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Home Sales Zoom to Highest Pace in Decade

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Home Sales Zoom to Highest Pace in Decade
Article by Daily Real Estate News | April 21, 2017

This spring’s housing mantra: Going, going, gone! “Severe” housing shortages are prompting existing homes to sell significantly faster this year, propelling home sales to the highest pace in more than a decade, the National Association of REALTORS® reported Friday.

Publication1Strong sales gains in the Northeast and Midwest were behind most of the nationwide 4.4 percent month-over-month increase in existing-home sales in March. The West was the only major region of the U.S. to see a modest decline in sales activity last month.

“The early returns so far this spring buying season look very promising as a rising number of households dipped their toes into the market and were successfully able to close on a home last month,” says Lawrence Yun, NAR’s chief economist. “Although finding available properties to buy continues to be a strenuous task for many buyers, there was enough of a monthly increase in listings in March for sales to muster a strong gain. Sales will go up as long as inventory does.”

Total existing-home sales—which include completed transactions for single-family homes, townhomes, condos, and co-ops—reached a seasonally adjusted annual rate of 5.71 million in March. The sales pace is 5.9 percent above a year ago. Further, existing-home sales are now the strongest month of sales since February 2007 (5.79 million).

Here’s a closer look at some of the key indicators from NAR’s latest housing report, reflecting March housing numbers:

Home prices: The median existing-home price for all housing types was $236,400, up 6.8 percent from a year ago when it averaged $221,400.

Days on the market: Properties stayed on the market for an average of 34 days in March, down significantly from 47 days a year ago. Short sales took the longest to sell at a median of 90 days in March; foreclosures sold in 52 days; and non-distressed homes took a median of 32 days—which is the shortest length of time since NAR began tracking such data in May 2011. Forty-eight percent of homes sold in March were on the market for less than a month.

All-cash sales: All-cash transactions comprised 23 percent of sales in March, down from 25 percent a year ago. Individual investors make up the biggest bulk of cash sales. They purchased 15 percent of homes in March, up from 14 percent a year ago.

Distressed sales: Foreclosures and short sales made up 6 percent of existing-home sales in March, down from 8 percent a year ago. Broken out, 5 percent of sales in March were foreclosures and 1 percent were short sales. On average, foreclosures sold for a discount of 16 percent below market value; short sales were discounted an average of 14 percent.

Inventories: Housing inventory at the end of March rose 5.8 percent to 1.83 million existing homes available for sale. Inventory is 6.6 percent lower than a year ago (1.96 million). Unsold inventory is now at a 3.8-month supply at the current sales pace.

“Bolstered by strong consumer confidence and underlying demand, home sales are up convincingly from a year ago nationally and in all four major regions despite the fact that buying a home has gotten more expensive over the past year,” Yun says.

Source: National Association of REALTORS®; REALTOR® Magazine Online, Daily Real Estate News 042117

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

2016 Marked Best Year for Sales in a Decade

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2016 Marked Best Year for Sales in a Decade
Article by Daily Real Estate News | January 24, 2017

Existing-home sales finished out 2016 as the best year since the housing boom days, the National Association of REALTORS® reported Tuesday.

Total existing-home sales – which are completed transactions that include single-family homes, townhomes, condos, and co-ops – closed 2016 at 5.45 million sales, surpassing 2015 (5.25 million). It was the highest total for existing-home sales since 2006 (6.48 million), NAR reported.

“Solid job creation throughout 2016 and exceptionally low mortgage rates translated into a good year for the housing market,” says Lawrence Yun, NAR’s chief economist. “However, higher mortgage rates and home prices combined with record low inventory levels stunted sales in much of the country in December.

The final month of 2016 saw existing-home sales drop 2.8 percent to a seasonally adjusted annual rate of 5.49 million, NAR reported. Sales in December were now only 0.7 percent higher than a year ago. Low housing supplies continue to press on the market.

“While a lack of listings and fast rising home prices was a headwind all year, the surge in rates since early November ultimately caught some prospective buyers off guard and dimmed their appetite or ability to buy a home as 2016 came to an end,” Yun says.

5 Key Stats From December’s Housing Report

Here’s a closer look at some key indicators from NAR’s December existing-home sales report.

byregiondec2016Home prices: Median existing-home price for all housing types in December was $232,200, up 4 percent from a year ago ($223,200).

Days on the market: Thirty-seven percent of homes sold in December were on the market for less than a month. Properties, on average, stayed on the market for 52 days in December, up from 43 days in November but down from a year ago (58 days). Non-distressed homes took an average of 50 days to sell while short sales sales took the longest at a median of 97 days on the market in December. Foreclosures sold in 53 days, on average.

Cash sales: All-cash sales comprised 21 percent of transactions in December, down from 24 percent a year ago. Individual investors make up the bulk of cash sales. They accounted for 15 percent of homes purchased in December, unchanged from a year ago.

Distressed sales: Foreclosures and short sales ticked up to 7 percent in December, up from 6 percent in November. Still, distressed sales are down from 8 percent a year ago. Foreclosures made up 5 percent of sales in December while short sales comprised 2 percent of sales. Foreclosures sold for an average discount of 20 percent below market value in December while short sales were discounted 10 percent.

Inventories: Total housing inventory at the end of December fell 10.8 percent to 1.65 million existing homes available for sale — the lowest level since NAR began tracking the supply of all housing types in 1999. Inventory is now 6.3 percent lower than a year ago. It is at a 3.6-month supply at the current sales pace.

“Housing affordability for both buying and renting remains a pressing concern because of another year of insufficient home construction,” says Yun. “Given current population and economic growth trends, housing starts should be in the range of 1.5 million to 1.6 million completions and not stuck at recessionary levels. More needs to be done to address the regulatory and cost burdens preventing builders from ramping up production.”

Source: National Association of REALTORS®; REALTOR® Magazine Online, Daily Real Estate News 012417

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 Sales Soften on Inventory, Pricing Woes

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Home Sales Soften on Inventory, Pricing Woes
Article by Daily Real Estate News | September 22, 2016

6741 Christiansted 1Existing-home sales softened in August, the second consecutive month of declines despite mortgage rates hovering near record lows. Not enough homes for sale and higher home prices are curtailing sales, the National Association of REALTORS® reported Thursday. The Northeast – where inventory levels are more balanced – was the only region in the U.S. to see a bump up in closings in August.

“Hopes of a meaningful sales breakthrough as a result of this summer’s historically low mortgage rates failed to materialize because supply and affordability restrictions continue to keep too many would-be buyers on the sidelines,” says Lawrence Yun, NAR’s chief economist. The 30-year fixed-rate mortgage averaged 3.44 percent in August, remaining at its lowest rate since January 2013, according to Freddie Mac.

Existing-home sales – which are completed transactions on single-family homes, townhomes, condos, and co-ops – dropped 0.9 percent in August to a seasonally adjusted annual rate of 5.33 million, according to NAR’s report. Sales are now at the second lowest pace of the year. Still, sales are 0.8 percent higher than a year ago, (when sales stood at 5.29 million).

“Healthy labor markets in most of the country should be creating a sustained demand for home purchases,” Yun says. “However, there’s no question that after peaking in June, sales in a majority of the country have inched backwards because inventory isn’t picking up to tame price growth and replace what’s being quickly sold.”

regionalaugust20165 Key Indicators From August’s Report

Here are a few key housing numbers from NAR’s latest housing report:

  1. Home prices: The median existing-home price for all housing types was $240,200 in August, up 5.1 percent from a year ago.
  2. Days on the market: Forty-six percent of homes sold in less than a month in August. Properties stayed on the market for a median of 36 days last month, down from 47 days a year ago. Short sales tended to stay on the market the longest at a median of 144 days; foreclosures sold in 42 days; and non-distressed homes averaged 35 days.
  3. All-cash sales: Twenty-two percent of all transactions were from all-cash sales in August, unchanged from a year ago. Individual investors account for the biggest bulk of cash sales. Individual investors purchased 13 percent of homes in August, up from 12 percent a year ago.
  4. Distressed sales: Foreclosures and short sales comprised 5 percent of sales in August, the lowest since NAR began tracking such data in October 2008. A year ago, distressed sales made up 7 percent of sales. In August, 4 percent of sales were from foreclosures and 1 percent were short sales. Foreclosures tended to sell for an average discount of 12 percent below market value in August, while short sales were discounted 14 percent.
  5. Inventories: Total housing inventory at the end of last month dropped 3.3 percent to 2.04 million existing homes available for sale. That represents a 10.1 percent decrease from a year ago, in which 2.27 million homes were available for sale. Unsold inventory is at a 4.6-month supply at the current sales pace.

“It’s very concerning to see that inventory conditions not only show no signs of improving but have actually worsened in recent months from their already suppressed levels a year ago,” Yun says. “While recent data from the U.S. Census Bureau shows that household incomes rose strongly last year, home prices are still outpacing incomes in many metro areas because of the persistent shortage of new and existing homes for sale. Without more supply, the U.S. home ownership rate will remain near 50-year lows.”

Source: National Association of REALTORS®; REALTOR® Magazine Online, Daily Real Estate News 092216

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

Across the Nation: Existing-Home Sales Lose Momentum in July

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Across the Nation: Existing-Home Sales Lose Momentum in July
Article by Daily Real Estate News | August 24, 2016

Existing-home sales lost momentum in July because of stubbornly low inventory on the market across the country, according to the National Association of REALTORS®. Last month, existing-home sales posted their first year-over-year drop since November 2015.

Total existing-home sales, which includes completed transactions for single-family homes, townhomes, condos, and co-ops, dropped 3.2 percent to a seasonally adjusted annual rate of 5.39 million in July. Sales are 1.6 percent below a year ago.

JulyRegional2016“Severely restrained inventory, and the tightening grip it’s putting on affordability, is the primary culprit for the considerable sales slump throughout much of the country last month,” says NAR Chief Economist Lawrence Yun. “REALTORS® are reporting diminished buyer traffic because of the scarce number of affordable homes on the market, and the lack of supply is stifling the efforts of many prospective buyers attempting to purchase while mortgage rates hover at historical lows.”

Here’s a closer look at the data from July:

Home prices: The median existing-home price for all housing types was $244,100, up 5.3 percent from a year ago.

All-cash sales: Comprising 21 percent of transactions in July, all-cash sales were down from 23 percent a year ago. It is the lowest share of cash sales since November 2009 (when it was 19 percent). Individual investors account for the bulk of cash sales and purchased 11 percent of homes in July, down from 13 percent a year ago.

Distressed sales: Foreclosures and short sales made up 5 percent of sales, down from 7 percent a year ago. It is the lowest share since NAR began tracking distressed sales in October 2008. Broken out, 4 percent of sales last month were foreclosures, while 1 percent were short sales. Foreclosures, on average, sold for a discount of 18 percent below market value; short sales were discounted an average of 16 percent.

Days on market: Forty-seven percent of sold homes were on the market for less than a month. Properties typically stayed on the market for 36 days in July, down from 42 days a year ago. Short sales were on the market the longest, at a median of 95 days, while foreclosures sold in 54 days. Non-distressed homes averaged 34 days on the market.

Inventory levels: Total housing inventory by the end of the month inched up by 0.9 percent to 2.13 million existing homes for sale. Still, that is 5.8 percent lower than a year ago. Inventories have declined year-over-year for the last 14 consecutive months. Unsold inventory is at a 4.7-month supply at the current sales pace.

“Although home sales are still expected to finish the year at their strongest pace since the downturn, thanks to a very strong spring, the housing market is undershooting its full potential because of inadequate existing inventory combined with new-home construction failing to catch up with underlying demand,” Yun says. “As a result, sales in all regions are now flat or below a year ago, and price growth isn’t slowing to a healthier and sustainable pace.”

Source: National Association of REALTORS®; REALTOR® Magazine Online, Daily Real Estate News 082416

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

Existing-Home Sales Kick Off Strong Spring

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Existing-Home Sales Kick Off Strong Spring
Daily Real Estate News | April 20, 2016

REALTORlogoAfter dismal numbers in February, home sales were back on track in March, ramping up for a strong spring selling season, the National Association of REALTORS® reported Wednesday. In particular, gains in the Northeast and Midwest helped fuel the rebound.

Total sales for existing homes surged 5.1 percent to a seasonally adjusted annual rate of 5.33 million in March — up 1.5 percent from a year ago — according to NAR’s latest existing-home sales data. The report shows that all four major regions of the U.S. posted gains.

“Closings came back in force last month as a greater number of buyers overcame depressed inventory levels and steady price growth to close on a home,” says NAR Chief Economist Lawrence Yun. “Buyer demand remains sturdy in most areas this spring, and the mid-priced market is doing quite well. However, sales are softer both at the very low and very high ends of the market because of supply limitations and affordability pressures.”

5 Stats to Gauge the Market

Here’s an overview of some of the key stats from NAR’s latest housing report:

  1. Home prices: The median price for an existing home in all housing types was $222,700 in March, up 5.7 percent from a year ago.
  2. Days on the market: Forty-two percent of homes sold in March were on the market for less than a month. But the overall average for time on market was 47 days, below the 52-day average a year ago. Short sales tended to linger on the market the longest, at a median of 120 days, while foreclosures typically sold in 50 days and non-distressed homes averaged 46 days.
  3. Distressed sales: Foreclosures and short sales dropped to 8 percent in March, down from 10 percent a year ago. Broken out, 7 percent of sales in March were foreclosures and 1 percent were short sales. On average, foreclosures sold for a discount of 16 percent below market value while short sales were discounted 10 percent.
  4. All-cash sales: All-cash transactions comprised 25 percent of the market in March, up from 24 percent a year ago. Individual investors account for the bulk of cash sales and purchased 14 percent of homes in March, unchanged from a year ago.
  5. Inventory: The number of homes for sale rose 5.9 percent in March to 1.98 million. Still, that remains 1.5 percent lower than a year ago. Unsold inventory is at a 4.5-month supply at the current sales pace.

“The choppiness in sales activity so far this year is directly related to the unevenness in the rate of new listings coming onto the market to replace what is, for the most part, being sold rather quickly,” Yun says. “Additionally, a segment of would-be buyers at the upper end of the market appear to have been spooked by January’s stock market correction.”

Regional Breakdown

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

  • Northeast: Existing-home sales surged 11.1 percent to an annual rate of 700,000, which is 7.7 percent higher than a year ago. Median price: $254,100, up 5.8 percent from a year ago.
  • Midwest: Existing-home sales rose 9.8 percent to an annual rate of 1.23 million, which is 0.8 percent higher than a year ago. Median price: $174,800, up 7 percent from a year ago.
  • South: Existing-home sales increased 2.7 percent to an annual rate of 2.25 million, which is 2.3 percent higher than a year ago. Median price: $194,400, up 4.6 percent from a year ago.
  • West: Existing-home sales increased 1.8 percent to an annual rate of 1.15 million, which is 2.5 percent lower than a year ago. Median price: $320,800, up 5.9 percent from a year ago.

Source: National Association of REALTORS®; REALTOR® Magazine Online, Daily Real Estate News 042016

Kenneth Bargers, REALTOR® | Pilkerton Realtors
(615) 512-9836 cellular (615) 371-2474 office kb@bargers-solutions.com email
www.bargers-solutions.com web kennethbargers.com blog
2 Cadillac Drive, Brentwood Tennessee address

Need a home? visit Search for Properties
Do you need marketing assistance for special projects or contract assignments? visit the Marketing page of Bargers Solutions

How Did Housing Really Do in 2015?

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How Did Housing Really Do in 2015?
Article by Daily Real Estate News | January 08, 2016

HouseForSaleThe housing market improved in 2015, but how close is it to finally being back to normal? Jonathan Smoke, chief economist at realtor.com®, weighs in on how the housing market fared last year.

Existing home sales: Existing-home sales were up 7 percent in 2015, buoyed by strong household formation (at about 1.4 million households formed in the past four quarters ending in September) and strong job growth. Distressed sales fell in 2015, as did sales to investors, international buyers, and second-home buyers, Smoke notes.

Home prices: Home prices edged up 5 percent to 7 percent nationwide in 2015. “Such appreciation helped owners see substantial gains in equity,” Smoke writes. “Home values are close to being fully recovered nationally.”

But the level of price appreciation is above a normal rate, mostly due to an imbalance in the number of homes for-sale and high demand.

New-home construction: New-home sales were up 13 percent in 2015. Most of the growth in new-home construction in 2015, however, was centered in apartment building rather than single-family homes.

“Even with more than 20% growth in total new construction, we will have created only a net new 900,000 housing units, which is less than 65 percent of the new households we created,” Smoke notes.

Rental market: Many of the new households forming are renters. Apartment vacancies are at multi-year lows, and rents are rising sharply. That is worrisome, Smoke says, because “when renting households are so burdened by making rent payments, they’re less able to save up to own.”

Nevertheless, affordability, overall, remained strong by the end of 2015, despite the higher home prices.

“Looking across the national housing landscape, the housing market has stronger fundamentals now than one year ago,” Smoke says. “However, we need new construction to keep up with the household formations driven by demographics and healthy job creation. We need more affordable housing to decrease the impact of burdensome rents. And we need expanded, risk-appropriate access to credit to help households that can afford to buy.”

Source: “The Housing State of the Union: We’re Back, Baby!” realtor.com® (Jan. 7, 2016); REALTOR® Magazine Online, Daily Real Estate News 010816

Kenneth Bargers, REALTOR® | Pilkerton Realtors
(615) 512-9836 cellular (615) 371-2474 office kb@bargers-solutions.com email
www.bargers-solutions.com web kennethbargers.com blog
2 Cadillac Drive, Brentwood Tennessee address

Need a home? visit Search for Properties
Do you need marketing assistance for special projects or contract assignments? visit the Marketing page of Bargers Solutions

Housing Outlook for 2016: Expect Change

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Housing Outlook for 2016: Expect Change
Article by Daily Real Estate News | December 28, 2015

Treed-Home-LotWhile change is coming to the mortgage market, Freddie Mac says in its 2016 housing forecast that it’s too soon to tell whether marketplace lending is the next Uber or just another flash in the pan.

“The current generation of marketplace lenders all may fail in the next economic downturn,” says Sean Becketti, Freddie Mac’s chief economist. “Regulators may impose higher standards on marketplace lenders. The cost advantages of marketplace lending may not extend to mortgage lending.”

But Becketti says the new year will undoubtedly bring changes: “Innovation is difficult to stop. New startups will look for ways to improve upon current marketplace lending business models. Large bank lenders may incorporate the most successful of the marketplace lending innovations. It’s difficult to say where all this will lead, but one prediction is indisputable. Expect change.”

Here are five more predictions for 2016 from the mortgage giant:

  1. The 30-year fixed-rate mortgage will likely average below 4.5 percent for 2016 on an annualized basis.
  2. Mortgage rates will gradually move higher posing an affordability challenge. But expect a strengthening labor market and pent-up demand to carry momentum into 2016.
  3. Home prices will likely moderate slightly to 4.4 percent in 2016, driven in part by the reduction in home buyer affordability and reduced demand as a result of Fed tightening.
  4. But industry activity will grow in 2016 despite monetary tightening. Expect total housing starts to increase 16 percent year-over-year and total home sales to increase 3 percent.
  5. While home purchases will increase next year, higher interest rates will reduce the refinance volume pushing overall mortgage originations lower in 2016 than in 2015.

Source: Freddie Mac; REALTOR® Magazine Online, Daily Real Estate News 122815

Kenneth Bargers, REALTOR® | Pilkerton Realtors
(615) 512-9836 cellular (615) 371-2474 office kb@bargers-solutions.com email
www.bargers-solutions.com web kennethbargers.com blog
2 Cadillac Drive, Brentwood Tennessee address

Need a home? visit Search for Properties
Do you need marketing assistance for special projects or contract assignments? visit the Marketing page of Bargers Solutions

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