August New Home Sales Up, But Not in Every Market

1 MIN READ
Metrostudy's chief economist Brad Hunter

Sales of new single-family houses in August 2014 were at a seasonally adjusted annual rate of 504,000, up by a startling 18%. This is according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.

Don’t put too much stock in this number, folks. The new home sales number from the government is notoriously inaccurate, and always revised substantially.

Our research shows that the market is a “mixed bag.” We are seeing strength in Nashville, Charlotte, Sarasota, Southern California, and even Chicago, but we are also seeing recent weakening in Orlando, Phoenix, Washington DC, and Tampa.

In an interview with CNBC this morning, Brad discusses data from today’s housing report, and explains why the Western housing market is so hot:

About the Author

Brad Hunter

Brad Hunter is Metrostudy’s chief economist and director of strategic consulting. Hunter directs Metrostudy’s consulting work nationwide and spearheads Metrostudy’s current work with the national development community as well as investment firms. Metrostudy is the nation’s premier advisor on local and regional housing market conditions. The firm’s unmatched database provides the quantitative foundation for its consulting and advisory work, and backs up Hunter’s forecasts of the housing market, which have been consistently more accurate than those of most other economists. Hunter also supervises the bulk of the company’s multi-market studies, and has orchestrated hundreds of site-specific or area-specific housing market studies over the past twenty-five years of his career. He oversees the company’s work for investment funds who are investing a combined $1 billion in residential property nationwide. With 25 years’ experience in real estate analysis and local market economics, Hunter is a full member of the Urban Land Institute, has authored numerous articles and chapters in ULI-published books, including Market Profiles, chairs various committees, and is an active member of the national Community Development Council. He is regularly cited in local and national journals including recent interviews by the Wall Street Journal, Business Week, and on CNBC and Bloomberg News. His analysis is also featured in the book Foreclosure Nation. Hunter graduated in 1985 from the Wharton School of the University of Pennsylvania with a degree in economics and has been a guest lecturer at Harvard University. Hunter is a speaker at conferences on real estate opportunities and investing, as well as at real estate think tanks, and is frequently called upon by key regulatory agencies of the U.S. government for his insights on the housing sector.

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