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Tag Archives: For-Sale Homes

Higher Rates, Prices Push Pending Sales Down

Responding to higher mortgage rates and higher prices, the National Association of Realtors' (NAR) Pending Home Sales Index (PHSI) slipped 1.3 percent in July--the steepest decline this year--to 109.5, the group reported Wednesday. Economists had expected the index for July would drop to 109.8, which would have been a 1.0 percent decline from June's 110.9. Despite the month-over-month decline, July's PHSI is up 6.7 percent over the same month last year.

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Home Sales Recover in July, Prices and Inventory Disappoint

After observing a slowdown in sales throughout June--typically the peak selling month for the year--online brokerage Redfin reported a rebound in July, though other market indicators continue to cool. According to Redfin's data, "this July saw a healthy jump in homes sold throughout most of the 19 markets covered in this report," improving 3 percent month-over-month and 17.6 percent year-over-year from a rather disappointing July 2012. At the same time, reports on home price growth and inventory were less positive in July.

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July New Home Sales Plunge to 9-Month Low

The seasonally adjusted annual rate of new home sales dropped a stunning 13.4 percent to 394,000 in July. Economists surveyed by Bloomberg expected June sales to drop to 487,000 from June's originally reported 497,000. June sales were revised to 455,000. The report for July showed a slight shift to higher-priced homes as houses priced at $500,000 or more accounted for 11 percent of July sales, up from 9 percent in June. Homes priced at $300,000 or less represented 62 percent of all July sales, down from 64 percent in June.

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Median Home Prices Dip as Inventory Declines Level

While inventory was down in July compared to last year and the prior month, the decreases were more conservative, which means home price gains should slow, according to RE/MAX's most recent housing survey. July inventory was 1.3 percent below the level in June and 20.7 percent lower compared to a year ago. However, inventory expanded month-over-month in 18 of the metros tracked. News for home sales was also positive, with closed transactions climbing 17 percent year-over-year and inching up 1.5 percent month-over-month.

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Low Property Supply Sends July Prices Soaring

price

A July monthly property intelligence report (PIR) conducted by Dataquick, a provider of real estate information solutions, reveals a monthly and annual rise in home prices for every single participating U.S. county out of the 42 evaluated. In fact, home prices have hiked an average of over 13 percent versus this time last year. Per DataQuick's data, this rise in price has been directly linked to fewer foreclosures, limited property availability, and an overall decline in transactions.

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August Builder Confidence Up, Reaches Record High in Midwest

The National Association of Home Builders' (NAHB) Housing Market Index (HMI)--a measure of builder confidence--increased again in August, climbing three points to 59, its highest reading since November 2005, the group reported Thursday. The index has improved 15 points (34 percent) in the last three months. Economists had expected the August index to slip to 56 from July's originally reported 57. The strong August numbers--following the strong June and July reading--gave further evidence to a recovery in the housing sector.

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Home Inventory Declines Ease in July

Home inventories continue to decline in many markets across the country, but the pace of those declines appears to be slowing, which may in turn slow price appreciation in some markets, according to Realtor.com. National housing inventory declined 5.24 percent year-over-year in July, which is a slowdown from the 16.47 percent year-over-year decline reported in January. At the same time, the number of markets with declining inventory year-over-year decreased to 118 in July.

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