Spring New Home Sales Prove Resilient to Higher Rates

Existing home sales posted strong gains in February while sales of new homes slipped slightly. In March each category switched directions. The U.S. Census Bureau and the Department of Housing and Urban Development said newly constructed homes sold at a seasonally adjusted annual rate of 693,000 compared to 668,000 in February while the National Association of Realtors® (NAR) reported that existing home sales fell from a rate of 4.38 million units the prior month to 4.19 million. The increase in new home sales put those transactions up 8.8 percent compared to February and 8.3 percent higher than the March 2023 pace. Sales of previously owned single-family homes, townhouses, condos, and cooperative apartments were down 4.3 percent and 3.7 percent compared to the two earlier periods. [newhomesall] Existing single-family home sales also declined 4.3 percent in March to a 3.97-million-unit sales pace while condo and cooperative apartment sales were down 4.9 percent to 390,000 units. Single-family sales were 2.8 percent and multi-family sales were 11.4 percent lower year-over-year. New home sales rose by 10,000 units from February to 67,000 on a non-seasonally adjusted basis. Analysts polled by Trading Economics had expected new home sales to remain at February’s 668,000 level and had expected a smaller 2.2 percent decline in existing home sales to 4.2 million units. The inventory of new homes remains healthy with 477,000 unsold homes , an estimated 8.3-month supply at the current rate of sales and a monthly increase of 5.7 percent. The number of existing homes available for sale did increase by 4.7 percent to 1.11 million units but remains anemic at a 3.2-month supply.

April 23, 2024 Download our Mobile App: Download our Mobile App: Housing News Spring New Home Sales Prove Resilient to Higher Rates Existing home sales posted strong gains in February while sales of new homes slipped slightly. In March each category switched directions. The U.S. Census Bureau and the Department of Housing and Urban Development said newly constructed homes sold at... (read more) Mortgage Rate Watch Mortgage Rates Lowest in a Week Mortgage rates are driven by day to day changes in the bond market. Bonds are focused on the Fed and the economic data that shapes Fed decisions. Today's data isn't necessarily big on the Fed's radar, but the market reacted due to its imp... (read more) MBS Commentary Bonds Showing Strong Desire For Econ Data Is it any surprise to see a strong reaction to economic data when the phrase "data dependent" has come to unequivocally rule all other approaches to understanding the interest rate outlook? Yes, actually, it can sometimes still be a surprise be... (read more) Rob Chrisman Data Analytics, Servicing Products; STRATMOR's CD Workshop; Training and Webinars “The next time you dislike your life, remember it’s all about perspective. I know someone who reads 2-3 books a week, works out twice a day, has no financial worries, and has people who want to have sex with him all the time. Yet he constantly compla... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.38% -0.05% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.38% -0.05 0.00 15 Yr. Fixed 6.82% -0.03 0.00 30 Yr. FHA 6.86% -0.05 0.00 30 Yr. Jumbo 7.58% -0.04 0.00 7/6 SOFR ARM 7.40% 0.00 0.00 30 Yr. VA 6.88% -0.04 0.00 Updates Daily - Last Update: 4/23 15 Yr. Fixed Rate 6.82% -0.03% Rate Change Points Freddie Mac 30 Yr. Fixed 7.10% +0.22 0.00 15 Yr. Fixed 6.39% +0.23 0.00 Updates Weekly - Last Update: 4/18 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 7.13% +0.12 0.00 15 Yr. Fixed 6.64% +0.18 0.64 30 Yr. Jumbo 7.40% +0.27 0.46 Updates Weekly - Last Update: 4/17 MBS / Treasuries UMBS 30YR 6.0 99.64 +0.17 Price / Yield Change MBS UMBS 6.0 99.64 +0.17 UMBS 6.5 101.33 +0.19 GNMA 6.0 100.42 +0.12 GNMA 6.5 101.41 +0.07 Pricing as of: 4/23 5:31PM EST 10 Year US Treasury 4.6030 -0.0065 Price / Yield Change US Treasury 2 YR Treasury 4.927 -0.040 5 YR Treasury 4.627 -0.023 7 YR Treasury 4.621 -0.017 10 YR Treasury 4.603 -0.007 30 YR Treasury 4.730 +0.015 Pricing as of: 4/23 5:31PM EST Latest Video BNP Paribas forecasting further disinflation in housing market, says Chief ... PulteGroup CEO: New traffic into sales offices have moderated in reaction t... Former Fed Vice Chair Richard Clarida: Fed looks likely to err on hawkish s... March new home sales beats expectations despite weak inventory Around the Web Marketwatch The U.S. Treasury is about to make a move designed to make the bond market more resilient Marketwatch 'Extraordinary' U.S. government debt may mean prolonged bond-market volatility CNBC Consumers may soon get access to a share of $8.8 billion in Inflation Reduction Act home energy rebates Calculated Risk Blog New Home Sales Increase to 693,000 Annual Rate in March Marketwatch Pulte's stock rises premarket as home builder cites housing shortage boost CNBC UAE central bank asks lenders to defer loan repayments for six months to help flood-hit residents Eye on Housing Buyer Preference for a Detached Home Remains Strong CNBC Luxury real estate prices just hit an all-time record Reuters ECB should be very cautious about post-June rate cuts, de Guindos says Calculated Risk Blog DOT: Vehicle Miles Driven Increased 1.4% year-over-year in February 2024 SA CNBC Treasury yields hold steady as investors look to fresh data Eye on Housing Green Building: Resiliency Practices Reuters Euro Zone Business in Services-Led Bounce in April, PMI Survey Shows

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