Tag Archives: National Association of Realtors

July 2017 Real Estate Market Report

Existing-Home Sales Slide 1.3 Percent in July

real estate market update for July 2017Listings in July typically went under contract in under 30 days for the fourth consecutive month because of high buyer demand, but existing-home sales ultimately pulled back as large declines in the Northeast and Midwest outweighed sales increases in the South and West, according to the National Association of Realtors®.

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, slipped 1.3 percent to a seasonally adjusted annual rate of 5.44 million in July from a downwardly revised 5.51 million in June. July’s sales pace is still 2.1 percent above a year ago, but is the lowest of 2017.

Lawrence Yun, NAR chief economist, says the second half of the year got off on a somewhat sour note as existing sales in July inched backward. “Buyer interest in most of the country has held up strongly this summer and homes are selling fast, but the negative effect of not enough inventory to choose from and its pressure on overall affordability put the brakes on what should’ve been a higher sales pace,” he said. “Contract activity has mostly trended downward since February and ultimately put a large dent on closings last month.”

“Home prices are still rising above incomes and way too fast in many markets,” said Yun. “Realtors® continue to say prospective buyers are frustrated by how quickly prices are rising for the minimal selection of homes that fit buyers’ budget and wish list.”

According to Freddie Mac, the average commitment rate (link is external) for a 30-year, conventional, fixed-rate mortgage rose to 3.97 percent in July from 3.90 percent in June. The average commitment rate for all of 2016 was 3.65 percent.

To read the rest of this article, visit here

Money Monday: Top 10 tips for mortgage borrowers in 2016

Interest rates on mortgages hovered around 4% throughout 2015 but are expected to reach 4.5% by the end of 2016, according to the National Association of Realtors.

Bunch of kets in front of pile of cents

If you’re planning on capitalizing on these still-low interest rates by becoming a homeowner this year, consider these tips:

1. Improve your credit

2. Save up for a down payment

3. Get a mortgage preapproval

4. Look around for a lender

5. Consider loan types

6. Pick the home and location based on your lifestyle

7. Budget for all the other homeowner expenses

8. Ask for help from a professional (Call me if you don’t have a Realtor!)

9. Remember to have enough for closing costs

10. Save!

Read the full article and all of its advice on the Yahoo! finance site: finance.yahoo.com/news/top-10-tips-mortgage-borrowers-100000055

Existing-Home Sales Were up in May

urban real estate prices, most live in suburbsExisting-home sales went up in May and inventory gains continued to help moderate price growth, according to the National Association of Realtors®. All four regions of the country experienced sales gains compared to a month earlier.

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 4.9 percent to a seasonally adjusted annual rate of 4.89 million in May from an upwardly-revised 4.66 million in April, but remain 5.0 percent below the 5.15 million-unit level in May 2013. The 4.9 percent month-over-month gain in May was the highest monthly rise since August 2011 (5.5 percent).

To read the rest of this article, visit here.

December’s real estate market conditions

December Existing-Home Sales Rise, 2013 Strongest in Seven Years

housing market trendExisting-home sales edged up in December, sales for all of 2013 were the highest since 2006, and median prices maintained strong growth, according to the National Association of Realtors®.

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased Continue reading

Happy New Year 2014!! Ringing in the NEW and extending the OLD….

Will the Federal Mortgage Debt Relief Act be extended for another year in 2014?

Yes. The Mortgage Debt Relief Act (MDR) will be extended. The National Association of Realtors (NAR) is working with the lawmakers to get the MDR extended for at least another year. Here are the details for you: Continue reading

Buyer demand continues into October

first-time-home-buyer

An analysis of listings data released by Realtor.com suggests that homes continued to turn over quickly in October, in defiance of seasonal patterns and in spite of price increases driven by inventory shortages in many markets.

The 1.9 million homes listed on realtor.com during October had been on the market for 94 days on average — up slightly from 93 days in September, but down 11.3 percent from a year ago, indicating demand for housing remains strong. Realtor.com rival Zillow reported a similar trend. Continue reading

Economists temper housing bubble worries

Although home prices are likely to continue to rise in the next few years, the national market is not in danger of a bubble, according to prominent economists.

“Four of the next five years are likely to be improving years in the housing market. I don’t say five because there’s always the possibility of little hiccups in the housing market,” said Lawrence Yun, chief economist for the NATIONAL ASSOCIATION OF REALTORS®.

Continue reading

Homes under contract hit 2.5-year high in November

Demand in the Northeast and West drove an increase in pending home sales in November to the highest level in 2 1/2 years.

Pending home sales grew by 1.7 percent from October to November and were up 9.8 percent from a year ago, reaching their highest level since April 2010, when buyers were rushing to claim an expiring federal homebuyer tax credit, the NATIONAL ASSOCIATION OF REALTORS® reported.

It was the third consecutive month-over-month increase in NAR’s Pending Home Sales Index, which tracks homes under contract that haven’t yet closed. Pending home sales have posted annual gains for 19 consecutive months, NAR said.

“Even with market frictions related to the mortgage process, home contract activity continues to improve,” NAR Chief Economist Lawrence Yun said in a statement. “Home sales are recovering now based solely on fundamental demand and favorable affordability conditions.”

NAR is projecting that existing-home sales will rise 8 to 9 percent in 2013 to about 5.1 million, following a 10 percent gain expected for all of 2012. NAR expects the median existing-home price to increase by about 4 percent in 2013, after posting a 7 percent gain in 2012.

In the Northeast, the Pending Home Sales Index rose 5.2 percent from October to November, to 83.3, up 15.2 percent from a year ago.

In the Midwest, the index was essentially unchanged from October to November, rising 0.1 percent to 103.8. Looking back a year, the index was up 15.2 percent in the Midwest.

Pending home sales in the South were unchanged from October to November. The index reading of 117.2 represented a 13.9 percent gain from a year ago.

In the West, the index was up 4.2 percent from October to November, but at 110.1 was down 3.2 percent from a year ago, as scarce inventory limited sales.

An index value of 100 is equal to the average level of contract activity during 2001, the first year to be examined and a year in which sales fell within a normal range for the current U.S. population.