By Dennis Norman, on December 24th, 2015 New home sales in the U.S. in November rose 9.1 percent from a year ago, and increased 4.3 percent from the month before, according to a report just released by the U.S. Commerce Department. In the midwest region however, new home sales slid in November, falling 8.6% to a seasonally-adjusted annual rate of 53,000 homes from 58,000 the month before and decreasing 10.2 percent from November 2014 when new home sales in the midwest were at an annual rate of 59,000 homes.
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By Dennis Norman, on October 26th, 2015 New home sales in the U.S. in September lost some steam declining 11.5 percent from August, however, let’s not forget, August was a record month for U.S. New Home Sales which sold at the highest annual rate since February of 2008, according to a report just released by the U.S. Commerce Department. New homes sold in September at a seasonally-adjusted, annual-rate, of 468,000 homes, a decrease of 11.5 percent from the month before an an increase of 2.0 percent from September 2014 when new homes sold at an annual rate of 459,000 homes.
Midwest New Home Sales Fall For Second Month in a Row..
Here in the midwest region, new homes sold in September at a seasonally-adjusted, annual-rate, of 55,000 homes, a decline of 8.3 percent from August and also a decline 8.3 percent from September 2014 when new homes sold in the Midwest region at a rate of 60,000 homes per year.
The new home supply in the United States increased in September 18.4 percent to 5.8 months from a 4.9 month supply the month before and increased 5.5 percent from September 2014 when there was a 5.5 month supply.
New home prices rose 2.6% in September to a median price of $296,900 from $289,100 the month before and is 13.5% higher than a year ago when the median price of new homes sold in the U.S. was $261,500.
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By Dennis Norman, on September 25th, 2015 New home sales in the U.S. in August sold at the highest annual rate since February of 2008, according to a report just released by the U.S. Commerce Department. New homes sold in August at a seasonally-adjusted, annual-rate, of 552,000 homes, an increase of 5.7 percent from the month before an an increase of 21.6 percent from August 2014 when new homes sold at an annual rate of 454,000 homes.
Midwest New Home Sales Not Keeping Pace
Here in the midwest region, new homes sold in August at a seasonally-adjusted, annual-rate, of 60,000 homes, a decline of 9.1 percent from July but was an increase of 15.4 percent from August 2014 when new homes sold in the Midwest region at a rate of 52,000 homes per year.
The new home supply in the United States decreased in August 4.1 percent to 4.7 months from a 4.9 month supply the month before and declined 13.0 percent from Augsut 2014 when there was a 5.4 month supply.
New home prices remained about the same in August at a median price of $292,700 up slightly from $291,100 the month before and was $500 higher than a year ago when the median price of new homes sold in the U.S. was $291.700.
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By Dennis Norman, on August 25th, 2015 New home sales in the midwest declined in July to a seasonally-adjusted annual rate of 54,000 homes, a decline of 6.9 percent from the month before when sales were at a rate of 58,000 homes, according to a report just released by the U.S. Commerce Department. The new home sales rate for the midwest in July 2015 was exactly the same as July 2014.
The new home supply in the United States decreased in July 1.9 percent to 5.2 months from a 5.3 month supply the month before and marks a decline of 14.8 percent from July 2014 when there was a 6.1 month supply.
New home prices increased 3 percent in July to a median price of $285,900 from $277,500 the month before and was 2 percent higher than a year ago when the median price of new homes sold in the U.S. was $280,400.
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By Dennis Norman, on July 24th, 2015 New home sales in the midwest slipped in June to a seasonally-adjusted annual rate of 56,000 homes, a decline of 11.1 percent from the month before when sales were at a rate of 63,000 homes, according to a report just released by the U.S. Commerce Department. Even though new home sales cooled off in June, the pace for June was still 5.7 percent higher than June 2014 when new home sales came in at a rate of 53,000 homes.
The new home supply in the midwest increased in June 12.5 percent to 5.4 months from a 4.8 month supply the month before, however this marks a decline of 6.9 percent from June 2014 when there was a 5.8 month supply.
New home prices increased slightly in June, from the month before, to a median price of $281,800 however were down 1.8% from June 2014 when the median new home price in the midwest was $287,000.
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By Dennis Norman, on June 16th, 2015 New Home Construction in the Midwest declined to a seasonally adjusted annual rate of return of 104,000 homes in May after hitting a rate of 123,000 homes in April. April’s increase in activity brought the rate of new home construction to 23% above a year ago, but in May the rate fell to a point 1% below the same time last year, according to newly released date from the U.S. Commerce Department and U.S. Census Bureau.
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Building Permits Issued In St Louis MSA for Single-Family Homes
Source: Federal Reserve – St Louis
By Dennis Norman, on May 19th, 2015 New Home Construction in the Midwest really heated up during the month of may with construction beginning during the month on new single-family homes a the annual rate of 126,000 homes, an increase of 43.2% from March and an increase of 15.6% from April 2014, according to newly released date from the U.S. Commerce Department and U.S. Census Bureau. During the month of April, new homes were completed at the annual rate of 128,000 homes, an increase of 50.6% from March and an increase of 28.0% from a year ago. Building permits issued for new homes did not keep pace with new construction and were issued at the annual rate of 100,000 homes which is still an increase of 1% from the month before and an increase of 5.3% from April 2014.
National Association of Home Builders Chairman, Tom Woods, a builder from right here in Missouri (Blue Springs) said “Our builders tell us that consumers are slowly returning to the market” and added, “This month’s report shows release of pent-up demand and evidence of a sustainable housing recovery.”
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By Dennis Norman, on April 18th, 2015 New Home Construction in the Midwest showed mixed results in March with a small increase from a year ago in the number of building permits issued but a decline in the number of new homes construction began on or was completed on, according to data released this week by the U.S. Commerce Department and U.S. Census Bureau.
New home construction activity in the midwest region of the U.S. in March (all figures shown are seasonally adjusted, annual rates)
By Dennis Norman, on March 17th, 2015 New home construction in St Louis has begun 2015 with a slower start than one might expect given the spring-like weather St Louis experienced during much of January and the flurry of activity we have seen thus far this year from home buyers. Permits issued in January for new homes in the St Louis Metro Area were down 7.85 percent from a year ago, according to data from the Federal Reserve Bank of St Louis. As the chart below illustrates, for the bulk of last year, the number of permits issued during the month was down from a year ago.
Percentage Change From Year Ago In Building Permits Issued In St Louis MSA for Single-Family Homes
Source: Federal Reserve – St Louis
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By Dennis Norman, on March 26th, 2014 New home sales in the midwest region of the U.S. shot up 36.7 percent in February from the month before and was up 1.5 percent from February 2013, according to a report just released by the U.S. Commerce Department. New home sales in the Midwest were at a seasonally-adjusted annual rate of 67,000 homes, up from a rate of 49,000 homes the month before and up slightly from a year ago when new homes in the midwest were selling at at a rate of 66,000 homes per year.
Actual new home sales in the midwest for the first two months of this year are lagging behind this time last year however, with 8,000 new homes sold in the first two months of 2014, down about 11% from the same time last year when there were 9,000 new home sales year-to-date in the midwest.
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By Dennis Norman, on February 26th, 2013  New home sales in January were at a seasonally adjusted rate of 437,000 homes, an increase of 15.6 percent from the month before and an increase of 28.9 percent from a year ago, according to the new home sales report for January 2013 just released by the Commerce Department. The median price of new homes sold in January 2013 was $226,400 and the inventory of new homes for sale at the end of the month worked out to a 4.1 month supply.
By Dennis Norman, on January 25th, 2013 New home sales activity slowed at the end of 2012 with new homes selling in December at a seasonally adjusted rate of 369,000, a decline of 7.3 percent from the month before but an increase of 8.8 percent from December 2011, according to the December 2012 new home sales report from the Commerce Department. This means 2012 ended with an increase of almost 20 percent in new home sales from 2011 when there were just 306,000 new homes sold. Also on a positive note, the median price of new homes increased from $218,600 in December 2011 to $248,900 in December 2012 while, during the same period, the inventory of new homes for sale in the U.S. declined from a 5.4 month supply to 4.9 months.
Continue reading “New home sales increased almost 20 percent in 2012 and prices increased almost 14 percent“
By Dennis Norman, on December 27th, 2012 New home sales in November in the Midwest region were at a seasonally adjusted rate of 49,000 homes, a decrease of 12.5 percent from the month before and a decrease of 5.8 percent from a year ago, according to the new home sales for November 2012 just released by the Commerce Department. The new home sales numbers for the Midwest are in pretty sharp contrast to the national numbers which showed new home sales up 4.4 percent in November from the month before and up 15.3 percent from a year ago. Year to date actual home sales in the U.S. are up 20 percent from 2011 and in the Midwest they are up 9.8 percent.
By Dennis Norman, on December 20th, 2012  This morning, the Commerce Department released its new home construction report showing that, on a national basis, all aspects of new home construction, permits, starts and completions, slipped slightly in November 2012 from the month before but were up from a year ago. The Home Builders Association’s new home report shows somewhat better results in St. Louis with permits in St. Louis county up almost 25 percent in November from a year before, nearly a 47 percent increase in St. Charles County, a 1.4 percent increase in Jefferson County and modest decreases in Franklin and Warren County. The city of St. Louis has been hit the hardest with over a 50 percent decline in new home construction from a year ago.
By Dennis Norman, on November 20th, 2012 This morning, the Commerce Department released its new home construction report showing that, on a national basis, all aspects of new home construction, permits, starts and completions, are up double digits in October 2012 from the year before. The Home Builders Association’s new home report shows similar results in St. Louis as well with permits in St. Louis county up almost 24 percent in October from a year before, a 44 percent increase in St. Charles County and modest decreases in Jefferson County and Franklin County. Continue reading “St. Louis New Home Construction Activity Continues to Increase; Fed Chairman Bernanke Warns of Moderate Reovery Though“
By Dennis Norman, on August 17th, 2012  It’s been a rocky few months, however new home activity in the Midwest continued to show signs of improvement in July. According to the report on New Residential Construction for July 2012 just released by the Commerce Department, new building permits for single-family homes in the Midwest increased in July 2.5 percent from the month before 16.9 percent from a year ago. Housing starts, on the other hand, were down 5.6 percent for the month but was up 12.0 percent from a year ago.
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Continue reading “Home building in Midwest continues to improve“
By Dennis Norman, on June 25th, 2012 Today, the U.S. Department of Housing and Urban Development and U.S. Census Bureau released new home sales data for May 2012 showing an increase of 7.6 percent from the month before, and an increase of 19.8 percent from a year ago. The seasonally-adjusted new home sales rate for May was 369,000 homes, up from a revised rate of 343,000 homes the month before. The supply of new homes on the market decreased to a 4.7 month supply from a revised 5.0 months the month before. The median new home price decreased slightly to $234,500 from a revised median price of $236,000 the month before and increased 5.6 percent from a year ago when the median new home price was $222,000. Continue reading “New home sales increase again in May; Inventory continues to decline“
By Dennis Norman, on May 16th, 2012
The U.S. Census Bureau and US Department of Housing and Urban Development (HUD) issued their report on New Residential Construction for April 2012 showing an increase in single-family home building permits from the month before of 1.9 percent and a 18.5 percent increase in new home starts compared to the year before. Continue reading “New home construction continues to show modest improvement“
By Dennis Norman, on April 24th, 2012 Today, the U.S. Department of Housing and Urban Development and U.S. Census Bureau released new home sales data forMarch 2012 showing a decrease of 7.1 percent from the month before, and an increase of 7.5 percent from a year ago. The seasonally-adjusted new home sales rate for March was 328,000 homes, down from a revised rate of 353,000 homes the month before. It’s worth noting that February’s sales were originally reported by the Commerce Department to be 313,000, so the revision to 353,000 was significant. So, in the end, March may not look so bad either if the revised numbers follow suit with the month before. Continue reading “New home sales and prices slip in March; both still better than a year ago“
By Dennis Norman, on March 23rd, 2012 Today, the U.S. Department of Housing and Urban Development and U.S. Census Bureau released new home sales data for February 2012 showing a decrease of 1.6 percent from the month before, and an increase of 11.4 percent from a year ago. The seasonally-adjusted new home sales rate for February was 313,000 homes, down from an adjusted rate of 318,000 homes the month before. This is the second consecutive month new home sales have declined. Continue reading “New home sales slip in February; still up double digits from a year ago though“
By Dennis Norman, on February 24th, 2012 Today, the U.S. Department of Housing and Urban Development and U.S. Census Bureau released new home sales data for January 2012 showing a decrease of 0.9 percent from the month before, and an increase of 3.5 percent from a year ago. The seasonally-adjusted new home sales rate for January was 321,000 homes, down from an adjusted rate of 324,000 homes the month before. This is the first month new home sales have declined after four consecutive months of increases. Continue reading “New home sales decline slightly in January; Inventory of new homes to lowest level in over a year“
By Dennis Norman, on January 26th, 2012 Today, the U.S. Department of Housing and Urban Development and U.S. Census Bureau released new home sales data for December 2011 showing a decrease of 2.2 percent from the month before, and a decrease of 7.3 percent from a year ago. The seasonally-adjusted new home sales rate for December was 307,000 homes, down from an adjusted rate of 314,000 homes the month before. This is the first month new home sales have declined in four months and unfortunately ends the year with the lowest number of new homes sold since the Commerce Department began keeping track of sales in 1963. Continue reading “New homes sales fall in December and make 2011 worst year on record“
By Dennis Norman, on November 28th, 2011  Today, the U.S. Department of Housing and Urban Development and U.S. Census Bureau released new home sales data for October 2011 showing an increase of 1.3 percent from the month before, and an increase of 8.9 percent from a year ago. The seasonally-adjusted new home sales rate for October was 307,000 homes, up from an adjusted rate of 303,000 homes the month before (originally reported at 313,000 homes). Unfortunately, even with the increase in the rate of new home sales, the current rate of new home sales is still on track to make 2011 new home sales the lowest since the Commerce Department began keeping track of sales in 1963. Continue reading “New home sales tick up slightly in October; still on track for worst year ever“
By Dennis Norman, on October 26th, 2011 Today, the U.S. Department of Housing and Urban Development and U.S. Census Bureau released new home sales data for September 2011 showing an increase of 5.7 percent from the month before, and a decrease of 0.9 percent from a year ago. The seasonally-adjusted new home sales rate for September was 313,000 homes, up from an adjusted rate of 296,000 the month before. Unfortunately, even with the increase in the rate of new home sales, the current rate of new home sales is still on track to make 2011 new home sales the lowest since the Commerce Department began keeping track of sales in 1963. Continue reading “New home sales tick up in September but still on track to be worst year ever“
By Dennis Norman, on September 26th, 2011 Today, the U.S. Department of Housing and Urban Development and U.S. Census Bureau released new home sales data for August 2011 showing a decrease of 2.3 percent from the month before, and an increase of 6.1 percent from a year ago. The seasonally-adjusted new home sales rate for August was 295,000 homes, down from an adjusted rate of 302,000 the month before and is a rate that if we finish 2011 at will make 2011 new home sales the lowest since the Commerce Department began keeping track of sales in 1963. Continue reading “New home sales drops in August and remains on track to finish year at record low“
By Dennis Norman, on August 23rd, 2011 Today, the U.S. Department of Housing and Urban Development and U.S. Census Bureau released new home sales data for July 2011 showing a decrease of 0.7 percent from the month before, and an increase of 6.8 percent from a year ago. The seasonally-adjusted new home sales rate for July was 298,000 homes, down from an adjusted rate of 300,000 the month before and is a rate that if we finish 2011 at will make 2011 new home sales the lowest since the Commerce Department began keeping track of sales in 1963. Continue reading “New home sales drop again in July; 2011 new home sales continue on track to be worst year ever“
By Dennis Norman, on July 26th, 2011 Today, the U.S. Department of Housing and Urban Development and U.S. Census Bureau released new home sales data for June 2011 showing a decrease of 1.0 percent from the month before, and an increase of 1.6 percent from a year ago. The seasonally-adjusted new home sales rate for June was 312,000 homes, down from 315,000 the month before and is a rate that if we finish 2011 at will make 2011 new home sales the lowest since the Commerce Department began keeping track of sales in 1963. Continue reading “New home sales drop in June; 2011 new home sales on track to be worst year ever“
By Dennis Norman, on September 24th, 2010 Dennis Norman Last month I reported that July’s new home sales rate of 276,000 homes was the lowest rate on record. Subsequently the Commerce Department revised July and changed the sales rate to 288,000 homes raising July to the second-lowest home sales rate on record. Today, the numbers for August came out and they are no better….the new home sales rate for August is being reported by the Commerce Department as 288,000 homes, the same as July. Continue reading “No Improvement in New Home Sales in August“
By Dennis Norman, on July 27th, 2009  Dennis Norman This morning the U.S. Department of Commerce released a report showing the sale of New Homes in June were at a seasonally adjusted annual rate of 384,000, an 11% increase across the US from May.
However, here in the Midwest the numbers were significantly better showing a seasonally adjusted annual rate of 73,000 new homes sales in June, a 43.1% increase over Mays rate of 51,000 homes. In addition, the Midwest was the only of region of the four in the U.S. that showed an increase in sales from the year prior. In the Midwest, June’s rate is 5.8% better than June, 2008’s rate of 69,000 home sales. The US market as a whole was down 21.3% from a year ago.
Median prices for new homes in the U.S. decreased from $221,600 in May to $206,200 for June. Homes in the $150,000 – $299,999 range continue to dominate sales with 56% of the sales for June falling in this price range. The Commerce Department does not publish median home prices or inventories for the regions so we can’t look at the Midwest alone.
Perhaps the best news in the report is on the inventory of new homes. Inventory declined again to 281,000 homes which represents an 8.8 month supply based upon current sales rate. This is the lowest inventory we have seen in a long time and is a very positive sign to me. Continue reading “New home sales in Midwest increase a whopping 43.1% in June“
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