New Home Sales for June

New Home Sales, which measures signed contracts on new homes, were up 0.8% in June at a 610,000 unit annualized pace, which was pretty much in line with expectations. Last month’s figure, originally reported at 610,000, was revised slightly lower to 605,000.  Keep in mind these are National stats.

Inventory levels rose 1.5% to 272,000 to their highest level in 8 years, but they are still about half of what they were 10 years ago. Even with such tight inventory, Sales are still up 9.1% on a year over year basis, which is stronger than last month’s 8.9% reading.

The Median New Home Sale Price was reported at $310,800 was actually down 3.4% year over year after setting a record high last month.

 

Loan Performance

CoreLogic just released their Loan Performance Insights for March 2017, showing that mortgage performance continues to improve. Thanks to tighter underwriting and home price appreciation.

This is getting us back to levels last seen in January of 2000.  And this is great news for homeowners.  Since distressed sales are not hurting home values and fewer vacant homes that can attract crime.

Thanks for reading,

Lee McLain