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Existing Home Sales Slow, Price Growth Acclerates in February
Existing home sales pulled back 3.7 percent in February from a nearly decade high level in January, according to the National Association of Realtors, which reported that existing homes sold at a seasonally adjusted annual rate of 5.48 million during the month, down from 5.69 million but still 5.4 percent higher than a year ago. The median sales price of existing homes that sold in February was $228,400, according to the trade organization, up 7.7 percent from a year ago — the strongest annual appreciation since January 2016 and marking the 60th consecutive month with an annual increase. New Home Sales Volume Up, Prices Down New home sales in February increased 6.1 percent from the previous month and were up 12.8 percent from a year ago to a seasonally adjusted annual rate of 592,000 — the highest level since July 2016, according to estimates from the U.S. Census Bureau and Department of Housing and Urban Development. The report shows the median sales price for new homes sold in February was $296,200, down 3.9 percent from January and down 4.9 percent from a year ago. Building Permits for 5+ Units Up 26 Percent in March, Housing Starts at 1.2 Million Annual Pace Building permits for privately owned housing units were authorized at a seasonally adjusted annual rate of 1.26 million in March, up 3.6 percent from the previous month and up 17 percent from a year ago, according to residential construction statistics released by the U.S. Census Bureau and U.S. Department of Housing and Urban Development. The biggest increase came in building permits for housing with 5 units or more, which were up 26.1 percent from a year ago while building permits for 2-to-4-unit housing was up 5.9 percent and building permits for 1-unit housing was up 13.5 percent. The report also shows housing starts in March were at a seasonally adjusted annual rate of 1.2 million, 6.8 percent below the previous month but still 9.2 percent above the March 2016 level. Housing starts were down from a year ago in the Northeast (14.9 percent decrease) and Midwest (2.5 percent decrease), but up in the South (19.4 percent increase) and West (9.2 percent increase).
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AR DANIEL NELSON RE LIC PB00069547. WILLIAMS & WILLIAMS RE LIC 00069547. GA CYNTHIA L. DEES RE LIC 354797. WILLIAMS & WILLIAMS RE LIC H-16048. NC DEAN C. WILLIAMS RE LIC 220266. WILLIAMS & WILLIAMS RE LIC C6474. MS DANIEL NELSON RE LIC B-19691. 800.801.8003 • williams auction .com/HUD
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