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]

 

New Housing Starts, Permits Fall More Than 6%Builders broke ground on fewer new homes but the rate of new construction still stands out as one of the strongest in years. Housing starts fell 6.54% in while holding just above a seasonally adjusted annual rate of 1 million.New Housing Starts, Permits Fall More Than 6%It was only the fourth month in the past year that home builders have achieved a 1 million or better annual pace. Near the peak of the housing boom in the mid-2000s, monthly housing starts often topped a 1.5 million annual rate and were sometimes over 2 million. Permits, a gauge of future construction activity, fell by 6.42% to an annual rate of 991,000 after three months above a 1 million annual rate.» [read more]

 

Percentage Of First time Buyers Continue To Under-PerformThe percent share of first-time buyers continued to under-perform, representing less than one-third of all buyers at 27% down from 29% last month and last year respectively. Homeownership has seen the greatest decline among the age groups which usually generate the most activity in the first-time buyer market.All Cash Sales Rise Even As Distressed Homes Trend Downward

Between 2004 and 2013 homeownership among 25-to-34 year olds slipped by nearly 8% and by 9% for the next older group, 35-to-44 year olds. Rates for all age groups between 25-to-54 are at their lowest point in the 39
years» [read more]

 

Mortgage Numbers Suggest Slower Summer SalesAfter a recent steep dive in volume, applications for mortgage refinances and home purchase loans were little changed. Applications for mortgage refinances and home purchase loans fell 1.00% on a seasonally adjusted basis. While reports showed an increase in new and existing homes sales in May, the mortgage numbers portend a late summer slowdown.Mortgage Numbers Suggest Slower Summer Sales


Mortgage rates are lower than they were a year ago—the first time that's happened since last June, when rates spiked a full percentage point on fears of the Federal Reserve would begin to "taper" its mortgage bond buying program. Now, months into the Fed's taper, rates have stabilized at low levels» [read more]

 

Home Sales Show Modest Improvement Amidst Gaining InventoryExisting home sales increased for the first time this year last month, while inventory meaningfully increased and home price growth moderated. Monthly sales gains in the West and South offset a modest decline in the Midwest while the Northeast was unchanged.SummaryTotal existing home sales rose 1.3% to a seasonally adjusted annual rate of 4.65 million up from 4.59 million month over month but are 6.8% below the 4.99 million-unit level in April 2013.» [read more]