Existing Sales Up, Inventories At Their Highest Level In A YearExisting home sales increased and reached an annual pace of 5 million sales for the first time since October 2013, while rising inventory continues to push overall supply towards a more balanced market. Total existing home sales climbed 2.67% to a seasonally adjusted annual rate of 5.04 million from an upwardly-revised 4.91 million. Sales are at the highest pace since October 2013 but remain 2.33% below the 5.16 million-unit level a year ago.SummaryInventories are at their highest level in over a year and price gains have slowed to much more welcoming levels in many parts of the country. This bodes well for rising home sales in the upcoming months as consumers are provided with more choices. On the contrary, new home construction needs to rise by at least 50% for a complete return to a balanced market because supply shortages – particularly in the West – are still putting upward pressure on prices.» [read more]

 

Housing Starts Drop To Slowest Pace This YearHousing starts dropped for the second straight month as construction fell off sharply in the South. New home stats were at a seasonally adjusted annual rate of 893,000. That was the lowest level in nine months and down 9.34% from the previous month. Applications for building permits, a barometer of construction plans, fell 4.18% to their lowest level this year.Housing Starts Drop To Slowest Pace This YearAlthough some economists speculated the South's surprising drop in building activity might be a one-month statistical quirk, this provides another worrying data point about the state of the housing market's rebound and its ability to contribute to broader economic growth.» [read more]

 

Properties Sold Faster For The Sixth Consecutive MonthTotal housing inventory rose 2.22% to 2.30 million existing homes available for sale, which represents a 5.5-month supply at the current sales pace, unchanged from the month before. Unsold inventory is 6.5% higher than a year ago, when there were 2.16 million existing homes available for sale.Properties Sold Faster For The Sixth Consecutive MonthProperties sold faster for the sixth consecutive month highlighting the fact that inventory is still lagging relative to demand. The median time on market for all homes was 44-days, down from 47-days a month ago; it was 37-days on market in June 2013.» [read more]

 

Millenials Are Dragging Down Home OwnershipHome ownership continues to fall, and younger Americans will push it even lower. Rising home prices, sky-rocketing student loan debt, rising mortgage rates and changing life choices — any one factor would affect how and when people make the single largest investment of their lives. But add them up and the results are striking.Millenials Are Dragging Down Home OwnershipThe nation's home ownership rate fell to 64.7% in the second quarter of this year. That is the lowest level in 19-years. Add to that just over one million homes with mortgages that are either delinquent or in the foreclosure process and the rate is even lower » [read more]

 

Existing Sales Heat Up, Inventory Levels Continue To ImproveExisting home sales rose strongly in last month and inventory gains continued to help moderate price growth. All four regions of the country experienced sales gains compared to a month earlier. Total existing-home sales, rose 4.94% to a seasonally adjusted annual rate of 4.89 million from an upwardly-revised 4.66 million in the month before but remain 5.05%t below the 5.15 million-unit level a year previous. The month-over-month gain was the highest monthly rise since August 2011.SummaryCurrent sales activity is rebounding after the lackluster first quarter. Home buyers are benefiting from slower price growth due to the much-needed, rising inventory levels seen since the beginning of the year.» [read more]