Moneymoneyrcwrtneoconstrumprecession

Tue Mar 5, 2019, 01:12 PM

New-Home Sales Tick up In December as Housing Market Ekes out A Tiny Gain for 2018


Published: Mar 5, 2019 10:37 a.m. ET

The numbers: New-home sales ran at a seasonally adjusted annual 621,000 rate in December, the Commerce Department said Tuesday. That was 2.4% lower than a year ago.

What happened: Sales of newly-constructed homes were 3.7% higher than in November.

The December figures beat the MarketWatch consensus for a 600,000 rate, but there were sizable downward revisions to the previous three months.

The median sales price in December was $318,600, 7% lower than a year ago. At the current pace of selling, it would take 6.6 months to exhaust available supply, a bit more inventory than is generally considered a marker of a balanced market.

The government’s reports on the new-construction housing market are based on small samples, and are thus prone to big revisions. This winter, they have also been badly delayed by the government shutdown. On Friday, the Commerce Department will release January housing starts figures, which will help give a sense of the pace of building activity during that month. New-home sales for January are set for release next week.

Big picture: Through the noise, it’s clear that 2018 was a tough year for the new construction industry. Sales were just 1.5% higher than in 2017. The big question for the housing market is whether this is a downshift, or the beginning of the end of the cycle.

more...

https://www.marketwatch.com/story/new-home-sales-tick-up-in-december-as-a-tough-2018-limps-to-a-close-2019-03-05

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Reply New-Home Sales Tick up In December as Housing Market Ekes out A Tiny Gain for 2018 (Original post)
RCW2014 Mar 5 OP
uncledad Mar 5 #1

Response to RCW2014 (Original post)

Tue Mar 5, 2019, 03:51 PM

1. Locally.

House next door was listed on a Friday night, under contract Sunday morning. Desirable location.

Recent trend nearby, senior condo community with its own senior assisted living facility and nursing home.

Being built close to a high end golf community with a grocery store in between.

Relocation for the extended family, built in baby sitting on both ends of the age spectrum.

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