CNNMoney is reporting that sales of existing homes jumped in December, marking the fifth month of gains in the past six months. Previously-owned home sales climbed 12.3% in December to an annual rate of 5.28 million, from 4.70 million in November, according to the National Association of Realtors.
That puts sales at the highest level since the homebuyer tax credit expired in June.
One of the first rules-of-thumb of real estate is that all real estate is local. It’s easy to get caught up in the hype (good and bad) around the national real estate market, but in the end, national numbers do not equate to local numbers. Every locale is unique, with distinctive attributes that help determine the rise or decline of the real estate market regardless of how the rest of the country is performing. Yes, there are overriding factors such as mortgage rates and credit availability that will affect all markets, but these factors pale in comparison the local market conditions.
To help illustrate the importance of local market conditions, the Wall St. Journal ran an article yesterday pointing out that despite poor projections for the overall housing market, vacation communities performed very well in 2010 and are projected to have a strong year in 2011. The Journal points out that “sales in many vacation communities across the U.S. soared last year to levels not seen since boom times, driven by deep discounts, cash purchases and buyers’ rising stock portfolios.”
The market for vacation homes, based on local sales data, appears strong. The Wall St. Journal mentions that “the comeback, has been helped by gains in the stock market and an improving economy, which have made wealthier Americans more upbeat about the future,” and according to the National Association of Realtors, one in 10 real-estate transactions in 2009 was for the purchase of a vacation home.
We are still crunching the numbers from 2010, but a quick look at recent sales shows positive signs for the Outer Banks; multiple offers on homes, homes selling for asking price, homes going under contract in weeks rather than months…or even years.
National numbers are important, but local numbers tell the true story. With mortgage rates at all-time lows and home prices significantly reduced, now could be a great time to jump into the OBX real estate market.
We’d love to help you find the house of your dreams: www.ColdwellBankerOBX.com.
Sales of existing homes increased by 5.6% in November to a seasonally adjusted annual rate of 4.68 million, the National Association of Realtors reported today.
The increase was a bit shy of expectations; economists expected home sales in November to increase by 6.5%, to an annual rate of 4.72 million, but the silver lining is that the price for an existing home edged up for the first time since August, to $170,600 in November. That’s up 0.4% from the year-ago median price of $170,000 and an improvement from a downwardly revised $170,400 in October.
Pending sales of existing homes jumped by 10 percent in October.
This increase followed a 1.8 percent drop in September and was unexpected based on economists’ estimates for October. Pending home sales were projected to decrease 1 percent based on the median of 40 forecasts in the Bloomberg survey. Estimates ranged from a drop of 4.8 percent to a gain of 3 percent.
Cheaper borrowing costs, lower prices and more jobs may entice homebuyers in coming months, helping the real-estate market regain its footing after the end of the tax credit caused demand to slump.
Three of four U.S. regions saw an increase, today’s report showed, including gains of 27 percent in the Midwest, 20 percent in the Northeast and 7.1 percent in the South. Purchases fell 0.4 percent in the West.
Home prices rose in May compared with April according to the S&P/Case-Shiller Home Price Index of 20 major housing markets released Tuesday.
Prices were up 1.3% from April, and 4.6% from 12 months earlier.
The Commerce Department announced today that new home sales rebounded in June from the record low in May.
New home sales increased 23.6% to a seasonally adjusted annual rate of 330,000 last month, up from an downwardly revised 267,000 in May.
This is slightly better than the annual rate of 310,000 economists were expecting.
New homes sales have increased to a rate of 504,000 in April. This is a 14.8% percent increase from March.
Experts in the housing industry predicited the rate to be 425,000 for the month, and April was the second straight month of an increase.
Existing home sales have picked up pace in the month of April.
According to the National Association of Realtors, existing home sales have jumped 7.6% in April. This brings the seasonally adjusted rate of 5.77 million units, the upwardly revised rate was up tp 5.36 million in March. Year over Year existing home sales also jumped 22.8%.
“The upswing in April existing-home sales was expected because of the tax credit inducement, and no doubt there will be some temporary fallback in the months immediately after it expires, but other factors also are supporting the market,” said Lawrence Yun, NAR chief economist.
With the amount of inventory in the real estate market at record highs, there are many homeowners that want to sell their houses for various reasons. Mike Larson, an expert in the real estate industry has some insight on selling real estate since he recently placed his home on the market. Here are three key points that he feels everyone should analyze before selling their home.
These are vital considerations to make when you feel that it is the time to sell your home. It is also important to work closely with a real estate professional who is in tune with the local market.
According to MarketWatch.com, resales of U.S. homes and condos rose 6.8% in March to a seasonally adjusted annual rate of 5.35 million. Sales were up 16.1% compared with March 2009. Existing-home sales rose in all four regions of the country in March.
“The tax credit has done its work,” said Lawrence Yun, chief economist for the National Association of Realtors.
Keep an eye out for a great Buyer Bonus from Coldwell Banker starting in early May!