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Posts Tagged ‘march 2017

Middle Tennessee Home Sales See Strong Spring Start in March

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Middle Tennessee Home Sales See Strong Spring Start in March
Press Release by Greater Nashville REALTORS® | April 7, 2017

HomeforSale500w 0417NASHVILLE, Tenn. (April 7, 2017) – There were 3,420 home closings reported for the month of March, according to figures provided by Greater Nashville REALTORS®. This figure represents an 8.9 percent increase compared to the 3,141 closings in March 2016.

Data for the first quarter of 2017 showed 8,338 closings, up 9.7 percent from the 7,601 closings during the first quarter of 2016.

“March was a very strong month for our region’s housing market with sales up almost 9 percent,” said Greater Nashville REALTORS® President Scott Troxel. “We were exactly 96 units short of tying the mark for the best March on record, which is March 2006. A stronger economy and growing consumer confidence enable our region to continue to experience positive growth that rivals our market’s best years.”

“Mortgage interest rates have risen slightly in the past month, which can nudge potential buyers to act more quickly,” said Troxel. “Interest rates are very important for homebuyers and they get that. The rate can begin to impact whether a buyer can qualify for the home they want. Locking in at the lowest interest rate is a motivating factor for many buyers.”

There were 3,602 sales pending at the end of March, compared with 3,285 pending sales at this time last year. The average number of days on the market for a single-family home was 50 days.

The median residential price for a single-family home during March was $273,500 and for a condominium it was $199,900. This compares with last year’s median residential and condominium prices of $245,000 and $181,894, respectively.

Inventory at the end of March was 10,710, down from 11,951 in March 2016.

“April is Fair Housing Month, and as Realtors, we strive to help all who desire to own a home to become a homeowner. We are advocates for all current and future homeowners, and we will continue working to ensure housing is available to all,” said Troxel.

### 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® Press Release 040717

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

April 11, 2017 at 9:59 pm

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
(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

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

Why New Homes Are About to Get Pricier

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Why New Homes Are About to Get Pricier
Article by Daily Real Estate News | March 1, 2017

newhomeblueprintsWith the cost of building materials jumping 25 percent year over year, according to the National Association of Home Builders’ NAHB/Wells Fargo Housing Market Index, builders are increasingly concerned about how this will affect home buyers in the new-construction market. In 2016, builders ranked the cost of building materials low on their list of concerns—but now it’s one of their top five.

The increased cost of lumber is a chief catalyst. “Negotiations on a new softwood lumber agreement between the United States and Canada ground to a halt at the end of 2016 and likely are stalled pending the results of an investigation into unfair import practices requested by the U.S. Lumber Coalition,” the NAHB reports.

Because of this, home buyers likely will face price hikes. According to the NAHB/Wells Fargo Housing Market Index, builders cited the following as the 10 most significant problems they expect to face in 2017:

  1. Cost/availability of labor: 82%
  2. Cost/availability of developed lots: 67%
  3. Impact/hook-up/inspection or other fees: 61%
  4. Building material prices: 60%
  5. Federal environmental regulations and policies: 52%
  6. Local/state environmental regulations and policies: 52%
  7. Regulation of banking/financial institutions: 48%
  8. Development standards (parking, setbacks, etc.): 47%
  9. Inaccurate appraisals: 46%
  10. Health insurance: 40%

Source: “Material Costs Spike as a Menacing Builder Worry,” BUILDER (Feb. 28, 2017); REALTOR® Magazine Online, Daily Real Estate News 030117

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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