New Home Sales Still in Line With 2017-2019 Range

With the market for existing homes struggling amid a lack of inventory, New Home Sales continue doing the heavy lifting for the housing market. Rather, New Home Sales are doing more to show a stronger relative performance to the pre-pandemic years. The market for existing homes is still far bigger, even at its weakest levels. But existing home sales data is so "last week." Today's release is specific to new homes, so let's zoom in. When we do, we can see new home sales remaining in the 2017-2019 range for nearly two years now. In other words, new residential sales continue chugging along without much fanfare since the initial supply glut and demand surge that followed covid-related lockdowns. There was quite a bit of variation depending on geography, which is often a result of ebbs and flows of weather events at this time of year. Here's how the chips fell in January by region: The Western region saw a huge 38.7% increase, moving from the lowest levels in 10 months to the highest levels in more than a year The Northeast saw and even larger 72% increase, but that's not saying as much given the vastly smaller unit count in that region The Midwest ticked up 7.7% month over month but remained well under July's peak The South decreased by 15.6% to the lowest levels in more than a year, but only slightly below November

February 26, 2024 Download our Mobile App: Download our Mobile App: Housing News New Home Sales Still in Line With 2017-2019 Range With the market for existing homes struggling amid a lack of inventory, New Home Sales continue doing the heavy lifting for the housing market. Rather, New Home Sales are doing more to show a stronger relative performance to the pre-pandemic ye... (read more) Mortgage Rate Watch Mortgage Rates Starting The Week Closer to Recent Highs Mortgage rates moved moderately higher to begin the new week, but they remained just under the highest recent levels seen last Thursday. Many lenders were closer to 'unchanged' at the outset but were then forced to issue mid-day increases in re... (read more) MBS Commentary Auctions Caused Modest Weakness, But Mostly in Advance Auctions Caused Modest Weakness, But Mostly in Advance As the bond market looks at the 5yr Treasury auction in the rearview, there's a figurative sigh of relief. Granted, it's not enough to get Treasuri... (read more) Rob Chrisman Automation, Pre-Approval, QC Products; Rent vs. Buy; More Proposed Paperwork for Lenders Saturday was George Thorogood’s 74th birthday, and fans know that he wrote the classic tale of rent collection, land ladies, and payment avoidance. Time flies, but that may change. We’re faced with an actual five-day workweek this week, with no Feder... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.13% +0.05% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.13% +0.05 0.00 15 Yr. Fixed 6.60% +0.04 0.00 30 Yr. FHA 6.68% +0.04 0.00 30 Yr. Jumbo 7.42% +0.02 0.00 7/6 SOFR ARM 6.84% -0.01 0.00 30 Yr. VA 6.70% +0.03 0.00 Updates Daily - Last Update: 2/26 15 Yr. Fixed Rate 6.60% +0.04% Rate Change Points Freddie Mac 30 Yr. Fixed 6.90% +0.13 0.00 15 Yr. Fixed 6.29% +0.17 0.00 Updates Weekly - Last Update: 2/22 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.87% +0.07 0.65 15 Yr. Fixed 6.53% +0.12 0.94 30 Yr. Jumbo 7.00% +0.12 0.39 Updates Weekly - Last Update: 2/14 MBS / Treasuries UMBS 30YR 5.5 98.69 -0.13 Price / Yield Change MBS UMBS 5.5 98.69 -0.13 UMBS 6.0 100.20 -0.16 GNMA 5.5 99.16 -0.13 GNMA 6.0 100.28 -0.17 Pricing as of: 2/26 5:31PM EST 10 Year US Treasury 4.2760 +0.0280 Price / Yield Change US Treasury 2 YR Treasury 4.727 +0.040 5 YR Treasury 4.312 +0.036 7 YR Treasury 4.312 +0.032 10 YR Treasury 4.276 +0.028 30 YR Treasury 4.392 +0.026 Pricing as of: 2/26 5:31PM EST Latest Video New home sales misses expectations to the downside JPMorgan CEO Jamie Dimon on state of the US economy, commercial real estate... No hurry for the Fed to lower rates 'as long as the economy remains strong'... This startup is 'greening' homebuilding Around the Web CNBC Aspiring homeowners say they face two major obstacles to buying. Here's why 20% say it'll 'never' happen CNBC JPMorgan CEO Jamie Dimon says AI is not just hype 'This is real' Calculated Risk Blog Final Look at Local Housing Markets in January Calculated Risk Blog Housing February 26th Weekly Update: Inventory Up 0.7% Week-over-week, Up 15.6% Year-over-year CNBC U.S. Treasury yields fall as investors look to key economic data Marketwatch Treasury yields remain higher after solid 2-year note auction Reuters Fed's Williams: rate cuts likely appropriate 'later this year' CNBC Credit card interest rates are at record highs. Cards have 'never been this expensive, CFPB says Calculated Risk Blog ICE: Mortgage Delinquency Rate Decreased in January CNBC German central bank losses soar, wiping out risk provisions Calculated Risk Blog GDP Tracking: Q1 Boosted Slightly Eye on Housing Multifamily Missing Middle Construction Unchanged Reuters Euro zone bond yields fall after ECB speakers sound dovish note

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