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Entries in Existing Home Sales (7)

Wednesday
Aug222012

Existing Home Sales Jump in July

iStockphoto/Thinkstock(WASHINGTON) -- The housing market is on a slow road to recovery.

Sales of existing homes climbed 2.3 percent to a seasonally adjusted annual rate of 4.47 million in July, according to the National Association of Realtors.  Home re-sales were also up more than 10 percent compared to a year ago. This was just slightly lower than economist expectations.

The number of first-time homebuyers rose to 34 percent of sales, up slightly from June. In a healthy market, first-time buyers make up about 40 percent of sales.

The median price of existing homes climbed 9.4 percent to $187,300 compared to a year ago.  This was the strongest year-over-year increase since January 2006.

Copyright 2012 ABC News Radio

Thursday
Jul192012

Existing Home Sales Declined in June

Phillip Spears/Digital Vision(WASHINGTON) -- The housing market lost some steam in June as existing home prices fell by 5.4 percent from the prior month, although prices continued to rise.

According to the National Association of Realtors, existing home prices declined 5.4 percent to a seasonably adjusted annual rate of 4.37 million in June from an upwardly revised 4.62 million May.

“Despite the frictions related to obtaining mortgages, buyer interest remains solid. But inventory continues to shrink and that is limiting buying opportunities,” Lawrence Yun, NAR chief economist, said in a statement. “This, in turn, is pushing up home prices in many markets. The price improvement also results from fewer distressed homes in the sales mix.”

Existing home sales are up 4.5 percent from June 2011, which could be a good sign for the battered market.

According to the report, the median price for all housing types was $189,400 in June, up 7.9 percent from a year ago.

Foreclosures and short sales accounted for a quarter of June home sales, unchanged from the previous month. But, the figure was down from June 2011 when foreclosures and short sales accounted for 30 percent of home sales.

“The distressed portion of the market will further diminish because the number of seriously delinquent mortgages has been falling,” Yun said.

The number of first-time buyers declined by 2 percent to 32 percent of purchases. While up from a year prior, NAR’s economist says the figure in a healthy market should be around 40 percent.

“A healthy market share of first-time buyers would be about 40 percent, so these figures show that tight inventory in the lower price ranges, along with unnecessarily tight credit standards, are holding back entry level activity,” said Yun.

Copyright 2012 ABC News Radio

Thursday
Jun212012

Existing Home Sales Drop 1.5% in May

Stockbyte/Thinkstock(WASHINGTON) -- In yet another sign that the housing market is still struggling, existing home sales dropped last month by 1.5 percent, according to the latest report from the National Association of Realtors.

Sales were down to a seasonally adjusted annual rate of 4.55 million units in May, compared to 4.62 million in April.

The decline is attributed to "limited supplies of housing inventories, especially at the lower end," says Walter Maloney, a spokesperson for the National Association of Realtors.

But it's not all bad news, as Maloney points out.

"Even with the decline the market has moved notably higher, with 11 months of consecutive gains over the same month a year ago," he says.  Existing home sales last month were 9.6 percent higher than in May 2011.

And, he notes, the outlook for the housing recovery is still positive.

"Given the underlying fundamentals, existing sales this year should rise 9 to 10 percent, the national median price is projected to increase 2 to 3 percent, and we're looking for more improvements in both sales and prices in 2013," Maloney says.

Copyright 2012 ABC News Radio

Wednesday
Feb222012

Realtor Report: Existing Homes Sales Rose 4.3% in January

Stockbyte/Thinkstock(WASHINGTON) -- Existing home sales increased 4.3 percent in January, according to a report by the National Association of Realtors.  Housing units were sold at a seasonally adjusted annual rate of 4.57 million units; a warm winter could have been one reason homebuyers jumped the gun on the usually busy spring real estate season.

The housing market has a long way to go before a full recovery.  Home prices are still falling and foreclosure sales make up a large part of total sales.

Here are some positive signs from Wednesday’s report:

  • Sales of previously occupied homes rose to the highest pace in nearly two years.
  • The number of previously owned homes on the market dropped to 2.31 million, the fewest since March 2005. At the current sales pace, it would take 6.1 months to sell those houses, the lowest since April 2006. The glut of inventory has been a big problem in the housing market.
  • There has been an improvement in sales in three of the past four months.

Sales still remain well below normal pre-recession levels. Foreclosure-related sales were more than a third of the total.

Copyright 2012 ABC News Radio

Wednesday
Apr202011

Existing Home Sales Rose 3.7 Percent in March

Stockbyte/Thinkstock(CHICAGO) -- Existing home sales rose 3.7 percent in March to an annual pace of 5.1 million, according to the latest figures released Wednesday by the National Association of Realtors.

NAR spokesman Walter Molony says the latest report is a good for the housing market.

"Buyers are responding now to very affordable home prices and low interest rates.  And home sales have risen now in six out of the past eight months so we're on a recovery path, even with tight mortgage credit," Molony says.

Molony adds that an improving economy and projected increases in rents are playing a role in moving buyers back into the housing market.

"We've been seeing them come back on their own without a tax stimulus," he says.  "And some renters now are looking to home-ownership as a hedge against inflation."

Despite the progress last month, Molony notes that existing home sales are "still 6.3 percent behind a year ago when we had a tax credit."

Copyright 2011 ABC News Radio

Tuesday
Nov232010

Existing Home Sales Dip in October

Photo Courtesy - Getty Images(WASHINGTON) -- After a two month bounce, sales of pre-owned homes took a dip in October, according to new data from the National Association of Realtors.

The group says sales of existing homes dropped 2.2 percent last month -- bigger than the 1 percent economists were expecting -- to a seasonally adjusted annual pace of 4.43 million units.

"The housing market is experiencing an uneven recovery, and a temporary foreclosure stoppage in some states is likely to have held back a number of completed sales," said Lawrence Yun, chief economist at the realtors group.

Sales are off by almost 26 percent compared to a year ago.

Copyright 2010 ABC News Radio

Monday
Oct252010

Existing Home Sales Up, Fueling Hope of Housing Recovery

Image Courtesy - ABC News(WASHINGTON) -- Hope of a housing recovery was fueled Monday by release of the September existing home sales numbers.  The National Association of Realtors reports sales climbed for the second month in a row in September. The 10% increase to a seasonally adjusted annual rate of 4.53 million homes last month is an improvement on the 4.12 million figure from August. 

It’s better than expected and some economists believe a housing recovery is building, but the October foreclosure moratorium may put a damper on the next report.  In addition, the September numbers remain well below the sales figures from last year, when a tax incentive sent buyers out shopping for homes. 

Meantime, Federal Reserve Chairman Ben Bernanke says regulators are reviewing mortgage companies’ actions.  Many lenders allegedly used rubber stamp approvals on foreclosure paperwork and in some cases improperly approved foreclosures on paid-up mortgages.  Bernanke said “We are looking intensively at the firms' policies, procedures and internal controls related to foreclosures and seeking to determine whether systematic weaknesses are leading to improper foreclosures. We take violations of proper procedures seriously.”

 The findings of the review will be released next month. 

Copyright 2010 ABC News Radio







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