{"id":595258,"date":"2025-02-26T00:46:54","date_gmt":"2025-02-26T00:46:54","guid":{"rendered":"https:\/\/drewdodds.vipmtginc.com\/blog\/?p=595258"},"modified":"2025-09-08T19:39:24","modified_gmt":"2025-09-08T19:39:24","slug":"existing-home-sales-new-construction-slow","status":"publish","type":"post","link":"https:\/\/drewdodds.vipmtginc.com\/blog\/2025\/02\/26\/existing-home-sales-new-construction-slow\/","title":{"rendered":"Existing Home Sales, New Construction Slow"},"content":{"rendered":"<p>Week of February 17, 2025 in Review<\/p>\n<p>Sales of existing homes declined in January but are projected to increase throughout the year. Meanwhile, concerns over tariffs have led home builders to adopt a more cautious stance. Read on for further insights.<\/p>\n<ul>\n<li>Existing Home Sales Expected to Improve This Year<\/li>\n<li>Home Builder Confidence Declines Amid Tariff Concerns<\/li>\n<li>Construction Activity Slows in January<\/li>\n<li>Jobless Claims Data Continues to Show a Consistent Trend<\/li>\n<li>Family Hack of the Week<\/li>\n<li>What to Look for This Week<\/li>\n<li>Technical Picture<\/li>\n<\/ul>\n<h2>Existing Home Sales Expected to Improve This Year<\/h2>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-595261 size-full\" src=\"https:\/\/drewdodds.vipmtginc.com\/blog\/wp-content\/uploads\/2025\/02\/Existing-Home-Sales-2.25.png\" alt=\"Existing Home Sales Feb 25 2025\" width=\"767\" height=\"503\" srcset=\"https:\/\/drewdodds.vipmtginc.com\/blog\/wp-content\/uploads\/2025\/02\/Existing-Home-Sales-2.25.png 767w, https:\/\/drewdodds.vipmtginc.com\/blog\/wp-content\/uploads\/2025\/02\/Existing-Home-Sales-2.25-300x197.png 300w, https:\/\/drewdodds.vipmtginc.com\/blog\/wp-content\/uploads\/2025\/02\/Existing-Home-Sales-2.25-200x131.png 200w, https:\/\/drewdodds.vipmtginc.com\/blog\/wp-content\/uploads\/2025\/02\/Existing-Home-Sales-2.25-400x262.png 400w, https:\/\/drewdodds.vipmtginc.com\/blog\/wp-content\/uploads\/2025\/02\/Existing-Home-Sales-2.25-600x393.png 600w\" sizes=\"(max-width: 767px) 100vw, 767px\" \/><\/p>\n<p>In January, existing home closings decreased 4.9% from December to a 4.08 million-unit annualized pace, slightly missing projections. However, sales have risen year-over-year for four consecutive months, and inventory saw a modest uptick.<\/p>\n<p><strong>What\u2019s the bottom line?<\/strong> This was a strong January report, considering it measured home shopping from November and December when rates were elevated. Plus, January is typically a slow time for the housing market.<\/p>\n<p>\u201cThings are looking up,\u201d according to the National Association of REALTORS\u00ae Chief Economist Lawrence Yun, who expects home sales to continue rising as rates and prices stabilize.<\/p>\n<p>While January inventory improved to 1.18 million units, it remains tight compared to pre-pandemic levels. Plus, only 829,000 of those were active listings; the rest were under contract and not truly available. This ongoing supply shortage, combined with pent-up buyer demand, bodes well for continued home price appreciation.<\/p>\n<h2>Home Builder Confidence Declines Amid Tariff Concerns<\/h2>\n<p><img decoding=\"async\" class=\"alignnone wp-image-595262 size-full\" src=\"https:\/\/drewdodds.vipmtginc.com\/blog\/wp-content\/uploads\/2025\/02\/NAHB-Home-Builder-Sentiment.png\" alt=\"NAHB Home Builder Sentiment\" width=\"765\" height=\"508\" srcset=\"https:\/\/drewdodds.vipmtginc.com\/blog\/wp-content\/uploads\/2025\/02\/NAHB-Home-Builder-Sentiment.png 765w, https:\/\/drewdodds.vipmtginc.com\/blog\/wp-content\/uploads\/2025\/02\/NAHB-Home-Builder-Sentiment-300x199.png 300w, https:\/\/drewdodds.vipmtginc.com\/blog\/wp-content\/uploads\/2025\/02\/NAHB-Home-Builder-Sentiment-200x133.png 200w, https:\/\/drewdodds.vipmtginc.com\/blog\/wp-content\/uploads\/2025\/02\/NAHB-Home-Builder-Sentiment-400x266.png 400w, https:\/\/drewdodds.vipmtginc.com\/blog\/wp-content\/uploads\/2025\/02\/NAHB-Home-Builder-Sentiment-600x398.png 600w\" sizes=\"(max-width: 765px) 100vw, 765px\" \/><\/p>\n<p>Home builder sentiment took a hit in February, with the National Association of Home Builders (NAHB) reporting a drop in their confidence index from 47 in January to 42. This figure is now well below the neutral benchmark of 50, signaling contraction.<\/p>\n<p>All three components of the index \u2013 buyer traffic, current sales and future sales expectations \u2013 decreased, with future sales expectations seeing a significant 13-point drop to their lowest level since December 2023.<\/p>\n<p><strong>What\u2019s the bottom line?<\/strong> NAHB Chief Economist Robert Dietz noted that the decline was driven by uncertainty over the &#8220;scale and scope of tariffs,&#8221; with 32% of appliances and 30% of softwood lumber coming from international trade.<\/p>\n<p>However, the survey timing appears to have impacted the results. Responses collected before the announcement of a one- month tariff pause on goods from Canada and Mexico recorded a lower Housing Market Index (HMI) of 38, while those gathered after the pause produced a higher score of 44. This suggests the decline in sentiment could have been less severe with different survey timing.<\/p>\n<h2>Construction Activity Slows in January<\/h2>\n<p><img decoding=\"async\" class=\"alignnone wp-image-595263 size-full\" src=\"https:\/\/drewdodds.vipmtginc.com\/blog\/wp-content\/uploads\/2025\/02\/New-Home-Construction-2.25.png\" alt=\"New Home Construction\" width=\"764\" height=\"506\" srcset=\"https:\/\/drewdodds.vipmtginc.com\/blog\/wp-content\/uploads\/2025\/02\/New-Home-Construction-2.25.png 764w, https:\/\/drewdodds.vipmtginc.com\/blog\/wp-content\/uploads\/2025\/02\/New-Home-Construction-2.25-300x199.png 300w, https:\/\/drewdodds.vipmtginc.com\/blog\/wp-content\/uploads\/2025\/02\/New-Home-Construction-2.25-200x132.png 200w, https:\/\/drewdodds.vipmtginc.com\/blog\/wp-content\/uploads\/2025\/02\/New-Home-Construction-2.25-400x265.png 400w, https:\/\/drewdodds.vipmtginc.com\/blog\/wp-content\/uploads\/2025\/02\/New-Home-Construction-2.25-600x397.png 600w\" sizes=\"(max-width: 764px) 100vw, 764px\" \/><\/p>\n<p>Housing Starts declined by nearly 10% from December to January, with decreases seen in both single-family and multifamily construction. However, the December housing data reflected one of the strongest levels of activity in 2024, providing important context for the January decline. Meanwhile, Building Permits, a leading indicator, rose slightly to start the year.<\/p>\n<p><strong>What\u2019s the bottom line?<\/strong> NAHB Chair Carl Harris noted that &#8220;high construction costs, elevated mortgage rates, and challenging housing affordability conditions are causing builders to approach the market with caution.&#8221; This also suggests home prices will remain supported, as insufficient supply is coming on the market to meet demand, presenting ongoing opportunities for wealth- building through homeownership.<\/p>\n<h2>Jobless Claims Data Continues to Show a Consistent Trend<\/h2>\n<p>Initial Jobless Claims increased by 5,000, totaling 219,000. Continuing Jobless Claims also rose by 24,000 to 1.869 million, remaining above 1.8 million for the thirty-seventh consecutive week.<\/p>\n<p><strong>What\u2019s the bottom line?<\/strong> The latest data suggests that while layoffs remain low, the labor market continues to encounter difficulties in promptly reintegrating job seekers. Additionally, as many individuals are eligible for benefits for just 26 weeks, the rise in Continuing Claims upon benefit expiration points to persistent vulnerabilities in the labor market.<\/p>\n<h2>Family Hack of the Week<\/h2>\n<p>February 26 is National Pistachio Day, making these White Chocolate Pistachio Cookies a perfect way to commemorate the occasion. This recipe yields 24 cookies.<\/p>\n<ol>\n<li>Preheat oven to 350 degrees Fahrenheit and line baking sheets with parchment paper.<\/li>\n<li>In a large bowl, beat together 1 cup melted butter, 3\/4 cup brown sugar and 3\/4 cup white sugar until light and fluffy.<\/li>\n<li>Add 2 eggs, one at a time, beating well after each addition.<\/li>\n<li>Stir in 2 teaspoons vanilla extract.<\/li>\n<li>In a separate bowl, combine 2 1\/2 cups all-purpose flour, 1 teaspoon baking soda and 1 teaspoon salt.<\/li>\n<li>Gradually incorporate the dry ingredients into the butter mixture until dough is just mixed.<\/li>\n<li>Fold in 1 cup crushed pistachios and 1\/2 cup white chocolate chips.<\/li>\n<li>Drop spoonfuls of dough onto the prepared baking sheets.<\/li>\n<li>Bake until the edges begin to crisp, about 10 to 12 minutes. Cool cookies on baking sheets for 2 to 3 minutes, then transfer to a wire rack to cool completely.<\/li>\n<\/ol>\n<h2>What to Look for This Week<\/h2>\n<p>The key report this week will be published on Friday, highlighting the Federal Reserve&#8217;s preferred inflation gauge, the Personal Consumption Expenditures index.<\/p>\n<p>In addition, housing data will be released throughout the week, with appreciation figures on Tuesday, New Home Sales on Wednesday and Pending Home Sales on Thursday. Thursday will also include the latest Jobless Claims and the second estimate of fourth quarter GDP.<\/p>\n<h2>Technical Picture<\/h2>\n<p>Mortgage Bonds broke above their 200-day Moving Average last week, testing the price ceiling at 101.09. If Bonds can surpass this level, there is approximately 30 basis points of upside room before reaching the next resistance at the 101.39 Fibonacci level. Meanwhile, the 10-year closed last week below 4.50%, declining on Friday toward the next support level at 4.40%.<\/p>\n<p>If you had any questions, please don&#8217;t hesitate to <a href=\"https:\/\/drewdodds.vipmtginc.com\/blog\/\">contact me!<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Week of February 17, 2025 in Review Sales of existing homes declined in January but are projected to increase throughout the year. Meanwhile, concerns over tariffs have led home builders to adopt a more cautious stance. Read on for further insights. Existing Home Sales Expected to Improve This Year Home Builder Confidence Declines Amid Tariff [&hellip;]<\/p>\n","protected":false},"author":26,"featured_media":595261,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-595258","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-newsletter"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Existing Home Sales, New Construction Slow - Drew Dodds<\/title>\n<meta name=\"description\" content=\"Sales of existing homes declined in January but are projected to increase throughout the year. Meanwhile, concerns over tariffs have led home builders to adopt a more cautious stance. 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