Home Sales Up
December 21, 2011 by admin
Filed under Positive Real Estate
Existing-Home Sales Continued to Climb in November
Existing-home sales rose again in November and remain above a year ago, according to the National Association of Realtors(R). Also released today were periodic benchmark revisions with downward adjustments to sales and inventory data since 2007, led by a decline in for-sale-by-owners.
Although rebenchmarking resulted in lower adjustments to several years of home sales data, the month-to-month characterization of market conditions did not change. There are no changes to home prices or month’s supply.
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October Homes Sales Jump
December 7, 2011 by admin
Filed under Pending Home Sales
Image by Getty Images via @daylife
October pending home sales bounced 10.4 percent compared to September, according to the National Association of Realtors Midwest, up 24 percent.
The Northeast also saw sizeable gains, as did the South. Only out West did buyers stay on the sidelines, with pending home sales there basically flat month to month.
The boune more than recovered the loss through declines over the past three months. The National Association of Realtors (NAR) announced a 10.4% increase in the Pending Home Sales Index (PHSI) in October, rising to 93.3. This follows a decrease of 4.6% in September and modest declines in July.
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Ending the Year Positively
December 30, 2010 by admin
Filed under Positive Real Estate, Real Estate Articles
- Image via Wikipedia
Housing starts will probably reach a three-year high of 739,000 in 2010, creating about 500,000 jobs and helping trim the unemployment rate to 9.1 percent, said David Crowe, chief economist for the National Association of Home Builders, in an interview with Bloomberg.
“This is an ugly economic cycle,” he said. “We need job creation to get people comfortable with buying a home. If they do that, we’ll create jobs that will reinforce that home buying and fuel additional job growth.”
The CEO of luxury home builder Toll Brothers is optimistic. “The recovery is here to stay,” said Douglas Yearley. “I think 2011 will be an improving year, but I think 2012 will be a big year for us.”
At Fortune.com Billionaire Warren Buffet is among those who believe this is a sign the slump is about to end. Buffet writes: “Prices will remain far below ‘bubble’ levels, of course, but for every seller (or lender) hurt by this there will be a buyer who benefits.”
Pending home sales rose again in November, with the broad trend over the past five months indicating a gradual recovery into 2011, according to the NATIONAL ASSOCIATION OF REALTORS ® .
The Pending Home Sales Index, a forward-looking indicator, rose 3.5 percent to 92.2 based on contracts signed in November from a downwardly revised 89.1 in October. The index is 5.0 percent below a reading of 97.0 in November 2009. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.
Lawrence Yun, NAR chief economist, said historically high housing affordability is boosting sales activity. “In addition to exceptional affordability conditions, steady improvements in the economy are helping bring buyers into the market,” he said. “But further gains are needed to reach normal levels of sales activity.”
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National Association of Realtors Pending Sales Upin October MOM
December 3, 2010 by admin
Filed under Pending Home Sales, Real Estate Articles
- Image via Wikipedia
NAR is reporting more homebuyers signed purchase contracts in October compared to September. This is their report .
Pending sales of existing homes rose 10.4 percent month-to-month in October, to 89.3. An index score of 100 is the average level of contract activity in 2001, the first year that index data was collected and a record year for existing-home sales.
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Pending Home Sales UP Again
October 8, 2010 by admin
Filed under Pending Home Sales
- Image via Wikipedia
The Pending Home Sales Index rose 4.3 percent to 82.3 based on contracts signed in August from a downwardly revised 78.9 in July, but is 20.1 percent below August 2009 when it was 103.0. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.
Lawrence Yun, NAR chief economist, said the latest data is consistent with a gradual improvement in home sales in upcoming months.
“Attractive affordability conditions from very low mortgage interest rates appear to be bringing buyers back to the market,” he said. “However, the pace of a home sales recovery still depends more on job creation and an accompanying rise in consumer confidence.”
Although Yun expects a continuing steady rise in home sales from favorable affordability conditions and some job creation, he cautioned any sudden rise in mortgage rates could slow the recovery.
“Current low consumer price inflation has helped keep mortgage interest rates very attractive this year. However, recent rising trends in producer prices at the intermediate and early stages of production, along with very high commodity prices, are raising concerns about future inflation and future mortgage interest rates,” he said. “Higher inflation would mean higher mortgage interest rates. In the meantime, housing affordability is hovering near record highs.”
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Pending Home Sales Up
September 3, 2010 by admin
Filed under Pending Home Sales
- Image via Wikipedia
The Pending Home Sales Index rose 5.2% to 79.4 based on contracts signed in July from a downwardly revised 75.5 in June, but remains 19.1% below July 2009 when it was 98.1. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.
Lawrence Yun, NARs chief economist, cautioned that there would be a long recovery process. “Home sales will remain soft in the months ahead, but improved affordability conditions should help with a recovery,” he said. “But the recovery looks to be a long process. Home buyers over the past year got a great deal, and buyers for the balance of this year have an edge over sellers. For those who bought at or near the peak several years ago, particularly in markets experiencing big bubbles, it may take over a decade to fully recover lost equity.”
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Home Sales on the Upswing
May 5, 2010 by admin
Filed under Real Estate Articles
“Later in the second half of the year, and into 2011, home sales will likely become self-sustaining if the economy can add jobs at a respectable pace, and from a return of buyer demand as they see home values stabilizing.” Lawrence Yun, NAR chief economist.
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February Numbers Pleasantly Surprise
April 5, 2010 by admin
Filed under Pending Home Sales
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Lawrence Yun, chief economist for NAR, said Monday that “the early stages of a second surge of home sales.” adding that ,”we need a second surge to meaningfully draw down inventory and definitively stabilize home values”. Sales rose 8.2 percent in February, the National Association of Realtors said.
The Institute for Supply Management’s non-manufacturing barometer gave the highest rise in three years, rising to 55.4 in March, up from 53 in February. Much of the momentum came from a surge in new orders and business activity.
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NAR 2010:”Prices Up,Durable Recovery”
November 14, 2009 by admin
Filed under Real Estate Articles
NAR announced to their national convention that “housing prices will rise in 2010″. Over a cheering crowd, Lawrence Yun, chief economist for NAR gave several reasons to see 2010 housing with rose colored glasses.
“Things are much better,” Lawrence Yun said to applause at the organization’s annual convention in San Diego, attended by an estimated 20,000 delegates. ..We’re seeing price stabilization on a month-to-month basis..We will be set for a durable economic recovery,” he said. “
Yun cited low interest rates, improved affordability among would-be home buyers and increased sales activity, primarily for starter homes.
Additional reasons for his optimism:
- $8,000 tax credits to first-time buyers
- 16 million renter households making enough money to qualify to buy homes, demand should remain strong next year and restore confidence among all would-be buyers and households in general
- The pool of first-time buyers is 5 million more than in 2000 representing pent-up demand, Yun said.
Yun predicts that if the credit continues to have the same impact on demand in 2010, overall house prices might rise 4 percent next year, after falling 12.9 percent this year
- home resales could increase by 800,000 above this year’s 5 million mark
- while new-home sales could rise as well
- Yun also forecast that Realtor incomes will go up 20 percent next year.
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Pending Home Sales Rise Biggest Since 2001
June 2, 2009 by admin
Filed under Pending Home Sales
Pending Home Sales Rise 6.7% / Third Straight Month of increase
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in April, rose 6.7%, to 90.3 from a reading of 84.6 in March, and is 3.2% above April 2008, when it was 87.5, the group said. Economists surveyed by Thomson Reuters (TRI) had expected the index would edge up to 85 from a reading of 84.6 in March. It was the biggest monthly jump since October 2001.
Pending home sales activity was greatest in the Northeast, where the index increased 32.6%, to 78.9, in April, 0.8% above a year ago. The only region that showed a decrease was the South, where the index declined 0.2%, to 93.0, 3.5% higher than a year ago. In the Midwest the index rose 9.8%, to 90.4, and is 11.1% above April 2008. In the West the index rose 1.8%, to 94.8, but is 2.9% below a year ago.
NAR’s Lawrence Yun, the group’s chief economist, said buyers are responding to very favorable market conditions, and while the total number of existing-home sales is expected to improve, there will be sharp local variations. “The market has already bottomed in some areas, but this is an unusual housing cycle with some areas improving rapidly while others languish or decline,” Yun said in a news release.
Typically there is a one- to two-month lag between a contract and a done deal, so the index is a barometer for future existing-home sales.
Paul Dales, U.S. economist for Capital Economics in Toronto, said i
“The pending home sales index has now improved for three months in a row, adding to the evidence that housing activity is finding a floor,” Dales wrote. Nevertheless, even if existing-home sales were to rise to 5.1 million, they would still be 30% below their peak. Accordingly, even if activity is finding a floor, it is at staggeringly low levels.”
