Eat Your Winnamins – New Home Sales Skyrocket 16.6% Blowing Past Expectations…

Jumpin’ ju-ju bones… New home sales jumped a whopping 16.6% in May, blowing past the estimates of a 2.9% rise.  The May increase in sales is nearly 13 percent higher than the same month one year ago.

Home sales are a key indicator of economic health because purchases of homes requires (1) income, a stable job; and (2) an optimistic financial outlook from the buyer.

Sales of new single-family homes jumped 16.6% in May from April, to a seasonally adjusted annualized pace of 676,000, the Census Bureau reported Tuesday. The median economist estimate was for 640,000, according to Bloomberg data.

In addition to a larger-than-expected monthly surge, May sales were nearly 13% higher than a year ago. As the US economy reopens, people are flocking back to the housing market in droves — the rosy sales are a rebound from three months of declines ending in April. (LINK)

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86 Responses to Eat Your Winnamins – New Home Sales Skyrocket 16.6% Blowing Past Expectations…

  1. numbersixdance says:

    People are buying houses all right…escaping the Democrat Cities representing BLM, Masks, looting, burning and rioting for the suburbs or rural properties.

    Liked by 28 people

    • Cthemfly says:

      There may be something to your observation. Existing home sales were down 9% possibly suggesting movement to new homes in the exurbs and rural areas. Would be interesting to see more data, such as regional data for red vs blue states.

      Liked by 8 people

    • petszmom says:

      Prolly 100 percent correct. I live in one of the top 3 fastest growing areas in Texas between San Antonio and Austin. My town has been DESTROYED by an influx of transplants from everywhere. I plan on getting out in a few years because the growth is unsustainable. Interestingly enough, the other two top areas are also Red counties. These people are ruining not only their cities but the ones they head to.

      Liked by 12 people

      • Weylan McAnally says:

        You must live in New Braunfels or San Marcos.

        Liked by 3 people

      • Doogiesblog says:

        I just moved to this area (Halfway between San Antonio and Austin) and I promise you I am for Trump all the way…had to leave California because I didn’t feel I fit in any more. This is a wonderful area!
        So MUCH growth going on, adding new houses and businesses. I can see how it would make you uncomfortable if you were a long-time resident.

        Liked by 3 people

        • HillCountryTexan says:

          Doogiesblog,
          Welcome to Texas we need RED voters ……I live about an hour north of San Antonio still RED here with a few loud mouth libs. They had a rally in front of the courthouse last weekend. They had signs saying “black lives matter” all they were missing were…..black folks. All lily white.

          I know this short vingette doesn’t apply you but this is how we view most coming from CA. A friend off mine who lives in a very nice house had some Commiefornians come to his door wanting to buy his house. When he found out where they were from he said “I wouldn’t do that to my neighbors”…..According to him they were not amused but got the message.

          Liked by 7 people

        • petszmom says:

          I have been in this county for ten years and in n.b. for eight. We went from 60k to 90 plus in those short years. We are beyond capacity. The canyon lake public parks are going to be shut down on weekends and holidays it was announced today due to massive overcrowding and destruction of the natural settings. This town simply cannot handle the growth comfortably. I hope to move to the woodlands soon.

          Liked by 1 person

      • john says:

        And you’re destroying the English language.

        Like

      • That’s what they do everywhere.

        Liked by 1 person

    • Guyski says:

      The housing market began to bounce back in May, but new data released today by realtor.com® shows that consumers are showing an increasing preference for suburban and rural areas as they return to the market.

      https://news.move.com/2020-06-17-Suburban-Housing-Markets-Quicker-to-Bounce-Back-from-COVID-19

      Liked by 1 person

      • stlowman says:

        You are correct! I am a realtor in Southern Maryland. We are seeing an influx of people moving to more rural areas. The problem is that inventory is low. Tons of buyers and not enough homes for sale.

        Liked by 1 person

      • Harvey Lipschitz says:

        New home starts were 500,000 above estimates in December before this mess and interest rate drops.
        Just now banks say they have never seen such swollen deposits.

        Loads of money in bank accounts. NASDAQ broke another record. New home construction is strong and it is American jobs and American manufactured building products.

        Liked by 4 people

        • The Demon Slick says:

          Did anyone else see Maria Bartiromo Tuesday am acting like this number was dismal? I was going to sleep but I’m pretty sure t remember that.

          Liked by 1 person

    • mauritia17 says:

      I was going to comment the same – you beat me to it. Here in the Capital District it is a sellers market due to people leaving NYC.

      Liked by 1 person

      • Dave Hunter says:

        My dad has a nice house on a couple of acres outside Albany. He stuck his toe in the market back in December with it while he was in Florida and had a lot of interest but ultimately decided not to sell.

        Liked by 1 person

    • bertdilbert says:

      I have to laugh at the Fed that did the huge interest rate cut. That interest rate cut put fear into the markets on how bad the virus was going to be but now it ensures Trump’s reelection.

      Liked by 8 people

    • Dutchman says:

      #6 dance,
      Yes, and they are looking at new homes, that are ‘teched up’ so that CHINDREN CAN SCHOOL AT HOME, which leads me to think “those students ain’t coming back”.

      Reached the point where “expectations” are SO FAR off the mark, that they have lost all credibility. I mean you start off with the basic odds that they “should” be right, 50% of the time, JUST by “chance”, but they are CONSISTENTLY wrong, 100% of the time! Even a,stopped clock is right twice a day, and they can’t even hit that low mark!

      THIS is the,”pent up demand” PDJT has been talking about. As and to the degree that reopening occurs, there is going to be similar pent up demand, in every sector that was shut down as “non-essential”, as those customers (for the most part) didn’t ‘go’anywhere; they just delayed their purchases in services such as hair dresser, sit down dining, etc.
      So, the demand has stacked up, for 5 months, and STILL needs to be met.
      Prepare to have a ROARING economy.

      Liked by 10 people

      • Robert Smith says:

        Teachers will ultimately hurt themselves once people figure out they don’t need as many of them if we’re all going to be at home.

        Liked by 9 people

        • Dutchman says:

          Oh, the smart, dedicated ones will adapt; offering ‘on line’ coarses, where they can reach and educate 10’s of 1000’s of students, instead of less than 100 every year.
          The hacks will be screwed, as no one will want to pay for what they are teaching.

          We have elevated an inherent or developed skill in 3 R’s; Reading, Retention and Regurgitation, somehow equating such a skill with intelligence.

          As long as you can Read, and Retain, long enough to Regurgitate in a test, you can excel in school, and move on to Universtites of Higher Indoctrination.

          Establishing that (3 R’s) as THE standard for education, has made it much easier to use the guise of education as a major tool for indoctrination.

          Because the 3 R’s doesn’t involve critical thinking; its done by ROTE. Any critical thinking just threatens to distract the student, and lower their score. So, no QUESTIONING of the facts as permitted. It would interfere with the ability to Regurgitate the materiak.

          Liked by 1 person

          • gigi says:

            All while their accomplices on the “dark web” are stealing an untold amount of private information from the children. and probably their families too.

            Like

        • martyb59 says:

          Right… I have been saying the same, but my 83 year old father, who served for 24 years on the County Board of Education, says the teachers unions will figure out a way to keep everyone employed. They are too powerful to take down. I hope you are right and my father is wrong!

          Liked by 1 person

    • cliffaheadwolvesbehind says:

      I can’t agree more.
      So many of my clients and business owners are buying houses outside NYC sight unseen.
      Over asking price.
      No one wants to come back.
      The politicians have no idea what they have done.

      Liked by 5 people

    • old white guy says:

      Memo to all those who think home prices are gaining equity, wrong, it is inflation caused by the printing/digital creation of currency backed by nothing but debt. Trillions in the 12 years and no slowdown in sight.

      Like

  2. Johnny Boost says:

    Wonder how much of it is exodus from the blue states or the big cities, but the attached report isn’t that detailed.

    Like

    • Carly says:

      My read is that pent-up demand is ahead of supply for the near term. Once supply catches up, the numbers will fall to a normal level. Perhaps I’m wrong on that latter point, but I see all this as good news.
      Certainly, blue state leaders have done everyone possible to scare their residents, from hamstringing the police, threatening to re-route funds from law enforcement to pet projects, which means taxes will “necessarily” rise, all while cutting down on services, keeping schools closed, and so on. Not an attractive outlook for families or people who want to work and build assets in what was once a global city. I would hate to hold real estate in those places at this time.

      Like

      • YeahYouRight says:

        Don’t forget the hateful indoctrination of these kids in NYC public schools, being taught to hate white people, and white kids learning they are racists. That would light a fire under my butt to move anywhere ekse, sight unseen.

        Like

    • Robert Smith says:

      The government and media made it clear the cities are nothing more than a kill box for sheep.

      Like

  3. Say it with me, V Shaped Boom!!

    Liked by 4 people

  4. bullnuke says:

    Economists need to rethink things. They use old fashioned models to make what they think are educated guesses. Again, they have to pretend not to understand the Trump economy.

    Liked by 1 person

    • Dutchman says:

      I think SOME of it is NOT pretending, mamet principle not withstanding.

      In order for them to grasp the Trump economics, they would have to pass Sundances “Maganomics 101” coarse, which he hasbeen laying out here, every so often since I arrived.

      Type “exfiltration of wealth” or “lemons or widgets” into the,search box on the homepage, if your unfamiliar with these terms,…and LEARN.

      Anyway, for 99% of these economists to grasp what Sundance explains, and what PDJT is doing, they would have to throw out everything they were taught in school; everything that qualifies them as an ‘expert’.

      This is profoundly threatening to their self image, and so for them a bridge too far. Gordan Chang is a rare exception.

      And so, we have the bizarre situation, in which all these experts predictions continue to be way off, but rather than take the MAJOR hit to their egos, of admitting that everything that makes them an “expert” is hogwash, they will take the lesser, and shared collective hit to their ego of being WRONG.

      Human beans; Legumes with legs!

      Liked by 4 people

      • GB Bari says:

        Also remember a lot of those “experts” profit handsomely from the Leftist / DemonRAT / Multinational Corporatist / Globalist / Wall Street economy.

        Liked by 1 person

        • Dutchman says:

          Of coarse theres that, like Sandy, I think his name is, total shill.
          And, their are ideologues, as well like the guy who cried in his beer, on election day that our economy was going to tank.

          But, BEYOND that, as I say, a lot of these people just can’t “go there”, without acknowledging things there ego simply won’t allow them to acknowledge.

          Its hard to accept that everything you have believed, everything that is key to your self image, your identity, ……
          Is WRONG.

          Liked by 2 people

      • YeahYouRight says:

        Don’t forget the hateful indoctrination of these kids in NYC public schools, being taught to hate white people, and white kids learning they are racists. That would light a fire under my butt to move anywhere ekse, sight unseen.

        Like

        • Dutchman says:

          These blue mayors and govenors are killing their tax base, deliberately driving people away.
          Makes no sense, but its the Socialist pattern, we saw it unfold most recently and clearly in Venezuela.
          They are making one heck of a bet, on getting federal bailout $.

          Only happens if Biden wins. Heck of a risky bet to make, if you ask me.
          They probably/certainly will try to do everything they can, to prevent Trump rallies in their cities/States, as well.

          Heck of a thing; cities often vie to host big events, and offer all sorts if tax incentives.

          An event that draws 20,000- 50,000 visitors, well behaved, clean up their litter, spend $ for accomodations, meals, etc.

          ‘Normally’ any city would be dieing to host such an event.

          PDJT may at some point have to follow the Woodstock model, and rent a farm somewhere, “private property”, in order to hold a rally.

          Yes, these people have been indoctrinated to truly HATE us,….luckily children are naturally rebellious and inquisitive.
          Look at the,Youth for Trump rally, today.
          I didn’t count the standing ovations he got, but only a youthful crowd could have given him that many,…I got tired just watching THEM stand up, lol.

          Like

    • Sherri Young says:

      Economists are creatures of the Fed.

      Like

  5. guybee55 says:

    They are a loud minority. The mouse that roared

    Like

  6. WES says:

    Yes, new home sales are up but much larger existing home sales are down 26%. Not so rosy.

    Like

    • Eric C. says:

      Our county in north AL of about 370,000 had less than 1,000 units for sale in the Dec/Jan ballpark.

      Large, nicer apartments are going up everywhere and new housing construction is booming. There’s just not the inventory for existing home sales to sky rocket”

      A little less eeyore please.

      Liked by 1 person

      • Eric C. says:

        Oh, and homes that are on the market go in hours if it’s in a desirable location and/or nothing odd with the lot/home.

        Like

    • helmhood says:

      My real estate office on Long Island closed on existing home last Friday, have another closing this Friday, and made a deal today on another existing home. We are in a R district, so there’s that. But still…

      GO TRUMP!

      Liked by 1 person

    • California Joe says:

      Existing home sales trail because they are counted at closing which is typically two months after going to contract. New home sales are counted on contract. Big timing difference!

      Liked by 7 people

  7. Scott says:

    I am going to become an economist. Clearly the talent pool is shallow.

    Liked by 3 people

  8. refinedheathen says:

    I love how the blonde dingbat at the end tries to tie in the New York shutdown as part of the reason why new home sales were so high. As if all of these new home buyers had to settle for a suburban home because they weren’t allowed to view Manhattan properties.

    The world begins and ends in New York for these imbeciles, when anyone with a handful of functioning brain cells wouldn’t live within a 50 mile radius of that leftist cesspool given the choice.

    Liked by 3 people

  9. AnotherMDConvservative says:

    “Home sales are a key indicator of economic health because purchases of homes requires (1) income, a stable job; and (2) an optimistic financial outlook from the buyer.”

    and (3), the manufacture of construction materials and durable goods to be used in these homes.

    Not tired of winning!

    Liked by 3 people

  10. We want to move over the state line. It’s impossible to find a home in our budget, it’s a very healthy budget, due to everyone moving from the city to the burbs. The realtor told me here and when I was in Iowa last month, that people are fleeing to the burbs. They found out real quick with the COVID that living in town and worse, an apartment, isn’t all that great when crap hits the fan.

    Realtor said our home value went up almost 20K since March. March of 2020! We can’t sell cuz we can’t find anything. Homes are pending before they go on the market.

    Liked by 3 people

    • boogywstew says:

      Find a country lot that allows mobile homes. Buy a used MH and live in it while you build your home or you have your home built by a contractor on the same property. Move in your new home and keep MH for a rental or sell it and use money for appliances etc. Use a contractor and just do some of the work? Construction moves much faster when you actually live on the construction site. You have electricity, running hot water, bathrooms, telephone and kitchen right on site. You’re there for deliveries, you can keep an eye on subcontractors and you keep stealing to a minimum. You can get stuff done if you just have an hour free. You can run next door to put a quick 2nd coat on something. Same plan is good if you want to restore a house.

      Liked by 2 people

  11. California Joe says:

    New homes are typically built in the outlying suburbs away from the inner cities where BLM and ANTIFA have been on a rampage so look for new home sales to increase while sales of existing condos and townhouses which are typical of the “once” gentrified city neighborhoods where gays and single professionals flocked to drop off the face of the earth.

    Like

  12. kurt72 says:

    I sell structural connectors and fasteners made in USA. Busiest ever and I’ve been doing this since 1979.

    Liked by 11 people

  13. kurt72 says:

    I sell structural connectors and fasteners made in USA. Busiest ever and I’ve been doing this since 1979.

    Like

  14. no-nonsence-nancy says:

    I live in a rural area in SE PA outside of Philly. My friend’s neighbor sold his house in one day after he put it on the market. He accepted the first offer and has 5 or 6 people with agreements in waiting to see if the mortgage goes through. The person who bought it is from NYC. I heard that the realtors in my area are very busy now.

    Liked by 2 people

  15. rexrossi2gmailcom says:

    Not here in Illinois and Chicago. Worst sales numbers for May since 2009. Chicagoland Real Estate: Supply sharply lower, prices dramatically lower. Sales, almost non existent. Only a Democrat can manage public policy like that.

    When do we start to panic in the Land of Lincoln?

    http://www.chicagonow.com/getting-real/2020/06/may-chicago-real-estate-market-as-expected-worst-ever-sales-decline/

    Liked by 1 person

    • numbersixdance says:

      Rex…would be interested in sales numbers across the borders in Indiana or Wisconsin….bet they are through the roof.

      Like

  16. namberak says:

    I live in an over 55 community that is to have about 500 homes at completion. My wife and I moved into about home 125 not quite two years ago. Let me tell you– wu flu or no wu flu, the building in here barely paused. And yes, anecdotal evidence is not evidence. 🙂

    Liked by 1 person

  17. cheering4america says:

    3 in 10 Americans Missed Their Housing Payments in June – I have to wonder how this reconciles with this good news.

    https://www.apartmentlist.com/research/june-housing-payments

    Like

  18. I am a Broker, crazy out there. This is not surprising. So normally we are slammed busy in March, and April but due to the the virus it is now May/June. I don’t see it slowing down in July at all.

    Liked by 2 people

    • Sherri Young says:

      Spring break moved to June/July as far as RE, didn’t it?

      I bought a foreclosure for a flipper in early February. Had to wait out the recission period until Feb 19th before doing anything too expensive. Was pushing for a spring break listing but missed that. The realtor had the house up on the web in late April. Got a contract the first week in June. Will close mid-July. Pretty fast for this town and also for the neighborhood. It’s a good house.

      Shopping for another flipper for when my money is freed up again. We’ll see.

      Like

  19. jeans2nd says:

    Wonder how many new homes are by LEOs changing jobs.
    Good website here to keep in mind.
    This real estate firm specializes in finding not only homes, but homes in communities who love and respect LEOs.

    Law Enforcement Move
    Helping Heroes Move to Police Friendly Communities
    https://lawenforcementmove.com/

    “Company assists law enforcement in relocating to more police-friendly locations”
    https://www.washingtonexaminer.com/news/company-assists-law-enforcement-in-relocating-to-more-police-friendly-locations

    47 seconds

    Liked by 1 person

    • Sherri Young says:

      Thanks. My HVAC guy told me on Friday that his son, a policeman, is about to start flipping houses on his days off. Bought a box truck for his tools and hauling supplies. I’ll sent them your links.

      Liked by 1 person

  20. Doug Amos says:

    Do not despair; the Spanish will save the cities. They go to work every day and take care of their property. They have the #’s to do it and have little time for people who do not.

    Liked by 1 person

  21. jhorn85 says:

    Leaving Democrat cities, needing a space to work from home, strong future economic outlook = new homes > already built

    Like

  22. convert says:

    Wait til these damn dumb Dem mayor’s and governor’s figure out that several percent of that jump is people fleeing the Blue state gulags, having figured out they can earn a living from anywhere: they don’t have to live in violent, filthy, disease-ridden, hellholes under stupid despots.

    Like

    • paulashley says:

      “… having figured out they can earn a living from anywhere…”

      Let’s hope they’ve also figured out what caused the mess they’re fleeing. Hint: it’s not evil conservatives.

      Liked by 1 person

    • Beverly says:

      They’ll just enact a law like the Kalifornicans did: they CONFISCATE part of your wealth if you dare to move out. Phil Mickelson, the pro golfer, had the nerve to complain about this, and all the Demonrats jumped down his throat and made him grovel (this was a few years ago, IIRC).

      Like

  23. Bert Darrell says:

    Nobody needs to be Sherlock Holmes or clairvoyant to figure out that, when interest rates are the lowest in many, many decades, mortgage rates become highly attractive. If you have the down payment and need a new home go for it! Rates will never be lower in your lifetime.

    Like

  24. Bert Darrell says:

    WHAT? My comment -above- went to moderation for saying mortgage rates are at an all time low.
    Go figure.

    Like

  25. Bert Darrell says:

    WP is forcing me to be a lurker. Why are my posts going into moderation to then vanish altogether? Changing my email. Let’s see if this one goes thru.

    Like

  26. paulashley says:

    Great news. And here I thought the May sale of my daughter’s house in Chicago’s western suburbs at the height of the pandemic farce was an anomaly. After six weeks of DIY the wife and myself, she got a great offer in only three days. I was shocked but my wife said she knew that God was the salesman.

    Liked by 1 person

  27. T2020 says:

    Probably in every Red state or at least NOT in NY, CA, WA or OR.

    Like

  28. republicanvet91 says:

    I commented here before about traveling the end of March at the start of much of the severe lockdowns. I was in another state preparing a house for sale. We didn’t know what to expect once we put it on the market, but previous home sales in the area suggested it would be worthwhile to market it regardless of the doom and gloom reported.
    This house was not a great property. It was on about 3 acres about 30 miles from a major metropolitan area. Nice sized house with A LOT of work done to it, nice big yard with a detached garage. The outbuildings were poor with one a former dairy operation that was caving in from wind damage. There wasn’t much we could do about them in the time we had other than clean them up the best we could, focus on the house and hope.
    We did the work we could in the house we thought would be necessary to get it on the market, and did so in late April/early May. I figured there should be people sitting on down payments waiting for the right property to come up. Within a few days, there were several showings. Within 3 days, we had an offer which we accepted and it went all the way through to a final sale.

    It sold for over $50,000 more than we were expecting. I am not at all surprised by this.

    Like

  29. jessetmims says:

    I regularly drive 200 to 300 hundred miles up to 5 days every week in middle west Georgia and middle east Alabama. I can show you at least a dozen VERY large single family homes (200 to 500 thousands) currently being built plus several more lots being cleared and landscaped for the same purpose. Additionally, I know of at least four large tracts of land currently being cleared for either shopping centers or residential subdivisions/apartments.

    I also see so many tracts of timber being cut and log trucks fully loaded with lumber quality logs that I can’t count them all. The roads are full of eighteen wheelers hauling all kinds of goods, too; all of which, tell me that the US economy has left the memory of the COVID-19 hoax in its dust.

    Like

  30. Kerry_On says:

    The REAL story in this article, I suspect, is the wealth transfer from Larger Metropolitan areas to smaller cities and from Blue States to Red. Thanks BLM, thanks ANTIFA, thanks Dems! This will include Property Tax transfers (for schools, police etc.) as well as GDP shift to Conservative economies. HOWEVER, these new states & towns who benefit from the flight from these urban sh*tholes, must judiciously guard against the importation of the very mindset that destroyed the larger cities. You must constantly remind your residents (new AND old) of what it is that CREATES the superior quality of life in your subueban/rural environment .

    Like

  31. Spurwing Plover says:

    Americans are leaving all those Cties run and ruined by the Democrats moving to places where there are no liberal democrats wrecking the Neighborhoods with stupid liberal ideas

    Like

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