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Tag Archives: Home Sales

September Pending Home Sales Indicate Flat Fourth Quarter

The National Association of Realtors' (NAR) Pending Home Sales Index (PHSI) for September indicates home sales will stumble in the year's final quarter as buyers struggle with declining home affordability. "This tells us to expect lower home sales for the fourth quarter, with a flat trend going into 2014. Even so, ongoing inventory shortages will continue to lift home prices, though at a slower single-digit growth rate next year," said NAR chief economist Lawrence Yun.

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Home Price Increases Spread in September, Sales Weaken

DataQuick, a specialist in property information and decisioning solutions, reported price growth "resumed at a rapid rate in September and spread to all" of its 42 reporting counties on a monthly, quarterly, and yearly basis. In other findings, sales dipped in most measures, with 26 counties reporting monthly increases, 28 reporting quarterly increases, and 29 posting yearly improvement (compared to 29, 37, and 28 in August, respectively).

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Competition Cools Again as Washington Drama Deters Buyers

Redfin's Real-Time Bidding Wars report shows 58.3 percent of offers written by Redfin agents across the country faced bidding wars in September, down from 60.5 percent in August. Last September, 62.7 percent of offers faced competing bids. With competition diminishing, Redfin has also observed a fall in the number of homes selling at above asking price. On average across all tracked markets, buyers paid 0.4 percent below asking price (compared to 0.3 percent in August).

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Housing Trends Settle for Cold Months, Inventory Decline Slows

According to RE/MAX's National Housing Report for September, closed transactions fell 18.5 percent month-over-month, following the trend that usually occurs as summer passes into autumn. Year-over-year, sales increased 10.7 percent, making September the 27th consecutive month in which sales rose on an annual basis. The company also reported a slowdown in the rate of inventory decline. Compared to September 2012, inventories were down 13.4 percent, bringing the month supply to 5.0 at the current sales pace.

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Fannie Downgrades Forecasts in Response to Consumer Sentiment

Overall, Fannie's outlook is "largely unchanged from the previous forecast," although "fiscal uncertainties associated with the federal government shutdown, the protracted negotiations to raise the debt ceiling, and the timing of the Federal Reserve's tapering of its asset purchase program, pose significant downside risks to economic activity in the current quarter," said Doug Duncan, chief economist at Fannie Mae. As such, the GSE is revising its forecasted GDP growth for this year from 2 percent to 1.9 percent.

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Monthly Price Gains Continue to Pump the Brakes

On a monthly basis, home prices rose 0.6 percent in August, according to FNC's Residential Price index (RPI), a measure of price changes in the country's 100 large metropolitan areas. On a yearly basis, the increase is 5.3 percent. The monthly gain in August was smaller than the gains accrued over the two previous months--a sign that the recovery remains uneven across the nation, FNC says. With seasonal trends usually putting a drag on housing measures, the deceleration can be expected to go on.

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September Brings Seasonal Declines in Sales, Prices, Inventory

The frenzy that has characterized the 2013 housing market has officially come to a close, Redfin says in its latest Real-Time Price Tracker. The tech-powered brokerage reported a seasonal drop in home sales, prices, and inventory in September, though the recovery's strength is still evident in year-over-year gains. Current trends point to continued declines in the months ahead--an expected turn as demand from homebuyers starts to slow down in fall and winter.

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New Home Purchase Applications Down Again in September

Builder data tracked by the Mortgage Bankers Association (MBA) indicates mortgage applications for new home purchases decreased from August to September. MBA's monthly Builder Application Survey (BAS) suggests new home purchase application volume declined 1 percent month-over-month in September. Using that data and other assumptions regarding market coverage, MBA estimates sales of new single-family homes ran at an adjusted annual rate of 459,000.

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