The Archives
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09.24.09Existing Home Sales Slip 2.7%Existing home sales, which had risen for the past four months, slipped 2.7 percent in August, according to the latest report of the National Association of Realtors. Still, the number of sales was 3.4 percent above last year. Credited for the slide in sales were higher mortgage rates, which on average were over a percent higher in August than July. Home sales had shown relative stabilization in the four months prior to August, mostly because of the $8,000 federal tax credit for first-time homebuyers. However with that credit set to expire on November 30th, home sales may end up declining again. In the South, ...
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02.25.09Real Estate RoundupThe National Association of Realtors released today their monthly survey of existing-home sales. The total number of homes sold dropped 5.3 percent nationwide in January to lows not seen since 1997. The total year-over-year fall was 8.6 percent. In the South, sales dropped 5.7 percent for the month and 15.9 percent below last year. The median price of an existing home also dropped 7.4 percent from last year to $152,100. Also, S&P released the latest Case-Shiller numbers yesterday, and they showed continuing declines in home values. Overall, the 10-city index slipped 2.3 percent in December, for a year-to-year decline of 19.2 percent. The 20-city ...
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01.26.09Existing home sales show surprising monthly gainNationwide existing-home sales surprisingly jumped 5.6 percent in December, according to the National Association of Realtors. Still, the rate was 3.5 percent below December 2007. Fueling the unexpected jump in sales was a plunge in home prices, which have fallen 15.3 percent. Sales really picked up in the West and South regions, suggesting that buyers are picking up foreclosed properties and discounted prices. Lawrence Yun, the chief economist of the NAR, has recently stated that foreclosures and short sales make up between 35 and 40 percent of all sales. In the South, existing-home sales rose 7.4 percent from November, but remained 11.2 percent below ...
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11.25.08Existing home sales tumbleSales of, and prices for, existing homes fell more than expected in October according to the latest report by the National Association of Realtors. Sales by homeowners slipped 3.1 percent to an annual pace of 4.98 million – much lower than the 5.05 million pace expected by economists. Year-over-year, sales were down 1.6 percent. Additionally, the national median price was down 11.3 percent from last year to $183,300. Contributing to the drop in prices were a dramatic number of REO, short, and other so-called “distressed” sales, which accounted for about 45% of all sales in October. Though, if such sales now account for nearly half ...
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11.13.08Real Estate RoundupLost in the shuffle of a National Election and an imploding economy, a number of real estate and housing indicators were released over the past few weeks, all of which bear note: National Association of Realtors Existing Home Sales Index: Existing home sales rose in 5.5 percent in September, and were 1.14 percent higher than September 2007. In the South, sales rose 2.2 percent, but remained 7.8 percent below last year. Case/Shiller: The 10-city index showed a loss of 1.1 percent in August and a yearly drop of 17.7 percent. The 20-city index fell 1.0 percent in August, and 16.6 percent for ...
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09.24.08Existing home sales slide 2.2% in AugustThe sales of existing homes fell again in August after a slight gain in July according to the latest report by the National Association of Realtors. Nationwide, last month’s home sales fell 2.2 percent from July and were 10.7 percent below August 2007. The national median existing home price also fell in the past year from $224,400 to $203,100 – a drop of 9.5 percent. In the south, existing home sales actually increased 0.5 percent, but were still 15.1 percent off of last year’s pace. The median home price was $176,500, which is 3.4 percent lower than August of 2007. The NAR has been ...
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08.25.08Existing home sales up 3.1 percentNationwide sales of existing homes rose 3.1 percent off a ten year low last month, according to the latest National Association of Realtor report. It’s the highest level of existing home sales in five months. Still, resales were well below July 2007 – which are down 13.2 percent nationwide. The rise in sales was more than forecast and comes on the heels of an encouraging Pending Home Sales repost issued earlier this month. Driving the rise in the numbers of existing home sales is a significant drop in home prices. According to the NAR, the median price of an existing home has slipped 7.1 ...
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06.26.08Existing home sales rise nationwide, fall in SouthSales of existing single-family residential properties edged up higher across the country in May according to the latest report by the National Association of Realtors. It was only the second time in ten months that sales have increased. The pace of home sales rose 2 percent in May from April, though sales are still lagging 15.9 percent from last year’s levels. Overall, sales are down 31 percent from their peak in 2005. The median sales price for existing homes was $208,600.00, down 6.3 percent from a year ago. In the South, sales fell 0.5 percent from last month to a level 17.0 percent below ...