Existing-home sales decline in September
Total existing-home sales in September decreased 3% to a seasonally adjusted annual rate of 4.91 million from an upwardly revised 5.06 million in August, according to the National Association of Realtors (NAR). The September figure is 11.3% above the 4.41 million-unit pace in September 2010.
This drop in existing-home sales comes just a day after the release of September housing starts, which showed 15% growth.
“Existing-home sales have bounced around this year, staying relatively close to the current level in most months,” said Lawrence Yun, NAR chief economist. “The irony is affordability conditions have improved to historic highs and more creditworthy borrowers are trying to purchase homes, but the share of contract failures is double the level of September 2010. Even so, the volume of successful buyers is higher than a year ago and is remaining fairly stable — this speaks to an unfulfilled demand.”
The national median existing-home price for all housing types was $165,400 in September, down 3.5% from September 2010. Distressed homes accounted for 30% of sales in September (18% were foreclosures, and 12% were short sales), down from 31% in August and 35% in September 2010.
Total housing inventory decreased 2% to 3.48 million existing homes available for sale, which represents an 8.5-month supply, compared with an 8.4-month supply in August.
Single-family home sales fell 3.6% to a seasonally adjusted annual rate of 4.33 million in September from 4.49 million in August, but are 12.2% above the 3.86 million-unit level in September 2010. The median existing single-family home price was $165,600 in September, down 3.9% from a year ago.
Regionally, existing-home sales in the Northeast rose 2.6% to an annual level of 790,000 in September and are 6.8% above a year ago. Existing-home sales in the Midwest slipped 0.9% in September to a pace of 1.09 million but are 17.2% higher than September 2010. In the South, existing-home sales declined 2.6% to an annual level of 1.89 million in September but are 10.5% above a year ago. Existing-home sales in the West fell 8.8% to an annual pace of 1.14 million in September but are 10.7% higher than September 2010.
Parr Lumber donates truck to Habitat for Humanity
Parr Lumber recently replaced a truck stolen from a Habitat for Humanity Portland/Metro East job site.
On Sept. 29, Habitat construction staff and volunteers found that the truck, power tools and construction materials had been taken from the Victoria Cottages job site – which will be home to eight local, hardworking families — near SE 204th and SE Stark in Gresham, Ore.
Expressing appreciation for the donation, Steve Messinetti, executive director of Habitat for Humanity Portland/Metro East, said: "Most of our trucks are getting very old. Having this opportunity to replace a vehicle that is on its last life is so valuable for this organization."
The stolen truck was recovered, but was damaged and missing the lumber rack. The Gresham Police Department is investigating.
Parr Lumber is a longtime supporter of Habitat for Humanity.
NVR posts Q3 revenue increase
Reston, Va.-based home builder NVR reported net income for its third quarter ended Sept. 30 of $43.4 million, down 1% from the third quarter of 2010. Consolidated revenues for the quarter totaled $707.5 million, up 5% from $676.2 million in the comparable 2010 quarter.
Net income for the first nine months ended Sept. 30 totaled $97 million, down 34% compared with the first nine months of 2010. Consolidated revenues for the nine-month period were $1.9 billion, down 14% from $2.2 billion in the year-ago period.
New orders in the third quarter increased 3% to 2,218 units, compared with 2,151 units in the third quarter of 2010. The cancellation rate in the third quarter of 2011 was 15%, compared with 17.9% in the third quarter of 2010 and 12.5% in the second quarter of 2011.
NVR’s home-building unit sells and builds homes under the Ryan Homes, NVHomes, Rymarc Homes and Fox Ridge Homes trade names.