National RE Data You Need to Know

ATTOM Data Solutions reported that lenders repossessed or foreclosed on 20,750 properties in the first 6 months of this year, up 113% from last year when the federal government nearly outlawed foreclosures. But, if you compare 2022 to 2019, foreclosures are down 70% and are down 88% from 2017.
· The national Case-Shiller Index showed home prices nationally rose by 1.5% in May and prices are up 18.3% year over year.
· In Metro Denver home price appreciation slowed to 1.1% in May from April. Back in March home prices rose by 4.5% from February. Still home prices are up 22.2% from May 2021 to May 2022.
· NAR reported that pending home sales dropped 8.6% in June and pendings are down 20% year over year.
· New home sales which measures signed contracts to purchase a new home were down 8% in June to an annualized pace of 590k. Year over year signed contracts are down 17%. 590k homes sold/under contract in June puts us back at 2018 levels; but well below the peak in 2006 when new home sales hit 1.4 million.
· Builders reported that they had 457k homes for sale at end of June, but only 41k homes are completed. The remaining 91% of homes for sale are under construction or haven’t even started construction. This puts supply at 25 days, not the 9.3 months reported. The median home price of a new home is up 7% year over year to $444k.
· The reality is home builders will not help our society build our way out of our housing supply crisis. Why? They build homes for 1 reason only, to turn a profit.