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Eye on the Economy 
New Home Sales Jump in August 
October 2, 2014 
eyeonhousing.org
New Home Sales 2 
•New home sales rebounded in August 
• Increased 18% to a seasonally 
adjusted rate of 504,000 
•August rate up 33% over August 2013 
•Indicative of ongoing recovery 
• Read more here
New Single-family Home Inventory 3 
•Inventory of new single-family homes 
increased to 206,000 (non-seasonally 
adjusted) 
•48,000 were completed, ready to 
occupy residences 
•Months’ supply fell to 4.8 months 
• Read more here
Mortgage Interest Rates 4 
•Mortgage interest rates remain 
historically low 
•Average effective interest for new 
home sales was 4.25% in August 
• Read more here
Housing’s Share of GDP 5 
•Housing’s share of GDP was 15.5% 
•3.1% due to residential construction 
• Home building & remodeling 
• Read more here 
•GDP grew 4.6% in second quarter 
• Read more here
Construction Spending 6 
•Construction spending declined 0.1% 
in August 
• Decline due to weakness in 
the remodeling sector 
• Read more here
Existing & Pending Home Sales 7 
•August existing home sales down 
5.3% year-over-year 
• Read more here 
•Pending sales fell 1% in August 
• Read more here 
• Declines suggest withdrawals of 
investor and cash home buyers
Home Prices 8 
•Case-Schiller national index was up 
5.6% year-over-year in August 
• 27th consecutive month 
increase 
•Home prices have risen almost 21% 
over the last two years 
• Read more here 
•Household balance sheets improve 
•Value of owner-occupied real estate 
reaching 20.2 trillion in second 
quarter 
• Read more here
State & Local Taxes 9 
•Rising prices have increased 
property tax revenue 
• Reached a $493 billion 
annual rate for all property 
sources 
•Property Taxes make up 40.3% of 
state and local tax receipts 
• Read more here
Population Survey 10 
•Workers under 35 realized income 
gains in 2013 
• In 2012 experienced an 
almost 1% drop in median 
income 
• Same cohort experienced a 
1.1% increase last year 
•Surveys show homeownership is an 
important goal for Millennials 
• Despite being delayed 
• Read more here
Mixed Readings on Consumer Confidence 11 
•In September, Thomson 
Reuters/University of Michigan 
measured an increase in consumer 
sentiment 
• Read more here 
•The Conference Board Consumer 
Confidence Index declined 
• Due to concerns about 
current and future 
employment conditions 
• Read more here

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Eye on the economy

  • 1. Eye on the Economy New Home Sales Jump in August October 2, 2014 eyeonhousing.org
  • 2. New Home Sales 2 •New home sales rebounded in August • Increased 18% to a seasonally adjusted rate of 504,000 •August rate up 33% over August 2013 •Indicative of ongoing recovery • Read more here
  • 3. New Single-family Home Inventory 3 •Inventory of new single-family homes increased to 206,000 (non-seasonally adjusted) •48,000 were completed, ready to occupy residences •Months’ supply fell to 4.8 months • Read more here
  • 4. Mortgage Interest Rates 4 •Mortgage interest rates remain historically low •Average effective interest for new home sales was 4.25% in August • Read more here
  • 5. Housing’s Share of GDP 5 •Housing’s share of GDP was 15.5% •3.1% due to residential construction • Home building & remodeling • Read more here •GDP grew 4.6% in second quarter • Read more here
  • 6. Construction Spending 6 •Construction spending declined 0.1% in August • Decline due to weakness in the remodeling sector • Read more here
  • 7. Existing & Pending Home Sales 7 •August existing home sales down 5.3% year-over-year • Read more here •Pending sales fell 1% in August • Read more here • Declines suggest withdrawals of investor and cash home buyers
  • 8. Home Prices 8 •Case-Schiller national index was up 5.6% year-over-year in August • 27th consecutive month increase •Home prices have risen almost 21% over the last two years • Read more here •Household balance sheets improve •Value of owner-occupied real estate reaching 20.2 trillion in second quarter • Read more here
  • 9. State & Local Taxes 9 •Rising prices have increased property tax revenue • Reached a $493 billion annual rate for all property sources •Property Taxes make up 40.3% of state and local tax receipts • Read more here
  • 10. Population Survey 10 •Workers under 35 realized income gains in 2013 • In 2012 experienced an almost 1% drop in median income • Same cohort experienced a 1.1% increase last year •Surveys show homeownership is an important goal for Millennials • Despite being delayed • Read more here
  • 11. Mixed Readings on Consumer Confidence 11 •In September, Thomson Reuters/University of Michigan measured an increase in consumer sentiment • Read more here •The Conference Board Consumer Confidence Index declined • Due to concerns about current and future employment conditions • Read more here