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Posts Tagged ‘september 2017

Nationally: New-Home Sales Hit 10-Year High

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Nationally: New-Home Sales Hit 10-Year High
National Association of Home Builders    article by Daily Real Estate News | October 25, 2017

House 1030Sales of newly built single-family homes rose 18.9 percent last month, according to data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. This represented the highest sales rate since October 2007, with a seasonally adjusted annual rate of 667,000 units, after an upwardly revised August reading. Compared to last year, new-home sales are 8.6 percent above their level during the same period in 2016.

“New-home sales have bounced back from a few soft months and have returned to the strong growth trend we saw earlier this year,” says National Association of Home Builders Chief Economist Robert Dietz. “As existing home inventory remains tight, we can expect new homes sales to continue to make gains in the months ahead.”

These gains in sales continue alongside tight inventory, providing downward pressure on affordability. In a recent REALTOR® Magazine column, National Association of REALTORS® Chief Economist Lawrence Yun urged the industry to recognize the impact that the “massive housing shortage” has on the overall the economy: “We need more construction. An economic boom, not unlike the one we had almost 70 years ago, could result.”

Looking deeper into the sales data, realtor.com Chief Economist Danielle Hale noted a contrast between pricing and the amount buyers ultimately pay for new homes. “The growth in prices for new homes also shows signs of slowing, though that hasn’t yet appeared in home listing prices, which are up 10 percent from a year ago,” she says. “The discrepancy between list price increases and sales price increases suggests that some buyers may have reached a limit on the price increases they can afford, but sellers have not yet caught on.”

New-home sales increased in all four regions, rising 33.3 percent in the Northeast, 25.8 percent in the South, 10.6 percent in the Midwest, and 2.9 percent in the West. Home sales in the South had been greatly hampered by hurricane-related setbacks. All regions showed an increase in sales from last month, and all regions except the Midwest also show growth when compared to a year ago.

Source: “New Home Sales Pace in September Hits 10-Year High,” National Association of Home Builders (Oct. 25, 2017); REALTOR® Magazine Online, Daily Real Estate News 102517


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: 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

Greater Nashville: Region’s Housing Market on Pace for Record Year in Sales

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Greater Nashville: Region’s Housing Market on Pace for Record Year in Sales
Press Release by Greater Nashville REALTORS® | October 9, 2017

House 1023NASHVILLE, Tenn. (Oct. 9, 2017) – There were 3,544 closings reported for the month of September, according to figures provided by Greater Nashville REALTORS®. This represents an increase of 2.0 percent over the 3,474 closings reported for September 2016.

Third quarter numbers experienced a 3.5 percent increase from 2016 with 11,299 closings reported, compared to last year’s third quarter closings of 10,920.

Year-to-date closings for the Greater Nashville area are 30,792. That total is up 4.8 percent from the 29,372 closings reported through the third quarter of 2016.

“For a month where home sales begin to slow, this past September turned out to be remarkable for our region. Middle Tennessee achieved the best performing month of September that we have on record,” said Greater Nashville REALTORS® President, Scott Troxel. “Yes, overall home sales are slowing down, as is typical for this time of year. But, the September success sends a strong message about the importance and attractiveness of homeownership.”

There were 3,292 properties under contract at the end of the month, compared to the 3,234 properties under contract at this time last year. The average number of days on the market for a single-family home was 27 days.

The median residential price for a single-family home during September was $280,000 and for a condominium, it was $223,450. This compares with last year’s median residential and condominium prices of $256,900 and $188,495, respectively.

Active inventory at the end of September was 9,358, down from 10,350 in 2017.

“Sales are up incrementally for both the quarter and year-to-date compared to last year, keeping us on track to the best housing market we’ve ever had,” said Troxel. “That said, we have to work to keep our market healthy and an attractive place to live. Greater Nashville REALTORS® is actively working with the Transit for Nashville Coalition to help bring solutions to our congestion and traffic woes, problems that can cause current and future residents to choose elsewhere to call home. Nationally, the National Association of REALTORS® is closely monitoring proposed changes to the tax plan to ensure homeowners aren’t hurt in the process.”

Source: Greater Nashville REALTORS®, Press Release 100917


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

Greater Nashville August Home Sales Strengthen; Condominiums Set Record Median Price

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Greater Nashville August Home Sales Strengthen; Condominiums Set Record Median Price
Press Release by the Greater Nashville REALTORS® | September 7, 2017

House 1018NASHVILLE, Tenn. (Sept. 7, 2017) – There were 3,883 closings reported for the month of August, according to figures provided by Greater Nashville REALTORS®. This represents an increase of 3.8 percent over the 3,741 closings reported for August 2016.

Year-to-date closings total 27,248. That is a 5.2 percent increase compared to the 25,898 closings reported through August 2016.

“2017 has proven to be a remarkable and record-setting year in the real estate industry,” said Greater Nashville REALTORS® President Scott Troxel. “August continued the trend of rising sales, being up three percent over last August. In fact, this is the best month of August we have had in this region in over a decade.

“August was a particularly notable month for condominiums. The condo market experienced its highest median price on record at $207,061. As a whole, the first-time buyer price range, which includes many condominiums, is particularly sparse in terms of inventory, so the rise in median price is understandable. We look expectantly to the building of new units and current owners listing their properties as a way to alleviate some of the strain many first-time buyers are experiencing in the market.”

There were 3,939 properties under contract at the end of the month, compared to the 3,447 properties under contract at this time last year. The average number of days on the market for a single-family home was 25 days.

The median residential price for a single-family home during August was $285,000 and for a condominium, it was $207,061. This compares with last year’s median residential and condominium prices of $253,000 and $189,900, respectively.

Active inventory at the end of August was 9,208, down from 10,270 in 2016.

“Renewing the National Flood Insurance Program (NFIP) is one of the highest priorities for the National Association of REALTORS®. Middle Tennessee is all too familiar with what flooding can do to an area, and Hurricane Harvey certainly shifted the country’s focus to the impact and devastation a water and weather event can cause,” said Troxel. “This type of natural disaster is another blow to a national market already struggling to provide housing for all those who want it. Greater Nashville REALTORS® proudly financially supported both NAR’s REALTORS® Relief Foundation and the Texas REALTORS® Relief Fund who are helping to provide shelter for the many who have lost it.”

### 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 090717

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
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