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Tag Archives: Home Sales

October New Home Sales Speed to Fastest Pace in Six Months

Sales of new single-family homes were at an estimated seasonally adjusted annual pace of 354,000 in September, Census and HUD reported. In October, the sales pace picked up to an estimated 444,000, an increase of 25.4 percent month-over-month and 21.6 percent year-over-year. As of month's end, the seasonally adjusted estimate of new houses for sale for 183,000, representing a 4.9 month supply at the current sales rate, the agencies reported.

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Buyer Competition Undeterred by October Shutdown

Despite a softening market, competition among buyers remained fairly fierce in October, Redfin reported in its Real-Time Bidding Wars release for the month. Last month, 55.9 percent of offers written by the brokerage's agents faced competition from other buyers, a decline from 58.3 percent in September. Bidding wars have been on a downward slope since peaking at 79 percent in February. Even with the decline, though, competition last month was higher than expected, given the effects of the government shutdown on consumer confidence.

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Existing-Home Sales Cool for Second Straight Month

October saw existing-home sales decline for the second straight month as low inventory propped up prices, the National Association of Realtors (NAR) reported Wednesday. Total existing-home sales fell 3.2 percent in October, coming out to an adjusted annual rate of 5.12 million. "The erosion in buying power is dampening home sales," said NAR chief economist Lawrence Yun. "Moreover, low inventory is holding back sales while at the same time pushing up home prices in most of the country."

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Home Sales Steady in October as Prices Keep Climbing

RE/MAX is the latest company to report an expected seasonal slowdown for housing in October. The real estate network reported a month-over-month decline in sales figures and prices as the market began to chill. "What we're seeing now are predictable seasonal cycles, which is just another sign that the housing recovery is bringing us back to a more normal market," said RE/MAX CEO Margaret Kelly. Inventory remains diminished, though the company noted that losses have slowed in the past several months.

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Report: Home Sale Speeds Accelerating Over 2012

Zillow calculated the median number of days listings spent on its marketplace, at the national, metro, and county levels, dating to January 2010. According to the company's findings, listings in September 2013 were selling in a median 86 days--down 30 days from the same time in 2012. Homes sold faster this September compared to last September in 30 of the largest metros. Those metros include Las Vegas (44 days faster), Sacramento (43 days faster), and San Antonio (37 days faster).

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Shifting Dynamics Keep Market Resilient in October

Even with the seasonal slowdown in full effect, shifting market conditions continued to boost October home sales and prices over last year, Redfin reported Wednesday in its monthly Real-Time Price Tracker. The broker recorded 74,363 total home sales across its 19 tracked markets in October, a 1.0 percent decline from September but a 0.6 percent gain over October 2012. Though historically low mortgage rates and reduced competition have helped keep numbers up, Redfin says the situation is liable to change at any time.

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NAR Predicts Flat Home Sales, Rising Prices in 2014

Speaking at the 2013 Realtors Conference & Expo Friday, National Association of Realtors (NAR) chief economist Lawrence Yun predicted steadiness in existing-home sales over the next year as prices continue to ascend. Looking over the past year, Yun said he expects existing-home sales to be up about 10 percent in 2013 to 5.13 million. Sales in 2014 are expected to hold fairly even at about 5.12 million. Reviewing price movements, he said the median existing-home price should end 2013 about 11 percent higher than 2012.

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LPS Price Index Inches Up in August

Home prices continue to rise, albeit with some dampening due to seasonal impacts. However, prices are still appreciating faster than last year, according to Lender Processing Services' (LPS) Home Price Index report for August. LPS calculated a 0.4 percent monthly home price increase in August and a 9 percent annual rise. Both calculations are lower than the S&P Case-Shiller Home Price Indices, which calculated a 1.3 percent monthly increase and a 12.8 percent annual increase.

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