Existing Home Sales Surge 10% In September

Sales of existing homes increased for the second month in a row, according to a report from The National Association of Realtors. Sales of single-family, townhomes, condominiums, and co-ops jumped 10 percent in September. Lawrence Yun, NAR’s chief economist, said gradual increases in home sales indicate the housing market is in the early stages of recovery. Total housing inventory was down 1.9 percent at the end of September and the median sales price was $171,700. Yun said buyers are responding to historically low mortgage rates and very favorable affordability conditions. More here and here.

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Pending Home Sales Jump 4.3 Percent In August

The National Association of Realtors’ Pending Home Sales Index, an indicator of future existing-home sales, rose 4.3 percent in August. Lawrence Yun, NAR’s chief economist, said the data is consistent with a gradual improvement in sales over the next few months. Affordability and low mortgage rates appear to be bringing buyers back to the market, Yun said. Pending sales were strongest in the South, where they were up 6.7 percent, and the West, where they rose 6.4 percent. More here and here.

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Pending Home Sales Rise Unexpectedly

The National Association of Realtors’ Pending Home Sales Index rose 5.2 percent in July but is still 19.1 percent below last year’s level. The data reflects signed contracts, not closings, and is considered an indicator of future existing-home sales. Lawrence Yun, NAR’s chief economist, said the housing recovery looks to be a long process. Yun believes home sales will remain soft in the months ahead and feels conditions will continue to benefit buyers through the end of the year. More here, here, and here.

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Interest Rates Could Fall Below Four Percent

David Lykken of Mortgage Banking Solutions says mortgage rates could fall below 4.0 percent by the end of the year.

Filed under: Uncategorized, Existing Home Sales, Foreclosures, Housing Market, Interest Rates, Inventory, New Home Sales, Real Estate, Sales, Video, Views

Existing Home Sales Down 27 Percent In July

Existing home sales, which include single-family houses, townhomes, condominiums, and co-ops, fell 27.2 percent in July, according to The National Association of Realtors. Sales of single-family homes were at their lowest level since May 1995. Lawrence Yun, NAR’s chief economist, said the soft sales pace was largely due to the lingering effects of the homebuyer tax credit. Since the tax credit’s expiration, sales have fallen 34 percent. Yun believes sales will continue to be slow through September, but record-low mortgage rates and high affordability combined with an improvement in the job market could lead to a quick recovery. More here and here.

Filed under: Uncategorized, Existing Home Sales, Housing Market, News, Real Estate, Sales, Tax Credit, Trends

Existing Home Sales Fall Less Than Expected

Sales of existing homes fell less than economists expected in June, according to a report from The National Association of Realtors. Sales were down 5.1 percent but, despite the downturn, up 9.8 percent from the year before. Lawrence Yun, NAR’s chief economist, said the market is undergoing understandable swings and sales will only return to a healthy level once jobs are created at a sufficient pace. The NAR also reports total housing inventory was up 2.5 percent to 3.99 million homes for sale at the end of June, which represents an 8.9-month supply. More here, here, and here.

Filed under: Uncategorized, Existing Home Sales, Housing Market, Inventory, News, Real Estate, Sales, Trends

Existing Home Sales Slip Slightly In May

Sales of existing homes, including single-family, townhomes, condos, and co-ops, fell unexpectedly in May, according to The National Association of Realtors. Month-over-month, sales fell 2.2 percent from April but were up 19.2 percent from last year. Lawrence Yun, NAR’s chief economist, said he expects one more month of elevated home sales before the effects of the tax credit fade. Total housing inventory also fell in May, dropping 3.4 percent to 3.89 million available homes. More here and here.

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Tax Credit Sends Existing Home Sales Soaring

Existing home sales surged to a five-month high in April, according to The National Association of Realtors. Sales of previously owned homes were up 22.8 percent over last year’s pace and 7.6 percent above the month before. Though the gains were expected, Lawrence Yun, NAR’s chief economist, said there are other factors supporting the market such as stabilizing prices, an improving economy, and low interest rates. Total housing inventory also rose, climbing 11.5 percent to an 8.4-month supply at the current sales pace, up from an 8.1-month supply in March. More here, here, and here.

Filed under: Uncategorized, Existing Home Sales, Housing Market, Interest Rates, Inventory, News, Prices, Real Estate, Tax Credit