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Posts Tagged ‘single-family home sales’

Strong Dollar Driving Down Foreign Home Buyers in Miami

May 24th, 2016 Comments off

Miami_Skyuline__therealdeal__slash__creative_commons_creditAs home prices rise in Miami-Dade County, Fla., sales of single-family homes, townhomes and condos have fallen for the fifth consecutive month, according to a report by the Miami Association of Realtors, says therealdeal.

Townhomes and condos felt the most pinch: unit sales dropped 12.1 percent in April 2016 over the previous April, 1,444 last April compared to 1,269 last month, for the entire county.

Single-family home sales fell 7.6 percent from last year to 1,150 for this April, as the median sales price hit $285,000, a 9.6 percent increase from last April’s $260,000. New listings for single-family homes, totaling 1,803, hit the market in April, 2016, but it represents only an increase of 2.3 percent year-over-year.

Factors that feed into this decline include fewer distressed properties left over from the housing bubble in 2008. (As MHProNews posted May 10,2012, following the housing bubble, Miami had one of the highest rates of foreclosures in the nation, accounting for nearly one-third of all underwater mortgages nationwide. While the national foreclosure rate for the largest 100 markets grew 1.8 percent March 2009 to Dec. 2011, that rate in Orlando, Miami, and Jacksonville hit above five percent.)

Additionally, the strong dollar and global economic conditions have staved off foreign buyers, which Miami relies on heavily. ##

(Photo credit:therealdeal/Creative Commons–Miami skyline)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

New Home Mortgage Applications Fall in August

September 11th, 2014 Comments off

mortgage  moneycontrol credit glasses calc paperData from the Mortgage Bankers Association (MBA) reveals mortgage applications to buy a new home fell nine percent in August, according to nationalmortgagenews.com. New single-family home sales fell 2.1 percent from the July rate of 433,000 units, on a seasonally adjusted annual rate (SAAR), to 424,000 in August, while the average loan size for a new home increased one percent July to August, to $300,453. Conventional loans comprised the lion’s share of the mortgage apps at 68.9 percent, while Federal Housing Administration (FHA) accounted for 15.7 percent, and Veterans Affairs loans made up 14.3 percent. As MHProNews reported Aug. 21, 2014, existing home sales rose in July 2.4 percent over the previous month to a SAAR of 5.15 million. New home sales estimates are extracted from a survey that tracks application volume from a nationwide builders network. ##

(Image credit: moneycontrol.com)

High Demand for Manufactured Homes in Manitoba, but limited spaces in MH Communities

August 23rd, 2013 Comments off

credit-cbc-news-Demand for Canada’s version of manufactured housing is rising rapidly in Manitoba, at the very time spaces in provincial land lease communities are scarce. With single family home sales in the region averaging $285,000, a new manufactured home in Manitoba for $115,000 looks very reasonable. So it is no surprise that sales rose 11% in 2012 over 2012, and sales are up some 20% in 2013 over 2012. However, the sad reality of the impact of rent control measures are playing out here in a dramatic fashion. Manufactured home community (MHC) owners are limited in their options for development due to laws that place a 1% annual caps on rate increases. Choking off return on investment options for MHC owners causes some to sell their property for other uses, which then displaces residents who are unable to find a space in another land lease MH Community. One such community is Kingsway Kort in Brandon, where resident Colleen Weisbrodt is one of 140 households forced to move due to the park’s closure. Weisbrodt can’t find a vacancy in another community, which Glendale MHC owner Kenny Choy, explains to CBC News is common. Choy’s community has 230 home sites on 30 acres of land and has been full for 10 years. Current law creates disincentives to develop, in spite of the market demand for affordable manufactured homes. ##

(Video credit: CBC news)

New Single-family Home Sales Drop

March 26th, 2013 Comments off

According to nationalmortgagenews the sale of new single-family homes dropped in February 4.6 percent from January on a seasonally-adjusted annual rate (SAAR) to 411,000, although last month’s sales still rose 12.3 percent over February 2012. The seasonally adjusted number of new homes available at the end of February hit 152,000, the equivalent of a 4.4 month supply. MHProNews has learned the median sales price of a home sold in February was $246,800, and the average sales price was $313,700.

(Image credit: Mike Irwin/wenatcheeworld)

Home Sales Rising in Sunshine State

March 22nd, 2013 Comments off

According to nationalmortgagenews, home sales in Florida are up over ten percent in Feb. compared to Feb. 2012, marking the 14th consecutive month of increasing year-over-year sales. Pending sales are up 27 percent for the same time period, and the median sales price of $150,000 has risen 13 percent from Feb. 2012. Half of the existing single-family home sales and over three-fourths of condo sales were for cash; the average number of days a house was on the market in Feb. 2013 fell 15 percent for single-family homes. MHProNews understands Florida had one of the highest foreclosure rates during the housing meltdown. Many analysts have noted as the sale of traditional homes increase, manufactured housing will follow, and Florida has one of the highest concentrations of manufactured housing in the nation.

(Image credit: mortgageorb)

Pace Quickens for New Home Sales

July 3rd, 2012 Comments off

RealtorMag reports the Commerce Department says new, single-family home sales rose to 7.6 percent in May, the best pace since April 2010, and up 20 percent year-over-year. New home prices are rising as well: Prices increased 5.6 percent over last year, and are now at a median price of $234,500. Regionally, new home sales spiked in the Northeast, increasing 36.7 percent, and rose 12.7 percent in the South. In the Midwest new home sales fell 10.6 percent in the Midwest, and 3.5 percent in the West.

(Photo credit: Reuters)

Detroit, Houston Home Sales Tell Different Stories

January 17th, 2012 Comments off

HousingWire tells MHProNews that according to local MLS Realcomp, sales of homes and condos in the metropolitan Detroit area increased 2.2 percent in the last six months of 2011. This figure coincides with a drop in on-market inventory of 22.5 percent, Dec. 2010 to Dec. 2011, to a total of 18,875 homes and condos. The city of Detroit, however, saw home sales decline 8.4 percent in 2011. The metro Detroit sales price fell nearly $1,000, while prices in Detroit proper edged up 0.6 percent. Meanwhile, Houston witnessed its seventh consecutive month of single-family home sales increase in December, up 7.2 percent from Dec. 2010. The Houston Association of Realtors reports every segment of the housing market gained Dec. over Dec. except homes priced above $500,000. Sales of all property categories on an annualized basis rose 4.3 percent compared to 2010; total dollar volume rose 5.2 percent to $13 billion.

(Photo/Image credit: Bankrate)

New Home Sales Edge Up

November 28th, 2011 Comments off

The National Association of Home Builders (NAHB) reports the U.S. Department of Commerce says sales of new, single-family homes increased 1.3 percent in October, marking the best monthly sales pace since May, 2011. “Today’s report is right in line with our forecast for modest and gradual improvement in sales activity through the remainder of the year,” said NAHB Chief Economist David Crowe. “Particularly encouraging is the fact that builders continue to hold down their inventories to match the current sales rate, with the number of new homes for sale now down to a sustainable, 6.3-month supply.” Regionally, new home sales gained 22.2 percent in the Midwest, and 14.9 percent in the West. The Northeast remained unchanged, but sales declined in the South.

(Graphic credit: NAHB)