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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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Nationally: Housing Shortages Constrain Existing-Home Sales

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Nationally: Housing Shortages Constrain Existing-Home Sales
National Association of REALTORS®    article by Daily Real Estate News | September 20, 2017

For the fourth time in five months, existing-home sales dropped as a shortage of homes for sale continues to plague the housing market. Strained supply levels of homes are making it that sales are unable “to break out,” according to the National Association of REALTORS®’ latest housing report, released Wednesday.

Existing-home sales did see an increase in the Northeast and Midwest in August but were outpaced by sales declines in the South and West, according to NAR’s report.

August EHS Infographic #1Total existing-home sales—which include completed transactions for single-family homes, townhomes, condos, and co-ops—eased 1.7 percent in August to a seasonally adjusted annual rate of 5.35 million. Last month’s sales are at the lowest levels in nearly a year.

Nevertheless, demand among potential buyers remains high. However, not enough homeowners are selling, says Lawrence Yun, NAR’s chief economist.

“Steady employment gains, slowly rising incomes, and lower mortgage rates generated sustained buyer interest all summer long, but unfortunately, not more home sales,” Yun says. “What’s ailing the housing market and continues to weigh on overall sales is the inadequate levels of available inventory and the upward pressure it’s putting on prices in several parts of the country.”

The South saw a decline in closings last month that was largely attributed to the after-effects from Hurricane Harvey in the Houston area. Home sales likely will be impacted for the rest of the year in Houston and in the most severely affected areas in Florida after Hurricane Irma. “Nearly all of the lost activity will likely show up in 2018,” Yun says.

The following are some key housing indicators from NAR’s latest report:

  • Home prices: The median existing-home price for all housing types in August was $253,500, up 5.6 percent from a year ago.
  • Inventory: Total housing inventory at the end of August dropped 2.1 percent to 1.88 million existing homes available for sale, and is now 6.5 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.
  • Days on the market: Fifty-one percent of homes sold in August were on the market for less than a month. Properties typically stayed on the market for 30 days in August, down from 36 days a year ago.
  • All-cash sales: All-cash transactions comprised 20 percent of transactions in August, down from 22 percent a year ago. Individual investors account for the biggest bulk of cash sales. Investors purchased 15 percent of homes in August, up from 12 percent a year ago.
  • Distressed sales: Foreclosures and short sales accounted for 4 percent of sales in August, slipping from 5 percent a year ago. Broken out, 3 percent of sales in August were foreclosures, and 1 percent were short sales.

Source: National Association of REALTORS®; REALTOR® Magazine Online; Daily Real Estate News 092017

New Home Inventory at 20-Year Low

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New Home Inventory at 20-Year Low
National Association of Home Builders    article by Daily Real Estate News | August 17, 2017

House 1016Builders failed to ramp up inventories last month, despite increasing demand from home buyers and calls from the real estate industry. New-home construction dropped 4.8 percent in July to a seasonally adjusted annual rate of 1.16 million units, the U.S. Department of Housing and Urban Development and Commerce Development reported Wednesday.

Single-family production fell 0.5 percent month over month in July to an adjusted annual rate of 856,000. The July reading does follow a strong, upwardly revised June reading, the National Association of Home Builders notes. Single-family starts are 8.6 percent higher than a year ago.

Multifamily starts, meanwhile, plunged 15.3 percent last month to 299,000 units.

“New-home production numbers this month are in line with our forecast for a slow and steady recovery of the housing market,” says Robert Dietz, NAHB’s chief economist. “We saw multifamily production peak in 2015, and this sector should continue to level off as demand remains solid.”

Overall, inventories of homes for sale are at a 20-year low, according to realtor.com® data. Economists have been calling for new-home construction to help make up the shortfall in the market.

“The housing shortage in America will intensify if new construction remains as lackluster as it was in July,” Lawrence Yun, the National Association of REALTORS®’ chief economist, said in a statement. “The softening multifamily housing starts brought down the overall new housing unit additions to the second lowest monthly activity this year. Moreover, the latest 15 percent drop in multifamily housing starts and 0.5 percent drop in single-family starts will hold back economic growth potential. Because of this shortage, expect rents and home prices to rise by at least twice as fast as the broad consumer price index.”

Regionally, combined single-family and multifamily housing production increased only in the South in July, inching up 0.6 percent month over month. Housing starts posted a 15.7 percent month-over-month drop in the Northeast, a 15.2 percent drop in the Midwest and fell by 1.6 percent in the West.

Housing permits, a gauge of future construction, dropped 4.1 percent to a seasonally adjusted annual rate of 1.22 million units. Single-family permits mostly held steady at 811,000 units while multifamily permits dropped 11.2 percent to 412,000.

Source: National Association of Home Builders and National Association of REALTORS®; REALTOR® Magazine Online, Daily Real Estate News 081717

Kenneth Bargers REALTOR® License 318311  |  Pilkerton Realtors License 257352
(615) 512-9836 cellular  •  (615) 915-5901 facsimile  •  kb@bargers-solutions.com email
bargers-solutions.com web  •  kennethbargers.com blog  •  Search Properties
(615) 371-2474 office  •  (615) 371-2475 facsimile  •  2 Cadillac Drive, Brentwood TN 37027 address
The greatest compliment you can give is a referral!

Price Hikes in 87% of Markets; New Record Set

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Price Hikes in 87% of Markets; New Record Set
National Association of REALTORS® article by Daily Real Estate News | August 16, 2017

House 1015Median home prices in the second quarter eclipsed a record high set in 2016, jumping 6.2 percent year over year as the inventory crunch continues to push property values higher, according to the National Association of REALTORS®.

The national median price for an existing single-family home was $255,600, up from $240,700—the previous high—in the second quarter of 2016, NAR reported Wednesday. Prices for single-family homes rose in 87 percent of U.S. housing markets; 23 metros saw double-digit increases.

“The 2.2 million net new jobs created over the past year generated significant interest in purchasing a home in what was an extremely competitive spring buying season,” says NAR chief economist Lawrence Yun. “Listings typically flew off the market in under a month—and even quicker in the affordable price ranges—in several parts of the country. With new supply not even coming close to keeping pace, price appreciation remained swift in most markets.”

Yun continues to urge for more new-home construction to meet the demand in the housing market. “An increasing share of would-be buyers are being priced out of the market and are unable to experience the wealth-building benefits of homeownership,” he says.

Total existing-home sales, which includes single-family homes and condos, dropped 0.9 percent to a seasonally adjusted annual rate of 5.57 million in the second quarter, NAR reports. Sales are still 1.6 percent higher than a year ago.

But at the end of the second quarter, 1.96 million existing homes were available on the market, a 7.1 percent drop from a year ago. The average supply in the second quarter was at 4.2 months.

“Mortgage rates have subsided in recent months, which has only somewhat helped take away some of the sting prospective buyers are experiencing with the deteriorating affordability conditions in many areas,” Yun says. “Household incomes may be rising and giving consumers assurance that now is a good time to buy, but these severe inventory shortages will likely continue to be a drag on sales potential in the second half of the year.”

The five priciest housing markets in the second quarter were: San Jose, Calif., metro area, where the median existing single-family price was $1,183,400; San Francisco, $950,000; Anaheim-Santa Ana, Calif., $788,000; urban Honolulu, $760,600; and San Diego, $605,000.

Meanwhile, the five lowest-cost metros in the second quarter were: Youngstown-Warren-Boardman, Ohio, $87,000; Cumberland, Maryland, $98,200; Decatur, Illinois, $107,400; Binghamton, New York, $109,000; and Elmira, New York, $111,600.

Source: National Association of REALTORS®; REALTOR® Magazine Online, Daily Real Estate News 081617

Kenneth Bargers REALTOR® License 318311  |  Pilkerton Realtors License 257352
(615) 512-9836 cellular  •  (615) 915-5901 facsimile  •  kb@bargers-solutions.com email
bargers-solutions.com web  •  kennethbargers.com blog  •  Search Properties
(615) 371-2474 office  •  (615) 371-2475 facsimile  •  2 Cadillac Drive, Brentwood TN 37027 address
The greatest compliment you can give is a referral!

Nationally: Home Sales Dip as Buyers Get ‘Tripped Up’

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Nationally: Home Sales Dip as Buyers Get ‘Tripped Up’
National Association of REALTORS®    article by Daily Real Estate News | July 24, 2017

Low inventory slowed down home sales last month, as buyers faced fewer options and record-high real estate prices, the National Association of REALTORS® reported Monday.

Regional Snapshot  Here’s a closer look at how existing-home sales fared across the country in June:
Northeast: Dropped 2.6 percent to an annual rate of 760,000 but are still 1.3 percent above a year ago. Median price: $296,300, up 4.1 percent from a year ago.
Midwest: Increased 3.1 percent to an annual rate of 1.32 million. Median price: $213,000, up 7.7 percent from a year ago.
South: Fell 4.7 percent to an annual rate of 2.23 million. Median price: $231,300, up 6.2 percent from a year ago.
West: Dropped 0.8 percent to an annual rate of 1.21 million but are still 2.5 percent above a year ago. Median price: $378,100, up 7.4 percent from a year ago.

Total existing-home sales, which include completed transactions for single-family homes, townhomes, condos, and co-ops, fell 1.8 percent in June to a seasonally adjusted annual rate of 5.52 million. Nevertheless, the pace of sales rose a modest 0.7 percent compared to a year ago.

“Closings were down in most of the country last month because interested buyers are being tripped up by supply that remains stuck at a meager level and price growth that’s straining their budget,” says NAR chief economist Lawrence Yun. “The demand for buying a home is as strong as it has been since before the Great Recession. Listings in affordable price ranges continue to be scooped up rapidly, but the severe housing shortages inflicting many markets are keeping a large segment of would-be buyers on the sidelines.”

June2017 national stats

Here’s a closer look at some of the top housing indicators in June from NAR’s latest report:

Home prices: The median existing-home price for all housing types was $263,800, up 6.5 percent from a year ago. It’s now the highest median price on record.

Inventories: The supply of existing homes available for sale dropped 0.5 percent to 1.96 million units. That’s 7.1 percent lower than a year ago; unsold inventory is at a 4.3-month supply at the current sales pace.

Days on the market: Fifty-four percent of sold homes were on the market less than a month. Properties took an average of 28 days to sell, down from a timeline of 34 days a year ago. Short sales spent the longest amount of time on the market at 102 days, foreclosures sold in 57 days, and nondistressed homes took a median of 27 days to sell.

All-cash sales: Cash transactions made up 18 percent of home sales, the lowest figure since 2009. Individual investors accounted for the biggest bulk of cash sales—13 percent—unchanged from a year ago.

Distressed sales: Foreclosures and short sales made up 4 percent of sales, which matches the lowest share recorded last September since NAR began tracking such data in October 2008. Foreclosures comprised 3 percent of sales, while short sales made up 1 percent.

First-time buyers: First-timers accounted for 32 percent of sales, down from 33 percent a year ago. “It’s shaping up to be another year of below-average sales to first-time buyers despite a healthy economy that continues to create jobs,” Yun says. “Worsening supply and affordability conditions in many markets have unfortunately put a temporary hold on many aspiring buyers’ dreams of owning a home this year.”

Source: National Association of REALTORS®; Daily Real Estate News 072417

Kenneth Bargers REALTOR® License 318311  |  Pilkerton Realtors License 257352
(615) 512-9836 cellular  •  (615) 915-5901 facsimile  •  kb@bargers-solutions.com email
bargers-solutions.com web  •  kennethbargers.com blog  •  Search Properties
(615) 371-2474 office  •  (615) 371-2475 facsimile  •  2 Cadillac Drive, Brentwood TN 37027 address
The greatest compliment you can give is a referral!

Time on Market Hits New Low in April

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Time on Market Hits New Low in April
National Association of REALTORS®   article by Daily Real Estate News | May 24, 2017

Low inventory pushed existing-home sales down in April and sped up the median number of days a home sat on the market to a new low of 29 days, the National Association of REALTORS® reported Wednesday. That is the shortest time frame since NAR began tracking such data in May 2011. The previous record was 32 days, which was reached last May.

Though homes are selling faster, inventory woes persist. Total existing-home sales—which are completed transactions of single-family homes, townhomes, condos, and co-ops—decreased 2.3 percent to a seasonally adjusted annual rate of 5.57 million in April. RegionalApril2017However, sales are still 1.6 percent higher than a year ago.

“Last month’s dip in closings was somewhat expected given that there was such a strong sales increase in March at 4.2 percent, and new and existing inventory is not keeping up with the fast pace of homes coming off the market,” says Lawrence Yun, NAR’s chief economist. “Demand is easily outstripping supply in most of the country, and it’s stymieing many prospective buyers from finding a home to purchase.”

Total housing inventory at the end of April stood at 1.93 million existing homes available for sale, NAR reported. That’s 9 percent lower than a year ago, when inventory stood at 2.12 million. At the current sales pace, unsold inventory is at a 4.2-month supply.

“REALTORS® continue to voice the frustration their clients are experiencing because of the insufficient number of homes for sale,” Yun says. “Homes in the lower- and mid-market price range are hard to find in most markets, and when one is listed for sale, interest is immediate and multiple offers are nudging the eventual sales prices higher.”

Here are a few additional housing indicators from NAR’s latest report:

  • The median existing-home price for all housing types last month was $244,800, up 0.6 percent from a year ago.
  • Short sales took the longest to sell at a median of 88 days on the market in April. Foreclosures sold in a median of 46 days. Foreclosures and short sales comprised 5 percent of sales in April, down from 7 percent a year ago. Broken out, 3 percent of sales were foreclosures and 2 percent were short sales. Foreclosures sold for an average discount of 18 percent below market value, while short sales were discounted 12 percent.
  • First-time home buyers comprised 34 percent of sales in April, matching the highest percentage since last September.
  • All-cash transactions made up 21 percent of sales in April, down from 24 percent a year ago. Individual investors make up the biggest bulk of cash sales. They purchased 15 percent of homes, up from 13 percent a year ago.

Source: National Association of REALTORS®; REALTOR® Magazine Online, Daily Real Estate News 052417

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 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
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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