Housing Tag

US Home Prices Rise In July

02 Sep, by Knowledge Leaders Team in Uncategorized

CoreLogic released their home price index for July today and it showed another 1.25% month-over-month gain in June (including distressed sales). Their index is 7.4% higher than one year ago. If you exclude distressed sales, house prices still rose by 1.07% in July and are...

What’s Wrong With The Housing Market In The South?

24 Jul, by Knowledge Leaders Team in Uncategorized

Prior to the Great Recession the general belief in the housing market was that there actually wasn’t a national market per se but that the US housing market was an aggregation of many smaller regional and local markets....

Housing Starts Tumble In June

17 Jul, by Knowledge Leaders Team in Uncategorized

Even though builders are increasingly becoming more optimistic according to the latest NAHB release yesterday, housing starts are showing major signs of weakness similar to what mortgage applications have been signaling. Housing starts came in well below expectations in June as they posted 893K annualize...

What Has Happened To Mortgage Applications?

09 Jul, by Knowledge Leaders Team in Uncategorized

The first of half of 2014 saw the lowest average level of mortgage applications in the United States since the second half of 2000. This has occurred in tandem with a 44 basis point drop in mortgage rates since the beginning of the year....

Housing Starts Stuck At 1 Million

17 Jun, by Knowledge Leaders Team in Uncategorized

US housing starts for May came in below consensus at 1,001K units vs expectations of 1,036K units. Housing starts are still about 9.5% higher than they were a year ago. Regionally, housing starts are strongest in the Midwest while in the Northeast, starts are actually...

Lumber has Entered a Bear Market

10 Jun, by Knowledge Leaders Team in Uncategorized

Lumber prices are now down nearly 21% from the December peak of $375/bft and are now trading at $297.6/btf. We’ve noted several times how lumber prices (a measure of the health of the US economy) have completely disconnected from stock prices, and today’s action confirms...

US New Home Sales Beats In April While Prices Fall

23 May, by Knowledge Leaders Team in Uncategorized

New home sales came in at 433K annualized in April vs Consensus of 420K. Adding to the good news is that March was revised up by 23K to 407K. Unfortunately, new home sales are still down a little over 4% year-over-year and still haven’t been...

Mixed Bag Of US Economic Data Out Today

22 May, by Knowledge Leaders Team in Uncategorized

It has been a very quiet week on the US economic report front but today we finally have a string of high profile releases. We will take them in order of release times… Jobless Claims snapped back a sharp 28K jobs to 326k during the...

House Prices Are Still In A Bear Market

29 Apr, by Knowledge Leaders Team in Uncategorized

While house prices rose a solid 0.8% on a seasonally adjusted basis according to the S&P/Case-Shiller Home Price Index in February, house prices were unchanged according to the not seasonally adjusted series. February tends to have either the largest or the second largest difference between...

New Home Sales Plunge In March

23 Apr, by Knowledge Leaders Team in Uncategorized

New home sales dropped by 14.5% in March and are now down over 13% year-over-year. All four regions are now negative on a year-over-year basis. Meanwhile, median price rose over 11% to a all-time new high of $290K as months’ supply spiked to its highest...

US Existing Home Sales Are Now Down -7.5% Year-Over-Year

22 Apr, by Knowledge Leaders Team in Uncategorized

Existing home sales actually slightly beat consensus estimates for March (4.59 million vs 4.56 million), however, they still declined for 7th time in 8 months. The good news is the decline in March was minimal. Average and median home prices also both increased in March....

NAHB Housing Market Index Underwhelms In April

15 Apr, by Knowledge Leaders Team in Uncategorized

The latest reading for the NAHB Housing Market Index came in slightly below consensus again (47 vs 49). The index was particularly weak looking at the traffic of prospective buyers. This component series remains subdued at 32, well below the highs made in September 2013...