WASHINGTON (AP) - House hunters shied away from buying in July, driving down sales of previously owned homes to a 21/2-year low. The inventory of unsold homes climbed to a record high. The figures released Wednesday provided fresh evidence of how much the once-sizzling housing market has cooled.
Publicly traded homebuilders, many of which were "sellers" of production housing lots in 2007 and 2008, have again become "buyers" in certain markets around the US. Residential development land was often characterized as an investor/speculator acquisition market as late as the winter of 2009. In many of these markets, profit margins, expressed as a percentage of sale revenues, must be below 10% to consummate a transaction that has multiple bids from builder competitors. The NAHB/Wells Fargo Housing Market Index gauges builder perceptions of current single-family home sales, prospective buyer traffic and sales expectations for the next six months. According to US Census Bureau statistics, the US new home median price reached an all-time high in March 2007, followed by the most severe pri...
..., new home construction and sales in existing developments have accelerated because of the lower...An examination of pricing and inventory trends along with effective demand factors are cri...
Sales of new homes in the Washington area were down 18 percent last year. Home builders are being hit by the same market forces that have slowed the existing-home market - an abundance of inventory and a shortage of interested buyers. Those problems in the existing-homes market factor into builders' continuing troubles in 2008. Existing homes, also known as resales, made up 82 percent of the region's home sales last year. Also, with nearly 50,000 existing homes on the market these days, builders are facing a lot of competition for their products.
The inventory of existing homes for sale rose to nearly 50,000 last month, which is where it was during the slow spring market of 2007. With that many properties competing against you, March was not a great month to be selling your home. Sales chances were 13 percent last month. That's the highest it's been all year, but definitely no reason for sellers to get excited. Chances that low mean we are still in a strong buyer's market.
... in pre-tax charges to cost of sales for inventory impairments and land option cost write-offs. Net i...Homebuilding revenue for the first quarter of fiscal 2011 total... such as rising foreclosures, significant existing home inventory, high unemployment, tight mortgage ...
Cover Report: Business Outlook
Generators, tarps, hand saws and gas cans are hot commodities at Vancouver area home improvement stores, because much of the existing inventory is being hoarded by Southern residents recovering from a series of hurricanes that have battered the region. We are very low," said Dan Miner, assistant manager at Home Depot in Vancouver. "We even redirected some orders to Florida.
NEW YORK - U.S. stocks leapt Monday, posting their best day in at least a month, as Wall Street embraced moves by European leaders to join euro-area members in a fiscal union and on evidence U.S. holiday sales got off to a record start. It seems European leaders are coalescing around a plan, and that plan is for greater integration of the European Union in terms of fiscal policy, and that would be good," said Alan Skrainka, chief investment officer of Cornerstone Wealth Management.
... reported sales of new single-family homes rose 1.3 percent in October to a yearly rate of 30... needs to further clear the size of existing home inventory," Peter Boockvar, equity strategist...
...Even if the demand for homes, which is currently quite weak, were to return to .... The huge and growing inventory of homes, including those for sale and those in th...This includes more than 4 million existing homes for sale, according to the National Associat...
CHESTER, Pa., March 17, 2011 /PRNewswire/ -- Spring is traditionally the hottest season for home sales as families look to move between school terms, people have received their tax refunds, and the warmer weather makes moving easier. Sales tend to peak in April staying strong through June and July with over half of America's moves taking place in the summer. An uptrend in existing- home sales has continued as January 2011 sales increased 2.7 percent over last year and are forecast to keep rising throughout the summer, according to the National Association of Realtors. It's a good idea to list a home early in the season and with the first day of spring just around the corner, Power Home Remodeling Group, the nation's fourth largest home improvement company, offers tips to help homeowners...
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