“Mini Real Estate Boom”

Great news coming out on the real estate market.

The latest figures from the National Association of Realtors show that existing home sales were strong in September, which means that conditions have improved for five of the past six months. Last month, sales were up 9.4 percent from the level recorded in August, and also 9.2 percent higher than the figures recorded in September 2008.

“We’re getting early indications of price stabilization, but we need a steady supply of qualified buyers to meaningfully bring inventories down and return us to a period of normal, steady price growth and to fully remove consumer fears, which would then revive the broader economy,” said NAR chief economist Lawrence Yun.

Home buyers returning to the real estate market

U.S. home sales rise 9.4 percent in September

Sales jumped 9.4 percent to a seasonally adjusted annual rate of 5.57 million last month, from a downwardly revised pace of 5.1 million in August, the National Association of Realtors said Friday.

That pace was the strongest in two years and beat Wall Street forecasts. Sales had been expected to rise to an annual rate of 5.35 million, according to economists surveyed by Thomson Reuters.

“There’s a mini-boom going on in the housing market,” said Thomas Popik, who conducts a monthly survey of real estate agents for Campbell Communications, a research firm.

Florida Home Sales Get Some to Say, “we’re baaaaackkk!”

Sales of existing single-family homes in Florida rose 23 % in the 2nd qtr. 2009 compared to the same period a year earlier. According to the Florida Association of Realtors  (FAR). A total of 43,125 existing homes sold statewide in 2Q 2009; during the same period the year before, a total of 35,008 existing homes sold. It marks the 4th consecutive quarter that Florida has seen higher existing year-to-year home sales, according to FAR.

16 of Florida’s metros areas (MSAs) reported increased sales of existing homes in the second quarter compared to the same three-month-period a year earlier, while 12 MSAs showed gains in condo sales.

Sales of existing condominiums statewide in the second quarter rose 29 % year over year for the third consecutive quarter for increased statewide sales in both the existing home and condo markets compared to year-ago levels.

“In spite of the challenges with the economy, most people - 83 percent - still believe that buying a home is a good financial decision, according to a recent survey from the National Association of Realtors  (NAR),” says 2009 FAR President Cynthia Shelton, CCIM, CRE. “Many homebuyers are realizing that this is the time to buy - with a good selection of housing inventory, affordable pricing and low mortgage rates.

Read more: http://rismedia.com/2009-08-13/floridas-existing-home-condo-sales-rise-in-2q-2009/#ixzz0OBRVjAOW

Pending Home Sales Rise Biggest Since 2001

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.”

April existing home sales rise by 2.9% 4% including Jan.

The National Association of Realtors reports that home sales rose 2.9 percent to an annual rate of 4.68 million in April from a downwardly revised pace of 4.55 million in March.  Compared with January, the lowest point in the housing recession, April sales were up nearly 4 percent.

Related articles:

• U.S. existing home sales rise 2.9% in April (financialpost.com)
• Rise in Pending Home Sales Suggests Stabilization (mymortgageinsider.com)

Realtors See Better Times Really Close/Already Here

The table shows a recovery in confidence about both the current market and the expected outlook in recent months. A score of less than 50 indicates relatively poor market conditions; the current score of 33.5 for Single Family homes is clearly reflective of current market conditions, and the score of 45 shows continued concern in terms of the market outlook. However, overall confidence for the single family market outlook is improving. Increases in confidence are also apparent for townhouses and condos, but to a significantly lesser degree. The data in graph form are portrayed below. The reason for a weak condo market outlook appears to be due to stringent requirements for condo loans.

Realtors® Confidence Index—Current Conditions

Realtors® Confidence Index—Six Month Outlook