Eye on the EconomyExisting Home Sales Improving
August 7, 2014
eyeonhousing.org
Existing Home Sales2
• Existing home sales increased 2.4% in July
• Remains below July 2013 average
• NAR: existing home sales at a rate of 5.15 million
• Seasonally adjusted
• First-time buyer share continues to lag
• Read more here
Positive Outlook for Existing Sales
3
• NAR pending home sales increased 3.3% in July
• Read more here
• Consumer confidence increased in August
• Read more here
• Second quarter GDP revised to 4.2% expansion
• Read more here
• Home prices rose 6%
• Read more here
New Home Sales4
• New home sales fell 2.4% in July
• Annual rate of 412,000
• Last three month average remained the same
• Slower pace than the first two months of the year
• Read more here
Positive Outlook for New Home Sales
5
• Average effective mortgage interest rate at 4.25%
• Read more here
• A rise in builder confidence
• Read more here
• New home starts up 8.3% in July
• Read more here
Individual Submarket Conditions
6
• Market share and count of custom home building increased in the second quarter
• Read more here
• Townhouse market was relatively flat
• Read more here
• Single-family (built-for-rent) remains off cycle highs
• Read more here
Multifamily Construction7
• Multifamily (built-for-rent) reached new market share highs
• 94% of multi-family construction
• Read more here
• Multifamily Production Index gained five points for the second quarter
• 10th straight quarters above 50
• Read more here
NAHB and FDIC Survey Data8
• Acquisition development and construction loan conditions continue to improve
• Indicated ongoing easing conditions
• Read more here
• FDIC data revealed 5.4% growth in stock of outstanding residential AD&C loans in the second quarter
• 16% higher than a year a go
• Read more here
NAHB Analysis9
• Declining trend in new home median lot size
• Read more here
• Federal Reserve Survey examining household economic conditions
• Read more here
• Fair Market Rent estimates
• Read more here