Money

New Home Sales During October 2024

The October, 2024 New Home Sales report was released by the Commerce Department this morning:

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Previous Month (revised): 738,000

Actual New Home Sales: 610,000

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Change from 1 Month Previous: -128,000 units (-17.34%)
Change from 1 Year Previous: -63,000 units (-9.36%)

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Median Price for a New Home
During October, 2024: $437,300

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Average Price for a New Home
During October, 2024: $545,800

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Inventory: 481,000 (+39,000 units / 8.82% Year-on-Year)

9.5 months supply at current sales rate; seasonally‐adjusted estimate.

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CHART: Cost of A Newly Built Home
OCTOBER 2024 Update

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CHART: Cost of A Newly Built Home.

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Compiled jointly by the U.S. Commerce Department and the U.S. Department of Housing and Urban Development, the yellow-highlighted figure above is the seasonally adjusted and annualized number of newly-built homes with committed buyers for the indicated month.

The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

The New Home Sales report is watched by economists and investors because it offers insight into the state of the U.S. housing market, and also provides data that can be used to predict sales of large household furniture and appliances like refrigerators, air conditioners, microwave ovens, etc.

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Click here to view the full Commerce Department report (PDF)

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Labels: Cost_of_A_New Home, hard_data, homes, housing, New_Home_Cost, New_Home_Price, new_home_sales, New_Homes, real_estate

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New Home Sales During September 2024

The September, 2024 New Home Sales report was released by the Commerce Department this morning:

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Previous Month (revised): 709,000

Actual New Home Sales: 738,000

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Change from 1 Month Previous: +29,000 units (+4.09%)
Change from 1 Year Previous: +44,000 units (+6.34%)

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Median Price for a New Home
During September, 2024: $426,300

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Average Price for a New Home
During September, 2024: $501,000

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Inventory: 470,000 (7.6 months supply at current sales rate; seasonally‐adjusted estimate.)

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CHART: Cost of A Newly Built Home
SEPTEMBER 2024 Update

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CHART: Cost of A Newly Built Home.

================================

Compiled jointly by the U.S. Commerce Department and the U.S. Department of Housing and Urban Development, the yellow-highlighted figure above is the seasonally adjusted and annualized number of newly-built homes with committed buyers for the indicated month.

The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

The New Home Sales report is watched by economists and investors because it offers insight into the state of the U.S. housing market, and also provides data that can be used to predict sales of large household furniture and appliances like refrigerators, air conditioners, microwave ovens, etc.

================================

Click here to view the full Commerce Department report (PDF)

================================

Labels: Cost_of_A_New Home, hard_data, homes, housing, New_Home_Cost, New_Home_Price, new_home_sales, New_Homes, real_estate

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New York City Rent Is Too High!

NYC Skyline

It’s been more than two decades since I decided to give up the humble and often humiliating life of a struggling New Yorker and move out of the city. I was living in a tiny basement apartment in Jackson Heights, Queens, working in Manhattan, but with an income that made living on America’s most fabulous island impossible.

From a May 18, 2023 CNN article:

"... The median cost of renting an apartment in Manhattan was $4,241 in April. That’s up 8% from a year ago and up 1.6% from March, when rents hit a record high of $4,175.

A one-bedroom apartment had a median rent of $4,200, up 5% from last year; while a two-bedroom apartment had a median rent of $5,500, up 11% from a year ago. A studio apartment rents for a median price of $3,235, up 13.5% from last year..."

So, on this two-decade anniversary of me moving out of NYC Housing Hell, here is my top 10 list of reasons why I don’t like NYC:

1) >> The Rent Is Too Damn High! <<

2) There is dog poo EVERYWHERE! Why do New Yorkers think it’s OK to leave feces all over the place, so that we can all step in it and drag it into our homes? DISGUSTING! Sometimes I think I’m the only one who hates this.

3) NYC Subway I: It’s way too crowded during rush hours. If you can’t find a seat, you’ll stand. And if you’re lucky, the guy or gal who is packed into a subway car and standing next to you -- and I mean so packed that they are right in your face -- didn’t bother to brush their teeth that morning…

4) NYC Subway II: In the dead of winter, the air in underground platforms is colder than the air outside, and hotter than the outdoors during the oppressive heat of mid-summer. Lovely.

5) NYC Subway III: Rats and Roaches. Nice. And the rats are brazen. One time, I caught one literally spitting in my direction, and looking me dead in the eyes while doing so…

6) NYC Subway IV - More disgust: I was moving between subway cars one morning, trying to find a seat, and found a MASSIVE pile of human feces in-between the cars. Almost stepped in it. Awesome.

7) Residential and Commercial Roach Problems: Trying to eradicate cockroaches is pretty much pointless. They are too hardy. Too resilient. Too evil. I’ve gotten a free meal in my favorite restaurant on more than one occasion, because they couldn’t get rid of them.

8) I love the city, but not the people. The typical New Yorker is a negative, rude, nasty, putrid piece of junk. Too much schadenfreude. Not enough community (with the exception of the 9/11 terror attacks, when, during a long mountain-bike ride around three boroughs, I witnessed thousands of ordinary city folk gather at their local fire house to cheer and salute the heroism of New York City’s intrepid firefighters.)

9) The cops: Not all bad, of course, but enough are so bad that they engender much displeasure for all the cops.

10) When my mom retired from her job, and bought herself a new car as a retirement preset, she donated her old diesel workhorse to yours truly. And I was quickly reminded how bad NYC roads are. On one beautiful spring morning, I wasn’t able to avoid a huge pothole, and BANG! Had to replace a rim. With labor, it cost me $400 to replace, and the replacement was used!

Labels: Cost_Of-Living, Cost_Of-Living_Crisis, housing, Housing_Affordability, housing_crisis, housing_market, New_York, New_York_City, NYC, Real Estate, real_estate, rent, USA

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New Home Prices Lowest In Three Years

New Home Prices Lowest In Three Years; report produced by the good folks at Nightly Business Report (NBR):

Labels: affordability, homes, housing, New_Homes, real_estate

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Homeowners Are Sitting On A Record Amount Of Cash — And Not Tapping It

Homeowners Are Sitting On A Record Amount Of Cash — And Not Tapping It; a home-equity segment produced by the good folks at Nightly Business Report:

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Labels: economy, home_equity, homes, housing, money, NBR, Nightly_Business_Report, real_estate, Tappable_Equity