Real Estate News

   “Privately-owned housing units authorized by building permits in October were at a seasonally
adjusted annual rate of 1,297,000. This is 5.9 percent above the revised September rate of 1,225,000
and is 0.9 percent above the October 2016 rate of 1,285,000. Single-family authorizations in October
were at a rate of 839,000; this is 1.9 percent above the revised September figure of 823,000 (Census).”
“Privately-owned housing starts in October were at a seasonally adjusted annual rate of
1,290,000. This is 13.7 percent above the revised September estimate of 1,135,000, but is 2.9 percent
below the October 2016 rate of 1,328,000. Single-family housing starts in October were at a rate of
877,000; this is 5.3 percent above the revised September figure of 833,000.” (Census)
“Privately-owned housing completions in October were at a seasonally adjusted annual
rate of 1,232,000. This is 12.6 percent above the revised September estimate of 1,094,000 and is 15.5
percent above the October 2016 rate of 1,067,000. Single-family housing completions in October were at
a rate of 793,000; this is 2.6 percent above the revised September rate of 773,000.” (Census)
Sales of new single-family houses in October 2017 were at a seasonally adjusted annual rate
of 685,000, according to estimates released jointly by the U.S. Census Bureau and the Department of
Housing and Urban Development. This is 6.2 percent above the revised September rate of 645,000 and
is 18.7 percent above the October 2016 estimate of 577,000. The median sales price of new houses
sold in October 2017 was $312,800. The average sales price was $400,200. The seasonally-adjusted
estimate of new houses for sale at the end of October was 282,000. This represents a supply of 4.9
months at the current sales rate. Sales of existing homes in the South, seasonally adjusted, were
2,160,000 for October, up 1.9% from September. There is an inventory of 1,800,000 homes for sale in
the south. The respresents a 3.9 months supply. (Realtor)
National average for 30 year mortgage money is 3.94%. 15 year money is at 3.40%. 5/1 arms
are at 4.08% and Jumbo loans are at 4.33%.
“Builder confidence in the market for newly-built single-family homes rose two points to a level
of 70 in November on the National Association of Home Builders/Wells Fargo Housing Market Index
(HMI). This was the highest report since March, and the second highest on record since July 2005.”
(NAHB)
Existing home sales are expected to rise 2.8% above the 2017 levels in 2018 to 5.8 million
(Realtor). A record high stock market, partially created by the expected passage of the Republican tax
bill, record job creation, pent-up household formation and rising conumer confidence in the economy are
giving more Americans the assuarnace and ability to purchase a home.
 

Source: www.census.gov  www.realtor.com   www.nahb.org  www.bloomberg.com

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