New Home Sales Hit 10-Month High, Despite Some Regional Decline

New home sales edged a little further out of a lengthy slump in January, topping 600,000 units for the second straight month. The U.S. Census Bureau and the Department of Housing and Urban Development said sales of newly constructed single-family homes were at a seasonally adjusted annual level of 670,000. This was up 7.2 percent from December’s rate of 625,000 units and the best performance since last March. Sales remained 19.4 percent below the annualized total of 831,000 in January 2022. [newhomesall] Analysts polled by Econoday had projected sales at 617,000. Trading Economics was slightly higher at 620,000 units. On an unadjusted basis, there were 59,000 homes sold during the month. The December total was 47,000. New home sales in 2002 totaled 641,000. The year end figure for 2021 was 771,000. At the end if January there were an estimated 439,000 single-family homes available for sale, projected at a 7.9 month supply at the current sales pace. This is down from an 8.7 month supply i n December but 39 percent higher than the 5,7 month inventory a year earlier, Homes sold during the month at a median price of $427,500 and an average of $474,400. The sales prices in January 2022 were $430,500 and $501,200, respectively. The South was responsible for all of the month’s sales gains. The region posted a 17.1 percent increase from December’s sales while remaining 2.2 percent below the prior January level. Sales in the Northeast fell 19.4 percent and 13.8 percent below the two earlier periods.

February 24, 2023 Download our Mobile App: Download our Mobile App: Housing News New Home Sales Hit 10-Month High, Despite Some Regional Decline New home sales edged a little further out of a lengthy slump in January, topping 600,000 units for the second straight month. The U.S. Census Bureau and the Department of Housing and Urban Development said sales of newly constructed single-family hom... (read more) Mortgage Rate Watch Looking For Silver Linings for Rates and Housing When it comes to the mortgage and housing markets, there's been no shortage of gloomy news for months. This generally involves slumping sales, lower prices, and higher rates. All of the above are interconnected to some extent. The interconnection c... (read more) MBS Commentary There's Still a Chance, But... Both Wednesday and Thursday saw bonds hold their ground and make modest intraday improvements. Both days contributed to the possibility that Tuesday's highs had served as some sort of buying cue for bond traders who had possibly seen enough sel... (read more) Rob Chrisman Pricing, Income Calc., POS, Accounting Products; FHA and VA News; Georgia and Non-QM As attendees from the MBA’s servicing conference headed home this week, they may have learned that some airport lounges are cutting back on free guests. Some of those attendees work for depository banks, and they are in flux when it comes to servicin... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.88% +0.06% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.88% +0.06 0.00 15 Yr. Fixed 6.25% +0.07 0.00 30 Yr. FHA 6.35% +0.10 0.00 30 Yr. Jumbo 6.42% +0.02 0.00 5/1 ARM 6.60% -0.03 0.00 30 Yr. VA 6.40% +0.14 0.00 Updates Daily - Last Update: 2/24 15 Yr. Fixed Rate 6.25% +0.07% Rate Change Points Freddie Mac 30 Yr. Fixed 6.50% +0.18 0.00 15 Yr. Fixed 5.76% +0.25 0.00 Updates Weekly - Last Update: 2/23 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.62% +0.23 0.75 15 Yr. Fixed 5.98% +0.13 0.93 30 Yr. Jumbo 6.44% +0.18 0.53 Updates Weekly - Last Update: 2/22 MBS / Treasuries UMBS 30YR 5.0 98.00 -0.34 Price / Yield Change MBS UMBS 5.0 98.00 -0.34 UMBS 5.5 99.63 -0.33 GNMA 5.0 98.58 -0.25 GNMA 5.5 100.14 -0.20 Pricing as of: 2/24 5:31PM EST 10 Year US Treasury 3.9491 +0.0587 Price / Yield Change US Treasury 2 YR Treasury 4.820 +0.116 5 YR Treasury 4.217 +0.100 7 YR Treasury 4.115 +0.071 10 YR Treasury 3.949 +0.059 30 YR Treasury 3.932 +0.042 Pricing as of: 2/24 5:31PM EST Latest Video People still believe in the home buying process, says Brown Harris Stevens'... Fed Governor Philip Jefferson: High inflation may come down only slowly New home sales show steep rise in January JPMorgan CEO Jamie Dimon says a soft landing is still likely Around the Web CNBC Key Fed inflation measure rose 0.6% in January, more than expected CNBC As new data shows inflation rose in January, here's what consumers can expect next Calculated Risk Blog New Home Sales Increase to 670,000 Annual Rate in January; New Home Average Prices Down 5.3% Year-over-year Calculated Risk Blog Personal Income increased 0.6% in January; Spending increased 1.8% CNBC Jamie Dimon says the Federal Reserve has 'lost a little bit of control of inflation' Calculated Risk Blog Realtor.com Reports Weekly Active Inventory Up 67% YoY; New Listings Down 18% YoY CNBC Fed's Mester says she has hope that inflation can be brought down without a recession Calculated Risk Blog Q1 GDP Tracking: Close to 2% The Basis Point Housing data giant CoreLogic buys mortgage fintech Roostify: whats in it for lenders & consumers? Wall Street Journal Commerce Report to Detail Consumer Spending, Inflation in January Eye on Housing Multifamily Developer Confidence Remains in Negative Territory in Fourth Quarter Calculated Risk Blog Hotels: Occupancy Rate Down 5.5% Compared to Same Week in 2019 CNBC Treasury yields little changed as investors assess Fed minutes, data

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