Rates Cap Impressively Sideways Week Near Long-Term Lows

Weeks like this are the reason that some mortgage rate analysis is only done once a week. There haven’t been any significant developments in financial markets–at least not as far as bonds More »

Suspect Surrenders From Stolen SUV at Vegas Strip Casino

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Tech Sergeant Released From Hospital After Air Show Accident

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Developer of Sioux City Building Files for Bankruptcy

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With cameras banned, CNN sends sketch artist

The White House has been prohibiting cameras at some press briefings, so on Friday CNN got creative and sent a sketch artist. Bill Hennessy, the network’s regular sketch artist for Supreme Court More »

Developer of Sioux City Building Files for Bankruptcy

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Tech Sergeant Released From Hospital After Air Show Accident

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Surging prices for new homes advise parsimonious low-end supply

Record prices for new homes amid a sales pickup prove a supply of houses might be parsimonious during a reduce finish of a market, pinching first-time buyers, supervision information showed Friday.

Single-family home sales increasing 2.9% month over month to a 610,000 annualized gait (the guess was 590,000). The median sales cost surged 16.8% year over year to a record $345,800. The supply of homes unvaried during 5.3 months and 268,000 new houses were on marketplace during finish of May.

Low debt rates, a plain labor marketplace and rising salary continue to expostulate solid direct for housing while wanting register sends prices to a top ever, a trend that could fist first-time buyers. The attention faces headwinds including a miss of accessible workers and a singular series of plots to build on.

Even with a gain, a gait of sales stays during reduction than half a arise seen in 2005. Any supply miscarry might be a ways off, as new-home construction starts are down in new months and permits were during a one-year low in May, according to supervision data.

The boost in direct was led by a 6.2% burst in a South and a 13.3% arise in a West, while sales fell in a Northeast and Midwest.

The Apr reading was revised to a 593,000 gait from a formerly reported 569,000. The total simulate 90% certainty that a change in sales final month ranged from a 10.1% dump to a 15.9% gain, indicating to a sensitivity of a data.

New-home sales comment for about 10% of a marketplace and are tabulated when contracts are signed. Existing-home sales, formed on agreement closings, posted a 1.1% arise to a 5.62 million annual rate in May as reported progressing this week by a National Association of Realtors.

The information were expelled jointly by a Census Bureau and Department of Housing and Urban Development in Washington.


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Article source: http://www.nationalmortgagenews.com/articles/surging-prices-for-new-homes-suggest-tight-low-end-supply

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