Cleveland Housing Increased Optimism
February 7, 2011 by admin
Filed under Positive Real Estate
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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
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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
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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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Miami Condos Sales up 43%
November 16, 2010 by admin
Filed under Florida, Real Estate Articles
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Miami Condominium Sales Rise 43 Percent in 3rd Quarter
In the Miami Metropolitan Statistical Area (MSA), sales of homes increased 21 percent in the 3rd qtr. compared to the 3rd qtr. last year and 73 percent compared to the 3rd qtr. of 2008. This rise marks 9 straight quarters of increasing sales according to the Miami Association of Realtors and the Southeast Florida Multiple Listing Service.
Florida sales of condominiums also increased 15 percent.
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30 and 15 year mortgages hit new record low
November 12, 2010 by admin
Filed under Positive Real Estate
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30 yr and 15 yr Fixed-Rate Mortgages Fall to New Lows
The Primary Mortgage Market Survey® (PMMS®) put out by Fredddie Mac reports that the 30-year fixed-rate mortgage (FRM) and the 15-year (FRM) set new records for all-time lows. The 5-year ARM also reached another new low in the survey while the 1-year ARM remained at its nadir.
30 yr fixed-rate mortgage averaged 4.17 percent, the 15-year averaged 3.57 percent this week with while the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.25 percent this week.
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Broward Pending Home Sales Continue to Rise
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Miami, FL
Total cumulative pending home sales – including single-family homes and condominiums – in Broward County increased 17 percent in August 2010 compared to August 2009, from 6,705 to 7,845, and increased .19 percent, up from 7,830, compared to the previous month according to the MIAMI Association of REALTORS and the Southeast Florida Multiple Listing Service (SEFMLS).
Contrary to national trends, which show near-term home sales noticeably lower since the expiration of the homebuyer tax credit, the South Florida real estate market continues to strengthen, primarily due to the highest concentration in the U.S. of international buyers.
Pending condominium sales in Broward fared better than that of single-family homes. Broward County pending condominium sales in Augustwere 27.4 percent higher than they were in August 2009, up from 3,414 to 4,350, and were .625 percent higher than the previous month, up from 4,323.
“We are optimistic about signs of stability in the Broward marketplace,” said Terri Bersach, 2010 president of the Broward County Board of Governors of the MIAMI Association of REALTORS. “Buyers should take advantage of low interest rates and record affordability.”
Compared to August 2009, Broward pending sales of single-family homes rose 6.2 percent, from 3,291 to 3,495, and decreased .342 percent, down from 3,507, compared to the previous month.
International Buyers Strengthen Broward Market
Home sales in South Florida have increased dramatically since August 2008, and home prices continue to stabilize. South Florida, where an estimated 60 percent of sales involve a foreign buyer, continues to be the top area in the nation for international buying activity.
“With pristine beaches, a great quality of life and affordable pricing, Broward County continues to be a huge draw to foreign buyers,” said Natascha Tello, president-elect of the Broward County Board of Governors of the MIAMI Association of REALTORS. “These buyers are instrumental in helping to strengthen the South Florida real estate market.”
A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing. Increased pending sales are an indication of increased future sales. The MIAMI Association of Realtors reports the cumulative number of pending sales.
MIAMI Association of REALTORS
The MIAMI Association of REALTORS was chartered by the National Association of Realtors in 1920 and is celebrating its 90th year of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of four organizations, the Residential Association, the Realtors Commercial Alliance, the Broward County Board of Governors, and the International Council, it represents 23,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local association in the National Association of Realtors, and has partnerships with more than 60 international organizations worldwide. MIAMI’s official website is www.miamire.com.
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Miami-Dade Pending Home Sales Continue to Rise
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Miami, FL
Total pending home sales – including single-family homes and condominiums – in Miami-Dade County increased 33.7 percent in August 2010 compared to August 2009, from 7,570 to 10,119, and increased .06 percent, from 10,113 to 10,119, compared to the previous month according to the MIAMI Association of REALTORS and the Southeast Florida Multiple Listing Service (SEFMLS).
The South Florida real estate market continues to strengthen, primarily due to the highest concentration in the U.S. of international buyers, contrary to national trends, which show near-term home sales noticeably lower since the expiration of the homebuyer tax credit.
“The pending sales figures for August coupled with strengthening single-family home prices are good news for the South Florida real estate market, but there are still attractive opportunities for prospective buyers,” said Jack H. Levine, 2010 chairman of the board of the MIAMI Association of REALTORS. “Pending sales rose month-over-month and year-over-year, showing that this is still a great time to purchase a home, especially in the local market. Interest rates are at a record low and expected to remain that way for the remainder of the year while inventory is still plentiful, giving buyers many properties to choose from. Furthermore, the local market is expected to outperform other markets throughout the U.S. due to its international appeal, resulting in strengthening home values into the future.”
Pending sales of condominiums in Miami-Dade County continue to perform better than that of single-family homes. In August, condominium pending sales increased 49.7 percent compared to the previous year, from 3,848 to 5,759 and increased 0.7 percent, from 5,720 the previous month. Pending sales of single-family
homes in August increased 17.1 percent from the previous year, from 3,722 to 4,360, and decreased a slight 0.8 percent from the previous month when pending sales totaled 4,393, showing a preference for condos in August.
Pending Sales Indicative of Strengthening Market
Monthly home sales in South Florida increased dramatically for a period of 23 months since August 2008, while condominium sales continue to surge. Increased pending sales are an indication of increased future sales. A sale is listed as pending when the contract is signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.
“We expect home sales to continue to increase in South Florida for the remainder of the year and headed into 2011, provided the job market continues to improve,” said Oliver Ruiz, 2010 residential president of the MIAMI Association of REALTORS. “International buyers in particular continue to positively impact the local market, creating short- and long-term demand for South Florida properties and contributing to strengthening home prices.”
MIAMI Association of REALTORS
The MIAMI Association of REALTORS was chartered by the National Association of Realtors in 1920 and is celebrating its 90th year of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of four organizations, the Residential Association, the Realtors Commercial Alliance, the Broward County Board of Governors, and the International Council, it represents more than 23,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local association in the National Association of Realtors, and has partnerships with more than 60 international organizations worldwide. MIAMI’s official website is www.miamire.com.
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Pending Home Sales Up
September 3, 2010 by admin
Filed under Pending Home Sales
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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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Miami Existing Condominium Sales Rise 43 Percent
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Miami, FL
The Miami real estate market continues to strengthen as a result of increased sales and stabilizing home prices. In the Miami MSA, there was a 43 percent increase in condominium sales in July compared to July 2009 and a 112 percent increase compared to two years ago, when homes sales began climbing, according to the MIAMI REALTORS and the Southeast Florida Multiple Listing Service (SEFMLS).
The sales of existing single-family homes in the Miami MSA dropped eight percent in July compared to July 2009 but were 51.3 percent higher than they were in July 2008. The Miami real estate market experienced rising residential sales since August 2008, posting increases for 23 consecutive months. Condominium sales continue to increase. Statewide sales increased 11 percent for condominiums and dropped 14 percent for single-family homes.
Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops decreased 27.2 percent from the previous month, and are 25.5 percent below July 2009, according to the National Association of Realtors (NAR).
The median sales price for single-family homes in the Miami metropolitan statistical area (MSA) in July increased three percent to $199,300 compared to a year ago. The median sales price for condominiums in July was $110,500 down 20 percent from a year ago. Statewide median sales prices decreased seven percent to $138,000 for single-family homes and 20 percent to $87,200 for condominiums.
“While sales of single-family homes have slowed down after nearly two years of significant increases, sales of condominiums continue to rise and at a considerable pace,” said Jack H. Levine, 2010 Chairman of the Board of the MIAMI REALTORS. “This shows that there is demand for local properties, which should result in further strengthening into the future. We are encouraged by the performance of the local market and expect continued stabilization.”
Average Home Sales Price Increases
The average sales prices, which have increased consistently over the last few months, for residential properties rose again in July for single-family homes but dropped slightly for condominiums. According to the SEFMLS, the average sales price for residential properties that sold in Miami-Dade County in July increased 8.3 percent from the previous year to $294,479 for single-family homes and decreased 5.8 percent to $212,156 for condominiums.
Days on the Market and Inventory Levels Decrease
The inventory of residential listings in Miami-Dade County according to the SEFMLS has dropped 11.4 percent from 28,956 to 25,659 since July 2009. The number of active single-family home listings is 13 percent lower compared to a year ago, while active condominium listings have dropped 11 percent. Compared to last month, the total inventory of homes increased 1.9 percent. The average days a property stays on the market decreased 10.3 percent to 100 for single-family homes and 11.9 percent to 114 for condominiums.
Nationally, total housing inventory at the end of July rose 2.5 percent from the previous month.
“Demand for local properties, including multiple bidding reminiscent of the boom during the last decade, is driving values,” said 2010 MIAMI REALTORS Residential President Oliver Ruiz. “Median and average sales prices are rising, while condominium prices are expected to follow due to the considerable increase in sales.”
MIAMI REALTORS
The MIAMI Association was chartered by the National Association of Realtors in 1920 and is celebrating its 90th year of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of four organizations, the Residential Association, the Realtors Commercial Alliance, the Broward County Board of Governors, and the International Council, it represents 23,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local association in the National Association of Realtors, and has partnerships with more than 60 international organizations worldwide. MIAMI’s official website is www.miamire.com.
Note: MIAMI REALTORS and the Southeast Florida Multiple Listing Service are the sources for statistics reported by the National Association of Realtors and Florida Realtors. MIAMI reports average sales price as well as median sales price.
CONTACT:
Lynda Fernandez, 305-468-7040 Office or 305.903.7922 Cell or
Teresa King Kinney, 305-468-7010
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NAR Supports the Growth of Small Businesses
August 2, 2010 by admin
Filed under Home Resales, Investors, Mortgages, NAR, Pending Home Sales, Positive Real Estate, Positive Real Estate Brokerages, Real Estate Articles
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“As the leading advocate for private property rights, NAR believes it is critical for Congress to act soon and to get capital flowing to small businesses and to the commercial real estate market,” Jim Helsel, treasurer of the National Association of Realtors, told the House Committee on Financial Services. He explained that raising the SBA loan limits and allowing the SBA 504 loans to be used to refinance property can help ease the liquidity crisis in the commercial sector. He went on to articulate that the NAR strongly supports the H.R. 3380 because it is projected to raise the credit union member business lending cap from 12.25 percent to 25 percent of total assets. Small regional and community banks make up for close to half of the small business loans issued in the United States. Needless to say, available credit unions increase the credit accessible by small businesses.
Source: NAR
