Building permits for privately-owned housing units authorized by building permits in July were at a seasonally adjusted annual rate of 1,223,000. This is 4.1 percent (±1.8 percent) above the July 2016 rate of 1,175,000. Housing Starts - Privately owned housing starts in August were down 14.4% from the previous month but up 4.2% from August 2016.
Sales of new single-family houses in July 2017 were at a seasonally adjusted annual rate of 571,000, according to estimates released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 8.9 percent (±15.4 percent)* below the July 2016 estimate of 627,000. Sales Price The median sales price of new houses sold in July 2017 was $313,700. The average sales price was $371,200. The seasonally-adjusted estimate of new houses for sale at the end of July was 276,000. This represents a supply of 5.8 months at the current sales rate.
National average for 30 year mortgage money is 3.85%, 15 year money is at 3.10%. 5/1 arms are at 3.40% and Jumbo loans are at 4.22%.
Homebuilder confidence in the market for newly-built single-family homes in the south was at 70 in August compared to 63 in July. (from the National Association of Home Builders/Wells Fargo Housing Market Index (HMI)). Any number above 50 means builders have a favorable view of the single family home market.
In 2017, the number of sales of existing homes is expected to rise about 3.5%, to 5.64 million, according to the midyear forecast from the National Association of Realtors®. The group predicts that existing-home purchases will rise an additional 2.8% in 2018, to 5.8 million. The combination of the stock market being at record highs, 16 million new jobs created since 2010, pent-up household formation, and rising consumer confidence are giving more households the assurance and ability to purchase a home.
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