Youngstown-Warren-Boardman: Tops Least Expensive U.S. Markets
Home prices showed strong growth in the final quarter of 2015, despite a slowing sales, according to a new quarterly report released by the National Association of REALTORS® (NAR) this week. Source: National Association of REALTORS®
The five most expensive housing metro areas in the fourth quarter of 2015 were:
San Jose, Calif.: $940,000 (the median existing single-family home price)
Existing-Home Sales Fail to Keep the Rubber Side Down in November
NAR blames “Know Before You Owe,” not diminished demand
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 →
U.S. house prices rose 1.3 percent in the third quarter
17th Consecutive Q-to-Q house price Increase
Ohio sees 0.76 percent increase in house prices
U.S. house prices rose 1.3 percent in the third quarter of 2015 according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI). This is the 17th consecutive quarterly price increase in the purchase-only, seasonally adjusted index. FHFA’s seasonally adjusted monthly index for September was up 0.8 percent from August. House prices rose 5.7 percent from the third quarter of 2014 to the third quarter of 2015. Continue reading →
Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, fell 3.4 percent to a seasonally adjusted annual rate of 5.36 million in October from 5.55 million in September.
😎 Despite last month’s decline, sales are still 3.9 percent above a year ago (5.16 million).Continue reading →
Following the hottest summer selling season in years, October home sales cooled down 7.7% below sales in September, and 0.8% lower than October 2014. October and January were the only two months of the year that saw lower home sales than the same month last year.
“We’ve seen a very strong demand for homes in 2015 despite the continuing challenges of low inventory. Demand is mostly due to the slowly improving economy and a more favorable employment situation. October’s moderation of price increases is typical this time of year and actually offers home buyers a little better affordability.” Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder
Homes bought during these years are equity challenged…
… and these homeowners are reluctant to put them on the market, adding to existing-home inventory shortages in many cities.
“Those who bought their homes 8 to 10 years ago — 2005 to 2007, at the height of the real estate bubble — have gained almost no equity in that time, an average of just $3,000 or 1%,” said Jessica Lautz, the NAR’s managing director of survey research and communication.
Ms. Lautz suggests that this group of homeowners are hesitant to market their unprofitable homes, even though they may want or need to make a house trade. This fact could be contributing to existing-home inventory shortages around the country.
This is in distinct contrast to those who bought in 2009 and after, and have been cashing out the home equity they’ve gained during the housing recovery, especially over the past three years.
Ohio housing marketplace saw an uptick in list prices, a rise in inventory and a decline in marketing times compared to October 2014.
Youngstown MSA sees a 5.8% increase in list prices, a 7.7% rise in inventory and a 3.8% drop in Days On Market in October.
According REALTOR.com’s October 2015 Housing Report, which tracks inventory of for-sale single-family homes and condos, median list prices, inventory levels and days on the market for 300 cities across the country:
Realtor.com analysis indicates that the residential real estate market in Ohio continues to follow the normal seasonal decline in demand. The median list price in October remains unchanged, largely consistent with the momentum shift that now favors buyers. At the same time, inventory continues to move away from its yearly peak, so buyers continue to see fewer choices on the market.
Listing inventory dropped quickly in the first week of October, and ended up trending down 3% over September. Inventory is also moving slightly slower as the fall season and colder weather dampen demand. The median age of inventory is now 81 days, up 1 day from September but down 3 days or 7 percent from last year.
The median listing price remained flat month-to-month at $231,000 but represents an increase of 6 percent year-over-year.
Compared to the findings from a year ago, eight of the Ohio markets tracked reported an increase or remained unchanged in the median list price in October. Every market posted a faster pace of sales, while a majority of Ohio markets saw an increase in the number of homes being marketed for sale compared to October 2014 levels.
October 2015 Newsletter Housing Trends eNewsletter
National housing indicators; National economic indicators; Regional market updates; sales statistics; and more.
Welcome to the October 2015 Housing Trends eNewsletter. This eNewsletter is specially designed to give you all crunch and crackle of both national and local housing information that you’ll find useful whether you’re in the market for a home, thinking about selling your home, or just interested in homeowner issues in general.
The Housing Trends eNewsletter has all the latest information from the National Association of REALTORS®, the U.S. Census Bureau and Realtor.org reports, videos, key market indicators and real estate sales statistics, a video message by a nationally recognized economist, maps, mortgage rates and calculators, consumer articles, plus local neighborhood information and more.
With Help From Substantial Seasonal Adjustment Existing Home Sales Rebound In September.
First–time buyers are still failing to generate any meaningful traction this year.
Existing–home sales rebounded strongly in September following August’s decline and have now increased year–over–year for 12 consecutive months, according to the National Association of Realtors®. All four major regions experienced sales gains in September. Continue reading →
September Sales Cools Off But Still Warmer Then Last Year
September transactions highest seen in the month since RE/MAX began collecting data in 2008.
After a hot summer selling season, September home sales followed an expected seasonal trend and cooled off 8.6% lower than August, but were still 6.8% higher than September 2014. The number of completed transactions was the highest seen in the month of September since the RE/MAX National Housing Report began collecting data in 2008. Continue reading →