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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Short sales occur when lenders allow homes to be sold for less than what’s owed on the mortgage. Few homes are selling. After previous recessions, housing accounted for at least 15 percent of US economic growth. Since the recession officially ended in …
www.foxnews.com
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A Bottom in Housing
November 24, 2011 by admin
Filed under Home Resales
Reasons we may be at Zero.
Image by Getty Images via @daylife
The National Association of Home Builders’ sentiment index jumped three points this month to 20, its highest reading in over a year. The Commerce Department reports building permits and construction of single-family homes rose in October. The Federal Reserve’s fourth-quarter loan survey showed a pickup in demand for mortgage loans.
As an example of perhaps a turnaround, the inventories of houses for sale fell 41% to 21,304 in October, compared to 35,732 at the same time a year ago for Greater Phoenix, according to the Cromford Report, a market research firm in Mesa, Ariz. While the # of housing units sold is rising—to 6,428 in October from 5,443 in same month a year ago.
Meanwhile the National Association of Realtors or NAR, said sales rose 1.4% in October from a month earlier and were running at a seasonally adjusted annual rate of 4.97 million units. That puts sales on track to beat last year’s level of 4.91 million units, which was the lowest level in 13 years.
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NAR says housing bumps up year over year
November 15, 2011 by admin
Filed under Home Resales
Image by Getty Images via @daylife
The National Association of Realtors (NAR) has reported that residential real estate sales showed positive gains in every U.S. state in the third quarter of 2011 when compared to last year (year over year).
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Pending Home Sale Up in June
July 28, 2011 by admin
Filed under Pending Home Sales
Image by apple_photo via Flickr
Pending Home Sales
The number of contracts to purchase previously owned homes surprisingly rose 2.4 percent in June 2011 as home buyers tried to take advantage of lower prices and borrowing costs, figures from the National Association of Realtors(NAR) also showed today. The increase in pending home resales followed an 8.2 percent May gain. The 2.4 percent rise in the index of pending home resales followed an 8.2 percent May gain, the National Association of Realtors said today in Washington.Economists forecast a 2 percent drop, according to the median estimate in a Bloomberg News survey.
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Pending Home Sales Up in May
June 29, 2011 by admin
Filed under Pending Home Sales
Pending home sales rose strongly in May with all regions experiencing gains from a year ago, pointing to higher housing activity in the second half of the year, according to the National Association of Realtors®.
The Pending Home Sales Index,* a forward-looking indicator based on contract signings, rose 8.2 percent to 88.8 in May from an upwardly revised 82.1 in April and is 13.4 percent higher than the 78.3 reading in May 2010. The data reflects contracts but not closings, which normally occur with a lag time of one or two months.
http://www.realtor.org/press_room/news_releases/2011/06/pending_may
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Orlando Housing Increase Every Month
The median price of Orlando area existing-home sales has increased for the third consecutive month – to $103,000 – reports the Orlando Regional REALTOR? Association. However, the March 2011 median price is 6.36 percent less than the median recorded in March 2010.
The increase in overall median price is attributable in part to an increase in the number of “normal” home sales, which have higher selling prices than foreclosures or short sales. The number of normal sales in March (733) is 28.15 percent higher than in February (572).
“Short sales and foreclosures continue to dominate and account for 70.50 percent of sales in March,” says ORRA Chairman of the Board Mike McGraw, McGraw Real Estate Services, PL. “A consistently high percentage of these sales types is something that we want to see; the sooner they flush through the system the sooner we can get back to a market based on normal sales.”
The key will be to see if we can keep this going over a sustained amount of time as it is great news. Lets hope it continues.
http://realtrends.com/products/updates/view?uid=23&pid=173&page=4
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Positive Realty News Survey Report
April 13, 2011 by admin
Filed under Real Estate Articles
The Cotton and Company sent 65,732 registrants on resort and real estate websites a survey on their home buying intent.
Total responses to date: 807 Survey sent: February 25, 2011 Click the PDF graphic to get the report.
Or visit www.TheCottonSolution.com
Background: The Cotton and Company are industry leaders the sales and marketing of residential real estate throughout the United States, Latin America and the Caribbean. Managed more than 1600 properties over the past 28 years. Provides integrated market research, analytics, marketing, web development, public relations, sales management, and customer database management services.
Some of the more salient findings:
The vacation home market has experienced a rebound in 2011, moving from 4% to 36% interest year-over-year. This is the
highest level of interest throughout the 3-year period.
• In 2010, 95% of the respondents who were no longer in the market for real estate cited economic instability as the reason for not
purchasing. In 2011, 46% of the respondents cited no desire to move, indicating a 41% drop in the response aligned with
economic conditions.
• Buyers who must sell their home prior to purchase dropped 10% year-over-year, reflecting 32% in 2011.
• Buyers who plan to purchase within 6 months saw a 21% increase from 2010. In 2011, 25% of the buyers indicate a timeline to
buy within 6 months, however, a 13% increase in the “over 2 years” category was also noted.
• Respondents remained virtually unchanged in their answer to “Have we reached the bottom of the market?” signifying continued
concern over pricing stability.
• The level of anticipated price reduction continues to show improvement in 2011, a result of significant price adjustments in the
market. In 2009, the median anticipated discount was 50%. In 2010, 30%. In 2011, this level has reduced to just 20%.
• Buyer transition indicates a continued trend toward downsizing and geographic relocation. This trend is also reflected in the
increased interest in smaller villa product type.
• 1,700 to 2,300 square feet remains the most popular residence size. However, growth occurred in the smaller home segment
with 31% of the market seeking a home between 1,000 and 1,600 square feet of space.
Mr. Cotton offers up his advice to Realtors and Mortgage pros on how to get their marketing ready to handle the realities of todays real estate market.
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Cleveland Housing Increased Optimism
February 7, 2011 by admin
Filed under Positive Real Estate
Image by dannyfowler via Flickr
The number of people who signed contracts to buy homes rose in December, marking the fifth increase in the past six months.
The National Association of Realtors says its index of sales agreements for previously occupied homes rose 2% in December.
Economists have cautioned a big reason for the jump is that people are buying foreclosed homes. Locally, home sales are increasing as well.
“What I hear from people in the industry through our own local associations is that things are better, business is happening, agents are busy, and homes are going on the market. Good homes at good prices,” says Cleveland Area Board of Realtors Chairwoman, Carol Woodard.
http://www.wkyc.com/news/local/story.aspx?storyid=174024&catid=45
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Existing-home sales Rocket Up 12.3% in December
January 21, 2011 by admin
Filed under Home Resales
- Image via Wikipedia
Existing-home sales in December showed signs the housing market is on track to recover in 2011. Buyers returned in the middle of winter and sales rose 12.3% to a seasonally adjusted annual rate of 5.28 million, from an upwardly revised 4.7 million in November.
According to the National Association of Realtors’ President Ron Phipps, buyers are responding to very good affordability conditions despite tight mortgage credit. “Historically low mortgage interest rates, stable home prices and pent-up demand are drawing homebuyers into the market.”
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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.”
