Recent analysis of new home sales data by the NAHB’s Eye on Housing reveals that the all-cash share of new home sales climbed substantially in Q3 of 2023 while VA-backed sales share fell by nearly half. In addition, they point out that while cash sales make up a small portion of new home sales, they constitute a larger share of existing home sales, coming in at 29%. Click here to read the full report at the NAHB’s Eye on Housing.
Author: Brad Beckett
Brad Beckett
Director of Education & Outreach, National Real Estate Investors Association
The National Association of Realtors is reporting that pending home sales rose 1.1% in September, 2023. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) came in at 72.6 in September. The NAR says all four U.S. regions saw year-over-year declines in transactions. “Despite the slight gain, pending contracts remain at historically low levels due to the highest mortgage rates in 20 years…Furthermore, inventory remains tight, which hinders sales but keeps home prices elevated..” Said the NAR’s Chief Economist, Lawrence Yun. Click here to read the full report at the National Association of Realtors.
The U.S. Government is reporting that sales of new single-family houses in September, 2023 were at a seasonally adjusted annual rate of 759k, which is 12.3% higher than August’s revised rate and is 33.9% higher than one year ago. The median sales price of new houses sold in September was $418,800 with an average sales price of $503,900. There were an estimated 435k new houses for sale at the end of September representing a 6.9-month supply at the current sales rate. Click here to read the full report at the U.S. Census Bureau.
With “All Hallows’ Eve” and its subsequent candy begging quickly approaching, a recent graphic from the U.S. Census Bureau identifies places across the nation with SPOOKY-SOUNDING names. Stay safe, have a Happy Halloween and as always have a Happy Friday! Hat tip to the U.S. Census Bureau.
The pest control & rodent removers over at Orkin say for the 9th year in a row Chicago continues its first-place spot on their Top 50 Rattiest Cities List. Los Angeles moves up to #2 with New York dropping to #3 position. Orkin says cities on their Rattiest Cities list are based on the number of new rodent services highlighting demand and efforts that residents & businesses have taken to treat rodent issues. “Because of the threats that rodents pose, it’s important for homeowners and business owners to know how to spot a rat or mouse infestation in order to…
GOBankingRates rightly says that a home is one of the key elements for many Americans, providing a long-term solution to their housing and a real estate investment for their portfolio. However, as they point out, many have been priced out of the market – especially when home prices translate into a super-high down payment. They recently crunched the numbers in our current environment to come up with the top 50 places in America there folks can purchase a home for under $250k. In addition, they included quality of life factors like crime rates, unemployment and livability to aid in their…
The New York Post is reporting that a recent crackdown on Airbnb listings by New York City has led to a black market for rentals that have now gone “underground.” The new rules (which went into effect in early September) imposed tougher regulations that restrict most short-term stays and limit reservations to only two guests. In addition, the Post says industry experts said this puts both renters and apartment owners at risk of scammers as Airbnb stopped taking and/or canceling reservations – leaving those who had booked a visit scrambling to riskier options. These non-vacation rental sites, however, are prime…
Reuters is reporting that the Mortgage Bankers Association’s weekly index of mortgage application activity fell 6.9% in the week ending 10/13/23 to 166.9, the lowest since May, 1995. The report showed applications for home loans fell 5.6% to the lowest point since February 1995 and applications for refinancing fell 9.9%. “The volume of U.S. mortgage applications plummeted to the lowest in nearly three decades last week as the interest rate on the most popular type of home loan rose for a sixth straight week to the highest since 2000, the latest data to point to no near-term relief for the…
The U.S. government is reporting that privately‐owned housing starts in September were at a seasonally adjusted annual rate of 1,358,000, which is 7% higher than August’s revised number but is 7.2% lower than one year ago. September’s rate for units in buildings with five units or more was 383k. Privately‐owned housing units authorized by building permits in September were at a seasonally adjusted annual rate of 1,541,000, which is 4,4% lower than August’s revised number and is 7.2% lower than one year ago. Authorizations of units in buildings with five units or more were at a rate of 459k in…
The National Association of Realtors is reporting that existing home sales were down 2% in September to a seasonally-adjusted annual rate of 3.96 million (down 15.4% year over year). Total housing inventory at the end of September was 1.13 million units, up 2.7% from August but down 8.1% from one year ago. Unsold inventory sits at a 3.4-month supply at the current sales rate with properties remaining on the market for around 21 days. The median existing-home price for all housing types in July was $394,300, up 2.8% from one year ago. The NAR says high interest rates and limited…
