Current Climate – Just the facts . . .
Homebuilder confidence is at a 20-year high,
growing in large part to low interest rates
and a strong job market.
The NAHB Housing Market Index (HMI) revealed
that builder sentiment increased 5 points to 75
in December, marking the highest reading since 1999.
Existing home sales exhibited a modest increase
of 2.7% over the year in November,
reaching 5.35 million transactions.
Three of the four major regions saw year-over-year
sales increases. Only the Northeast saw a decline of 1.4%.
Median sales prices were up in all regions; increases
ranged from 3.9% in the Northeast to 7.1% in the West.
The median existing home price for all housing types
was $271,300 in November, up 5.4% year-over-year.
November’s increase marks 93 consecutive months
of year-over-year appreciation.
Sales of new single-family homes were at a
seasonally adjusted annual rate of 719,000 in November;
16.9% above November 2018.
The median sales price of new homes sold
in November was $330,800, up 4.5% month-over-month
and 7.2% year-over-year.
Total housing inventory at the end of November
stood at 1.64 million units, down 7.3% from October
and -5.7% year-over-year.
Unsold inventory was at a 3.7-month supply in November,
down from a 4.0-month rate a year ago.
Inventory levels have now declined for five consecutive months.
Meyers Research LLC is now producing a monthly
New Home Pending Sales Index (PHSI).
The Meyers PHSI stood at 120.5 in November,
reflecting new home contracts to be 14.3%