Trade group credits continued low mortgage rates
Home sales momentum will continue through the remainder of 2004 and into next year, the National Association of Realtors forecast today at its annual conference and expo in Orlando, Fla.
Existing-home sales are projected to rise 7.3 percent this year to 6.55 million compared with the previous record of 6.1 million in 2003, according to NAR. The group also expects 6.3 million existing-home sales in 2005, which would be the second highest on record. New-home sales this year will surpass the previous record of 1.09 million in 2003 with sales rising 7.7 percent to 1.17 million. A total of 1.07 million new-home sales are predicted for 2005.
NAR forecasts housing starts in 2004 to total 1.93 million, up from 1.85 million last year. Housing construction in 2005 should come in at about 1.84 million units.
The strong forecast comes from a steady decline in mortgage interest rates since June, when Freddie Mac reported the 30-year fixed-rate mortgage averaged 6.29 percent.
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Monday, November 8, 2004
Thursday, November 4, 2004
New-home sales climb, prices drop
Sales strongest in Midwest
Sales of new single-family homes in September were up from August sales, while the median price dropped 5.7 percent, the U.S. Census Bureau and U.S. Department of Housing and Urban Development announced today.
New-home sales in September were at a seasonally adjusted annual rate of 1.21 million, which is 3.5 percent (plus or minus 9 percent) above the revised August rate of 1.17 million and 7 percent (plus or minus 11.8 percent) above the September 2003 estimate of 1.13 million. The seasonally adjusted annual rate projects the monthly sales total over a 12-month period.
The median sales price of new homes sold in September was $197,700 and the average sales price was $255,100. The median sales price of new homes sold in August was $208,900 and the average sales price was $267,000. In July, the median sales price of new single-family houses sold was $207,400 and the average price was $274,200. The seasonally adjusted estimate of new houses for sale at the end of September was 404,000, which represents a supply of 4.1 months at the current sales rate.
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Sales of new single-family homes in September were up from August sales, while the median price dropped 5.7 percent, the U.S. Census Bureau and U.S. Department of Housing and Urban Development announced today.
New-home sales in September were at a seasonally adjusted annual rate of 1.21 million, which is 3.5 percent (plus or minus 9 percent) above the revised August rate of 1.17 million and 7 percent (plus or minus 11.8 percent) above the September 2003 estimate of 1.13 million. The seasonally adjusted annual rate projects the monthly sales total over a 12-month period.
The median sales price of new homes sold in September was $197,700 and the average sales price was $255,100. The median sales price of new homes sold in August was $208,900 and the average sales price was $267,000. In July, the median sales price of new single-family houses sold was $207,400 and the average price was $274,200. The seasonally adjusted estimate of new houses for sale at the end of September was 404,000, which represents a supply of 4.1 months at the current sales rate.
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