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Tag: Existing Home Sales

Existing Home Sales Fall In July

Sales of previously owned homes fell 5.9 percent in July, according to new numbers from the National Association of Realtors. The decline continues a downward trend that began earlier this year, when mortgage rates increased after years of hovering just above, or at, record lows. Lawrence Yun, NAR’s chief economist, says sales have fallen but that doesn’t necessarily mean prices have. “We’re witnessing a housing recession in terms of declining home sales and home building,” Yun said. “However, it’s not a recession in home prices. Inventory remains tight and prices continue to rise nationally with nearly 40 percent of homes still commanding the full list price.” Tight inventory also means prospective home buyers still need to be ready to act fast when they find a home that fits their needs. The NAR says the typical property was on the market just 14 days in July, with 82 percent of homes selling in less than a month. (source)

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Sales Numbers Show Homes Selling Quickly

Though the number of previously owned homes sold in February fell from the month before, homes sales are still up from one year ago. There’s also no shortage of interested home buyers, according to a new report from the National Association of Realtors. In fact, Lawrence Yun, NAR’s chief economist, says buyer traffic is stronger than last year and it’s leading to quick sales. “Realtors are reporting stronger foot traffic from a year ago, but low supply in the affordable price range continues to be the pest that’s pushing up price growth and pressuring the budgets of prospective buyers,” Yun says. “Newly listed properties are being snatched up quickly so far this year and leaving behind minimal choices for buyers trying to reach the market.” A closer look at the numbers shows that for-sale properties typically stayed on the market for 45 days in February – down from 59 days last year at the same time. In other words, until more homeowners decide to sell, buyers should be prepared to move quickly. Fortunately, though, the number of available homes for sale rose 4.2 percent last month and a recent survey found an increasing number of current homeowners who said they feel it’s a good time to sell. As more homeowners put their homes up for sale, the market should begin to balance and give buyers more opportunities. More here.

Is January’s Sales Spike A Sign For Spring?

There has been a lot of discussion lately about what the housing market will look like this year. Will higher mortgage rates and rising prices hold off buyer demand or will consumer confidence and a better job market fuel a spike in sales regardless of what rates and prices do? One early answer comes in the form of the National Association of Realtors’ latest home sales figures. In January, for example, the number of previously owned homes that were sold was 3.3 percent higher than the month before and reached its strongest pace in a decade. This could be a sign that this spring’s real estate market will continue to build on last year’s strength. Lawrence Yun, NAR’s chief economist, says the January report shows that consumers are coming out despite the changing landscape for home buyers. “Much of the country saw robust sales activity last month as strong hiring and improved consumer confidence at the end of the year appear to have sparked considerable interest in buying a home,” Yun said. “Market challenges remain, but the housing market is off to a prosperous start as home buyers staved off inventory levels that are far from adequate and deteriorating affordability conditions.” Regionally, home sales saw strong gains in the West, South and Northeast but fell 1.5 percent in the Midwest. Also in the report, home prices experienced their biggest increases over last year in the West, South, and Midwest. The Northeast, on the other hand, only saw a modest increase year-over-year. More here.

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Existing Home Sales Have Best Year Since 2006

In 2016, sales of previously owned homes reached their highest level in 10 years, according to new estimates from the National Association of Realtors. A combination of low mortgage rates and an improving economy helped push sales higher than the year before. Still, they remain about 1 million short of where they were in 2006. Lawrence Yun, NAR’s chief economist, says conditions were favorable for most of the year but December sales declined from the month before. “Solid job creation throughout 2016 and exceptionally low mortgage rates translated into a good year for the housing market,” Yun said. “However, higher mortgage rates and home prices combined with record low inventory levels stunted sales in much of the country in December.” In fact, sales were down 2.8 percent from November, though they remain 0.7 percent higher than they were a year earlier. Still, lower-than-normal inventory levels mean prices could continue to see upward pressure unless more homeowners put their homes up for sale or new home construction ramps up this year. Also in the report, home prices rose 4 percent from December 2015 and inventory has now fallen year-over-year for 19 consecutive months. More here.

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