Archive for the ‘inventory’ Category

Homes Continue to Sell At Record Pace

Friday, April 19th, 2013

U.S. homes are selling at the fastest rate on record, according to new data from real estate brokerage company Redfin, with total sales and prices continuing to climb as well.

Sales of U.S. homes rose 25 percent in March from February based on data from the 19 largest metropolitan areas, although on a yearly basis sales made their weakest showing in over a year with just a 0.9 percent increase.

Home prices posted a 6 percent increase from February and gained 15 percent since March 2012. In fact, 18 of the 19 markets tracked posted monthly prices gains. Long Island, N.Y. was the excpetion with a 3.9 percent decrease.

Perhaps the biggest news however, is how quickly homes are selling. In March 34.8 percent of homes went under contract within 14 days of going on the market. That is up from 33.2 percent in February

and is now the all-time record high. In San Francisco, 60 percent of homes listed sold within two weeks. In Denver it was 51.6 percent.

Part of the reason homes are flying off the real estate shelf is because of a seriously contracting inventory of properties.

“You know that inventory is in sad shape when it feels like good news to have a month where the number of listings on the market stays flat,” wrote Tim Ellis on the . “That’s exactly what happened in March, as the total number of homes for sale fell just 0.1 percent compared to February. The year-over-year decline was bad (31 percent), but not as bad as it has been, with inventory dropping “just” 30.6 percent from March 2012. Inventory has now been dropping year-over-year for 25 months in a row.”

By market, Boston saw the greatest monthly increase in sales with a 39.9 percent jump from February. It was followed closely by the San Jose, Ca. market with a 39.3 percent gain. In terms of monthly price improvements, San Francisco blew all other markets out of the water with a 23.7 percent increase in March from the month before. The next closest was San Jose with an 11.1 percent jump.

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Home Prices Make Biggest Improvement in Seven Years

Monday, February 11th, 2013


another sign of a strengthening U.S. housing market, home prices in the fourth quarter rose at the fastest rate since 2005, according to the National Association of Realtors.

The national median price – the point at which half of homes are sold for more and half are sold for less – grew to $178,900 in the fourth quarter of 2012, up 10.0 percent from the same quarter in 2011. That is the largest increase since the last quarter of 2005, during the heat of the housing boom when prices skyrocketed 13.6 percent from the previous year.

And the price increases are widespread as well. The NAR reported that the median sales price rose in 133 of 152 metropolitan areas it tracks. That’s roughly 88 percent of all cities showing price growth from 2011. The number of cities experiencing price growth also rose on a quarterly basis, as only 120 metros areas posted gains in the third quarter.

So what’s behind the rising prices?

“Home sales are on a sustained uptrend, mortgage interest rates are hovering near record lows and unsold inventory is at the lowest level in 12 years,” said NAR chief economist Lawrence Yun in a . “Home sales are being fueled by a pent-up demand and job creation, along with still favorable affordability conditions and rents rising at faster rates. Our population has been growing faster than overall housing stock, so supply and demand dynamics are very much at play.”

The NAR report added that a shortage of housing inventory in the lower price ranges is also a strong contributing factor to higher prices.

The city with the strongest yearly growth was Phoenix with an increase of 34 percent. Investors there have been buying up all the foreclosures and short sales, seriously reducing the number of discounted homes for sale.

Other cities at the top of the list were Detroit with a 31 percent increase in home prices and San Francisco where they jumped 28 percent.

On the bottom were Kingston, New York with a 7.9 percent price decline, Kankakee, Illinois with a 7.0 percent decrease and Erie, Pennsylvania where prices fell 6.1 percent.

According to the wsj, a person familiar with the matter notes that these latest pr moves represent a recognition cell phone tracker free that competition is heating up