November Existing-Home Sales Slowest Since April 2014

Existing-Home Sales Fail to Keep the Rubber Side Down in November

NAR blames “Know Before You Owe,” not diminished demand

Bicycle race crash. Keep the Rubber Side Down.Existing-home sales dropped off considerably in November to the slowest pace in 19 months, but some of the decrease was likely because of an apparent rise in closing time-frames that may have pushed some transactions into December, according to the National Association of Realtors®. All four major regions saw sales declines in November. Continue reading

Mahoning Valley Housing Report (MVHR) – September 2011

Valley housing market changes are marginal in September; movement was narrowly confined to no new highs or lows according to the new Mahoning Valley Housing Report from RE/MAX Valley Real Estate.

Mahoning Valley Housing Report - MVHR - September 2011RE/MAX Valley Real Estate’s Mahoning Valley Housing Report (MVHR) for September, 2011, reports single family residential sales (not seasonally adjusted) fell sharply 20.4 percent from 343 units in August to 273 in September; and for the 43rd straight month the seasonally adjusted 12 month average year over year comparison of the total declined another 0.7 percent.

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Mahoning Valley Housing Report, August 2011

Valley Median Home Price Up 2nd Straight Month;Sales Finally Show Some Life, Up 1.8 Percent

According to RE/MAX Valley Real Estate’s Mahoning Valley Housing Report (MVHR) for August, 2011, single family residential sales (not seasonally adjusted) soared 26.1 percent from 272 units in July to 343 in August. Although the month over month increase was dramatic it was not enough to avoid yet another decrease of 0.7 percent annually. The seasonally adjusted, year over year comparison of closed transactions dropped again for the 42nd consecutive month.

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Existing-Home Sales Drop In June But Not As Much As Anticipated

Transactions of all types of homes dropped just 5.1%, just half of the precipitous 9.9% fall predicted by the market.

Existing-Home SalesWith the scheduled closing deadline for the home buyer tax credits, existing-home sales slowed in June but remained at relatively elevated levels, according to the National Association of Realtors®.

Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, fell 5.1 percent to a seasonally adjusted annual rate of 5.37 million units in June from 5.66 million in May, but are 9.8 percent higher than the 4.89 million-unit pace in June 2009.

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Exhisting-Home Sales Rise in March

Exhisting-Home Sales Rise on Home Buyer Tax Credit and Favorable Market Conditions

Housing ReportBuyers responding to the homebuyer tax credit and favorable affordability conditions boosted existing-home sales in March, marking the beginning of an expected spring surge, according to the National Association of Realtors®.

Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, rose 6.8 percent to a seasonally adjusted annual rate of 5.35 million units in March from 5.01 million in February, and are 16.1 percent above the 4.61 million-unit level in March 2009.

Lawrence Yun, NAR chief economist, said it is encouraging to see a broad home sales recovery in nearly every part of the country, with two important underlying trends.

“Sales have been above year-ago levels for nine straight months, and inventory has trended down from year-ago levels for 20 months running,” he said. “The home buyer tax credit has been a resounding success as these underlying trends point to a broad stabilization in home prices. This is preserving perhaps $1 trillion in largely middle class housing wealth that may have been wiped out without the housing stimulus measure.”

Total housing inventory at the end of March rose 1.5 percent to 3.58 million existing homes available for sale, which represents an 8.0-month supply at the current sales pace, down from an 8.5-month supply in February.

“Foreclosures have been feeding into the inventory pipeline at a fairly steady pace and are being absorbed manageably,” Yun said. “In fact, foreclosures are selling quickly, especially in the lower price ranges that are attractive to first-time home buyers.”

A parallel NAR practitioner survey shows first-time buyers purchased 44 percent of homes in March, up from 42 percent in February. Investors accounted for 19 percent of transactions in March, unchanged from February; the remaining sales were to repeat buyers. All-cash sales remain elevated at 27 percent in March, the same as in February.

The national median existing-home price for all housing types was $170,700 in March, up 0.4 percent from March 2009. Distressed homes, typically sold at a 15 percent discount, accounted for 35 percent of sales last month – unchanged from February.

NAR President Vicki Cox Golder said,  “Even with tougher loan standards, historically low mortgage interest rates with affordable prices and a sense that the market is turning have created optimal conditions in much of the country,” she said.

“With the fast approaching April 30 deadline to get a contract in place for the tax credit, Realtors® are working harder than ever to negotiate transactions, arrange services and complete paperwork,” Golder said. “Because many repeat buyers need to sell their current home first, many will be purchasing later without the tax credit but now have the benefit of a more buoyant housing market.”

Single-family home sales rose 7.3 percent to a seasonally adjusted annual rate of 4.68 million in March from a level of 4.36 million in February, and are 13.3 percent above the 4.13 million level a year ago. The median existing single-family home price was $170,700 in March, up 0.6 percent from March 2009.

Single-family median prices rose in 14 out of 20 metropolitan statistical areas reported in March in comparison with a year earlier. Existing-home sales in the Midwest rose 7.2 percent in March to a pace of 1.19 million and are 15.5 percent above March 2009.

The Midwest median price was $139,300, up 0.2 percent from a year ago.

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Further InformationRead Full NAR Press Release