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Other Industry News > Housing
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Mortgage applications edge higher
Mortgage applications increased 1.0% from a week earlier, according to data from the Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ending December 6. The previous week's results included an adjustment for Thanksgiving. The Market Composite Index, a measure of mortgage loan application volume, increased 1.0% from a week earlier. The refinance component of the index increased 2% from the previous week. The purchase component increased 1% from the previous week. The refinance share of mortgage activity increased to 65% of total applications, from 63% the previous week. For more, click here...
Canadian housing starts dip in November
Housing starts in Canada were trending at 194,014 units in November, compared to 195,274 in October, according to Canada Mortgage and Housing Corp. The trend is a six-month moving average of the monthly seasonally adjusted annual rates of starts. The stand-alone monthly SAAR was 192,235 units in November, down from 198,161 in October. For more, click here...
Canadian building permits jump in October
Canadian municipalities issued building permits worth $C7.2 billion in October, up 7.4% from September, according to Statistics Canada. The increase in October resulted from higher construction intentions for both the residential and non-residential sectors, principally in Ontario. For more, click here...
New home sales jump in October
U.S. sales of new, single-family homes were at a seasonally adjusted annual rate of 444,000 units in October, up 25.4% from the revised September rate and 21.6% higher than the October 2012 estimate, according to the Census Bureau and the Department of Housing and Urban Development. October's figure marked the largest month-over-month gain since May 1980. The median sales price of new houses sold in October was $245,800. An estimated 183,000 new homes were for sale at the end of October, representing a supply of 4.9 months at the current sales rate. For more, click here...
October building permits rise; starts figures delayed
Privately owned U.S. housing units authorized by building permits in October were at a seasonally adjusted annual rate of 1.034 million units, 6.2% higher than the September rate and 13.9% above the October 2012 estimate, according to the Census Bureau. Single-family authorizations in October were at a SAAR of 620,000, 0.8% above the September figure. The lapse in federal funding affected data collection for housing starts, and data for September and October could not be completed in time for this release. Data on housing starts for September, October, and November will now be released on December 18. For more, click here...
October pending home sales decline
The National Association of Realtors' Pending Home Sales Index, a forward-looking indicator based on contract signings, slipped 0.6% to a reading of 102.1 in October. The index is 1.6% below its October 2012 reading, and is at its lowest level since December 2012 when it was 101.3. Data reflect contracts but not closings. Lawrence Yun, NAR's chief economist, said the weaker activity was expected. "The government shutdown in the first half of last month sidelined some potential buyers. In a survey, 17% of Realtors reported delays in October, mostly from waiting for IRS income verification for mortgage approval," he said. For more, click here...
October existing-home sales cool
U.S. sales of pre-owned homes declined for a second consecutive month in October, while constrained inventory means home prices continue to see double-digit year-over-year gains, according to the National Association of Realtors. Total existing home sales fell 3.2% to a seasonally adjusted annual rate of 5.12 million units in October, from 5.29 million in September. October sales were 6.0% higher than the level of October 2012. Sales have remained above year-ago levels for the last 28 months. The national median existing-home price for all housing types was $199,500 in October, up 12.8% from the October 2012 median price. Distressed homes -- foreclosures and short sales -- accounted for 14% of October sales, down from 25% in October 2012. Total housing inventory at the end of October declined 1.8% to 2.13 million existing homes for sale, representing a 5.0-month supply at the current sales pace. Unsold inventory is 0.9% higher than a year ago, when there was a 5.2-month supply. For more, click here...
Builder confidence holds steady in November
Builder confidence in the market for newly built, single-family homes was unchanged in November from a downwardly revised level of 54 on the National Association of Home Builders/Wells Fargo Housing Market Index. This means that for a sixth consecutive month, more builders have viewed market conditions as good than poor. "Given the current interest rate and pricing environment, consumers continue to show interest in purchasing new homes, but are holding back because Congress keeps pushing critical decisions on budget, tax, and government spending issues down the road," said NAHB Chairman Rick Judson. "Meanwhile, builders continue to face challenges related to rising construction costs and low appraisals." For more, click here...
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