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Tag Archives: Home Sales

Prices Up, Sales Down in Windy City

According to an analysis by RE/MAX, bitter weather and a small inventory of homes for sale were the primary factors causing reduced sales activity in the Chicago area in February. The report commented, "Mortgage interest rates, which remain comfortably under 5 percent for 30-year fixed-rate loans, continue providing stimulus to the housing market."

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Home Sales Fall as Buyers Adjust to ‘New Normal’

Home sales declined for the fourth consecutive month with sharp drops in West Coast markets, according to the latest Real-Time Price Tracker from Redfin, a national real estate brokerage. With the spring selling season about to get underway, the company says March and April should offer insight into buyers’ willingness and ability to adapt to higher costs—as well as sellers’ ability to price appropriately, a skill some are having to relearn to stay competitive.

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Fed: Winter Weather Softens Economic Growth

The Federal Reserve released Wednesday the Beige Book report summarizing economic conditions across its 12 districts from January through early February—and the word of the day was, naturally, “weather.” According to the Fed, reports from all districts indicated economic conditions continued to expand at a “modest to moderate” rate in most areas of the country, with only the New York and Philadelphia districts experiencing a decline in activity.

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Market Slows as Buyers Become Pickier

The median days on market for homes sold in 20 metros tracked by Redfin rose to 41 in January, the company reported—five days longer than in December. At the same time, however, the share of listings under contract within two weeks jumped to a quarter. “That uptick indicates that determined buyers are still keen to quickly make offers on the most coveted listings,” said Redfin researcher Troy Martin.

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New Home Sales Spike 9.6% in January

According to estimates released Wednesday by the Census Bureau and HUD, new single-family homes sold at a seasonally adjusted annual rate of 468,000, up 9.6 percent from December’s upwardly revised rate of 427,000. Compared to last year, January sales increased 2.2 percent. The overall increase should come as welcome news to a market in slowdown.

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Winter Storms Take Another Bite Out of Home Sales

While home sales were down nearly 27 percent over the month, they were down 7.1 percent from January last year, according to the RE/MAX report, which includes data from 52 metros across the nation. “We usually expect to see fewer home sales in the winter months, but January experienced particularly severe storms in large parts of the country, which disrupted appraisals, inspections and closings,” said Margaret Kelly, CEO of RE/MAX.

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The Housing Freeze: Is Weather Really to Blame?

As the year kicks off to a mediocre start for housing, two camps have emerged: those who say trends indicate a sour turn for the market, and those who are more apt to dismiss the worst news as an effect of the last few months’ harsh weather. With major reports on construction and sales data on the way, Trulia chief economist Jed Kolko looked at historical patterns to determine—how much has the weather really influenced housing numbers?

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Builder Confidence Plunges as Buyers Shy Away

The National Association of Home Builders’ (NAHB) Housing Market Index (HMI), released in partnership with Wells Fargo, posted a 10-point decline to 46 in the group’s latest report. It was the first time since May 2013 that the index measured below 50, the “neutral” point between a market viewed as “good” or “bad.” All four regions reported declines in confidence, with losses ranging from seven points in the South to 14 points in the West.

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Already Low Inventory Drops Lower in January

Housing inventory declined more than 9 percent over the month of January in the 19 markets in which online real estate brokerage Redfin has a presence, according to the company's Real-Time Price Tracker for January. ""A year ago, we didn't think inventory could go any lower, yet we're beginning 2014 with another disappointment,"" Redfin stated in its January report. With the caveat that ""it is too soon to tell,"" the brokerage did offer some optimism regarding inventory in coming months.

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Applications Point to Spike in New Home Sales

A survey of loan application volume from mortgage subsidiaries of homebuilders across the country suggests sales of new homes experienced a substantial leap in January. The Mortgage Bankers Association's (MBA) Builder Applications Survey indicates new home sales ran at a seasonally adjusted annual rate of 543,000 last month, reflecting a month-over-month increase of 35 percent. On an unadjusted basis, the group estimates there were 38,000 new home sales in January, a 36 percent increase over December.

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