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Posts Tagged ‘february 2017

Contract Signings Jump to Near Decade High

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Contract Signings Jump to Near Decade High
National Association of REALTORS® | March 29, 2017

HomeSale500wPending home sales posted a strong rebound in February, soaring to the highest level in nearly a year and the second highest level in more than a decade, the National Association of REALTORS® reported Wednesday. All major regions saw an uptick in sales contracts last month.

NAR’s Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 5.5 percent month over month to an 112.3 reading in February. The Publication1index is now 2.6 percent higher than a year ago and is at the highest level since last April (113.6) and the second highest since May 2006 (112.5).

“Buyers came back in force last month as a modest, seasonal uptick in listings were enough to fuel an increase in contract signings throughout the country,” says Lawrence Yun, NAR’s chief economist. “The stock market’s continued rise and steady hiring in most markets is spurring significant interest in buying, as well as the expectation from some households that delaying their home search may mean paying higher interest rates later this year.”

Further, the warmer-than-usual weather across the country may have helped give an earlier start to the spring buying season. Yun notes that last month was the warmest February in decades, which may have also “played a role in kick-starting prospective buyers’ house hunt.”

Yun expects activity to fluctuate over the spring season, however, as the lack of supply continues to limit the number of homes sold, particularly in the lower and mid-market price ranges.

“The homes most buyers are in the market for are unfortunately the most difficult to find and ultimately buy,” Yun says. “The country’s healthy labor market is translating to greater job security, but affordability is not improving because home prices in some areas are still outpacing incomes by three times or more because of tight supply. How much new and existing inventory there is on the market this spring will determine if sales can reach their full potential and finally start reversing the nation’s low homeownership rate.”

Source: National Association of REALTORS®; REALTOR® Magazine Online, Daily Real Estate News 032917

KENNETH BARGERS REALTOR® License 318311 | Pilkerton Realtors License 257352
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(615) 371-2474 office • (615) 371-2475 facsimile • 2 Cadillac Drive, Brentwood TN 37027 address

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
(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

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
bargers-solutions.com webkennethbargers.com blogSearch Properties
(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
bargers-solutions.com webkennethbargers.com blogSearch Properties
(615) 371-2474 office • (615) 371-2475 facsimile • 2 Cadillac Drive, Brentwood TN 37027 address

Home Prices Are Soaring to New Highs

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Home Prices Are Soaring to New Highs
Article by Daily Real Estate News | February 10, 2017

Home price appreciation picked up speed in the final three months of 2016, prompting the majority of metro areas to soar to new record highs with home prices, the National Association of REALTORS®’ latest quarterly report reveals. Of the 150 markets NAR has tracked since 2005, 52 percent – or 78 – now have a median sales price that is at or above its previous all-time high.

The fourth quarter of 2016 proved to be a strong one for home price appreciation. The median existing single-family home price rose in 89 percent of the measured markets. Thirty-one metro areas out of 178 saw double-digit gains.

“Buyer interest stayed elevated in most areas thanks to mortgage rates under 4 percent for most of the year and the creation of 1.7 million new jobs edging the job market closer to full employment,” says Lawrence Yun, NAR’s chief economist. “At the same time, the inability for supply to catch up with this demand drove prices higher and continued to put a tight affordability squeeze on those trying to reach the market.”

5priciestleastmarketsIn the fourth quarter, the national median existing single-family home price was $235,000 – up 5.7 percent from the fourth quarter of 2015 ($222,3000).

Inventories of homes for-sale remain tight. At the end of the fourth quarter, 1.65 million existing homes were available for sale, which is 6.3 percent below year ago levels and the lowest level since NAR began tracking the supply of all housing types in 1999.

“Depressed new and existing inventory conditions led to several of the largest metro areas seeing near or above double-digit appreciation, which has pushed home values to record highs in a slight majority of markets,” Yun says. “The exception for the most part is in the Northeast, where price growth is flatter because of healthier supply conditions.”

Nationwide, a boost in home prices and mortgage rates at the end of the year slightly weakened affordability compared to a year ago. That came despite a solid uptick in the national family median income.

To buy a single-family home at the national median price, a buyer making a 5 percent down payment would need an income of $51,017; they would need an income of $48,332 for a 10 percent down payment; and they would need an income of $42,962 for a 20 percent down payment, according to NAR.

“Even a pick-up in wage growth may be insufficient to compensate the impact of higher mortgage rates and home prices,” Yun says. “Increased homebuilding will be crucial to alleviate supply shortages and stave off the affordability hit.”

Source: National Association of REALTORS®; REALTOR® Magazine Online, Daily Real Estate News 021017

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

Water Conservation includes the little things we do

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Written by Kenneth Bargers

February 8, 2017 at 5:38 pm

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