New Home Sales Fall 7.6% But it’s Not All Bad News
Census and HUD say new home sales fell
Today in a joint release between the U.S. Census Bureau and the Department of Housing and Urban Development, sales of new single family homes in December 2009 fell 7.6%, the second month in a row of declining sales.
New home sales for the entire year fell 22.9% to a record low of 374,000 units. At the end of the December 2009, HUD noted that at the current price, there was (is) an 8.1 month inventory rate.
Uncle Sam’s plan losing steam?
Despite the first time buyer tax credit which stimulated the new home sector, the rush has lost is steam and builders are feeling the pinch.
Just this week, National Association of Home Builders has launched a press release and media blitz with talking points about the death of the entire housing market based on their slumping numbers (and of course, our response was that their claims are scandalous).
The sky isn’t falling however, as the report notes that the median sales price for a new home rose 5.2% from November (which was the biggest spike since April 2009). Despite slowing sales, the prices are rising nicely, so it’s not all doom and gloom across the board.
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This article published on Thursday, January 28th, 2010 at 12:05 am | Contact the editor
Topics: News
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AGBeat Editor-in-Chief: Lani, named one of Real Estate’s 100 Most Influential, as well as 12 Most Influential Women in Real Estate, is a business writer hailing from the great state of Texas in the city of Austin. As a digital native, Lani is immersed not only in advanced technologies and new media, but is also a stats nerd often burried in piles of reports. Lani is a proven leader, thoughtful speaker, and vested partner at AGBeat.
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- AgentGenius:
agentgenius.com NEW New Home Sales Fall 7.6% But it’s Not All Bad News http://bit.ly/9ikMb3
- Real Estate Feeds:
New Home Sales Fall 7.6% But it’s Not All Bad News: Census and HUD say new home sales fell
Today in a joint releas… http://bit.ly/9ikMb3 - AgentGenius:
#agnow Not all doom and gloom, but the unemployment issues remain. http://bit.ly/9BJIlc
- David Peterson:
@agentgenius New Home Sales Fall 7.6% But it’s Not All Bad News http://bit.ly/97EiJt
- AgentGenius:
#agnow ..what Susie said.
Oh, and there's the increase in FHA PMI to 2.25%, and the decrease in Seller Contribut… http://bit.ly/9BJIlc
- Patty O'Brian:
Home Sales Fall, But It's Not all Bad: http://tinyurl.com/yd8brzj (Via @agentgenius)
- Austin Real Estate:
http://teampra.com/ New Home Sales Fall 7.6% But it's Not All Bad News http://bit.ly/d6eeJ4 http://teampra.com/
- Mark Schlagenhauf:
New Home Sales Fall 7.6% But it’s Not All Bad News http://bit.ly/97EiJt Hmm! HOAP HOMES is building! www.hoaphomes.com
Benn Rosales
Conal Campbell
Elijah May
Lani Rosales
Tara Steele
Marti Trewe
Charlene Jimenez
Not all doom and gloom, but the unemployment issues remain.
..what Susie said.
Oh, and there’s the increase in FHA PMI to 2.25%, and the decrease in Seller Contributions to 3% (from 6%), oh, and the tax credit’s expiring again soon.
Seriously though, I feel like the market is a Jumbo Jet aircraft coming in to land, descending rapidly, and just before touchdown (rock bottom), a flare upwards (tax credit), then a gentle drop until the squeal of the tires as the behemoth kisses the asphalt. Then it’ll be time to take off again.
Hopefully, the next take-off will have a gentler ascent…
Navy Chief, Navy Pride
Navy Chief, Navy Pride