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Sales of new
single-family homes fell by a seasonally adjusted and annualized rate (SAAR ) of 15,000 units (3.3 percent) to 440,000 in February.
Sales were 2.3 percent below year-earlier levels. Meanwhile, the median price
of new homes sold rose (by $1,000 or 0.4 percent) to $261,800. Although starts increased
while sales decreased during February, the three-month average starts-to-sales
ratio dropped to 1.37 (from 1.46). Click here
for our post on February housing permits, starts and completions.
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Single-unit
completions rose (+24,000 units or 4.0 percent) while sales fell (-15,000 units
or 3.3 percent) in February. Even so, new-home inventory barely budged in
absolute terms but expanded by 0.2 month in months-of-inventory terms.
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Existing home sales
inched lower in February, falling by 20,000 units (-0.4 percent) to 4.60
million units (SAAR ) -- the slowest rate since
July 2012. Once again, the National Association of Realtors used a scatter-shot
approach to assigning blame
for the subdued activity, but remained hopeful for future improvement. The
share of total sales comprised of new homes retreated below 9 percent. The
median price of previously owned homes sold in February advanced (by $1,100 or 0.6
percent), to $189,000.
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Housing
affordability improved slightly in January because the median price of
existing homes for sale resumed its downward trend by falling $8,800 to $188,900.
Concurrently, Standard
& Poor’s reported that the 10- and 20-City Composites in the
S&P/Case-Shiller Home Price indices posted not-seasonally adjusted monthly changes
of 0.1 percent or less in January (respectively, +13.5 and +13.2 percent relative
to a year earlier).
“The
housing recovery may have taken a breather due to the cold weather,” observed David
Blitzer, Chair of the Index Committee at S&P Dow Jones Indices. “Twelve
cities reported declining prices in January vs. December; eight of those were
worse than the month before. From the bottom in 2012, prices are up 23 percent and the
housing market is showing signs of moving forward with more normal price
increases.
“Expectations
and recent data point to continued home price gains for 2014,” Blitzer
continued, showing a bit more optimism than last month. “Although most analysts
do not expect the same rapid increases we saw last year, the consensus is for
moderating gains.”
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The foregoing comments represent the
general economic views and analysis of Delphi
Advisors, and are provided solely for the purpose of information, instruction
and discourse. They do not constitute a solicitation or recommendation
regarding any investment.
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