Existing-home sales rose 7% on a monthly basis in September, reaching a seasonally-adjusted, annual rate of 6.29 million, the National Association of Realtors said Thursday. Compared to a year ago, though, sales were down roughly 2%. The increase in sales was the result of improved inventory in recent months, which gave buyers more options to choose from and allowed more people to lock in purchases. However, inventory dropped nearly 1% from the previous month as of the end of September, and was down 13% from a year ago.
Existing-home sales improve in September, eating up available inventory
New-home construction subsides as supply-chain and labor problems persist
U.S. home builders started construction on homes at a seasonally-adjusted annual rate of 1.56 million in September, representing a 1.6% decrease from the previous month, the U.S. Census Bureau reported Tuesday. Compared with September 2020, housing starts were up 7.4%. The pace of permitting for new housing units also dropped in September. Permitting for new homes occurred at a seasonally-adjusted annual rate of 1.59 million, down 7.7% from August, in line with the rate of permitting from a year ago. Economists polled by MarketWatch had expected housing starts to occur at a pace of 1.61 million and building permits to come in at a pace of 1.67 million. The drop in permits was driven mainly by a decrease in multifamily housing units, though fewer single-family homes were permitted as well. New construction on multifamily buildings also decreased in September, though single-family starts remained flat.
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New home sales jump in August despite record prices
U.S. new-home sales increased 1.5% to an annual rate of 740,000, the government said Friday. The figure equates to how many homes would be sold over a yearlong period of time if the same number were bought in each month based on the rate of sales in July. Compared to a year ago, sales were down 24%.The median forecast of economists polled by MarketWatch was that new home sales would come in at an annual rate of 720,000 for August. The median sales price of new houses sold in August was $390,900, rising slightly from the previous month to reach a new record high.
Existing-home sales retreat in August as buyers wait for better prices
Existing-home sales dropped 2% to a seasonally-adjusted, annual rate of 5.88 million in August, the National Association of Realtors said Wednesday. Compared with August 2020, home sales were down 1.5%. Economists polled by MarketWatch had projected existing-home sales to come in at 5.87 million. The median sales price of an existing home was up nearly 15% year-over-year at $356,700.
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New-home construction improves in August, driven by increase in multifamily building
U.S. home builders started construction on homes at a seasonally-adjusted annual rate of 1.62 million in August, representing a 3.9% increase from the previous month, the U.S. Census Bureau reported Tuesday. Compared with August 2020, housing starts were up 17.4%. The pace of permitting for new housing units also increased in August. Permitting for new homes occurred at a seasonally-adjusted annual rate of 1.73 million, up 6% from July and 13.5% from a year ago. With both housing starts and building permits, the gains recorded in August were driven by an uptick in multifamily construction activity. Economists polled by MarketWatch had expected housing starts to occur at a pace of 1.55 million and building permits to come in at a pace of 1.62 million.
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