Tag Archives: Single-family detached home

Home Sales Off to a Bumpy Start in 2015

February 25, 2015 jd

Photo courtesy of http://www.funnyautos.com/funny-mobile-home.html

Existing-home sales dropped in January to the lowest rate in nine months, according to the National Association of REALTORS®’ latest housing report. All regions across the country saw declines in sales in January, with the Northeast and West posting the largest losses.

Still, the pace of sales was higher than a year ago – at a 4.82 million seasonally adjusted annual rate remains up 3.2 percent compared to a year ago.

“January housing data can be volatile because of seasonal influences, but low housing supply and the ongoing rise in home prices above the pace of inflation appeared to slow sales, despite interest rates remaining near historic lows,” says Lawrence Yun, NAR’s chief economist. “REALTORS® are reporting that low rates are attracting potential buyers, but the lack of new and affordable listings is leading some to delay decisions.”

5 Stats to Gauge the Market

Here’s a closer look at where the housing market stands, based on NAR’s existing-home sales report for January.

1. Inventory: Total housing inventory at the end of January rose 0.5 percent to 1.87 million existing homes available but sale. Unsold inventory is at a 4.7-month supply at the current sales pace.

2. Home prices: The median existing-home price for all housing types was $199,600 – 6.2 percent above year ago levels. “Although sales cooled in January, home prices continued solid year-over-year growth,” Yun notes. “The labor market and economy are markedly improved compared to a year ago, which supports stronger buyer demand. The big test for housing will be the impact on affordability once rates rise.”

3. Distressed sales: Foreclosures and short sales comprised 11 percent of sales in January, down 15 percent from a year ago. Broken out, 8 percent of sales in January were from foreclosures and 3 percent were short sales. The average discount that a foreclosure sold at was 15 percent below market value, while short sales were discounted, on average, 12 percent.

4. Days on the market: Properties tended to stay on the market slightly longer in January – 69 days compared to 66 days in December. Short sales remained on the market the longest at a median of 128 days, while foreclosures tended to sell in 63 days. Overall, 30 percent of homes sold in January were on the market for less than a month.

5. Cash sales: All-cash sales made up 27 percent of transactions in January, down from 33 percent a year ago. Individual investors, who account for the bulk of cash sales, purchased 17 percent of homes in January, below the 20 percent in January 2014.

Regional Breakdown

Here’s a closer look at existing-home sales in January across the country:

Northeast: existing-home sales dropped 6 percent to an annual rate of 630,000. Sales are 3.3 percent above a year ago. Median price: $247,800, up 2.7 percent from a year ago
Midwest: existing-home sales fell 2.7 percent to an annual level of 1.08 million in January. Sales are still 0.9 percent above January 2014 levels. Median price: $151,300, up 8.2 percent from a year ago
South: existing-home sales dropped 4.6 percent to an annual rate of 2.07 million in January, but are still 5.6 percent above year ago levels. Median price: $171,900, up 7.4 percent from a year ago
West: existing-home sales fell 7.1 percent to an annual rate of 1.04 million in January, but are still 1 percent above a year ago. Median price: $291,800, up 7.2 percent from a year ago

Source: National Association of REALTORS®

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Real Estate

Existing-Home Sales up 4.9%

June 23, 2014 jd

Existing-home sales rose strongly in May, with all four regions of the country experiencing sales gains on the previous month, according to the National Association of REALTORS®. The association also noted that inventory gains continued to help moderate price growth.

Total existing-home sales (comprised of completed transactions on single-family homes, townhomes, condominiums and co-ops) rose 4.9 percent to a seasonally adjusted annual rate of 4.89 million in May from an upwardly-revised 4.66 million in April. This was the highest monthly rise since August 2011, but existing home sales remain 5 percent below year-ago levels.

Lawrence Yun, NAR chief economist, said current sales activity is rebounding after the lackluster first quarter. “Home buyers are benefiting from slower price growth due to the much-needed, rising inventory levels seen since the beginning of the year,” he said. “Moreover, sales were helped by the improving job market and the temporary but slight decline in mortgage rates.”

Inventory and average sales price also increased in May. Inventory climbed 2.2 percent, and the median existing-home price for all housing types in May was 5.1 percent higher than year-ago levels, at $213,400.

“Rising inventory bodes well for slower price growth and greater affordability, but the amount of homes for sale is still modestly below a balanced market. Therefore, new home construction is still needed to keep prices and housing supply healthy in the long run,” Yun said.

Earlier this month, NAR reported new home construction activity is currently insufficient in most of the U.S., and some states could face persistent housing shortages and affordability issues unless housing starts increase to match up with local job creation.

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Real Estate

California Median Home Prices Highest Level In Five Years

April 25, 2013 jd

LOS ANGELES (April 15) – Strong sales in higher-cost coastal regions and heated market conditions drove California’s median home price to its highest level in March since May 2008, while inventory shortages continued to stifle home sales, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported.

“While home sales were essentially flat from February, sales declined moderately from last year, as an extreme shortage of available homes continued to dictate the market,” said C.A.R. President Don Faught. “Statewide inventory dropped 36 percent from last March and was below 3 months for the second time in the past few months. Supply conditions are particularly tight in the lower-priced segment of the market, as inventory for homes priced below $300k plunged more than 50 percent from the previous year.”

Closed escrow sales of existing, single-family detached homes in California totaled a revised seasonally adjusted annualized rate of 417,520, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. March closings were up a slight 0.1 percent from a revised 417,310 in February but down 4.9 percent from a revised 439,260 in March 2012. The statewide sales figure represents what would be the total number of homes sold during 2013 if sales maintained the March pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The statewide median price of an existing, single-family detached home climbed 13.7 percent from February’s $333,380 median price to $378,960 in March, reversing a two-month decline. The month-to-month increase was the highest since C.A.R. began tracking this statistic in 1979. The March price was up 28.2 percent from a revised $295,630 recorded in March 2012, marking the 13th consecutive month of annual price increases and the ninth consecutive month of double-digit annual gains.

“No doubt the dearth of home listings is driving the upsurge in the median price, as is an increase in sales in the higher-priced segments,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “Sales of homes priced $500,000 and higher are up more than 34 percent from last year, and have been on a rising trend since early 2012. Sales growth in the coastal regions – Marin, Orange, San Diego, and San Luis Obispo, in particular – helped push the statewide median price up to the highest level in more than four years.”

Other key facts of C.A.R.’s March 2013 resale housing report include:

• The available supply of homes for sale fell significantly in March, falling to a 2.9-month supply, as measured by C.A.R.’s Unsold Inventory Index. The March Unsold Inventory Index for existing, single-family detached homes was down from 3.6 months in February and down from 4.2 months in March 2012. The index indicates the number of months needed to sell the supply of homes on the market at the current sales rate. A six- to seven-month supply is considered normal.

• Mortgage rates edged up in March, with the 30-year fixed-mortgage interest rate averaging 3.57 percent, up from 3.53 percent in February but down from 3.95 percent in March 2012, according to Freddie Mac. Adjustable-mortgage interest rates also edged up, averaging 2.63 percent in March, up from 2.61 percent in February but down from 2.77 percent March 2012.

• Homes continued to move off the market faster in March, with the median number of days it took to sell a single-family home decreasing to 29.4 days in March, down from 34.2 days in February and down from a revised 52.2 days for the same period a year ago.

Multimedia:

• Unsold Inventory by price range.
• Change in sales by price range.
• Share of sales by price range

Note: The County MLS median price and sales data in the tables are generated from a survey of more than 90 associations of REALTORS® throughout the state, and represent statistics of existing single-family detached homes only. County sales data are not adjusted to account for seasonal factors that can influence home sales. Movements in sales prices should not be interpreted as changes in the cost of a standard home. The median price is where half sold for more and half sold for less; medians are more typical than average prices, which are skewed by a relatively small share of transactions at either the lower-end or the upper-end. Median prices can be influenced by changes in cost, as well as changes in the characteristics and the size of homes sold. Due to the low sales volume in some areas, median price changes in March may exhibit unusual fluctuation. The change in median prices should not be construed as actual price changes in specific homes.

Leading the way…® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with 155,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

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Real Estate

California Home Prices Rise in September; Sales Fall

October 19, 2012 jd

A continued shortage of available homes for sale lowered California home sales in September, while the median price reached the highest level in more than four years, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported this week.

“Sales in the inland and coastal markets continue to move in different directions. Low inventory – especially in distressed areas – is dampening sales activity,” said C.A.R. President LeFrancis Arnold. “In many of these areas, there is a one- to two-month supply of REO homes on the market. “The Inland Empire and the Central Valley have experienced double-digit sales declines compared with last year. Meanwhile, sales were higher in San Diego and most Bay Area counties, where the economies appear to be growing faster than the rest of the state.”
Sales in September were down 5.2 percent compared with August and down 1.2 percent from September 2011.
The statewide median price of an existing, single-family detached home inched up 0.3 percent from August’s $343,820 median price to $345,000 in September.
California’s housing inventory eased slightly in September, with the Unsold Inventory Index for existing, single-family detached homes edging up to 3.7 months, up from a revised 3.2 months in August and 5.3 months in September 2011. The index indicates the number of months needed to sell the supply of homes on the market at the current sales rate. A six- to seven-month supply is considered normal.
Homes sold faster in September, with the median number of days it took to sell a single-family home falling to 39.3 days in September 2012 from 41.1 days in August and down from a revised 54.2 days for the same period a year ago.

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Real Estate

New-Home Prices Soar to 5-Year High

September 28, 2012 jd

The median price of a new home rose a record-breaking 11.2 percent in August, reaching $256,000. That marks the highest level since March 2007, the U.S. Census Bureau reported Wednesday.

The price of new homes in August soared 17 percent compared to last year at this time.

The number of new-homes that sold in higher price ranges — $400,000 or more — rose significantly in August.

“This reflects the fact that people who are able to buy homes right now are those in higher-income ranges who have cash and equity on hand, while first-time buyers are having a tougher time getting qualified for a mortgage,” says David Crowe, the National Association of Home Builders’ chief economist.

As prices rose, inventories of new homes in August remained at record lows. It would take 4.5 months to clear the houses on the market at August’s sales pace, the Census Bureau reported.

Single-family home sales mostly held steady in August, remaining at two-year highs. Sales slipped 0.3 percent to a seasonally adjusted annual rate of 373,000.

On a regional basis, new-home sales in August soared 20 percent in the Northeast, 1.8 percent in the Midwest, and 0.9 percent in the West. New-home sales declined 4.9 percent in the South in August.

“New-home sales in August effectively tied the pace they set in the previous month, when they were the strongest we’ve seen in more than two years — so this is really a continuation of the good news we’ve been getting on the housing front,” says Barry Rutenberg, NAHB chairman. “Looking at the big picture, sales have been trending gradually upward since the middle of last year as favorable interest rates and prices have driven more consumers to get back in the market for a newly built home.”

Source: “New Home Sales Ease, But Prices Hit 5-Year High,” Reuters (Sept. 26, 2012) and the National Association of Home Builders

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Real Estate

Shortage of California Homes up for Sale

September 21, 2012 jd

After years of having too many homes and not enough buyers, real estate agents in California now have the opposite problem – too many buyers and not enough homes for sale.

The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported Monday that its statewide inventory of unsold homes index for existing, single-family detached homes fell to 3.2 months in August from 3.5 months in July and 5.2 months in August 2011.
The index reflects the number of months needed to sell the supply of homes on the market at the current sales rate. A six- to seven-month supply is considered normal. When the number goes higher, inventory is plentiful and it’s considered a buyer’s market. When the number goes lower, the advantage goes to the seller.
Declining inventory helps explain why the statewide median price of an existing, single-family detached home rose to $343,820 in August, up 3 percent from July and up 15.5 percent from August 2011, according to C.A.R.
Nationwide, the inventory of homes for sale also has declined. In July, there was a 6.4-month supply of homes compared with 9.3 months in July 2011. The current number is in line with the long-term average, according to the NATIONAL ASSOCIATION OF REALTORS®. However, NAR also acknowledges there are “acute shortages” in places such as California, Arizona, Nevada, and parts of Florida.
Also constraining supply is the fact that so many homeowners are underwater – or owe more than their homes are worth – and unable to sell without taking a loss. As prices rise, more homes will increase in value, but it’s going to take time. Meanwhile, there are still a lot of homes that are not likely to come onto the market.
At some point, the balance will tip, but it’s hard to predict when. When banks decide prices are high enough, they will start unloading houses they have been sitting on, according to the chief economist for Trulia.

Read the full story

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Real Estate

First Gain in California Home Prices in 16 Months

April 21, 2012 jd

The median price for an existing, single-family home in California rose 1.6 percent in March compared with the year before, marking the first year-over-year increase in 16 months, the CALIFORNIA ASSOCIATION OF REALTORS® reported Monday.

The statewide median price of an existing, single-family detached home jumped 9.2 percent to $291,080 in March from February’s $266,660 median price and was up 1.6 percent from a revised $286,550 recorded in March 2011. The month-to-month increase was the largest since March 2004.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 505,360 units in March, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. Sales in March were down 4.5 percent month-over-month and 2.3 percent year-to-year.

The statewide sales figure represents what would be the total number of homes sold during 2012 if sales maintained the March pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

“Housing inventory remains extremely tight throughout the state and at levels severely under normal market conditions,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “In areas, such as Los Angeles and Riverside counties, where the Federal Housing Finance Agency (FHFA) wants to implement the REO bulk sale pilot program, inventory is running at levels well below the long-run average. These low inventory levels demonstrate that the pilot program is not necessary in California.”

The pilot program calls for the sale of more than 600 Fannie Mae-owned foreclosed homes in Los Angeles and Riverside counties to institutional investors.

Read the full story

Strong Bay Area housing sales stir hopes for spring (mercurynews.com)
California Home Sales Declined in March, Prices Jump (bayarearealestatetrends.com)

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Real Estate

California House Sales Up, Prices Down

January 11, 2012 jd

California home sales posted an increase both on a monthly and annual basis in November, marking the fifth consecutive month of year-to-year sales increases, according to figures released today from the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). Meanwhile, the statewide median price of an existing, single-family detached home sold in California rose 1 percent compared with October, but declined 5.2 percent compared with a year earlier.

Closed escrow sales of existing, single-family detached homes in California rose to a seasonally adjusted 503,570 units in November, up 2.1 percent from a revised 493,140 in October, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide.
November home sales also were up 2.3 percent from the revised 492,040 units sold during the like period a year ago. The statewide sales figure represents what would be the total number of homes sold during 2011 if sales maintained the November pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
The November statewide median price of an existing, single-family detached home sold in California was $280,960, up 1 percent from $278,060 in October but down 5.2 percent from the $296,480 median price recorded for November 2010.
The Unsold Inventory Index for existing, single-family detached homes was 5 months in November, down from 5.3 months in October and down from a 6.2-month supply in November 2010. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.

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Related articles

REALTORS Expect 1 Percent Rise in Calif. Home Sales (nevadacounty.com)

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