, according to data released Wednesday by the Census Bureau. After surging in February following five consecutive months of falling, housing starts fell in March. Single‐family housing starts in April rose 1.6% from the revised March figure, at a seasonally adjusted annual rate of 833,000. Building permits, which track the number of new housing units granted permits, fell in April after also dropping in March. Building permits were down in the Northeast and Midwest, but climbed in the South and West.

☆ New home sales rise for the fourth month in a row
▼ + stars: | 2023-04-25 | by ( Anna Bahney | ) edition.cnn.com time to read: +2 min

Washington, DC CNN —New home sales rose in March, climbing for the fourth month in a row as mortgage rates eased and buyers looked to new construction as an alternative to the tight inventory of existing homes for sale. Sales of new single‐family houses were at a seasonally adjusted annual rate of 683,000, up from a revised 623,000 in February. After climbing through much of February, mortgage rates were as high as 6.73% March. In a bit of a setback for buyers, prices of new homes rose from February, the report showed. This is a supply of 7.6 months at the current sales pace, down from 8.2 months of supply last month.

☆ New home starts pull back in March
▼ + stars: | 2023-04-18 | by ( Anna Bahney | ) edition.cnn.com time to read: +2 min

Housing starts, a measure of new home construction, was down 17.2% from a year ago, according to data released Thursday by the Census Bureau. After surging in February following five consecutive months of falling, March housing starts fell to a seasonally adjusted annual rate of 1.420 million, down from the revised February estimate of 1.432 million. Single‐family housing starts in March rose 2.7% from the revised February figure, at a seasonally adjusted annual rate of 861,000. Housing starts had big drops in May and July last year, when spiking mortgage rates pushed many prospective home buyers to the sidelines. Starts bounced back slightly in August, but fell through January.

☆ New home sales rose for the third month in a row
▼ + stars: | 2023-03-23 | by ( Anna Bahney | ) edition.cnn.com time to read: +2 min

Washington, DC CNN —New home sales rose in February, climbing for the third month in a row as mortgage rates eased off their highs of the past year and buyers looked to new construction amid historically low inventory of existing homes for sale. Sales of new single‐family houses were at a seasonally adjusted annual rate of 640,000, up from a revised 633,000 in January. In a bit of a setback for buyers, prices of new homes rose from January. The median price for a new home rose to $438,200 in February, up from $427,500 the previous month. This is a supply of 8.2 months at the current sales rate.

☆ US home building surged in February
▼ + stars: | 2023-03-16 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —US home building jumped higher in February, turning around after five consecutive months of falling. As mortgage rates trended lower from November through January, builders have begun to feel more optimistic that conditions may improve in 2023. But recent strong economic data and uncertainty in the banking sector mean that inflation concerns remain, along with volatile mortgage rates. In February building permits were at a seasonally adjusted annual rate of 1.524 million. “However, interest rates and development costs remain high, while prices are softening — which is impacting the potential upside on home sales.”And mortgage rates remain volatile for buyers.

☆ New home sales rise as prices drop in January
▼ + stars: | 2023-02-24 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

CNN —New home sales rose in January from December, as mortgage rates eased off their highs of the past year at the start of 2023. Sales of new single‐family houses were at a seasonally adjusted annual rate of 670,000 last month, up from a revised 625,000 in December. Mortgage rates eased in January and ended the month nearly a point lower than they were at the beginning of November when they topped 7%. But in addition to volatile mortgage rates, another challenge for many buyers has been finding homes on the market to buy. “The backlog of new construction homes continues to emerge into the market just in time for the spring shopping season,” she said.

☆ New home sales rose in November, defying expectations
▼ + stars: | 2022-12-23 | by ( Anna Bahney | ) edition.cnn.com time to read: +2 min

Meanwhile, the median price for a new home dropped to $471,200, down from $493,000 the previous month. But it was still higher than the median price a year ago, which was $430,000. “New home sales rose more than expected, but the big picture still is bleak for most Americans looking to buy,” said Robert Frick, corporate economist at Navy Federal Credit Union. In early November, mortgage rates reached their high for the year – an average of 7.08% for a 30-year fixed-rate loan – and have been falling since. But for the first time since April, builders registered an increase in future sales expectations this month, according to the National Association of Home Builders.

☆ New home building retreated in November
▼ + stars: | 2022-12-20 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

Washington CNN —Home building pulled back in November, as buyers faced spiking mortgage rates topping 7% that make homes increasingly unaffordable. Housing starts bounced back a bit in August while mortgage rates briefly retreated. But since that time, mortgage rates have been on the rise, hitting a 20-year high in October. One number that beat estimates was housing starts, he said, but those were weighted to apartments, not single-family homes. “Potential homebuyers should see some relief next year in the form of lower mortgage rates and possibly lower home prices,” said Frick.

☆ Premarket stocks: Big Tech can't save your investments
▼ + stars: | 2022-10-27 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

But disappointing earnings from Big Tech stocks have the tendency to turn the broader market south thanks to their immense market value. Beyond determining market sentiment, tech earnings also offer important clues about where the economy is heading. In particular, sales growth in the cloud business – one of the company’s biggest bright spots in recent years – was lower than analysts had hoped. Its fiscal second-quarter forecast came in short of Wall Street estimates, sending shares down 8% on Wednesday. A slowing economy, geopolitical chaos and heightened inflation have all worked to dry up the number of IPOs and mergers and acquisitions made on Wall Street.

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