Dennis Norman
By: Dennis Norman
The good news about the real estate market keeps coming! Don’t get too excited yet, I don’t know that the worst of it is over yet, not sure if the “fat lady has sang” yet or not, but at least the reports lately on the market have been encouraging.
According to the latest report released today from the National Association of REALTORS(R), existing-home sales in the second quarter showed healthy gains from the first quarter in the vast majority of states.
Existing home sales (including single-family homes and condos) by state rose 3.8 percent to a seasonally adjusted annual rate of 4.76 million units in the second quarter from a rate of 4.58 million units in the first quarter. While an improvement over first quarter, the second quarter numbers are still 2.9 percent below the 4.90 million-unit pace from the second quarter of last year.
In all, thirty-nine states showed sales increases in the second quarter from first quarter and nine states had higher sales numbers for the quarter than a year ago. Read more…
Dennis Norman
By: Dennis Norman
Today the National Association of REALTORS(R) released its existing home sales report for June showing an increase in sales for the 3rd month in a row and rising prices for the month in all regions of the U.S.
Existing home sales, including single-family, town-homes, condominiums and co-ops increased 3.6% in June to a seasonally adjusted annual rate of 4.89 million units. This rate is almost identical to last years sales at the same time which is a first in a quite a while. May’s rate was down 3.6% from a year ago and June is down just 0.2% from a year ago.
Also for the first time in a while, all four regions of the U.S. had an increase in sales for the month with the West leading the pack with a 6.4% increase followed by the South at 4.9%, Northeast at 2.5% and the Midwest a 0.9%. Read more…
By: Dennis Norman
Lawrence Yun, Chief Economist, NAR
It appears that lower prices along with low interest rates are bringing buyers back into the market as the market continues to show signs of life and gives us hope that we may be near the bottom.
The National Association of REALTORS(R) issued their Pending Home Sales Index Report for May which only showed a modest increase of 0.1% over April, however May marks the fourth month in a row the index has increased. Not since the middle of the boom (October, 2004) have we seen pending sales up four months in a row.
Lawrence Yun, NAR chief economist, does warn though that there may be delays in getting these new sales closed saying “closed existing-home sales have improved but are coming in lower than expected because some contracts are delayed or falling through from the application of new appraisal rules for many transactions.” Yun is no doubt referring to the new, and controversial, Home Valuation Code of Conduct (HVCC). Yun goes on to say “rises in contract activity show buyers are becoming more active even as they face much more stringent loan underwriting standards. Speedy clarification of the appraisal rules could smooth a housing market recovery and support the overall economy.” Read more…
By: Dennis Norman
Lawrence Yun, Chief Economist, NAR
We continue to see some encouraging data on the real estate market showing that buyers may be gaining some confidence in the market. To this point, the National Association of REALTORS(R) Pending Home Sales Index Report for May showed a very modest increase of 0.1% on the index, over April, making it the fourth monthly increase in a row…something we haven’t seen sine October 2004.
Lawrence Yun, NAR chief economist, does give caution though about the time it may take these sales to result in closings saying “closed existing-home sales have improved but are coming in lower than expected because some contracts are delayed or falling through from the application of new appraisal rules for many transactions.” So once again, it appears Home Valuation Code of Conduct (HVCC)is in the spotlight. Yun goes on to say “rises in contract activity show buyers are becoming more active even as they face much more stringent loan underwriting standards. Speedy clarification of the appraisal rules could smooth a housing market recovery and support the overall economy.” Read more…
