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Nationally: Meager Sales Rebound Underscores Tough Market

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Nationally: Meager Sales Rebound Underscores Tough Market
National Association of REALTORS® article by Daily Real Estate News | October 20, 2017

House 1028Following three consecutive months of declines, existing-home sales ticked up in September from the previous month—but ongoing inventory shortages, coupled with recent hurricanes, muted any annual gains, the National Association of REALTORS® reported Friday.

Total existing-home sales, which include single-family homes, townhomes, condos, and co-ops, increased 0.7 percent to a seasonally adjusted annual rate of 5.39 million in September, 1.5 percent below a year ago. September also marks the second slowest month for sales in more than a year, behind August, NAR notes.

September EHS Infographic #1“Home sales in recent months remain at their lowest level of the year and are unable to break through, despite considerable buyer interest in most parts of the country,” says NAR Chief Economist Lawrence Yun. “REALTORS® this fall continue to say the primary impediments stifling sales growth are the same as they have been all year: not enough listings—especially at the lower end of the market—and fast-rising prices that are straining budgets of prospective buyers.”

Sales activity likely would have been stronger if not for Hurricanes Harvey and Irma, which struck Texas and South Florida in late August and early September, Yun says, adding that both areas saw “temporary but notable declines.”

5 Stats to Gauge the Market
Key indicators from NAR’s September existing-home sales report:

Home prices: The median existing-home price for all housing types was $245,100, up 4.2 percent from a year ago. “A continuation of last month’s alleviating price growth, which was the slowest since last December, would improve affordability conditions and be good news for the would-be buyers who have been held back by higher prices this year,” Yun says.

Days on the market: Forty-eight percent of homes sold were on the market for less than a month. Properties typically stayed on the market for 34 days, down from 39 days a year ago.

All-cash sales: These transactions comprised 20 percent of sales, down from 21 percent a year ago. Individual investors accounted for the biggest bulk of cash sales; they purchased 15 percent of homes, which was the same level as a year ago.

Distressed sales: Foreclosures and short sales accounted for 4 percent of sales, unchanged from a year ago. Broken out, 3 percent of sales were foreclosures, and 1 percent were short sales.

Inventory: Housing inventory at the end of the month increased 1.6 percent to 1.9 million existing homes available for sale, but it still remains 6.4 percent lower than a year ago. Unsold inventory is at a 4.2-month supply at the current sales pace, down from 4.5 months a year ago.

Source: National Association of REALTORS®; REALTOR® Magazine Online, Daily Real Estate News 102017


Kenneth Bargers, REALTOR® License 318311 ♦ Pilkerton Realtors License 257352
(615) 512-9836 cellular ♦ (615) 371-2474 office
kb@bargers-solutions.com emailkb@kennethbargers.realtor email
www.bargers-solutions..com webkennethbargers.com blog
2 Cadillac Drive, Brentwood, Tennessee 37027 address

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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

First-Time Buyers Fuel Latest Sales Boost

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First-Time Buyers Fuel Latest Sales Boost
Article by Daily Real Estate News | June 22, 2015

REALTORlogoExisting-home sales rose in May to their highest pace in nearly six years, largely attributed to a big rise in the number of first-time home buyers, according to the National Association of REALTORS®’ latest housing report, released Monday. All major regions saw sales increases in May, with the Northeast seeing the most notable rise.

Existing-home sales – measured as completed transactions of single-family homes, townhomes, condos, and co-ops – climbed 5.1 percent to a seasonally adjusted annual rate of 5.35 million in May. Sales are 9.2 percent above last year at this time.

The market share of first-time home buyers rose to 32 percent of transactions in May, matching the highest share since September 2012. A year ago, first-time buyers represented 27 percent of all buyers, NAR reports.

“The return of first-time buyers in May is an encouraging sign and is the result of multiple factors, including strong job gains among young adults, less expensive mortgage insurance and lenders offering low downpayment programs,” says Lawrence Yun, NAR’s chief economist. “More first-time buyers are expected to enter the market in coming months, but the overall share climbing higher will depend on how fast rates and prices rise.”

As the supply of homes remain tight, homes are selling fast and price growth in many markets continues to teeter at or near double-digit appreciation, Yun notes. “Without solid gains in new home construction, prices will likely stay elevated – even with higher mortgage rates above 4 percent,” Yun says.

5 Stats to Gauge the Market

Here’s an overview on key market conditions from NAR’s latest existing-home sales report:

  1. Inventory: Total housing inventory rose 3.2 percent to 2.29 million existing homes available for sale by the end of May. That is 1.8 percent higher than a year ago. Unsold inventory currently is at a 5.1-month supply at the current sales pace, down from 5.2 months in April.
  2. Home prices: The median existing-home price for all housing types was $228,700 in May – nearly 8 percent above May 2014 home prices.
  3. Days on the market: Properties typically stayed on the market for 40 days in May, up from 39 days in April. Still, that marks the third shortest time since NAR began tracking days on the market in May 2011. Forty-five percent of homes sold in May were on the market for less than a month.
  4. All-cash sales: All-cash sales comprised 24 percent of transactions in May, down considerably from a year ago when they made up 32 percent of transactions. Individual investors, who account for the bulk of cash sales, purchased 14 percent of homes last month, down from 16 percent a year ago. Sixty-seven percent of investors paid cash in May.
  5. Distressed sales: Foreclosures and short sales remained at 10 percent for the third consecutive month in May. Distressed sales are below the 11 percent share a year ago. Seven percent of May sales were foreclosures and 3 percent were short sales. Foreclosures sold for an average discount of 15 percent below market value in May while short sales were also discounted 16 percent.

Regional Breakdown

The following is a snapshot of how existing-home sales fared across the country in May:

  • Northeast: existing-home sales rose 11.3 percent to an annual rate of 690,000. Sales are now 11.3 percent above a year ago. Median price: $269,000, up 4.8 percent above May 2014 levels.
  • Midwest: existing-home sales rose 4.1 percent to an annual rate of 1.27 million in May. Sales are 12.4 percent above May 2014. Median price: $181,900, up 9.4 percent from a year ago.
  • South: existing-home sales increased 4.3 percent to an annual rate of 2.18 million in May, and are 6.9 percent above year ago levels. Median price: $198,300, up 8.2 percent from a year ago.
  • West: existing-home sales increased 4.3 percent to an annual rate of 1.21 million in May, and are 9 percent above a year ago. Median price: $324,000, up 10.2 percent above May 2014.

Source: National Association of REALTORS®; REALTOR® Magazine Online, Daily Real Estate News 062215

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September Existing-Home Sales Down; South Region Continues Positive Trend

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September Existing-Home Sales Down; South Region Continues Positive Trend
Article by: Daily Real Estate News | Friday, October 19, 2012

September existing-home sales declined modestly, but inventory continued to tighten and the national median home price recorded its seventh back-to-back monthly increase from a year earlier, according to the National Association of REALTORS®.

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, fell 1.7 percent to a seasonally adjusted annual rate of 4.75 million in September from an upwardly revised 4.83 million in August, but are 11.0 percent above the 4.28 million-unit pace in September 2011.

Lawrence Yun, NAR chief economist, said the market trend is up. “Despite occasional month-to-month setbacks, we’re experiencing a genuine recovery,” he said. “More people are attempting to buy homes than are able to qualify for mortgages, and recent price increases are not deterring buyer interest. Rather, inventory shortages are limiting sales, notably in parts of the West.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to a record low 3.47 percent in September from 3.60 percent in August; the rate was 4.11 percent in September 2011.

The national median existing-home price for all housing types was $183,900 in September, up 11.3 percent from a year ago. The last time there were seven consecutive monthly year-over-year increases was from November 2005 to May 2006.

Distressed homes — foreclosures and short sales sold at deep discounts — accounted for 24 percent of September sales (13 percent were foreclosures and 11 percent were short sales), up from 22 percent in August; they were 30 percent in September 2011. Foreclosures sold for an average discount of 21 percent below market value in August, while short sales were discounted 13 percent.

Total housing inventory at the end September fell 3.3 percent to 2.32 million existing homes available for sale, which represents a 5.9-month supply at the current sales pace, down from a 6.0-month supply in August. Listed inventory is 20.0 percent below a year ago when there was an 8.1-month supply.

“The shrinkage in housing supply is supporting ongoing price growth, a pattern that could accelerate unless home builders robustly ramp up production,” Yun said.

The median time on market was 70 days in September, unchanged from August, but down 30.7 percent from 101 days in September 2011. Thirty-two percent of homes sold in September were on the market for less than a month, while 19 percent were on the market for six months or longer.

NAR President Moe Veissisaid some buyers who could easily afford a mortgage can’t assume they’ll get one. “Home buyers need to be more focused on the mortgage process in the current environment where lenders and banking regulators are being risk averse,” he said. “Shopping for competitive mortgage terms is a good idea, but it may be more important to find a bank that is willing to work with you given your credit history. REALTORS® can often recommend lenders that may have more reasonable underwriting standards.”

First-time buyers accounted for 32 percent of purchasers in September, compared with 31 percent in August; they were 32 percent in September 2011.

All-cash sales were at 28 percent of transactions in September, up from 27 percent in August; they were 30 percent in September 2011. Investors, who account for most cash sales, purchased 18 percent of homes in September, unchanged from August; they were 19 percent in September 2011.

Single-family home sales declined 1.9 percent to a seasonally adjusted annual rate of 4.21 million in September from 4.29 million in August, but are 10.8 percent higher than the 3.80 million-unit level in September 2011. The median existing single-family home price was $184,300 in September, up 11.4 percent from a year ago.

Existing condominium and co-op sales were unchanged at a seasonally adjusted annual rate of 540,000 in September, but are 12.5 percent above the 480,000-unit pace a year ago. The median existing condo price was $181,000 in September, which is 10.0 percent higher than September 2011.

Regionally, existing-home sales in the Northeast fell 6.3 percent to an annual level of 590,000 in September but are 7.3 percent above September 2011. The median price in the Northeast was $238,700, up 4.1 percent from a year ago.

Existing-home sales in the Midwest slipped 0.9 percent in September to a pace of 1.10 million but are 19.6 percent higher than a year ago. The median price in the Midwest was $145,200, up 7.0 percent from September 2011.

In the South, existing-home sales increased 0.5 percent to an annual level of 1.93 million in September and are 14.2 percent above September 2011. The median price in the region was $163,600, up 13.1 percent from a year ago.

Existing-home sales in the West fell 3.4 percent to an annual pace of 1.13 million in September but are 0.9 percent above a year ago. With continuing inventory shortages in the region, the median price in the West was $246,300, which is 18.4 percent higher than September 2011.

Source: NAR (National Association of REALTORS®) | Blog distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

Some Good Signs for the Real Estate Market

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Sales ticked up for existing homes and new homes, several real estate market indicators revealed last week, pointing to a housing market that may finally be entering recovery mode.

In the most recent report, the Census Bureau reported that the new-home market continued its rebound, with sales of new houses once again inching up last month. New-home sales rose 1.6 percent from October to November to an annualized rate of 315,000, and sales were up nearly 10 percent compared to November 2010.

The median sales price of a new home in November was $214,100, the Census Bureau reported, and the inventory of new houses nationwide decreased to a six-month supply at the current sales pace.

“Inventories of new homes are very low: There’s nothing on the shelf, so any increase in new home sales will translate directly into new housing starts,” Bob Denk, senior economist at the National Association of Home Builders, told CNNMoney. “That means putting people back to work.”

Other recent good news for the housing market: November sales of existing homes increased 12 percent year-over-year, new-home building starts were up nearly 21 percent year-over-year, and mortgage rates reached new record lows last week, pushing housing affordability even higher.

Source: “New Home Sales Edge Up,” CNNMoney; Daily Real Estate News (Dec. 27, 2011); Blog distribution provided by Kenneth Bargers and Bargers Solutions, a proud member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

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