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Added on the 22/12/2014 22:46:04 - Copyright : Reuters EN
Hawthorn Woods, Jul 26 (EFE/EPA).- The number of new homes sold in the United States dropped by 6.6 percent or an annual rate of 676,000 single family homes, according to the monthly report issued by the US Census Bureau and the US Department of Housing and Urban Development on Monday. (Camera: TANNEN MAURY). SHOT LIST: A DRONE FOOTAGE OF THE NEW HOUSES FOR SALE IN A NEIGHBORHOOD AND THE CONSTRUCTION OF SEVERAL NEW HOUSES IN HAWTHORN WOODS, ILLINOIS, US.
Ending a six-month run of spiraling demand, sales of existing homes in the US contracted in November. It's being read as a signal that rising prices and historically low supply is finally slowing the housing market's rally. According to Business Insider, the National Association of Realtors says home sales fell 2.5% last month to a seasonally adjusted annual rate of 6.69 million. The median price for existing homes fell to a six-month low as well, dipping month-over-month to $310,800 from $313,100. Even so, the pace is still up 25.8% from the year-ago period.
The rising interest of millennials in RVing has now started positively impacting sales and rental numbers. Business Insider reports a new survey from the RV Industry Association shows millennials are now more interested in buying an RV than any other age demographic. Business Insider reports a sales of Class B camper vans are particularly hot and has seen an exceptional increase in shipments. According to data from RV rental platform Outdoorsy, bookings made by the demographic spiked 70% from 2019 to 2020. The only age demographic that say an increase larger than the millennial spike in travel trailer purchases are Gen Zers. That group bought 26.24% more Thor Industries trailers in 2020 year-over-year as the younger generation matures into adulthood.
In March, the US Federal Reserve's lowering of interest rates fueled a housing boom. According to Business Insider, the Federal Housing Finance Agency says that the explosion shows no signs of subsiding. A seasonally adjusted index of prices rose 1.7% in September from the prior month, and prices jumped 7.8% from their year-ago period. Mortgage rates hit their thirteenth record-low of the year last week. The average 30-year fixed-rate mortgage rate fell to 2.72% from 2.84%. However, experts say the good times in the housing market aren't likely to last forever. We expect some moderation in the pace of housing starts in the face of the rapidly escalating health crisis, a faltering recovery, and softening labor market gains. Nancy Vanden Houten, Lead US economist, Oxford Economics
Business Insider reports that in September, sales of previously owned homes leaped 9.4%. According to the National Association of Realtors that's a seasonally adjusted annual rate of 6.54 million. This is the fourth-straight month of accelerating sales, and the latest rate is the fastest since 2006. Economists surveyed by Bloomberg expected the sales rate to climb to 6.3 million from August's revised 5.98 million. The US housing market has served as a bright spot in the slowing economic recovery. Record-low mortgage rates have driven more Americans to buy units.
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