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Tag Archives: Home Sales

RE/MAX: Prices Show Housing Recovery Is ‘Real’

Rising home prices and sales signal that the housing recovery may finally be underway, according to RE/MAX. The real estate company released a housing report Tuesday that found closed transactions up 2.1 percent from May and 5 percent from June year-over-year. These figures made June the twelfth straight month for higher transactions. Of 53 metro areas surveyed by the company, 31 offered up increases for both sales and prices. Available homes for sale fell 5 percent from May and 27.4 percent from June last year.

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Will Underwater Homeowners Lead to Higher Prices?

Underwater homeowners are contributing to a lower inventory of houses for sale on the market, but according to Capital Economics negative equity will not have a major impact on housing prices. Regardless of the impact of negative equity, both Capital Economics and the National Association of Realtors foresee rising prices in the near future. The percentage of underwater homeowners is falling but remains elevated. CoreLogic said that 11.4 million homeowners were underwater in the first quarter.

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Refinance Surge Adds to Chase’s Strong Q2 Finish

Rallying investors by end of day Friday, JPMorgan Chase posted strong earnings from the second-quarter, with Home Affordable Refinance Program modifications helping boost income for the laggardly mortgage servicing unit year-over-year. For mortgage production and servicing, the financial institution fielded $604 million in net income over the second quarter, a figure that trumps a net loss of $649 million from the past year. Mortgage production rose to $931 million in pretax income for the lender.

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Recovery Builds Momentum with Regional Price Gains: Clear Capital

National home prices saw both quarterly and yearly gains in June, and all four regions across the U.S. posted quarterly increases, according to the Home Data Index (HDI) released by Clear Capital Tuesday. Home prices rose by 1.7 percent in June from the previous quarter and a year ago, and growth is expected to continue into the second half of the year at a rate of 2.5 percent, Clear Capital reported. Out of all four regions, the West saw the greatest quarterly increase at 3.5 percent, followed by the Midwest (1.2 percent), the South (1.5 percent), and the Northeast (0.8 percent).

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Pending-Home Sales Make Strong Debut in May: NAR

The Pending Home Sales Index rose a strong 5.9 percent in May to 101.1, returning to its level of March, the National Association of Realtors said Wednesday. The index had slipped in April to 95.5 after reaching its highest level since April 2010. The index is up a solid 13.3 percent since May 2011. The report is another in a string of positive signs for the housing sector. Pending home sales are counted when sales contracts are signed, and are viewed as a leading indicator of existing home sales, according to NAR.

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Shortage of Distressed Properties Fueled Existing Sales Drop

The drop in existing home sales reported by the National Association of Realtors Thursday likely stemmed from a lack of distressed properties on the market, according to IHS Global Insight. In May, existing-home sales fell to a seasonally adjusted annual rate of 4.55 from 4.62 million in April, which is a monthly decline of 1.5 percent, the NAR reported. Existing home sales were still up from a year ago in May 2011 by 9.6 percent. According to the NAR report, investor purchases made up 17 percent of homes sales in May, down from 20 percent in April and 19 percent in May 2011. The report also revealed that distressed home sales, or foreclosures and short sales, declined monthly and yearly as well.

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New Home Sales Soar to Two-Year High in May

New home sales jumped to 369,000 in May - the highest level since April 2010 - as the median and average home prices both fell, the Census Bureau and HUD said jointly Monday. Economists had expected sales to reach 350,000 from the prior month's 343,000. Sales increased 7.6 percent month-over-month, marking the first increase in three months, and were up 19.8 percent since May 2011. The median price of a new single-family home fell for the third straight month, dropping to $234,500, the lowest level since February.

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Existing-Home Sales Fall Steeply, Routing Hopes

Existing home sales dropped to 4.55 million in May while the median price of an existing home rose to $182,600, the National Association of realtors reported Thursday. The decline in the seasonally adjusted annual rate of sales was the third in the last four months and steeper than expected. Despite the month-over-month decline, existing-home sales continue a steady, longer-term increase. Sales have averaged 4.574 million in the last five months, compared with 4.358 million in the previous five months and 4.274 million last year.

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How Over-Optimistic Homebuyers Could Inflate Next Bubble

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Renters and first-time homebuyers want more amenities in their first homes and generally feel a sense of optimism that outpaces the reality in a slowly recovering housing market ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô a disconnect that could set the stage for the next housing crisis. Those are the findings that real estate company Trulia unveiled in an American Dream survey it released Wednesday. Of 86 markets in the 100 largest metro areas, 61 percent, or nearly two-thirds, of Americans believe that home prices will rise over the next year, according to the company.

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Housing Market Recovery ‘In Full Swing’: RE/MAX

The national housing market recovery is ├â┬ó├óÔÇÜ┬¼├àÔÇ£in full swing,├â┬ó├óÔÇÜ┬¼├é┬Ø according to the June edition of RE/MAX├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós National Housing Report. The report, released Monday, revealed that May saw increases in both home sales and house median home price for 42 of the 53 surveyed metropolitan markets. For the fourth consecutive month, the RE/MAX report found an overall increase in median home price across the country. In May, the national median home price was $166,500, a 6.1 percent increase year-over-year, RE/MAX said.

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