Tag Archives: Home Sales

Markets across the nation can expect to see sales soften in June and July, based on early reports from Redfin agents around the country.

The nation's economy grew at a "modest to moderate pace" from early April through the end of May, the Federal Reserve said Wednesday in its periodic Beige Book. The report cited growing strength in the housing and residential construction sector and the impact on the broader economy, with residential real estate and construction activity increasing "at a moderate to strong pace in all Districts." In addition, "overall bank lending improved modestly since the previous report."

The National Association of Realtors (NAR) reported a disappointing 0.3 percent gain in its Pending Home Sales Index (PHSI) in April.

Another spike in home prices drove Massachusetts sales down for the third straight month in April, according to the Warren Group.

The Illinois Association of Realtors (IAR) reported Wednesday that sales were up 25.3 percent year-over-year throughout the state. According to the association, statewide home sales (including single-family homes and condos) totaled 12,621 in April, the best performance for that month since 2007.

The price of a new single-family home soared to a record high in April as sales jumped 2.3 percent to a seasonally adjusted annual rate of 454,000, the Census Bureau and HUD reported Thursday. Economists surveyed by Bloomberg expected April sales to increase to 425,000 from March's originally reported 417,000. March sales were revised to 444,000. The median price of a new home, according to the Census/HUD report, soared $20,900 (8.3 percent) in April to $271,600, the highest price on record.

According to the Redfin's Fastest Real Estate Markets Report, the number of homes under contract within two weeks of debut increased 3 percent month-over-month and 39 percent year-over-year in April.

Existing-home sales rose a 0.6 percent in April to an annual sales rate of 4.97 million, the highest level since November 2009, the National Association of Realtors (NAR) reported Wednesday. Economists had expected a 1.6 percent increase to 5.0 million from March's original report of 4.92 million sales. The median price of an existing single-family home jumped $8,900 in the month to $192,800, the highest since August 2008.

In its most recent economic outlook, Fannie Mae's Economic and Strategic Research Group revealed expectations for the economy to continue the modest recovery and grow 2.2 percent this year.

Economists usually do it with models, so it's rare in economics to be able to conduct a laboratory experiment.