Tag Archives: National Association of Realtors

13,780 Homes Sold Yesterday

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Photo courtesy of KCM Blog

The KCM Crew tells us…

“To all those who have declared the real estate market dead, we want you to know that over 13,780 houses sold yesterday, 13,780 will sell today and 13,780 will sell tomorrow.”

This number is the comes from information reported by the National Association of Realtors in their recent Existing Home Sales Report. In the report NAR says annualized sales now stand at 5.03 million. Divide that number by the number of days in the year and we see that more than 13,000 (on average) homes sell every day.

NAR also reported that sales had increased 7.7% over the month before and 18.6% over the year before.

“We realize that these numbers are below the record for homes sold in 2006. We also know that we may never see those numbers again (and that is probably a good thing). But to say that the current real estate market is dead or that houses are not selling is totally inaccurate. We have over 13,000 pieces of evidence to prove that.”-KCM Crew

October Existing Home Sales Continue the Climb

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Existing home sales in October are up a record 10.1%, according to data released today.  Thanks in large part to buyers getting in at the last minute to take advantage of the first-time home buyers’ credit before it was set to expire at the end of November. 

Sales are up 23.5% since their lows in October 2008, which also is a record for year-over-year jump, according to the National Association of Realtors.

 

It seems the sales are heavily influenced by the governments incentives, so it’s hard to tell if this increase represents a bottoming out of the housing market, and now that the home buyers’ credit has been extended to April, this will remain unclear.

The median sales price of an existing home in October was $173,100, down 7.1% from October 2008. That’s the smallest drop in median home price in more than a year.

 

Real Estate Experts are Lobbying for an Extension/Expansion to the Home Buyer Tax Credit

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As Many as 40% of all home buyers this year will be eligible for the $8000 tax credit.

The stimulus plan is scheduled to end in November, and it is projected to cost the federal government $15 billion.  This is two times the amount that was estimated when the bill was passed in February.

Many people are beginning to wonder if the housing market will continue to stablize without the tax credit.  Experts estimate that the tax credit helped aid several hundred thousand home sales.

The real estate industry, including the powerful 1.1 million-member National Association of Realtors, wants Congress to extend the credit at least through next summer. The group hopes to expand the program to $15,000 and to allow all buyers, not just those who have been out of the market for at least three years, to qualify.

The price tag on that plan: $50 billion to $100 billion.

Low Mortgage Rates Helping Stabilize Housing Market

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house-with-money-inside1Freddie Mac has recently released the results of the Primary Mortgage Survey that shows the 30-year fixed mortgage average at 5.14%.  At this time last year, the 30 year fixed mortgage averaged 6.4%.  The 15-year mortgage average for this week averaged 4.58%, and last year the 15-year was at 5.93%.  Five year adjustable rate mortgage averaged 4.67%, which has also been steadily decreasing.

 

“Long-term mortgage rates were barely changed this week, remaining historically low, which is helping to sustain a high level of affordability in the home-purchase market,” said Frank Nothaft, Freddie Mac vice president and chief economist.  

 

Low rates contributed to existing home sales rising for the fourth consecutive month to an annual pace of 5.24 million in July, the most since August 2007, according to the National Association of Realtors®.  Similarly, new home sales rose for the fourth month in a row to 0.4 million, the strongest pace since September 2008, the Commerce Department reported.  The sales gain helped to reduce the number of new unsold houses on the market to the lowest amount since March 1993.  In addition, house prices in June rose nationally for the second consecutive month, according to the Federal Housing Finance Agency’s purchase-only house price index.

Pending Home Sales Continue to Rise

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There was some good news for housing this morning. The National Association of Realtors’ Pending Home Sales Index rose 0.1% in May. On a year-over-year basis, the index was up 6.7% in May.

It was the first four-month run-up in in the index since October 2004. 

The index is based on sales contracts on existing homes. The NAR reports on sales of existing homes once the sales close, usually six to eight weeks later.

Home Sales on the Rise

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It has been predicted by industry experts that the volume of home sales in America will continue to rise as 2009 progresses.  Prices are falling, interest rates are at an all time low, and tax incentives for first home buyers are all motivation for buyers these days. 

 

Last week, the National Association of Realtors reported that existing home sales have risen since April.  This is the second increase that we have seen in three months.  A month ago, the National forecast 2009 sales at 4.97 million and 2010 sales at 5.28 million.  “Housing affordability conditions have been at historic highs, but now the $8000 tax credit for first time buyers is beginning to impact the market,” says Lawrence Yun, Chief Economists for NAR.  This is yet another reason why there has never been a better time to buy.

Coldwell Banker CEO on Fox Business News

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Jim Gillespie, CEO of Coldwell Banker Real Estate appeared on Fox Business News this morning. 

 

The main topic of the appearance was the existing homes sales report that is developed by the National Association of Realtors, including discussion about the economy and the current conditions of the housing market