Mid America Mortgage Blog

Housing Starts Drop in December, Post Yearly Gain

house on chart showing decrease in statistics

The market for newly built homes is heating up. Despite posting an 11.2 percent decline in December, housing starts were up for both single-family and multifamily homes, according to data from the National Association of Home Builders (NAHB), the U.S. Department of Housing and Urban Development (HUD) and the Commerce Department. December’s housing starts dropped significantly compared to the month prior, hitting a seasonally adjusted annual rate of 1.08 million units. According to the report from the multiple agencies, which was delayed due to the partial government shutdown, multifamily starts fell 20.4 percent to a seasonally adjusted annual rate of

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Pending Home Sales Rise in January

house on chart showing decrease in statistics

The number of existing homes in the U.S. that went under contract in January increased from the previous month, signaling a positive outlook for the start of the 2019 housing market. According to data from the National Association of Realtors (NAR), pending home sales–a gauge of purchases before they close–rose 4.6% to a seasonally adjusted reading of 103.2 in January. This is a much more significant gain than economists from the Wall Street Journal anticipated, according to Realtor.com. Those economists predicted a 0.8% increase in January.

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Existing-home sales fall in January, but signs point to a strong spring market

houses and calculator with magnifying glass

Sales of previously owned homes, also known as existing homes, fell in January. While this may sound discouraging, recent data showing a decline in home prices and mortgage rates could point to a pickup this spring. Existing-home sales dropped 1.2% in January from the prior month to a seasonally adjusted annual rate of 4.94 million, according to the most recent data from the National Association of Realtors (NAR). That undershot economists’ expectations for an increase to 5.02 million. December’s sales were revised higher to a 5.0 million rate, according to Realtor.com.

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