Greater Nashville Home Sales Continue to Increase
Press Release by Greater Nashville Association of REALTORS®, 120513
NASHVILLE, Tenn. (Dec. 5, 2013) – There were 2,287 home closings reported for the month of November, according to figures provided by the Greater Nashville Association of REALTORS®. This figure is up 4 percent from the 2,198 closings reported for the same period last year.
Year-to-date closings through November are 28,476, an 18.9 percent increase from the 23,950 closings reported through November 2012. The total number of closings through November in 2013 already exceeds the 26,097 total closing for all of last year, with one full month remaining.
“2013 has been a year of meaningful improvement for home sales. The increase in November, though single digit, is evidence that the market in this region is stable and growing,” said GNAR President Price Lechleiter. “With more than 2,000 sales pending the Greater Nashville area is well on its way to 30,000 closings for the year. These signs are welcome as we begin to look toward 2014.”
There were 2,192 sales pending at the end of the month, compared with 2,069 pending sales at this time last year. The average number of days on the market for a single-family home was 70 days.
The median residential price for a single-family home during November was $195,000, and for a condominium it was $150,000. This compares with last year’s median residential and condominium prices of $179,900 and $152,000, respectively.
Inventory at the end of November was 15,262, compared to 16,577 in November 2012.
“The median price for single family homes is up significantly, though down slightly for condominiums. Inventory remains low and will likely remain that way until early 2014 when seasonal home buying trends increase,” added Lechleiter. “Though there are fewer properties available now compared to 2012, it’s still very important for sellers to have a well-maintained, show ready home that is appropriately priced. Buyers looking during the holiday season are serious shoppers and transactions will definitely continue this month.”
The Greater Nashville Association of REALTORS® is one of Middle Tennessee’s largest professional trade associations and serves as the primary voice for Nashville-area property owners. REALTOR is a registered trademark that may be used only by real estate professionals who are members of the National Association of Realtors and subscribe to its strict code of ethics.
Source: GNAR Press Release, 120513 | Blog, In The News, distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee
Written by kbargers
December 9, 2013 at 2:31 pm
Tagged with bargers solutions, current housing conditions, GNAR, greater nashville association of realtors, home buying, home selling, housing inventory, kenneth bargers, Nashville, nashville real estate, november 2013 housing data, pending contracts, pilkerton realtors, sold contracts, tennessee
Fixed Mortgage Rates Jump
Article by Freddie Mac; December 5, 2013
CLEAN, VA–(Marketwired – Dec 5, 2013) – Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage increasing strongly following better than expected reports on private job growth and new home sales.
- 30-year fixed-rate mortgage (FRM) averaged 4.46 percent with an average 0.5 point for the week ending December 5, 2013, up from last week when it averaged 4.29 percent. A year ago at this time, the 30-year FRM averaged 3.34 percent.
- 15-year FRM this week averaged 3.47 percent with an average 0.4 point, up from last week when it averaged 3.30 percent. A year ago at this time, the 15-year FRM averaged 2.67 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.99 percent this week with an average 0.4 point, up from last week when it averaged 2.94 percent. A year ago, the 5-year ARM averaged 2.69 percent.
- 1-year Treasury-indexed ARM averaged 2.59 percent this week with an average 0.4 point, down from last week when it averaged 2.60 percent. At this time last year, the 1-year ARM averaged 2.55 percent.
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Borrowers may still pay closing costs which are not included in the survey.
Quotes Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.
“Fixed mortgage rates increased this week following stronger than expected economic data releases. Private companies added 215,000 new jobs in November according to the ADP employment report, well above the consensus. In addition, revisions added 54,000 jobs in the prior month. Lastly, new home sales rose 25 percent in the month of October to a seasonally adjusted 444,000 annual pace, though this followed a weaker than expected September report and downward revisions over the summer months.”
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and is one of the largest sources of financing for multifamily housing. For more information please visit www.FreddieMac.com and Twitter: @FreddieMac.
Source: Freddie Mac (120513) | Blog, In The News, distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee
Written by kbargers
December 6, 2013 at 5:49 pm
Tagged with bargers solutions, blog, current economic conditions, current housing conditions, current interest rates, december 2013, freddie mac, home buying, home selling, in the news, kenneth bargers, mortgage applications, Mortgage Rates Climb on Strengthening Economy, Nashville, pilkerton realtors, real estate agent, realtor, survey, tennessee
Nearly Half of States Within Reach of Peak Home Prices
Article by Daily Real Estate News; December 04, 2013
Twenty-three states are within 10 percent of their 2006 home price peaks, CoreLogic reports in its latest housing data report reflecting October data.
Home prices have increased 12.5 percent year-over-year. However, prices had a more modest month-over-month gain of 0.2 percent from September to October. CoreLogic’s Home Price Index also reflects distressed sales.
“In terms of home price appreciation, the housing market appears to be catching its breath as we head into the final months of 2013,” says Anand Nallathambi, president and CEO of CoreLogic. “The deceleration in month-on-month trends was anticipated as strong gains in home prices over the spring and summer slow in line with normal seasonal patterns and the impact of higher mortgage interest rates.”
The following five states have seen the highest home price appreciation year-over-year:
- Nevada: +25.9%
- California: +22.4%
- Georgia: +14.2%
- Michigan: +14.1%
- Arizona: +14%
The only state in the CoreLogic index that has seen prices fall is New Mexico, where home prices fell 0.5 percent year-over-year.
Soaring home prices are allowing more states to catch up to their home price peaks in 2006. Sixteen states are all within 5 percent or less of their peak home prices: Arkansas, Colorado, District of Columbia, Iowa, Louisiana, Nebraska, Montana, New York, North Dakota, Oklahoma, South Dakota, Tennessee, Texas, Vermont, Wyoming, and Alaska.
“The slowdown in appreciation is positive for the housing market as almost half the states are now within 10 percent of their respective historical price peaks,” says Mark Fleming, chief economist for CoreLogic.
Meanwhile, the following five states remain the furthest from their peak values as of October, according to CoreLogic:
- Nevada: -40.7%
- Florida: -37.4%
- Arizona: -31.5%
- Rhode Island: -29.3%
- West Virginia: -28%
The National Association of REALTORS® recently reported that its existing-home sales index saw home prices tick up 12.8 percent in October year-over-year. A persistent tight inventory of homes for sale is holding back sales but pushing up home prices in most areas of the country, Lawrence Yun, NAR’s chief economist, said in the report.
Source: REALTOR® Magazine Daily News (120413) | Blog, In The News, distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee
Written by kbargers
December 5, 2013 at 9:47 am
Tagged with bargers solutions, corelogic, current economic conditions, current housing conditions, daily real estate news, december 2013, existing home sales index, home buying, home selling, increased home values, kenneth bargers, Nashville, Nearly Half of States Within Reach of Peak Home Prices, october 2013, pilkerton realtors, realtor.com, tennessee
THE GREATER NASHVILLE AREA CONTINUES AS ONE OF THE NATION’S TOP DESTINATIONS TO Live! Work! and Play!
Wow, this year has flown by! Can you believe we are in December? 2013 has once again brought the Greater Nashville area numerous accolades and this month’s In The News features a comprehensive list of a majority of these accomplishments.
Each year the Greater Nashville area earns numerous top-tier national rankings for our strengths in business investment, quality of living, education, entrepreneurship, entertainment and diversity of population. The recognition of our communities’ existing features and future potential provides an impressive list. This year’s (2013) rankings remind us of the Strength of the Greater Nashville area. Greater Nashville: Live! Work! and Play!
CLICK LINK: IN THE NEWS
Written by kbargers
December 1, 2013 at 12:11 pm
Tagged with 2013 rankings, bargers solutions, blog, Brentwood, december 2013 newsletter, greater nashville area, in the news, kenneth bargers, middle tennessee, Nashville, nashville recognition, national leader, pilkerton realtors, real estate agent, realtor, relocate to nashville, tennessee
‘Resurgent Housing Sector’ to Lead 2014 Economic Recovery
Article by Daily Real Estate News; November 20, 2013
Mortgage giant Freddie Mac is expecting a good 2014 for housing. Economists predict a much stronger economic recovery will take hold next year, “led by a resurgent housing sector,” according to Freddie Mac’s November U.S. Economic & Housing Market Outlook report.
Despite rising interesting rates and home values, Freddie Mac economists believe “housing will remain generally affordable in most parts of the country.”
“Even if rates were to go to 5 percent next year, housing in most of the country would remain affordable,” Frank Nothaft, Freddie Mac’s chief economist, notes in the report. “Large metro areas along the Atlantic and Pacific coasts are already expensive for the typical family, so rising rates will have a bigger effect there. But in most of the country, incomes and home prices are such that rising rates by themselves will not be enough to end the recovery. What we need is some better income growth.”
Economic growth is expected to be in the 2.5 percent to 3 percent range, more than half a percentage point better than what is expected for this year. Economic growth will help spur more jobs, and Freddie economists predict that the unemployment rate will fall below 7 percent by mid-2014.
Freddie predicts that in 2014 single-family home sales and housing starts will reach their highest levels since 2007.
Buyers will likely face increasing borrowing costs, with mortgage rates expected to continue to rise in 2014, Freddie predicts. Mortgage rates have climbed about a full percentage point since early May.
“We look for fixed-rate mortgage rates to creep higher in 2014, gradually moving up throughout the year and ending at close to 5 percent,” Nothaft notes. “However, expect some volatility in the short-term from renewed concerns about the debt ceiling or other fiscal policy.”
Source: Freddie Mac November 2013 U.S. Economic & Housing Market Outlook; Daily Real Estate News 112013 | Blog, In The News, distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee
Written by kbargers
November 20, 2013 at 4:42 pm
Tagged with 'Resurgent Housing Sector' to Lead 2014 Economic Recovery, 2014 housing forecast, bargers solutions, blog, current economic conditions, current housing conditions, daily real estate news, economic forecast, freddie mac, home buying, home selling, housing recovery, in the news, kenneth bargers, mortgage, Nashville, november 2013, pilkerton realtors, real estate agent, realtor, tennessee