Archive

Posts Tagged ‘Home Sales’

Cash Sales for Homes Increase 19 Percent

May 8th, 2014 Comments off

RealtyTrac reports for the first three months of 2014, 43 percent of all home sales were cash deals, up 19 percent from a year ago, and the highest level since the analysis company began tracking cash sales in early 2011. Cash buyers are more attractive to sellers due to quicker turn around time than going the finance route. “Inventory shortages, as well as lending regulations favor the all-cash buyer,” said Chris Pollinger of First Team Real Estate in Southern California. In spite of a downturn in purchases by institutional investors, cnnmoney.com reports, there are individual investors and second-home buyers taking up the slack. Miami, New York, Boston and coastal California are attracting a phalanx of foreign buyers who are paying cash. As MHProNews knows, buyers paid on average $207,668 for homes in Q1 2014, 13 percent below the properties’ average estimated value. ##

(Image credit: housingwire.com)

New Mortgage Rules may Hinder Home Sales

January 30th, 2014 Comments off

The National Association of Realtors (NAR) Chief Economist Lawrence Yun says the unseasonably cold weather in many parts of the country was responsible for the nearly nine percent drop in the pending home sales index (PHSI) from Nov. to Dec., 2013. Although the PHSI has been falling since May, existing home sales rose two percent in Dec. following a six percent drop in Nov., totaling 5.1 million for the year, an increase of 9.2 percent over 2012. Taking a conservative approach, as nationalmortgagenews informs MHProNews.com, NAR forecasts home sales will hold even in 2014 as the new mortgage rules go into effect.

(Photo credit: Paul Sakuma/Associated Press–pending home sale)

NAR: Previously Owned Home Sales Shoot Up

January 23rd, 2014 Comments off

Marking the highest level of sales since the housing boom year of 2006, 5.1 million previously owned homes sold in 2013, up 9.2% from 2012 and almost 20% more than 2011, according to the National Association of Realtors (NAR). As CNNMoney informs MHProNews, in the first month-over-month increase since July, December sales were up slightly over November. The median price of a home sold during the year rose to $197,100, an increase of 11.4 percent. Distressed home sales dropped from nearly 25 percent to 14 percent within the year.

(Photo credit: mattheafey.com)

Freddie Mac: Housing Market is Steadily Returning

January 17th, 2014 Comments off

The latest Freddie Mac Economic and Housing Market Outlook shows the housing market moving in a positive direction. Frank Nothaft, Freddie Mac’s vice president and chief economist, says “As we start 2014, the housing recovery continues its steady pace. House-price gains will likely moderate from last year’s pace but rise about 5 percent in national indexes.” Noting the unemployment rate remains high, the report says it may be another two years before full employment returns, which is another pivotal indicator. At 5.88 percent, as housingwire.com says, mortgage delinquency rates have been cut in half from their peak, but remain well above the normal rate of two percent. MHProNews.com has learned annual home sales have typically averaged six percent of the housing stock, and Freddie expects that to hit 5.7 percent this year.

(Image credit: housingwire.com–home price increases)

New Home Sales Slide in November

December 24th, 2013 Comments off

The National Association of Home Builders (NAHB) reports sales of newly-built single-family homes fell 2.1 percent in November to a seasonally-adjusted annual rate (SAAR) of 464,000 units. According to data released by the U S. Census Bureau and the Department of Housing and Urban Development (HUD), this follows an upwardly revised strong rate the previous month of 474,000 units, which marked the strongest sales pace since July 2008. “The previous three months for new-home sales have all been revised up, and the final quarter of 2013 is shaping up to be the best quarter since the second quarter of 2008,” said NAHB Chief Economist David Crowe. “Historically low interest rates, affordable home prices and a healing economy are bringing buyers back into the marketplace.” Regionally, new home sales for the West increased 31.1 percent and the Northeast gained 15.1 percent, while the South dropped 9.1 percent and the Midwest fell 26.6 percent. As MHProNews has learned the inventory of new homes on the market fell to 167,000 units in Nov., which is amounts to a 4.3 month supply at the current sales pace.

(Photo credit: Wikipedia)

Pending Home Sales Fall in Oct.

October 28th, 2013 Comments off

According to nationalmortgagenews, the National Association of Realtors pending sales index (PSI) dropped more than expected in September, minus six percent, following a two percent drop in August, 2013. The PSI tracks sales contract signings, and is now 1.2 percent below the level of signings last Sept. NAR Chief Economist Lawrence Yun says the drop is due to higher mortgage rates, rising house prices and the uncertainty generated by the 16 days of deadlock in Washington. As MHProNews reported Oct. 25, consumer sentiment has been dropping as well. Regionally, the South saw a drop of half a percentage point month-over-month, while the PSI in the other three regions fell eight to ten percent. The index is based on the number of contracts signed, although not all contracts become actual sales.

(Photo credit: knoxnews.com)

Home Sales Continue Upward in Indianapolis

October 22nd, 2013 Comments off

While home prices and sales slid nationally, as MHProNews reported here yesterday, Oct. 21, existing home sales in the 13 county metropolitan area of Indianapolis rose 13.3 percent over last Sept., but it was the slowest growth month of 2013. The next slowest month was August with 14.5 percent over the previous August, according to indystar.com. The median price of homes that sold in Sept. was $136,000, 3.8 percent more year-over-year; and over 92 percent of sellers received the original list price, up two percent over last year. For sale inventory continued to shrink, falling six percent from the end of last Sept. to 13,875 end of Q3.

(Photo credit: mattheafey)

Sales and Home Prices Slide in Sept.

October 22nd, 2013 Comments off

Home prices and sales dropped in September, according to what the National Association of Realtors (NAR) tells nationalmortgagenews. As mortgage rates hovered around 4.5 percent and inventories remained low, sales of existing single-family homes dropped to a seasonally adjusted annual rate (SAAR) of 5.3 million, down from 5.4 million in August. Although sales have increased 11 percent from a year ago and have remained above the SAAR of five million the past five months, NAR Chief Economist Lawrence Yun does not expect them to improve in the coming months, noting the government shutdown has delayed loan processing. Stephanie Karol and Patrick Newport, IHS Global Insight economists, say, “The government shutdown has had a negative impact on consumers’ sentiment and contributed to an atmosphere of uncertainty, both of which make Americans less comfortable with making such a large purchase.” As MHProNews has learned, the median price of an existing home fell five percent from the prior month to $199,200 in Sept.

(Image credit: HousingWire.com)

More Home Buyers Purchasing Property All Cash

September 2nd, 2013 Comments off

american_cashThe tougher standards for mortgage lending – a result from Dodd-Frank – combined with rising mortgage rates has made it difficult for many buyers to get loans. This has lead to more all-cash deals on home buying. RealtyBiz tells says recently data released by RealtyTrac shows that 40% of home sales in July 2013 were made “all cash,” without a loan. This compares with 35% in June, and 31% in July last year. ##

(Image credit: WikiCommons )

 

NAR – Pending Home Sales Down in July, but up over 2012

August 29th, 2013 Comments off

national-assoc-realtors-voice-for-real-estate=logo=posted-manufactured-housing-pro-news-mhpronews-com-Mirroring the July drop in new home activity, the National Association or Realtors (NAR) reported that pending home sales dropped by 1.3% in July. The NAR said that even with the drop, July was up 6.7% from the same month in 2012. Marketwatch tells MHProNews that “By region, pending home sales in July fell 6.5% in the Northeast, 4.9% in the West and 1% in the Midwest. Meanwhile, pending sales rose 2.6% in the South.” NAR considers a sale listed as pending when the contract is signed. Sales are normally finalized one or two months of signing. ##

 

(Image Credit: NAR Logo)