What’s Behind New Home Sales

New home sales rose on a year-over-year basis, but the adjusted figures suggest that says more about softness in July 2013 than strength in July 2014. Whatever the case may actually be, the seasonally-adjusted rate of home sales has been quite disappointing after the “surge” post-winter. In fact, that bounce has been all but revised .. read more

Home Sales Lag Where It Counts

Existing home sales rose again in July from a downward revised June, as the monthly change of 2.4% matched June’s revised increase over May. The yearly comparisons still continue to lag, as does the overall trend after the massive interruption that began last autumn. As the pace of sales has come back somewhat in 2014, .. read more

Hard Dollars Back Up Housing Observations

To add more concreteness and weight to today’s observations about home construction (and renovation), comparable store sales at both Home Depot and Lowes confirm the slowing of real estate construction. It is nice, if not so often, when hard dollar figures imitate to even a small degree what is being shown of adjusted statistical probabilities. .. read more

Housing Relates To Income More Than Credit Now

“High frequency data”, as some of these data series are known, causes an inordinate problem for those that are unwilling to move outside of monthly changes. These are the kinds of accounts that are “noisy” and can be difficult to handle absent any real context, but that does not stop them for being used persistently .. read more

Mortgage Supply Problems

It seems as if there is a little more complexity taking place in mortgage finance, and therefore the housing “market”, as the simplified idea of rates running the show isn’t holding water. On the surface, the general theme is one that contours to the outline of conventional mortgage interest as it ran through last year’s .. read more

Housing Contradictions

In contrast to existing home sales there has been no real bounce in new home sales. Again, that more than contradicts the idea of a home shortage (or at least a true market shortage, there may be a shortage when only factoring monetary targets) and further explains why builders are reluctant to close the purported .. read more

Depth in Home Sales

Existing home sales re-attained the 5 million SAAR level again in June, but that remains well behind last year’s trajectory. In other words, the bounce in sales after the most recent trough is not nearly as robust as predicted when it was simply assumed that the housing market would just revert back to 2013’s trend. .. read more

Adjusted Home Construction Falls But ‘Significance’ Unclear

On a seasonally-adjusted basis residential home construction was beyond ugly.  There were widespread declines in June from May’s levels that more than suggest a lack of weather bounce (not unlike a lot of other indications).  However, there is more than a little caution with housing data as it remains one of the most “noisy” series .. read more

On July 17th, 2014, posted in: Economy, Markets, Real Estate by