March New Home Sales Decline Matched Expectations

New, single family home sales declined by 8.6 percent in March according to data released today by the Census Bureau. That seems like a fairly substantial shift, but in this case, the total annual pace of 763k was right in line with median forecast of 765k. There are a few other silver linings to the "-8.6%" cloud: sales continue to run above pre-covid levels inventory improved to 406k homes (a 5.7 month supply) from 385k previously sales remained in solid territory despite another record high for median prices as well as the sharpest rate spike since the 80s the general trend remains positive Let's expand more on that "inventory is improving" bullet point as it runs counter to most everything being said about inventory at the moment. The issue has to do with how the Census Bureau counts inventory. Specifically, homes are counted as "for sale" even if they are still under construction and even if construction has not yet been started. The 406k inventory figure breaks down as follows: 110k = not started 259k = under construction 36k = completed While this is interesting, it isn't evidence of a conspiracy in the data. In fact, this report counts homes under contract, so completions aren't technically necessary in order to count toward the total.

April 26, 2022 Download our Mobile App: Download our Mobile App: Housing News March New Home Sales Decline Matched Expectations New, single family home sales declined by 8.6 percent in March according to data released today by the Census Bureau. That seems like a fairly substantial shift, but in this case, the total annual pace of 763k was right in line with median fore... (read more) Housing News Interest in Sustainable Homes on Upswing Interest in sustainable homes, those with green or energy-saving features, appears to be growing. The National Association of Realtors® (NAR) recently surveyed its members to determine the emphasis their clients place on such attributes in their home... (read more) MBS Commentary MBS Live Recap: More Gains, But Harder to Hold After Europe Stopped Trading More Gains, But Harder to Hold After Europe Stopped Trading Bonds made decent gains overnight as overseas markets continued to trade "global growth concerns" (with an eye on China's covid situation among othe... (read more) Rob Chrisman TPO loan, Customer Service, CRA, QC, Lead-Gen Tools; Widespread Agency Changes; Why No Decent ARM Pricing? Running feels great unless you compare it to not running. While here in Northern California for a board meeting, I received, “I read your capital markets section every day because I can understand it, but can you please knock off using ‘basis points’... (read more) Mortgage Rates Mortgage Rates Regain Most of What They Lost Late Last Week 30 Yr. Fixed Rate 5.28% -0.04% Rate Change Points Mortgage News Daily 30 Yr. Fixed 5.28% -0.04 0.40 15 Yr. Fixed 4.71% -0.04 0.40 30 Yr. FHA 4.88% -0.02 0.00 30 Yr. Jumbo 4.50% -0.02 0.00 5/1 ARM 4.20% +0.01 0.50 Updates Daily - Last Update: 4/26 15 Yr. Fixed Rate 4.71% -0.04% Rate Change Points Freddie Mac 30 Yr. Fixed 5.11% +0.11 0.80 15 Yr. Fixed 4.38% +0.21 0.80 5/1 Yr. ARM 3.75% +0.06 0.30 Updates Weekly - Last Update: 4/21 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 5.20% +0.07 0.66 15 Yr. Fixed 4.44% +0.10 0.77 30 Yr. Jumbo 4.76% +0.08 0.46 Updates Weekly - Last Update: 4/20 MBS / Treasuries MBS Live Recap: More Gains, But Harder to Hold After Europe Stopped Trading UMBS 30YR 4.0 100.02 +0.25 Price / Yield Change MBS UMBS 4.0 100.02 +0.25 UMBS 4.5 102.16 +0.39 GNMA 4.0 100.50 +0.28 GNMA 4.5 102.27 +0.39 Pricing as of: 4/26 5:21PM EST 10 Year US Treasury 2.7319 -0.0860 Price / Yield Change US Treasury 2 YR Treasury 2.486 -0.142 5 YR Treasury 2.744 -0.115 7 YR Treasury 2.761 -0.104 10 YR Treasury 2.732 -0.086 30 YR Treasury 2.838 -0.048 Pricing as of: 4/26 5:21PM EST Latest Video The 2pm Bond Report - April 26, 2022 Treasury sells $48B in 2-year notes The 9am Bond Report - April 26, 2022 Beijing begins mass Covid testing as city looks to avoid Shanghai-like lock... Around the Web CNBC Home prices jumped nearly 20% in February, but slowdown may be coming, S&P Case-Shiller says Calculated Risk Blog New Home Sales decrease to 763,000 Annual Rate in March Calculated Risk Blog Comments on February Case-Shiller and FHFA House Price Increases; New Record Monthly Increase CNBC Senate confirms Lael Brainard as Fed vice chair Black Knight Black Knights First Look at March 2022 Mortgage Data Calculated Risk Blog Housing and Demographics Calculated Risk Blog Housing Inventory April 25th Update: Inventory up 1.7% Week-over-week; Up 14.2% from Seasonal Bottom CNBC Treasury yields dip, with focus on Covid outbreak in China and fears of economic slowdown Eye on Housing Builders Profit Margins Fall as Balance Sheets Grow Reuters China stocks see worst day in 27 months on COVID worries Reuters ECB policymakers keen for quick end to bond buys, early rate hike Reuters Oil slides as Shanghai lockdowns stoke demand fears Reuters Euro zone bond yields fall as focus turns to China risks

© 2022 Mortgage News Daily, LLC. | 19701 Bethel Church Rd. | Cornelius, NC 28031 Interest rates displayed are national averages and for informational purposes only. Actual rates from lenders may vary based on several factors including, but not limited to, credit worthiness, ability to replay, credit score, down payment, loan term, etc. This email was sent to: [email protected]. Go here to UNSUBSCRIBE from this email.