Entries in New Home Sales (6)


New Home Prices Rise to Five-Year High

Stockbyte/Thinkstock(NEW YORK) -- New home sales last month stayed almost even with July at 373,000, the Commerce Department reported on Wednesday.  But in more promising news for the housing market, the median price of a new home jumped to a five-year high.

The average price of a new home rose by 11.2 percent in August to $256,900, marking the highest tally since March 2007.

David Crowe, chief economist with the National Association of Home Builders, says there are reasons for confidence about the housing market.

"Housing starts, housing sales, existing home sales, house prices, builder confidence.  It's a series of good pieces of news that lead us to believe we're really on a road to recovery," he says.

But while recovery continues to head in the right direction -- new home sales in August were up nearly 28 percent compared with the year before -- there's still a long way to go for a healthy real estate market.

"We're a long way off from a normal market or a typical market.  That should be more in the 800,000 to 900,000 per year sales range so we're not even half way back to normal.  But the encouraging thing is that we continue to increase," Crowe says.

Copyright 2012 ABC News Radio


New Home Sales Hit Two-Year High

Phillip Spears/Digital Vision(WASHINGTON) -- The housing market -– where the current financial mess started -– is now a bit of a bright spot in the struggling economy.  Sales of newly built homes in the U.S. hit the highest level in more than two years, indicating a slow recovery in the housing market, the government reported today.

New home sales were up 7.6 percent in May compared with a month earlier and the most since April 2010, according to the Commerce Department.  These sales have an important ripple effect on the economy.

Prices for new homes rose 5.6 percent in May compared with the year-ago to a median of $234,500.

May’s new-home sales were up in two out of four U.S. regions.  Sales in the Northeast rose 36.7 percent, while sales in the South grew by 12.7 percent.  Sales in the Midwest fell by 10.6 percent and sales in the West fell by 3.5 percent.

Home sales are still well below levels seen in a healthy economy.

Copyright 2012 ABC News Radio


New Home Sales Fall 0.9% in January

Stockbyte/Thinkstock(WASHINGTON) -- Sales of new homes fell 0.9 percent in January but the final quarter of last year was better than estimated, a report out from the U.S. Department of Commerce showed Friday. The drop last month brings the seasonally adjusted annual sales rate to 321,000 homes.

“[T]hese are the two highest months we've since April of 2010,” David Crowe, chief economist at the National Association of Home Builders, told ABC News on Friday. “So while the month-to-month change is a very small downward movement, the absolute number is very encouraging.”

Crowe admitted, however, the figures are far from what is considered healthy.

“We need to be somewhere in the 800,000-per-year sales rate,” Crowe said. “So we're still barely a third of the way back to where the normal levels are, but at least it's moving in the right direction.”

The key to improving the housing market, Crowe says, will be continued growth in the jobs market.

“That's the most important element,” he said. “Interest rates are low, house prices are affordable; so the key to this is building more confidence in the consumer, and more confidence is usually created by job growth.”

Copyright 2012 ABC News Radio


New Home Sales Rise 1.3% in October

Stockbyte/Thinkstock(WASHINGTON) -- The U.S. Commerce Department says new home sales rose 1.3 percent in October, a slight uptick than in months past. But even with this gain, new home sales are running at an annual rate of just over 300,000 -- or less than half the number in a healthy housing market.
“We're right where we've been for a while," says Kathy Fettke of the property firm Real Wealth Network.

“There's just so much distressed property on the market,” Fettke said. “One-third of sales of existing homes are distressed property," which includes foreclosures and abandoned homes.

Copyright 2011 ABC News Radio


New Home Sales Up 11% in March

Brand X Pictures/Thinkstock(WASHINGTON) -- More people bought new homes last month, giving some spark to a battered industry.

The U.S. Commerce Department on Monday reported an 11 percent lift in new home sales for the month of March. This latest gain comes on the heels of the worst winter for new home sales in almost a half-century.

“Some of that improvement was coming off of a very slow, probably weather-driven dip in home sales in February,” said David Crowe of the National Association of Home Builders.

“Virtually every region went up or remained the same. We do see this as the early signs of an improvement that should last the rest of this year,” Crowe said.

Average prices rose three percent.

“It's my belief that the housing market has dipped about as far as it can,” Crowe said.  “What we're waiting on now is improved consumer confidence and that's got to come about through improvement in general economic growth and in employment.”

Two other reports on housing last week also showed improvement in the market.

Copyright 2011 ABC News Radio


Housing Starts Rise to Highest Level in Five Months

Photo Courtesy - Getty Images(WASHINGTON) -- New home construction rose last month to a five-month high, the U.S. Commerce Department said Tuesday.

Housing starts ticked up .03 percent, helped by a 4.4 percent jump in single-family home construction.

“We’re still at a very, very, very low level compared to history, but the second month in a row of an increase is encouraging,” said David Crowe, chief economist at the National Association of Home Builders.

“I think that’s what consumers are really waiting for,” Crowe told ABC News, “some confidence that they will keep their jobs and once that occurs I think we will begin to see consumers come out and begin to buy houses.”

Copyright 2010 ABC News Radio

ABC News Radio