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US Housing Recovery Continues In August, New Home Sales Up 4.8%

New home sales were better than expected in the United States but the growth was not evenly distributed across regions


Olivier DOULIERY

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New US home sales came in well above forecasts in August with a 4.8 percent gain, as the housing market continues to recover from the coronavirus downturn, the Commerce Department said on Thursday.

August’s annualized rate of just over one million sales, seasonally adjusted, came after the upwardly revised annual rate of 965,000 sales reported in July and underscores how housing has managed to climb back from the hit taken during the Covid-19 downturn.

The growth was however not spread evenly, with month-on-month sales surging in the South 13.4 percent, and climbing 5.0 percent in the North, but declining slightly in the West and by a massive 21.4 percent in the Midwest.

“Home sales are well supported by solid demand and a favorable interest rate environment,”

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US hotel profitability improvements slow in August


25 SEPTEMBER 2020
9:06 AM

Overall hotel profitability was positive for the second consecutive month, according to STR’s August P&L report.

BROOMFIELD, Colorado—Improvements in U.S. hotel profitability metrics slowed in August, according to STR‘s latest monthly P&L data release.

In a year-over-year comparison with August 2019, the industry reported the following:

• GOPPAR: -91.3% to US$6.90
• TRevPAR: -74.5% to US$55.72
• EBITDA PAR: -112.1% to US$-6.96
• LPAR (Labor Costs): -64.4% to US$27.19

“Overall profitability (GOPPAR) remained in positive territory for a second straight month, but the incremental improvements we had seen over the previous two months slowed,” said Raquel Ortiz, STR’s assistant director of financial performance. “Even though August produced the industry’s lowest year-over-year demand decline since March, revenue was stagnant. TRevPAR for full-service hotels was only 25% of what it was last August, while limited-service properties came in at 38% of last year’s value.”

Full, complimentary

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August New Home Sales Confirm That The Long Leading Housing Sector Has Been Surging

Introduction

Housing is a long leading indicator for the economy overall; i.e., it typically peaks over a year before the economy does as a whole, and is also usually one of the first sectors to rebound during a recession.

Thursday morning’s report on August new home sales certainly fit that mold.

Near-15-year high in new home sales is strong confirmation that the long leading housing sector has been surging

As I wrote last week, when housing starts and permits were reported, historically, interest rates have led housing sales and starts, which in turn lead prices, which in turn lead inventory.

Here’s the updated look at mortgage interest rates since the beginning of 2011, measured YoY, vs. single-family housing permits (the least volatile metric), also measured YoY:

Thursday morning the Census Bureau reported new home sales for August. There are two important facts about new home sales:

1. They are the

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U.S. new home sales vault to near 14-year high in August

FILE PHOTO: A new home is seen under construction in Los Angeles, California, U.S. July 30, 2018. REUTERS/Lucy Nicholson/File Photo

WASHINGTON (Reuters) – Sales of new U.S. single-family homes increased to their highest level in nearly 14 years in August, suggesting the housing market continued to gain momentum even as the economy’s recovery from the COVID-19 recession appears to be slowing.

The Commerce Department said on Thursday new home sales rose 4.8% to a seasonally adjusted annual rate of 1.011 million units last month, the highest level since September 2006. New home sales are counted at the signing of a contract, making them a leading housing market indicator.

July’s sales pace was revised upward to 965,000 units from the previously reported 901,000 units. Economists polled by Reuters had forecast new home sales, which account for about 14% of housing market sales, slipping 1% to a rate of 895,000-units.

The report

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Home sales reach a 14-year high in August, with prices hitting a new record

Home sales surged to a 14-year high in August as record low interest rates brought homebuyers out in droves and pushed prices to a new record high.



a view of a house: Homes in the Southern Highlands master-planned community are seen in this aerial photograph taken over Las Vegas, Nevada, U.S., on Thursday, Sept. 17, 2020. Nowhere is the widening gap between real estate and the real economy more apparent than in Las Vegas, where tourism is in ruins, wages are plunging and home prices just keep rocketing higher. Photographer: Roger Kisby/Bloomberg via Getty Images


© Roger Kisby/Bloomberg/Getty Images
Homes in the Southern Highlands master-planned community are seen in this aerial photograph taken over Las Vegas, Nevada, U.S., on Thursday, Sept. 17, 2020. Nowhere is the widening gap between real estate and the real economy more apparent than in Las Vegas, where tourism is in ruins, wages are plunging and home prices just keep rocketing higher. Photographer: Roger Kisby/Bloomberg via Getty Images

Existing home sales — which includes sales of single-family homes, townhomes, condominiums and co-ops — were up 2.4% in August from July, to a seasonally-adjusted annual rate of 6 million transactions, according to the National Association of Realtors. That was a 10.5% increase from the year before and the highest level since December 2006.

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Posted in home improvement loans

U.S. Home Sales Spike in August, Highest Levels Since December 2006

Median home prices nationwide also hit record setting $310,000

According to new data by the National Association of Realtors, existing U.S. home sales continued to climb in August 2020, marking three consecutive months of positive sales gains. Each of the four major regions experienced both month-over-month and year-over-year growth, with the Northeast seeing the greatest improvement from the prior month.

Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 2.4% from July to a seasonally-adjusted annual rate of 6.00 million in August. Sales as a whole rose year-over-year, up 10.5% from a year ago (5.43 million in August 2019).

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Lawrence Yun

“Home sales continue to amaze, and there are plenty of buyers in the pipeline ready to enter the market,” said Lawrence Yun, NAR’s chief economist. “Further gains in sales are likely for the remainder of the year, with mortgage rates hovering around 3% and

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Coastal Migrants Boost Las Vegas Home Prices, Up 8% in August Amid High Local Unemployment Rate

People moving in from expensive cities and locals with changing needs are contributing to rising home prices and fast sales even as tourism industry takes the brunt of the pandemic’s economic impact

SEATTLE, Sept. 16, 2020 /PRNewswire/ — (NASDAQ: RDFN) — The typical home-sale price in the Las Vegas metro grew 7.8% year over year to $310,000 in August, according to a new report from Redfin (www.redfin.com), the technology-powered real estate brokerage. More than 41% of homes sold within two weeks of going on the market, up from 28.3% last year.

Redfin Logo (PRNewsfoto/Redfin)

Meanwhile, the unemployment rate in the Las Vegas area—where much of the economy depends on the tourism industry, heavily impacted by the coronavirus pandemic—stood at 16.4% in July (the most recent data available). That’s an improvement from 30% in April, but higher than the 10.2% national rate posted in July.

“A lot

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British home working drives 5.3% August grocery sales growth: Nielsen

FILE PHOTO: Shoppers queue at a supermarket in London, Britain March 18, 2020. REUTERS/Dylan Martinez

LONDON (Reuters) – British grocery sales rose by 5.3% year-on-year in the four weeks to Sept. 5, boosted by households working from home during the coronavirus pandemic, industry data on Tuesday showed.

Market researcher Nielsen said, however, that the growth was down from 7% in last month’s report, adding that supermarkets in Britain had continuing strong online sales over the period, up 102%, while sales at stores fell by 1.6%.

“Food retail sales are still being boosted by households working from home, and such disruptions are expected to continue for the foreseeable future,” Mike Watkins, Nielsen’s UK head of retailer and business insight, said in a statement.

The supermarket industry was expected to remain more resilient than other types of consumer spending, Watkins said, forecasting sales growth of more than 6% for groceries in the

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Posted in home remodeling

China home sales sustain growth in August

BEIJING–Home sales in China kept growing in August, as the property market recovered faster than expected from the coronavirus pandemic, propelling overall economic momentum.

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Home sales by volume in January-August rose 4.1% from a year earlier, following a 0.4% increase in the January-July period, according to data released Tuesday by the National Bureau of Statistics.

Property investment, including in commercial and residential real estate, rose 4.6% in the first eight months of the year, extending the 3.4% increase in the January-July period.

Construction starts fell 3.6% in the eight-month period, narrowing from a 4.5% decrease in the first seven months of the year.

China is mulling stricter controls over the debt ratios of developers amid worries over a possible property crash. Previously, authorities mainly curbed home buying and property prices, but it is now starting to regulate developers with debt risk in order to avoid an overheating market

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British Home Working Drives 5.3% August Grocery Sales Growth: Nielsen | Investing News

LONDON (Reuters) – British grocery sales rose by 5.3% year-on-year in the four weeks to Sept. 5, boosted by households working from home during the coronavirus pandemic, industry data on Tuesday showed.

Market researcher Nielsen said, however, that the growth was down from 7% in last month’s report, adding that supermarkets in Britain had continuing strong online sales over the period, up 102%, while sales at stores fell by 1.6%.

“Food retail sales are still being boosted by households working from home, and such disruptions are expected to continue for the foreseeable future,” Mike Watkins, Nielsen’s UK head of retailer and business insight, said in a statement.

The supermarket industry was expected to remain more resilient than other types of consumer spending, Watkins said, forecasting sales growth of more than 6% for groceries in the last few months of the year, compared to flat growth seen at the end of

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