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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
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(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
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(615) 371-2474 office • (615) 371-2475 facsimile • 2 Cadillac Drive, Brentwood TN 37027 address

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

Existing-Home Sales Reach Decade High

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Existing-Home Sales Reach Decade High
Article by Daily Real Estate News | February 22, 2017

homeforsale-500wExisting-home sales in January reached their fastest pace in nearly a decade, with all major regions except the Midwest posting gains last month, the National Association of REALTORS® reports.

Total existing-home sales—completed transactions that include single-family homes, townhomes, condos, and co-ops—rose 3.3 percent to a seasonally adjusted annual rate of 5.69 million in January. That’s 3.8 percent higher than a year ago and marks the strongest month since February 2007, according to NAR.

“Much of the country saw robust sales activity last month as strong hiring and improved consumer confidence at the end of last year appear to have sparked considerable interest in buying a home,” says NAR chief economist Lawrence Yun. “Market challenges remain, but the housing market is off to a prosperous start as home buyers staved off inventory levels that are far from adequate and deteriorating affordability conditions.”

5 Stats to Gauge the Market in January

jan17existhomesalesHome prices: The median existing-home price for all housing types in January was $228,900—a 7.1 percent increase from a year ago.

Inventories: Total housing inventories at the end of the month increased 2.4 percent to 1.69 million existing homes available for sale. That is still 7.1 percent lower than a year ago (with a 1.82 million supply). Unsold inventory is at a 3.6-month supply at the current sales pace.

Distressed sales: Foreclosures and short sales made up 7 percent of all sales last month, down from 9 percent a year ago. In January, 5 percent of sales were foreclosures and 2 percent were short sales. Foreclosures sold at an average discount of 14 percent below market value, while short sales were discounted 10 percent.

All-cash sales: All-cash transactions comprised 23 percent of transactions in January, down from 26 percent a year ago. Individual investors make up the bulk of all-cash sales. They purchased 15 percent of homes in January, down from 17 percent a year ago.

Days on the market: Thirty-eight percent of homes sold in January were on the market for less than a month. On average, sold properties spent 50 days on the market, down from 64 days a year ago. Short sales lingered on the market the longest, at a median of 108 days, while foreclosures sold in 51 days. Non-distressed homes spent a median of 49 days on the market.

“Competition is likely to heat up even more heading into the spring for house hunters looking for homes in the lower- and mid-market price range,” Yun says. The REALTORS® Affordability Distribution Curve and Score, a new measurement of homebuying activity created by NAR and realtor.com®, revealed that the combination of higher mortgage rates and home prices made active listings less affordable for households in more than half of all states last month.

Source: National Association of REALTORS®; REALTOR® Magazine Online, Daily Real Estate News 022217

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

20 Markets with Strongest Kickoff to 2017

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20 Markets with Strongest Kickoff to 2017
realtor.com | January 26, 2017

nashvillesky175x200The time it has taken for homes to sell nationwide in January has decreased at a rate of 4 percent compared to a year ago, despite record-high housing prices, according to realtor.com®’s latest housing report.

“We saw evidence of a stronger-than-normal off season starting last September and October due to pent-up demand and surging interest from first-time buyers,” says realtor.com® chief economist Jonathan Smoke. “The downside to this strong off season is that we have started 2017 with a new low volume of available homes for sale and a new high for prices.”

Listing inventories are down 11 percent in January compared to a year ago. Also, the median list price for the month is an estimated $250,000 — 10 percent higher than January 2015, realtor.com® notes. Nevertheless, “the threat of rates approaching multiyear highs in the months ahead is creating a sense of urgency [among buyers],” Smoke says.

The following are the top-performing markets this month:

  1. San Francisco
  2. San Jose
  3. Vallejo
  4. Dallas
  5. San Diego
  6. Sacramento
  7. Yuba City
  8. Denver
  9. Stockton
  10. Fresno
  11. Oxnard
  12. Columbus
  13. Colorado Springs
  14. Nashville
  15. Detroit
  16. Modesto
  17. Los Angeles
  18. Tampa
  19. Santa Rosa
  20. Fort Wayne

Source: “The 20 Hottest Markets for U.S. Real Estate in January 2017,” realtor.com® (Jan. 26, 2017); REALTOR® Magazine Online, Daily Real Estate News 012617

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

Where Homes Sold the Fastest This Winter

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Where Homes Sold the Fastest This Winter
National Association of REALTORS® | January 25, 2017

nashvilleskyline175x233Homes across the country are selling faster than they were a year ago. Nationwide, properties stayed on the market for an average of 52 days in December, down from a 58-day average a year ago, the National Association of REALTORS® reported in its latest housing report Tuesday. Thirty-seven percent of homes sold in December were on the market for less than a month.

The following five metro areas had listings that stayed on the market the shortest amount of time in December, according to inventory data from realtor.com®:

  1. San Jose-Sunnyvale-Santa Clara, California: 49 days
  2. San Francisco-Oakland-Hayward, California: 50 days
  3. Nashville-Davidson-Murfreesboro-Franklin, Tennessee: 50 days
  4. Billings, Montana: 51 days
  5. Hanford-Corcoran, California: 51 days

Source: National Association of REALTORS®; REALTOR® Magazine Online, Daily Real Estate News 012517

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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