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New home sales rebound, but builders are still wary

Housing Wire

Today the Census Bureau ‘ s new home sales report came in as a beat of estimates at 811,000. The bearish take on housing for the second half of 2021 didn’t really pan out, especially in the new home sales sector. However, with that said, it’s still just an OK housing market for me based on how I view the new home sales market.

Sales 476
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Residential real estate activity picks up despite low inventory

Housing Wire

“Residential real estate activity picked up in most Districts despite continued low inventories of homes for sale,” the report states. In return, the lack of inventory of homes for sale pushed demand for rental properties in some areas — including New York, Chicago, St. Louis, Kansas City Federal Reserve districts.

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Inventory needs to increase to balance housing market: Fed Beige Book

Housing Wire

High inflation has reduced consumers’ purchasing power, which has led to weakened sales and construction across all 12 Federal Reserve districts. While home prices have started to inch down, more inventory is needed for a balanced housing market, the Federal Reserve Beige Book said. However, housing affordability worsened.

Marketing 448
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Fed’s Beige Book shows recent moderation in mortgage rates propped up demand for homes

Housing Wire

Moderation in mortgage rates led to a pickup in demand for residential real estate, but limited inventories across the country hindered actual home sales , the Federal Reserve reported in its Beige Book survey of regional business contacts that was published Wednesday. Days on market increased slightly but remained below historic averages.

Mortgages 447
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Fed’s Beige Book predicts further uncertainty for the housing market  

Housing Wire

Interest rates and inflation continued to dampen activity in the housing market across all 12 Federal Reserve districts, according to the Fed’s latest Beige Book. Following dampened activity from buyers, sellers provided increased concessions, such as temporary rate buydowns or paying closing costs to complete sales, the report noted.

Marketing 370
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The nation’s housing market is on a correction course

Housing Wire

Several leading housing-market economists also are projecting the deceleration in home prices will continue in near the future as homebuyer demand ebbs — with one economist even predicting that prices will decline in some particularly hot markets across the nation. So, home sales have really gotten completely hammered,” Zandi said.

Marketing 418
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Will the Housing Market Maintain Its Momentum?

Keeping Current Matters

Last week’s Existing Home Sales Report from the National Association of Realtors (NAR) shows sales have dropped by 3.7% This is the second consecutive month that sales have slumped. Some see this as evidence that the red-hot real estate market may be cooling. It shows that newly constructed home sales are up 20.7%

Marketing 303