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| 30 Yr Fix |
6.05% |
-0.01% |
| 15 Yr Fix |
5.60% |
0.01% |
| 1 Yr ARM |
5.29% |
0.00% |
| 5/1 ARM |
5.67% |
-0.06% |
| 30 Yr Tres |
4.56% |
-0.06% |
| Fed Prime |
5.00% |
-0.25% |
|
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New Home Sales and Prices Continue Seemingly Endless Decline
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The Census Bureau and the U.S. Department of Housing and Urban Development jointly
released their monthly report on new home sales early Wednesday morning.
The report showed new home sales declined once again, this
time to a seasonally adjusted annual rate of 588,000 units. The revised December
figure was 605,000 houses for a month-over-month drop of 2.8 percent. The January
2008 figure is 33.9 percent below the January 2007 estimate of 890,000 sales.
Regional sales in January were down 10.3 percent in the Northeast, 7.6 percent
in the Midwest, 2.4 percent in the South and 2.2 percent in the West.
At the end of January there were an estimated 482,000 houses
available for sale nationally. At the current rate of sales this represents
a 9.9 months supply. In December there were 493,000 homes on the market, a 9.5
months supply. In January 2007 the 536,000 homes then available represented
only a 7.2 months supply. Of the 482,000 homes currently for sale, 195,000 are
completed and have spent a median time period of 6.7 months on the market since
completion. One year ago the median marketing period was 4.3 months.
The median sales price of new homes in January was $216,000
compared to $225,600 in December and $254,400 in January 2007. The average sales
price for each respective period was $276,600, $274,700, and $314,600.
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Comments (5)
| The affordability factor in most markets is outrageous. In the markets where housing expenditures never outgrew affordability things are OK. Just about every other location is not faring well. WA State is not doing well. We are working with a growing # of foreclosures. Values are down across the board. Statistics are easily skewed when you're not comparing apples to apples. Hang on! |
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| Above Posted By:
Justin Travatte
| Mon, 3 Mar 2008 21:32:43 EST |
| Like they say, real estate is local. Texas has not experienced the migration that California, Florida and New York have in the last decade. Certain parts of the country in 2004 and 2005, property value virtually remained the same increasing at the normal rate of approximately 6 % to 6½ % annually. A residence in certain areas of the country specifically in California that was worth on the average of 200k in 2003 was suddenly ridiculously priced at 550k to 600k in 2004 and 2005. That is the reason that property value in California, New York and Florida are adjusting back to the normal or more realistic prices. The media is simply put reporting the facts that the economy is on a decline just line they did when they reported monthly that property value was going up 20% to 30% per month as a result of improprieties conducted by individuals in the mortgage industry. |
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| Above Posted By:
Jose
| Mon, 3 Mar 2008 19:16:48 EST |
| It never ceases to amaze me how reporters from the major news wires seem to only concentrate on the bad news from California, New York and Florida. So many parts of the country are doing just fine. In Austin, the markets are fine and values are still going up and the same can be said for Oregon and the Pacific NW. Only in the areas where they saw 25% or more a year in appreciation are they having these issues. The "Real Estate Bubble" is not everywhere. How about someone reporting on that? |
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| Above Posted By:
James Barnes
| Mon, 3 Mar 2008 06:34:57 EST |
| It can't turn around until there is money in the pockets of those who want to buy and continue to live in a house. It's called the affordability index, and there is no majority of people that can afford to buy and maintain the majority of houses. When that changes, there will be stability and not before. |
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| Above Posted By:
ANON
| Wed, 27 Feb 2008 18:03:12 EST |
| The Pacific Northwest has experienced a minor hit, but nowhere near as bad as other regions in the US. Market times have increased though... I'm hoping this turns around soon! |
|
| Above Posted By:
dB
| Wed, 27 Feb 2008 12:46:29 EST |
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Credit agencies are simply wharehouses of information. They only report what has been reported to them. I think the focus should b...
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Some of you amaze me. Has anyone considered that unless somethingis done to curtail foreclosures and public sentiment that we are ...
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I was very disappointed with the rates tied to the GSE Jumbo loans. This and all the added costs to the conforming rates will prev...
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