- MILITARY-INDUSTRIAL COMPLEX: Defense Dept. Contracts for Dec. 4, 2013
- Day One: NASCAR Champion’s Week In Las Vegas Officially Begins
- BOOK NOTES: 'Burn the Fat, Feed the Muscle: Transform Your Body Forever Using the Secrets of the Leanest People in the World' Revised Edition
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- Huntington City Council Agenda
- MILITARY-INDUSTRIAL COMPLEX: Defense Dept. Contracts for Dec. 3, 2013
- CIVIL WAR OP-ED: 74th Anniversary of ‘Gone with the Wind’ Premiere
- Send Off Planned for Huntington Highlanders to State Championship
- Chants of 'We Are ... Marshall' planned nationwide as Herd battles Rice in Conference USA title game
- Scheme involving thousands of prescription pain pills ends in jail time for Logan brothers
U.S.: New-Home Sales Rise 7.9 Percent in August
“Consumers are adjusting to the reality of today’s higher rates following a period of record-setting lows, and today’s sales report provides evidence of that,” said Rick Judson, chairman of the National Association of Home Builders (NAHB) and a home builder from Charlotte, N.C. “We expect to see more buyers coming back to the market as the psychological effects of the rate gains continue to wear off, particularly since, even after the recent spike, mortgage rates remain exceptionally favorable on a historic basis.”
“Sales of new homes bounced partway back in August from an unusual low in July,” said NAHB Chief Economist David Crowe. “That said, we are only about halfway back to what would be considered a sustainable level of activity in a normal economy, and the ongoing housing recovery continues to be slowed by consumers’ concerns about interest rates, as well as weak job growth and uncertainty about what’s happening in Washington.”
According to the most recent survey of mortgage rates by Freddie Mac, 30-year fixed-rate mortgages averaged 4.50 percent with an average 0.7 point for the week ending September 19, 2013, down from last week when it averaged 4.57 percent. A year ago at this time, the 30-year FRM averaged 3.49 percent. The 15-year fixed-rate (FRM) mortgage veraged 3.54 percent with an average 0.7 point, down from last week when it averaged 3.59 percent. A year ago at this time, the 15-year FRM averaged 2.77 percent.
Three out of four regions posted solid gains in new-home sales activity in August. Sales rose 8.8 percent in the Northeast, 19.6 percent in the Midwest and 15.3 percent in the South for the month. The West was the exception to the rule, with a 14.6 percent decline.
The median sales price of new houses sold in August 2013 was $254,600; the average sales price was $318,900. The seasonally adjusted estimate of new houses for sale at the end of August was 175,000. This represents a supply of 5.0 months at the current sales rate.