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Low Mortgage Rates Good for Refinances, Not New Home Builders
Low Mortgage Rates Good for Refinances, Not New Home Builders
Low Mortgage Rates Good for Refinances, Not New Home Builders
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July 26, 2012 (Chris Moore)

The record low mortgage interest rates in June were a boon for homeowners who wanted to refinance, but they didn’t help the nation’s new home builders as sales of new single-family homes fell in June according to the latest housing data released by the Census Bureau.

Sales of new single-family homes fell 8.4 percent in June to a seasonally adjusted rate of 350,000, down from a sales rate of 382,000 in May. On an unadjusted basis, new home sales declined by 9.1 percent from the previous month.

The rate of sales in June was still 15.1 percent higher than the estimated sales rate of 304,000 units in June of 2011. Sales were also 15.2 percent higher than in June of last year on an unadjusted basis. Through the end of June, new home sales are 20.3 percent higher than at the same time last year.

The median sales price of the new homes sold in June was $232,600, which was down from a revised $237,100 in May. The average sales price for a new home in June was $273,900, down from a revised $278,000 in May.

Seventy-one percent of the new single-family homes sold in June were under $300,000, up from 70 percent in May.

In June of last year, the median sales price of a new home was 3.7 percent higher at $240,200, while the average sales price was 0.03 percent lower at $273,100.

Three of the four national regions posted declines in seasonally adjusted monthly sales led by a 60.0 percent decline in the Midwest, followed by an 8.6 percent decline in the South and an 8.4 percent decline in the Northeast.

The West was the only region to post a gain in homes sales, increasing by 2.1 percent over the previous month.

Compared to a year ago, three of the four regions showed improvement with the West posting the largest increase of 36.1 percent followed by the Midwest at 19.6 percent while the South reported an increase of 6.5 percent and the Northeast was unchanged from the previous month

Inventory of new single-family homes remained on par with the previous five months with a seasonally adjusted 144,000 homes available for sale, which translates into a 4.9 months supply of inventory, up from a revised 4.5 months supply the previous month.

Tags: Census Bureau, new home sales, single-family homes, median sales price, average sales price

Source:
Census Bureau

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NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Information You Can Use
Helpful Tools
Mortgage
Calculator
Estimate your monthly mortgage payment
Auto Loan
Calculator
Determine how much car you can afford before buying
Learn About
Mortgage Loans
Learn about the different types of home loans
15 Year vs 30 Year
Loan Comparison
Compare 15 year and 30 year mortgage loans
Todays Mortgage
Rates
See today's mortgage rates. Shop, compare and save.

July 26, 2012 (Chris Moore)

The record low mortgage interest rates in June were a boon for homeowners who wanted to refinance, but they didn’t help the nation’s new home builders as sales of new single-family homes fell in June according to the latest housing data released by the Census Bureau.

Sales of new single-family homes fell 8.4 percent in June to a seasonally adjusted rate of 350,000, down from a sales rate of 382,000 in May. On an unadjusted basis, new home sales declined by 9.1 percent from the previous month.

The rate of sales in June was still 15.1 percent higher than the estimated sales rate of 304,000 units in June of 2011. Sales were also 15.2 percent higher than in June of last year on an unadjusted basis. Through the end of June, new home sales are 20.3 percent higher than at the same time last year.

The median sales price of the new homes sold in June was $232,600, which was down from a revised $237,100 in May. The average sales price for a new home in June was $273,900, down from a revised $278,000 in May.

Seventy-one percent of the new single-family homes sold in June were under $300,000, up from 70 percent in May.

In June of last year, the median sales price of a new home was 3.7 percent higher at $240,200, while the average sales price was 0.03 percent lower at $273,100.

Three of the four national regions posted declines in seasonally adjusted monthly sales led by a 60.0 percent decline in the Midwest, followed by an 8.6 percent decline in the South and an 8.4 percent decline in the Northeast.

The West was the only region to post a gain in homes sales, increasing by 2.1 percent over the previous month.

Compared to a year ago, three of the four regions showed improvement with the West posting the largest increase of 36.1 percent followed by the Midwest at 19.6 percent while the South reported an increase of 6.5 percent and the Northeast was unchanged from the previous month

Inventory of new single-family homes remained on par with the previous five months with a seasonally adjusted 144,000 homes available for sale, which translates into a 4.9 months supply of inventory, up from a revised 4.5 months supply the previous month.

Tags: Census Bureau, new home sales, single-family homes, median sales price, average sales price

Source:
Census Bureau

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Information You Can Use
Helpful Tools

July 26, 2012 (Chris Moore)

The record low mortgage interest rates in June were a boon for homeowners who wanted to refinance, but they didn’t help the nation’s new home builders as sales of new single-family homes fell in June according to the latest housing data released by the Census Bureau.

Sales of new single-family homes fell 8.4 percent in June to a seasonally adjusted rate of 350,000, down from a sales rate of 382,000 in May. On an unadjusted basis, new home sales declined by 9.1 percent from the previous month.

The rate of sales in June was still 15.1 percent higher than the estimated sales rate of 304,000 units in June of 2011. Sales were also 15.2 percent higher than in June of last year on an unadjusted basis. Through the end of June, new home sales are 20.3 percent higher than at the same time last year.

The median sales price of the new homes sold in June was $232,600, which was down from a revised $237,100 in May. The average sales price for a new home in June was $273,900, down from a revised $278,000 in May.

Seventy-one percent of the new single-family homes sold in June were under $300,000, up from 70 percent in May.

In June of last year, the median sales price of a new home was 3.7 percent higher at $240,200, while the average sales price was 0.03 percent lower at $273,100.

Three of the four national regions posted declines in seasonally adjusted monthly sales led by a 60.0 percent decline in the Midwest, followed by an 8.6 percent decline in the South and an 8.4 percent decline in the Northeast.

The West was the only region to post a gain in homes sales, increasing by 2.1 percent over the previous month.

Compared to a year ago, three of the four regions showed improvement with the West posting the largest increase of 36.1 percent followed by the Midwest at 19.6 percent while the South reported an increase of 6.5 percent and the Northeast was unchanged from the previous month

Inventory of new single-family homes remained on par with the previous five months with a seasonally adjusted 144,000 homes available for sale, which translates into a 4.9 months supply of inventory, up from a revised 4.5 months supply the previous month.

Tags: Census Bureau, new home sales, single-family homes, median sales price, average sales price

Source:
Census Bureau

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Information You Can Use

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