New Home Sales Decline Slightly, Prices Too

Sales of newly constructed homes were virtually unchanged in February. The 662,000 seasonally adjusted annual units recorded in during the month was down by 2,000 units or 0.3 percent from the rate in January. This did, however, put sales 5.9 percent higher than they were in February 2023. The report from the U.S. Census Bureau and the Department of Housing and Urban Development estimated that, before adjustment, sales for the month totaled 60,000 units compared to 57,000 the previous month and 56,000 in February of last year. Thus far this year, sales of new homes are up 4.4 percent over the same period in 2023 at 117,000 units. The median price of houses sold during the reporting period was $400,500 and the average price was $485,000. In February 2023 the relative prices were $433,300 and $499,100. At the end of February there were an estimated 451,000 new homes available for sale. This is a projected 8.4-month supply at the current sales pace and is unchanged from the inventory level one year earlier. Robert Dietz, economist for the National Association of Home Builders noted, “Completed and ready-to-occupy inventory has increased 23 percent over the last year, rising to 85,000 homes. Homes advertised for sale but not started construction have increased almost 18 percent over the last year to 106,000. In contrast, homes available for sale that are under construction have declined 2 percent to 272,000.”

March 26, 2024 Download our Mobile App: Download our Mobile App: Housing News New Home Sales Decline Slightly, Prices Too Sales of newly constructed homes were virtually unchanged in February. The 662,000 seasonally adjusted annual units recorded in during the month was down by 2,000 units or 0.3 percent from the rate in January. This did, however, put sales 5.9 percent... (read more) MBS Commentary Mixed Performance. Data Hurt. Auction Helped. Little Changed Mixed Performance. Data Hurt. Auction Helped. Little Changed In the bigger picture, bonds found resistance before 10yr yields managed to break below 4.19, but remained well under the 4.32% ceiling after yeste... (read more) Mortgage Rate Watch Mortgage Rates Barely Budge For 2nd Straight Day After moving back under 7% last week (conventional, 30yr fixed, top tier scenario), mortgage rates have been increasingly unlikely to move. Today was the 2nd day in a row with essentially no change for the average lender. Rates are driven by b... (read more) Rob Chrisman Servicing, POS, Marketing, Internal Audit Products; Increase in Mortgage Debt; Webinars and Training As conjecture swirls about the economic impact of the collapse of the bridge in Baltimore, did you ever notice that when you put the two words "The" and "IRS" together it spells "Theirs"? Taxes are something we all deal with, and here in Louisville, ... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.91% -0.01% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.91% -0.01 0.00 15 Yr. Fixed 6.47% 0.00 0.00 30 Yr. FHA 6.40% -0.01 0.00 30 Yr. Jumbo 7.30% 0.00 0.00 7/6 SOFR ARM 6.60% -0.01 0.00 30 Yr. VA 6.42% -0.01 0.00 Updates Daily - Last Update: 3/26 15 Yr. Fixed Rate 6.47% +0.00% Rate Change Points Freddie Mac 30 Yr. Fixed 6.87% +0.13 0.00 15 Yr. Fixed 6.21% +0.05 0.00 Updates Weekly - Last Update: 3/21 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.97% +0.13 0.64 15 Yr. Fixed 6.49% +0.12 0.70 30 Yr. Jumbo 7.14% +0.10 0.54 Updates Weekly - Last Update: 3/20 MBS / Treasuries UMBS 30YR 5.5 99.52 +0.03 Price / Yield Change MBS UMBS 5.5 99.52 +0.03 UMBS 6.0 100.94 -0.03 GNMA 5.5 99.92 +0.03 GNMA 6.0 100.86 -0.08 Pricing as of: 3/26 5:31PM EST 10 Year US Treasury 4.2300 -0.0190 Price / Yield Change US Treasury 2 YR Treasury 4.585 -0.045 5 YR Treasury 4.217 -0.016 7 YR Treasury 4.231 -0.020 10 YR Treasury 4.230 -0.019 30 YR Treasury 4.393 -0.024 Pricing as of: 3/26 5:31PM EST Latest Video March's consumer sentiment comes below consensus Former Dallas Fed President discusses whether three rate cuts this year is ... Taylor Morrison CEO: We're in a good place as interest rates have 'slightly... Brown Harris Stevens CEO: The housing market has done 'incredibly well' con... Around the Web CNBC Home price growth is back at pre-pandemic levels. Here's what that means for buyers and sellers CFPB 2023 HMDA Data on Mortgage Lending Now Available Calculated Risk Blog A few comments on the Seasonal Pattern for House Prices Calculated Risk Blog Case-Shiller: National House Price Index Up 6.0% year-over-year in January Market Watch Consumer confidence dips in March on more pessimism about the future of the economy Marketwatch California homeowners face an insurance crisis. What will it mean for home prices in the state? CNBC 10-year Treasury yield ticks lower as investors weigh economic data Marketwatch Kevin Warsh, floated as Trump Fed chief, says Powell is 'goosing' the economy Calculated Risk Blog Comments on January House Prices, FHFA: House Prices Declined Slightly in January Marketwatch Cook says Fed has to move carefully before cutting interest rates Calculated Risk Blog March Vehicle Sales Forecast: 15.6 million SAAR, Up 5% YoY Market Watch Treasury yields edge higher at start of busy holiday-shortened week CNBC Treasury yields inch higher as investors look to key data in week ahead

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