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Posts Tagged ‘new home sales

Nationally: New-Home Prices Hit Record High

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Nationally: New-Home Prices Hit Record High
NAHB    article by Daily Real Estate News | June 26, 2017

regional_nhs_may17

The median price for a new single-family home reached a record high in May of $345,800, the Commerce Department reports. Buyers will be paying a huge premium for new construction, as new-home prices are now 16.8 percent higher than they were a year ago.

So far, however, the higher price tags don’t seem to be spooking home shoppers. In May, 61,000 new homes were purchased—a 2.9 percent increase from April and an 8.9 percent increase from a year ago, the Commerce Department reports. “Builders are focused on the mid to upper end of the housing market,” says Joseph Kirchner, realtor.com®’s senior economist. “It means that it will be more difficult to find more affordable homes for first-time buyers, millennials, and low-income people.”

Only 6,000 newly constructed homes sold in May were priced between $150,000 and $199,999. Further, there were about 14,000 sales in the $200,000 to $299,999 range. New homes now cost about 36.8 percent more than previously existing homes, which also reached record-high prices in May.

Regionally, new-home sales increased the most in the West last month, posting a 13.3 percent month-over-month jump, followed by a 6.2 percent increase in the South. New-home sales, meanwhile, fell 10.8 percent in the Northeast and plunged 25.7 percent month-over-month in the Midwest.

Source: National Association of Home Builders and “New Homes Just Keep Getting Pricier, But Buyers Keep Coming,” realtor.com® (June 23, 2017); REALTOR® Magazine Online, Daily Real Estate News 062617

Kenneth Bargers REALTOR® License 318311  |  Pilkerton Realtors License 257352
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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

NAHB Reports New Home Sales Rise 10.7 Percent in October

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NAHB Reports New Home Sales Rise 10.7 Percent in October
Article by National Association of Home Builders | November 25, 2015

NAHB-LogoSales of newly built, single-family homes rose 10.7 percent to a seasonally adjusted annual rate of 495,000 units in October, according to newly released data from HUD and the U.S. Census Bureau.

“Our builders are reporting continued optimism in the housing market, and are adding inventory in anticipation of future business,” said Tom Woods, chairman of the National Association of Home Builders (NAHB) and a home builder from Blue Springs, Mo.

“Sales this year are running 15.7 percent ahead of 2014,” said NAHB Chief Economist David Crowe. “With a firming job market, affordable home prices, and rising pent-up demand, today’s report is another indicator that the housing market continues to move on a modest upward trajectory.”

New-home sales were up in three out of the four regions. Sales rose 135.3 percent in the Northeast, 5.3 percent in the Midwest, and 8.9 percent in the South. Sales fell 0.9 percent in the West.

The inventory of new homes for sale was 226,000 units in October. This is a 5.5-month supply at the current sales pace.

Source: NAHB 112515

Kenneth Bargers, REALTOR® | Pilkerton Realtors
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New-Home Market Expected to Strengthen

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New-Home Market Expected to Strengthen
Article by Daily Real Estate News | August 10, 2015

NAHB-LogoNew-home sales have been edging up since 2012, and the builder’s trade group predicts that sales will to continue to rise for the rest of the year and into 2016.

“Strong job gains are bolstering housing demand,” notes economists at the National Association of Home Builders’ Eye on Housing blog. “Rising builder confidence, housing starts, and low interest rates all point to continuing recovery in the housing sector, even as industry headwinds, including access to lots and labor, will produce bumps along the road.”

One bump came in the most recent Commerce Department report that showed sales of newly built single-family homes dropped 6.8 percent in June to a seven-month low. Builders believe a pick up is on the way.

For one, the National Association of REALTORS®’ Pending Home Sales Index recently showed contracts for existing-homes to be up 8.2 percent in June year-over-year. Builders believe that gains in existing home sales are key in helping the new-home market grow with move-up buyers as well as provide a boost to the remodeling market, NAHB notes.

“Home purchase activity will need to grow faster if ongoing declines in the home ownership rate are to reverse,” NAHB notes on its blog.

The recent demand for rental properties by would-be first-time home buyers has caused the home ownership rate to plunge to a 35-year low at 63.4 percent.

However, household formations has been on the rise. In the second quarter, total households were at slightly under 117.3 million, a year-over-year increase of 1.6 million.

“Growth in household formations should improve demand for both owner and renter housing,” NAHB notes.

Also, a strengthening economy during the second half of this year also should help the new-home market see a gain in sales, NAHB notes.

Source: “Eye on the Economy: Pace of Home Sales Weakens in June,” National Association of Home Builders’ Eye on Housing (Aug. 5, 2015); REALTOR® Magazine Online, Daily Real Estate News 081015

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New-Home Sales Surge Nearly 19%

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New-Home Sales Surge Nearly 19%
Daily Real Estate News | June 25, 2014

Builders-Confidence-June201After a sluggish start to 2014, new-home sales posted a strong rebound in May. Sales of newly built single-family homes soared to the highest rate since May 2008, jumping 18.6 percent last month, according to data released Tuesday by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.

“This increase is a welcome sign after a slow start to 2014,” says David Crowe, chief economist of the National Association of Home Builders. “As job creation continues, we can expect further release of pent-up demand and continued gradual growth in the housing recovery.”

Across the country, regions posted big gains in new-home sales, with the Northeast leading the pack. Sales of new-homes jumped 54.5 percent in the Northeast, 34 percent in the West, 14.2 percent in the South, and 1.4 percent in the Midwest.

Inventory levels mostly stayed flat, as builders continue to be cautious about overbuilding. The inventory of new homes for sale held steady at 189,000 units in May, representing a 4.5-month supply at the current sales pace.

Source: National Association of Home Builders; Daily Real Estate News (062514)

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Greater Nashville Home Sales Remain Strong for March and First Quarter 2013

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GREATER NASHVILLE HOME SALES REMAIN STRONG FOR MARCH AND FIRST QUARTER
Press Release by GNAR, Greater Nashville Association of REALTORS®, April 9, 2013

NASHVILLE, Tenn. (April 9, 2013) – There were 2,562 home closings reported for the month of March 2013, according to figures provided by the Greater Nashville Association of REALTORS®. This figure represents a 30.5 percent increase compared with 1,963 closings in March of 2012.

Numbers for the first quarter of 2013 were 5,980 closings, up 23 percent from the 4,855 closings during the first quarter of 2012.

“The number of closings for March is the highest it has been during the same month since March of 2007,” said GNAR President Price Lechleiter. “The housing market is very active. Seasonal trends and increased activity are combining to create more confidence that the housing market will continue to improve here in Greater Nashville. This region is very fortunate in that we are experiencing recovery, stabilization and strengthening of the market more quickly than many other markets. Pending sales for March are the highest they’ve been since January 2007, and the increase in the residential and condo median prices is a welcome sign.”

“It also bears noting that April is Fair Housing Month. April 11, 1968 is when the initial fair housing legislation was signed into law by President Johnson – just one week after the assassination of Dr. Martin Luther King, Jr. We owe a great debt to those who worked so hard to create and pass that milestone legislation and open housing opportunity for so many more deserving Americans.”

There were 2,727 sales pending at the end of March, compared with 2,239 pending sales at this time last year. The average number of days on the market for a single-family home was 80 days.

The median residential price for a single-family home during March was $169,000 and for a condominium it was $147,900. This compares with last year’s median residential and condominium prices of $168,500 and $135,000, respectively.

Inventory at the end of March was 16,049, down from 18,984 in March 2012.

“Right now, inventory is the most sensitive area of the real estate market,” added Lechleiter. “With a supply of just over six months overall, and less than five month’s supply specifically for single-family homes, it is clear that demand is higher than supply. Good properties, properly prepared and priced, are moving very quickly. The market is very competitive. Buyers are always resistant to consider available homes that are in bad repair or priced incorrectly.”

The Greater Nashville Association of 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: GNAR, Greater Nashville Association of REALTORS®, 040913 | Blog, In The News, distributed by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

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

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