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Archive for July 2017

30-Year Rates Are Hovering Below 4%

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30-Year Rates Are Hovering Below 4%
Freddie Mac    article by Daily Real Estate News | July 28, 2017

Mortgage rates posted another drop this week, offering more relief to home buyers.

Freddie Mac reports the following national averages with mortgage rates for the week ending July 27:

  • 30-year fixed-rate mortgages: averaged 3.92 percent, with an average 0.5 point, falling from last week’s 3.96 percent average. Last year at this time, 30-year rates averaged 3.48 percent.
  • 15-year fixed-rate mortgages: averaged 3.20 percent, with an average 0.5 point, dropping from last week’s 3.23 percent average. A year ago, 15-year rates averaged 2.78 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 3.18 percent, with an average 0.5 point, down from last week’s 3.21 percent average. A year ago, 5-year ARMs averaged 2.78 percent.

Source: Freddie Mac; REALTOR® Magazine Online, Daily Real Estate News 072817

Kenneth Bargers REALTOR® License 318311  |  Pilkerton Realtors License 257352
(615) 512-9836 cellular  •  (615) 915-5901 facsimile  •  kb@bargers-solutions.com email
bargers-solutions.com web  •  kennethbargers.com blog  •  Search Properties
(615) 371-2474 office  •  (615) 371-2475 facsimile  •  2 Cadillac Drive, Brentwood TN 37027 address
The greatest compliment you can give is a referral!
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New-Home Sales Are High, But They Could Be Higher

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New-Home Sales Are High, But They Could Be Higher
National Association of Home Builders    article by Daily Real Estate News | July 27, 2017

New-home sales inched up 0.8 percent in June, but sales would be higher if there were more new homes to sell. Sales of newly built single-family homes reached a seasonally adjusted annual rate of 610,000 units in June, according to a joint report released by the U.S. Census Bureau and U.S. Department of Housing and Urban Development.

“While new home inventory rose slightly in June, it remains tight as builders face lot and labor shortages and increases in building material costs,” says Michael Neal, senior economist at the National Association of Home Builders.

regional_nhs_jun17

The lower price ranges are seeing some of the tightest inventory supply. Only about 2,000 new homes under $150,000 were sold in June, according to the report. About 6,000 homes were sold in the $150,000 to $199,999 price range. There was an uptick in the $200,000 to $299,000 price range at about 19,000 new homes sold in June, which is up from 15,000 a year ago.

The greatest number of new homes were sold in the South in June.

But the most sales on the rise last month were in the West. New-home sales rose in June by 12.5 percent month over month in the West and by 10 percent in the Midwest. Sales were unchanged in the Northeast in June, and dropped by 6.1 percent in the South, according to the Census and HUD report.

New homes remain significantly pricier than existing homes. New home buyers likely will pay about 17.8 percent more than if they purchased a previously lived-in home.

This rings true even though new-home prices did slow down last month. The median price of a newly built home dropped nearly 4.2 percent in June month over month to $310,800. Prices are down nearly 3.4 percent from a year ago. Meanwhile, the median existing home price reached a record in June at $263,800.

Despite June’s modest new-home sales gain, sales overall remain up nearly 11 percent since the beginning of 2017, according to the NAHB.

Source: National Association of Home Builders and “New-Home Prices Are Down: Get One Before They Sell Out,” realtor.com® (July 26, 2017); REALTOR® Magazine Online, Daily Real Estate News 072717

Kenneth Bargers REALTOR® License 318311  |  Pilkerton Realtors License 257352
(615) 512-9836 cellular  •  (615) 915-5901 facsimile  •  kb@bargers-solutions.com email
bargers-solutions.com web  •  kennethbargers.com blog  •  Search Properties
(615) 371-2474 office  •  (615) 371-2475 facsimile  •  2 Cadillac Drive, Brentwood TN 37027 address
The greatest compliment you can give is a referral!

Nationally: Home Sales Dip as Buyers Get ‘Tripped Up’

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Nationally: Home Sales Dip as Buyers Get ‘Tripped Up’
National Association of REALTORS®    article by Daily Real Estate News | July 24, 2017

Low inventory slowed down home sales last month, as buyers faced fewer options and record-high real estate prices, the National Association of REALTORS® reported Monday.

Regional Snapshot  Here’s a closer look at how existing-home sales fared across the country in June:
Northeast: Dropped 2.6 percent to an annual rate of 760,000 but are still 1.3 percent above a year ago. Median price: $296,300, up 4.1 percent from a year ago.
Midwest: Increased 3.1 percent to an annual rate of 1.32 million. Median price: $213,000, up 7.7 percent from a year ago.
South: Fell 4.7 percent to an annual rate of 2.23 million. Median price: $231,300, up 6.2 percent from a year ago.
West: Dropped 0.8 percent to an annual rate of 1.21 million but are still 2.5 percent above a year ago. Median price: $378,100, up 7.4 percent from a year ago.

Total existing-home sales, which include completed transactions for single-family homes, townhomes, condos, and co-ops, fell 1.8 percent in June to a seasonally adjusted annual rate of 5.52 million. Nevertheless, the pace of sales rose a modest 0.7 percent compared to a year ago.

“Closings were down in most of the country last month because interested buyers are being tripped up by supply that remains stuck at a meager level and price growth that’s straining their budget,” says NAR chief economist Lawrence Yun. “The demand for buying a home is as strong as it has been since before the Great Recession. Listings in affordable price ranges continue to be scooped up rapidly, but the severe housing shortages inflicting many markets are keeping a large segment of would-be buyers on the sidelines.”

June2017 national stats

Here’s a closer look at some of the top housing indicators in June from NAR’s latest report:

Home prices: The median existing-home price for all housing types was $263,800, up 6.5 percent from a year ago. It’s now the highest median price on record.

Inventories: The supply of existing homes available for sale dropped 0.5 percent to 1.96 million units. That’s 7.1 percent lower than a year ago; unsold inventory is at a 4.3-month supply at the current sales pace.

Days on the market: Fifty-four percent of sold homes were on the market less than a month. Properties took an average of 28 days to sell, down from a timeline of 34 days a year ago. Short sales spent the longest amount of time on the market at 102 days, foreclosures sold in 57 days, and nondistressed homes took a median of 27 days to sell.

All-cash sales: Cash transactions made up 18 percent of home sales, the lowest figure since 2009. Individual investors accounted for the biggest bulk of cash sales—13 percent—unchanged from a year ago.

Distressed sales: Foreclosures and short sales made up 4 percent of sales, which matches the lowest share recorded last September since NAR began tracking such data in October 2008. Foreclosures comprised 3 percent of sales, while short sales made up 1 percent.

First-time buyers: First-timers accounted for 32 percent of sales, down from 33 percent a year ago. “It’s shaping up to be another year of below-average sales to first-time buyers despite a healthy economy that continues to create jobs,” Yun says. “Worsening supply and affordability conditions in many markets have unfortunately put a temporary hold on many aspiring buyers’ dreams of owning a home this year.”

Source: National Association of REALTORS®; Daily Real Estate News 072417

Kenneth Bargers REALTOR® License 318311  |  Pilkerton Realtors License 257352
(615) 512-9836 cellular  •  (615) 915-5901 facsimile  •  kb@bargers-solutions.com email
bargers-solutions.com web  •  kennethbargers.com blog  •  Search Properties
(615) 371-2474 office  •  (615) 371-2475 facsimile  •  2 Cadillac Drive, Brentwood TN 37027 address
The greatest compliment you can give is a referral!

Murfreesboro among Best Markets for First-Time Buyers 2017

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Murfreesboro among Best Markets for First-Time Buyers 2017
WalletHub.com article by Daily Real Estate News | July 18, 2017

Murfreesboro 1001Texas is good for first-time home buyers, according to a new study by WalletHub, a personal finance resource. The Lone Star State boasts four of the top 10 locations for first-time home buyers in 2017; McKinney, Texas, ranked first on WalletHub’s list.

“Cities in north Texas have very healthy housing markets and a high percentage of homes sold in the past year,” WalletHub analyst Jill Gonzalez told realtor.com®. “Construction is flourishing in general, with high percentages of housing units built within the last five years.”

WalletHub researchers analyzed 300 cities using 23 different indicators, including affordability, quality of life, cost of living, real estate taxes, crime rates, and more. The top 10 best places for first-time home buyers that topped its list for 2017 are:

  1. McKinney, Texas
  2. Frisco, Texas
  3. Allen, Texas
  4. Cary, North Carolina
  5. Norman, Oklahoma
  6. Lincoln, Nebraska
  7. Richardson, Texas
  8. Boise, Idaho
  9. Thornton, Colorado
  10. Murfreesboro, Tennessee

Source: “2017’s Best & Worst Places for First-Time Home Buyers,” WalletHub.com (July 17, 2017) and “The 10 Best and Worst Cities for First-Time Home Buyers in 2017,” realtor.com® (July 17, 2017); REALTOR® Magazine Online, Daily Real Estate News 071817

Kenneth Bargers REALTOR® License 318311  |  Pilkerton Realtors License 257352
(615) 512-9836 cellular  •  (615) 915-5901 facsimile  •  kb@bargers-solutions.com email
bargers-solutions.com web  •  kennethbargers.com blog  •  Search Properties
(615) 371-2474 office  •  (615) 371-2475 facsimile  •  2 Cadillac Drive, Brentwood TN 37027 address
The greatest compliment you can give is a referral!

Front Door Ideas highlight July 2017 newsletter

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July2017Newsletter 675w

Written by Kenneth Bargers

July 12, 2017 at 5:42 pm

Strongest Second Quarter on Record for Nashville Area Housing Market

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Strongest Second Quarter on Record for Nashville Area Housing Market
Press Release by Greater Nashville REALTORS® | July 7, 2017

NASHVILLE, Tenn. (July 7, 2017) – There were 3,887 homes sold in the month of June, according to figures provided by Greater Nashville REALTORS®. That figure is up 0.4 percent compared to the 3,869 closings reported for June 2016.

Second-quarter closings are 11,155, a 2.8 percent increase from the 10,851 closings reported through the second quarter of 2016. Year-to-date closings for Greater Nashville are up 5.6 percent with 19,493 closings compared to the 18,452 closings reported through midyear 2016.

“The second quarter was our housing market’s strongest on record,” said Greater Nashville REALTORS® President Scott Troxel. “The last time our market performed this well in the second quarter was 2006, with 11,046 closings. We’re a few units short of being ahead of midyear 2006, but with half a year left for sales, I suspect we’ll come close to the 2006 record of more than 40,000 annual closings.

“Closings for the month of June were virtually flat. This is no surprise given the current disparity between supply and demand in the market.”

The median residential price for a single-family home during June was $293,753, and for a condominium it was $199,350. Last year’s median residential and condominium prices for June were $260,148 and $186,495, respectively.

There were 3,914 properties under contract at the end of June, compared with 3,863 at this time last year. The average number of days on the market for a single-family home was 25 days.

Inventory at the end of June was 8,842, down from 9,865 in June 2016.

“The data for June and second quarter home sales prove our market has the necessary stamina to continue forward,” said Troxel. “Even with challenges, buyer demand is still strong and homeownership remains a priority for many of our residents. Working with a Realtor who brings knowledge, experience and professionalism to the transaction helps to remove any anxiety a buyer or seller may have about finding success in one of the country’s most thriving markets.”

Source: Greater Nashville REALTORS®, Press Release 070717

Kenneth Bargers REALTOR® License 318311  |  Pilkerton Realtors License 257352
(615) 512-9836 cellular  •  (615) 915-5901 facsimile  •  kb@bargers-solutions.com email
bargers-solutions.com web  •  kennethbargers.com blog  •  Search Properties
(615) 371-2474 office  •  (615) 371-2475 facsimile  •  2 Cadillac Drive, Brentwood TN 37027 address
The greatest compliment you can give is a referral!

Mortgage Rates Hit Another Low for 2017

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Mortgage Rates Hit Another Low for 2017
Freddie Mac    article by Daily Real Estate News | June 30, 2017

Interest rates for a 30-year fixed-rate mortgage took another dip this week, setting a new low for 2017, Freddie Mac reported in its weekly mortgage market survey.

“The 30-year mortgage rate fell 2 basis points to 3.88 percent this week,” says Sean Becketti, Freddie Mac’s chief economist. “However, the majority of our survey was conducted prior to Tuesday’s sell off in the bond market, which drove Treasury yields higher. Mortgage rates may increase in next week’s survey if Treasury yields continue to rise.”

Freddie Mac reports the following national averages with mortgage rates for the week ending June 29:

  • 30-year fixed-rate mortgages: averaged 3.88 percent, with an average 0.5 point, dropping from last week’s 3.90 percent average. Last year at this time, 30-year rates averaged 3.48 percent.
  • 15-year fixed-rate mortgages: averaged 3.17 percent, with an average 0.5 point, holding the same as last week. A year ago, 15-year rates averaged 2.78 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 3.17 percent, with an average 0.5 point, rising from last week’s 3.14 percent average. Last year at this time, 5-year ARMs averaged 2.70 percent.

Source: Freddie Mac; REALTOR® Magazine Online, Daily Real Estate News 063017

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