Newsletter Monday Morning Coffee 8.14.23 – Home Price Growth and Inspiration Builder activity in June sent residential construction spending up nearly 1% over May. Spending is still down from last year, but builders are now doing more single-family homes, up more than 2% for the month. The CoreLogic Home Price Index (HPI) showed annual price growth edged up to 1.6% in June. Month-over-month price growth has slowed, yet CoreLogic expects annual […]
Uncategorized Monday Morning Coffee 8.7.23 The National Association of Realtor’s June Pending Home Sales index of signed contracts on existing homes saw its first gain since February. The NAR noted, “The recovery has not taken place, but the housing recession is over.” New Home Sales posted a small decline in June after increasing three straight months. But the trend is […]
Uncategorized Monday Morning Coffee 7.31.23 After May’s big surge in home building, things slowed down in June, as Housing Starts slipped slightly for the month. But, looking to the future, single-family Building Permits hit their highest level in 12 months. The market for new homes is clearly improving. NAHB homebuilder sentiment saw its seventh straight gain in July, hitting the highest reading in […]
Uncategorized Monday Morning Coffee 7.24.23 Black Knight’s home price index hit a new record high in May, showing that last year’s home price correction has now fully reversed. May’s 0.7% monthly gain equates to an 8.9% annualized growth rate going forward. CoreLogic’s analysis revealed home prices grew in May for the fourth straight month. However, annual price growth dropped below 2% for […]
Uncategorized Monday Morning Coffee 7.17.23 Residential construction spending unexpectedly increased 2.2% in May, with a 1.7% gain in single-family builds. It was the first monthly gain in a year, as home builders ramp up to meet persistent homebuyer demand. The National Association of Home Builders’ analysis of Census Bureau data showed that in the first three months of the year, almost 60% […]
Uncategorized Monday Morning Coffee July 10, 2023 Sales of new single-family homes rocketed ahead 12.2% in May, up for the third straight month. Reasons? The supply of completed homes has more than doubled since the bottom, and the median sale price is 7.6% below a year ago. Existing home supply remains tight, so the index of signed contracts on those homes dipped in May. […]
Uncategorized Monday Morning Coffee 7.3.23 Housing Starts shot up almost 22% in May, the biggest monthly gain since 2016 and 5.7% ahead of a year ago. Builders have lots of projects in the pipeline, so building permits rose a less dramatic 5.2% for the month. The NAHB builder sentiment index hit 55 in June, signaling most builders see conditions as good. Small wonder. The NAR reports […]
Uncategorized Monday Morning Coffee 6.19.23 The Fed Beige Book revealed, “Residential real estate activity picked up in most Districts despite continued low inventories,” while “home prices and rents rose slightly.” This is based on data and interviews from Fed Districts nationwide. CoreLogic reports U.S. home prices in April were up 1.2% for the month and 2% ahead of last year, representing “above average seasonal […]
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Uncategorized Monday Morning Coffee 6.5.23 April saw sales of New Homes surge to a 13-month high, up 4.1% from March and 11.8% ahead of last year. Inventories have recently made substantial gains, and the median price is down 8.2% from a year ago. The Mortgage Bankers Association reports new-home purchase applications rose year-over-year for the third straight month. They note: “the broader housing market […]
Uncategorized Monday Morning Coffee 5.22.23 The spring housing market is heating up. The Mortgage Bankers Association reported purchase mortgage applications rose 5% compared to the week before. Even refinancing applications spiked 10% from the prior week. This is happening even as the National Association of Realtors reports that almost seven out of ten metros saw home prices rise the first three months of […]
Uncategorized Monday Coffee 5.15.23 The CoreLogic Home Price Index (HPI) reported year-over-year home price growth fell to 3.1% in March, hitting its lowest appreciation rate in 11 years. Monthly price growth fell to 1.6%. Although construction spending was up overall in March, residential spending came in a tick below February. Given the low existing home inventories, builders are optimistic but cautious. Realtor.com’s latest weekly […]
Uncategorized Monday Morning Coffee 5.8.23 New Home Sales increased nearly 10% in March, posting the strongest monthly gain since March last year. It was the fourth straight monthly increase, as builders continue to benefit from the lack of existing home listings. Evidence of that? The index Pending Home Sales, or signed contracts on existing homes fell 5.2% in March. Yet buyer demand is strong, with about […]
Uncategorized Monday Morning Coffee 5.1.23 “My mission in life is not merely to survive, but to thrive; and to do so with some passion, some compassion, some humor, and some style.” – Maya Angelou Professor Randy Pausch Graduation Speech Transcript:   Last August I was told it was likely that I had three to six months to live. I’m on month nine […]
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