KENNETH BARGERS | In The News

Realtor, Tennis Player, Titans & Vols Fan, Nashvillian… Live! Work! Play! in Middle Tennessee

Existing-Home Sales Take a Brief Dip Before Spring

leave a comment »

Existing-Home Sales Take a Brief Dip Before Spring
Article by Daily Real Estate News; March 21, 2014

Existing-home sales slipped 7.1 percent in February compared to levels from a year ago at this time, marking the slowest sales pace since July 2012, according to the National Association of REALTORS®’ latest report. But home prices continue to recover as prices in February edged 9.1 percent higher than year ago levels, NAR reports.

“We had ongoing unusual weather disruptions across much of the country last month, with the continuing frictions of constrained inventory, restrictive mortgage lending standards, and housing affordability less favorable than a year ago,” says Lawrence Yun, NAR’s chief economist. “Some transactions are simply being delayed, so there should be some improvement in the months ahead. With an expected pickup in job creation, home sales should trend up modestly over the course of the year.”

Here’s an overview of some of the findings from NAR’s latest report:

  • Existing-home sales – which reflects completed transactions for single-family homes, townhomes, condos, and co-ops – declined 0.4 percent in February month-over-month to a seasonally adjusted annual rate of 4.60 million.
  • The median existing-home price for all housing types in February was $189,000 – 9.1 percent higher than February 2013.
  • Distressed homes – including foreclosures and short sales – accounted for 16 percent of February sales, compared to 15 percent in January. Foreclosures sold for an average discount of 16 percent below market value, while short sales sold for an 11 percent discount, on average.
  • Housing inventory increased 6.4 percent in February to 2 million existing homes for sale. It represents a 5.2-month supply at the current pace.
  • The median time on the market for all homes was 62 days in February, a drop from 67 days in January and 74 days in February 2013.
  • All-cash sales accounted for 35 percent of transactions in February, up from 33 percent in January. Individual investors, who make up many of those cash sales, purchased 21 percent of the homes in February.

Snapshot by Region

Here’s a look at how existing-home sales fared across the country in February:

  • Northeast: Existing-home sales dropped 11.3 percent to an annual rate of 550,000. Sales are 12.7 percent below February 2013 levels. Median price: $237,800, up 1.5 percent from a year ago.
  • Midwest: Existing-home sales dropped 3.8 percent in February to a pace of 1 million. Sales are 12.3 percent below a year ago. Median price: $140,900, up 8.6 percent higher than a year ago.
  • South: Existing-home sales increased 1.5 percent to a pace of 1.98 million in January. Sales are 0.5 percent below February 2013. Median price: $163,400, up 8.3 percent from a year ago.
  • West: Existing-home sales increased 5.9 percent to an annual rate of 1.07 million in February. Sales are 10.1 percent below year ago levels. Median price: $279,400, up 18 percent from a year ago.

Source: REALTOR® Magazine Daily News; Daily Real Estate News 032114 | Blog, In The News, distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

10220_1158837183099_6930637_nKENNETH BARGERS, REALTOR® | Bargers Solutions real estate : marketing
a proud member of Pilkerton Realtors

(615) 512-9836 cellular | (615) 371-2474 office
kb@bargers-solutions.com email | www.bargers-solutions.com web
kennethbargers.com blog | www.pilkertonrealtors.com web

2 Cadillac Drive, Brentwood TN 37027 address

Subscribe BLOG: EMAIL ME your name/email address to receive Kenneth Bargers Blog
Subscribe NEWSLETTER: EMAIL ME your name/email address to receive In The News

Copyright © 2014 Kenneth Bargers, exclusive marketing: bargers-solutions.com greaternashville.net homebuyinginnashville.com homebuyingintn.com kennethbargers.com

let’s connect…

pinterest-logotrulia-logoyelp-logoabout-me-logogoogle-plus-logowordpress-logotwitter-logolinkedin-logofacebook-logo

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Autoindigo Blog

Fresh news about automotive world. Cars overviews written by experts, pros and cons, features, performance, safety, interior and driving.

Little Fears

Flash fiction tales of humor, horror and whimsy

www.virtual-reality-shop.co.uk/

VR, AR, 3D and Video Glasses Reviews

Woodstock Business Welcome

Welcome Wagon Canada

Blookup Blog

Turn and print all your digital contents, blogs and social networks into amazing real paper books!

nalinidesignprofile

Graphic Designer

Sableyes

Sabbles woz 'ere

518-songofmypeople

A town everyone hates, yet no one leaves...

Attila Ovari

Loving Life and Inspiring Others

Augusta Littleton

Nonprofits and Charities

The Home Buyer Class Blog

What to know when buying a home

The Contractor's Cabinet

A Blog On Construction & More

Gamintraveler

Travel Guides and Digital Nomad Lifestyle

realtracs.wordpress.com/

News and Information From RealTracs Solutions

kelzbelzphotography

My journey - The good, bad and the ugly

antryump

"A Blog worth reading "

john pavlovitz

Stuff That Needs To Be Said

Smart Discount Shop

Discover all the creative and ingenious ways to save money !

playwithlifeorg

4 out of 5 dentists recommend this WordPress.com site

ultimatemindsettoday

A great WordPress.com site

Vonj Productions

Bringing you love through spirit!

The Dystopian Nation of City-State

A cruel, futuristic vision created by science fiction authors James Courtney and Kaisy Wilkerson-Mills. ©2013-2016. All Rights Reserved. All writings available through Amazon.

Bubba Pigg

South' s Leading Anti- Intellectual: Wealthy in Common Sense and the Wisdom of Selfishness

@TheTexasBroker Blog

Real Estate Sales Houston Texas

The Travelling Pantry

Adventurous, Honest and Wholesome

Top 10 of Anything and Everything!!!

Animals, Gift Ideas, Travel, Books, Recycling Ideas and Many, Many More

meganelizabethmorales

MANNERS MAKETH MAN, LOST BOYS FAN & PERPETAUL CREATIVITY.

William the butler

Serving drinks since 1985

lauraagudelo272

This WordPress.com site is the bee's knees

Plutonium™ Paint

Ultra Supreme Professional Grade Aerosol Paint

Levi's Daily Thoughts

For I know that my Redeemer lives Job 19:25

Covered in Beer

by Thomas Cochran, Known Moron

Natalie Breuer

Natalie. Writer. Photographer. Etc.

Post it Notes from my Idiot Boss

delivered directly to my computer monitor on an all too regular basis...

Late Blooming Entrepreneurs

Making it big in business after age 40

timscribbles.com

automotive culture

NFL.com Blogs

Official Blog of the National Football League

A Certain Slant of Light Photography

... the landscape listens, shadows hold their breath

Jim Caffrey Images Photo Blog

photography from the ground up