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Posts Tagged ‘current housing conditions

New-Home Sales Jump 6%

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New-Home Sales Jump 6%
Article by Daily Real Estate News | March 24, 2017

HouseConstruct500wSales of newly built single-family homes posted a robust month in February. New-home sales rose to a seasonally adjusted annual rate of 592,000 units, up 6.1 percent month over month and 12.8 percent ahead of last year, the Commerce Department reported this week.

“February’s increase in new home sales is consistent with builders’ growing confidence in the housing market,” says Granger MacDonald, chairman of the National Association of Home Builders. “Builders are encouraged by heightened consumer activity and by the expectation that regulatory costs will decline in the year ahead.”

The inventory of new homes for sale in February was 266,000, a 5.4-month supply at the current sales pace. The median sales price was $296,200.

New-home sales posted the strongest uptick in the Midwest in February, rising 30.9 percent month over month, followed by a 7.5 percent gain in the West and a 3.6 percent increase in the South. The Northeast was the only major region of the U.S. to see a decrease last month, with new-home sales falling 21.4 percent there.

“The uptick in mortgage interest rates is having a minimal effect on new-home sales thus far,” says Robert Dietz, NAHB’s chief economist. “Ongoing job creation, rising household formations, and affordable home prices should keep the market on an upward trajectory in 2017.”

Source: National Association of Home Builders; REALTOR® Magazine Online, Daily Real Estate News 032417

KENNETH BARGERS REALTOR® License 318311 | Pilkerton Realtors License 257352
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Consumers Are Super Confident About Housing

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Consumers Are Super Confident About Housing
Article by Daily Real Estate News | March 8, 2017

HomeKeys 525wConsumer confidence in the housing market has hit a new all-time high, according to Fannie Mae’s Home Purchase Sentiment Index. The index rose 5.6 percentage points in February to 88.3, a record reading. Five of the six components measured by the survey hit record highs as well, including the share of Americans who say now is a good time to buy and those who are feeling more secure about their job.

Fannie Mae’s survey of 1,000 Americans showed a rosy backdrop for the housing market as it heads into the spring buying season.

“The latest post-election surge in optimism puts the HPSI at its highest level since its starting point in 2011,” says Doug Duncan, Fannie Mae’s chief economist. “Millennials showed especially strong increases in job confidence and income gains, a necessary precursor for increased housing demand from first-time home buyers. Preliminary research results from our team find that millennials are accelerating the rate at which they move out of their parents’ homes and form new households. However, continued slow supply growth implies continued strong price appreciation and affordability constraints facing millennials and first-time buyers in many markets.”

Here is a closer look at findings from Fannie Mae’s latest reading from its Home Purchase Sentiment Index:

  • The share of Americans who say now is a good time to purchase a home increased 11 percentage points to 40 percent, marking a strong rebound from last month’s survey low.
  • Twenty-two percent say now is a good time to sell, up 7 percentage points from last month, and a new survey high.
  • Forty-five percent of Americans believe that home prices will go up, increasing by 3 percentage points.
  • Seventy-eight percent of Americans say they are not concerned about losing their job, a 9 percentage point month-over-month increase, and a new a new survey high.
  • Nineteen percent of Americans say their household income is significantly higher than it was 12 months ago, also a new survey high.

Source: Fannie Mae; REALTOR® Magazine Online, Daily Real Estate News 030817

KENNETH BARGERS REALTOR® License 318311 | Pilkerton Realtors License 257352
(615) 512-9836 cellular • (615) 915-5901 facsimilekb@bargers-solutions.com email
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(615) 371-2474 office • (615) 371-2475 facsimile • 2 Cadillac Drive, Brentwood TN 37027 address

Warmer Temperatures Contribute to Early Spring for Middle Tennessee Real Estate Market

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Warmer Temperatures Contribute to Early Spring for Middle Tennessee Real Estate Market
Press Release by Greater Nashville REALTORS® | March 7, 2017

HomeforSale 550wNASHVILLE, Tenn. (March 7, 2017) – There were 2,507 home closings reported for the month of February, according to data provided by Greater Nashville REALTORS®.

This represents an increase of 9.3 percent from the 2,293 closings reported in February 2016. Year-to-date closings through February 2017 are 4,918, a 10.3 percent increase from the 4,460 closings reported through February 2016.

“Spring is in the air and in the real estate market,” said Greater Nashville REALTORS President Scott Troxel. “A few days of warmer temperatures helped our region finish strong in February, closing over 2,500 units. We saw year-over-year increase in all categories, with the largest coming in the multi-family sector.

“Recent announcements regarding economic growth from companies like Mars Petcare, LG and SmileDirect will only to continue to drive our market upward,” said Troxel.

There were 2,899 sales pending at the end of the month, compared with 2,735 pending sales at this time last year. The average number of days on the market for a single-family home was 54 days.

The median residential price for a single-family home during February was $258,950, and for a condominium it was $192,400. This compares with median residential and condominium prices of $235,000 and $174,380, respectively, at this time last year.

Inventory at the end of February was 10,372, down from 11,677 in February 2016.

“We typically compare statistics year-over-year, and our inventory is down from 2016. However, the single-family market did pick up in inventory between this past January and February,” said Troxel. “While we still have a way to go to restock our inventory levels, any gain in inventory is good news. This gives buyers more options and alleviates some of the pressure on home prices.”

### Greater Nashville 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: Greater Nashville REALTORS® 030717

KENNETH BARGERS REALTOR® License 318311 | Pilkerton Realtors License 257352
(615) 512-9836 cellular • (615) 915-5901 facsimilekb@bargers-solutions.com email
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(615) 371-2474 office • (615) 371-2475 facsimile • 2 Cadillac Drive, Brentwood TN 37027 address

Written by Kenneth Bargers

March 7, 2017 at 8:59 pm

Continued Uncertainty Causes Mortgage Rates to Hold

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Continued Uncertainty Causes Mortgage Rates to Hold
News Release by Freddie Mac | February 23, 2017

FreddieMac-2016logoMCLEAN, VA–(Marketwired – Feb 23, 2017) – Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average 30-year mortgage rates changing by two basis points or less for the fourth consecutive week.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.16 percent with an average 0.5 point for the week ending Feb. 23, 2017, up from last week when it averaged 4.15 percent. A year ago at this time, the 30-year FRM averaged 3.62 percent.
  • 15-year FRM this week averaged 3.37 percent with an average 0.5 point, up from last week when it averaged 3.35 percent. A year ago at this time, the 15-year FRM averaged 2.93 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.16 percent this week with an average 0.4 point, down from last week when it averaged 3.18 percent. A year ago, the 5-year ARM averaged 2.79 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quote Attributed to Sean Becketti, chief economist, Freddie Mac.
“In a short week following Presidents Day, the 10-year Treasury yield fell about 8 basis points. However, the 30-year mortgage rate rose 1 basis point to 4.16 percent. This week’s survey once again displays the disconnect between mortgage rates and Treasury yields, a result of continued uncertainty.”

### Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog. ###

Source: Freddie Mac 022317

KENNETH BARGERS REALTOR® License 318311 | Pilkerton Realtors License 257352
(615) 512-9836 cellular • (615) 915-5901 facsimilekb@bargers-solutions.com email
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(615) 371-2474 office • (615) 371-2475 facsimile • 2 Cadillac Drive, Brentwood TN 37027 address

Existing-Home Sales Reach Decade High

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Existing-Home Sales Reach Decade High
Article by Daily Real Estate News | February 22, 2017

homeforsale-500wExisting-home sales in January reached their fastest pace in nearly a decade, with all major regions except the Midwest posting gains last month, the National Association of REALTORS® reports.

Total existing-home sales—completed transactions that include single-family homes, townhomes, condos, and co-ops—rose 3.3 percent to a seasonally adjusted annual rate of 5.69 million in January. That’s 3.8 percent higher than a year ago and marks the strongest month since February 2007, according to NAR.

“Much of the country saw robust sales activity last month as strong hiring and improved consumer confidence at the end of last year appear to have sparked considerable interest in buying a home,” says NAR chief economist Lawrence Yun. “Market challenges remain, but the housing market is off to a prosperous start as home buyers staved off inventory levels that are far from adequate and deteriorating affordability conditions.”

5 Stats to Gauge the Market in January

jan17existhomesalesHome prices: The median existing-home price for all housing types in January was $228,900—a 7.1 percent increase from a year ago.

Inventories: Total housing inventories at the end of the month increased 2.4 percent to 1.69 million existing homes available for sale. That is still 7.1 percent lower than a year ago (with a 1.82 million supply). Unsold inventory is at a 3.6-month supply at the current sales pace.

Distressed sales: Foreclosures and short sales made up 7 percent of all sales last month, down from 9 percent a year ago. In January, 5 percent of sales were foreclosures and 2 percent were short sales. Foreclosures sold at an average discount of 14 percent below market value, while short sales were discounted 10 percent.

All-cash sales: All-cash transactions comprised 23 percent of transactions in January, down from 26 percent a year ago. Individual investors make up the bulk of all-cash sales. They purchased 15 percent of homes in January, down from 17 percent a year ago.

Days on the market: Thirty-eight percent of homes sold in January were on the market for less than a month. On average, sold properties spent 50 days on the market, down from 64 days a year ago. Short sales lingered on the market the longest, at a median of 108 days, while foreclosures sold in 51 days. Non-distressed homes spent a median of 49 days on the market.

“Competition is likely to heat up even more heading into the spring for house hunters looking for homes in the lower- and mid-market price range,” Yun says. The REALTORS® Affordability Distribution Curve and Score, a new measurement of homebuying activity created by NAR and realtor.com®, revealed that the combination of higher mortgage rates and home prices made active listings less affordable for households in more than half of all states last month.

Source: National Association of REALTORS®; REALTOR® Magazine Online, Daily Real Estate News 022217

KENNETH BARGERS REALTOR® License 318311 | Pilkerton Realtors License 257352
(615) 512-9836 cellular • (615) 915-5901 facsimilekb@bargers-solutions.com email
bargers-solutions.com webkennethbargers.com blogSearch Properties
(615) 371-2474 office • (615) 371-2475 facsimile • 2 Cadillac Drive, Brentwood TN 37027 address

Best January on Record for Middle Tennessee Housing Market

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Best January on Record for Middle Tennessee Housing Market
Press Release by Greater Nashville REALTORS® | February 7, 2017

natcheztracebridgemidtn

Natchez Trace Bridge

NASHVILLE, Tenn. (Feb. 7, 2017) – There were 2,411 home closings reported for the month of January, according to figures provided by Greater Nashville REALTORS®. This figure is up 11.2 percent from the 2,167 closings reported for the same period last year.

“Our market just proved you can buy and sell a home during the winter,” said Greater Nashville REALTORS President Scott Troxel. “The winter months are actually a good time for serious buyers. There are fewer properties on the market, but there is also less competition for those properties.

“Not only did we see the best January on record, our market performed better in January than it did in either January or February of last year,” continued Troxel. “Pending sales numbers are also higher. Punxsutawney Phil might have seen his shadow, suggesting six more weeks before we see spring weather, but our data indicates our market may enter the spring selling season sooner.”

There were 2,755 sales pending at the end of the month, compared with 2,212 pending sales at this time last year. The average number of days on the market for a single-family home was 57 days.

The median residential price for a single-family home during January was $261,500 and for a condominium it was $184,350. This compares with last year’s median residential and condominium prices of $242,668 and $179,900, respectively.

Inventory at the end of January was 10,025, compared with 11,352 in January 2016.

“One item to watch will be the impact of President Trump’s suspension on the 25-basis point reduction of mortgage interest premiums on FHA loans,” said Troxel. “Many first-time and low- to moderate-income buyers look to FHA loans as part of their path to homeownership. Realtors are letting the administration know both the importance and impact of FHA loans on the housing market.”

### Greater Nashville 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: Press Release by Greater Nashville REALTORS®, 020717

KENNETH BARGERS REALTOR® License 318311 | Pilkerton Realtors License 257352
(615) 512-9836 cellular • (615) 915-5901 facsimilekb@bargers-solutions.com email
bargers-solutions.com webkennethbargers.com blogSearch Properties
(615) 371-2474 office • (615) 371-2475 facsimile • 2 Cadillac Drive, Brentwood TN 37027 address

HUD Lowers FHA MIP by a Quarter Point

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HUD Lowers FHA MIP by a Quarter Point
Article by Daily Real Estate News | January 9, 2017

hudsealMortgage insurance premiums on FHA-backed loans will be lower by 25 basis points on loans endorsed starting January 27, the federal government announced today.

“After four straight years of growth and with sufficient reserves on hand to meet future claims, it’s time for FHA to pass along some modest savings to working families,” Julian Castro, secretary of the U.S. Department of Housing and Urban Development, announced today.

NAR President Bill Brown praised the move. “Dropping mortgage insurance premiums will mean a lot more responsible borrowers are eligible to purchase a home through FHA,” he said. “That puts more money in the fund to protect taxpayers, and it puts more families in homes so they can live out the American dream.”

The new premium schedule, which takes effect for residential mortgage loans that have an insurance endorsement date on or after January 27, is expected to save the average home buyer $500 a year in insurance costs.

In its announcement, HUD said the reduced premiums reflect the healthy state of HUD’s mutual mortgage insurance fund, which is the agency’s principle fund for insuring FHA mortgages. “We’ve carefully weighed the risks associated with lower premiums with our historic mission to provide safe and sustainable mortgage financing to responsible homebuyers,” said Edward Golding, HUD principal deputy assistant secretary for housing. “This conservative reduction in our premium rates is an appropriate measure to support [home buyers] on their path to the American dream.”

Under the new schedule, a home purchase with a base loan amount of up to $625,000, with an 85-percent loan-to-value ratio and a 30-year loan term, will require an annual mortgage insurance premium of 55 basis points, down from 80 basis points. A 15-year loan of that same amount and with a 90-percent LTV ratio will require an MIP of 25 basis points, down from 45. Access the full schedule.

NAR is calling on FHA to take even more steps to help home buyers, including eliminating FHA’s “life of loan” mortgage insurance requirement, which forces borrowers to maintain mortgage insurance regardless of their equity position. Borrowers with traditional mortgage insurance can typically extinguish their mortgage insurance once they reach 20 percent equity in the property. “Our work continues, but we’re encouraged by today’s announcement,” Brown said.

– by Robert Freedman, REALTOR® Magazine

SOURCE: REALTOR® Magazine Online; Daily Real Estate News 010917

KENNETH BARGERS REALTOR® License 318311 | Pilkerton Realtors License 257352
(615) 512-9836 cellular • (615) 915-5901 facsimilekb@bargers-solutions.com email
bargers-solutions.com webkennethbargers.com blogSearch Properties
(615) 371-2474 office • (615) 371-2475 facsimile • 2 Cadillac Drive, Brentwood TN 37027 address

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