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home sales: Existing Home Sales Slip In July - 08/24/11 10:00 AM
Home resales slipped in July.
According to the National Association of REALTORS®, Existing Home Sales nationwide fell to 4.67 million units on a seasonally-adjusted annualized basis last month. It's the fourth straight month below the 5 million mark, and the report's lowest reading since November 2010.
An "existing home" is a home that's been previously occupied or owned.
In addition, the Existing Home Sales report showed home supplies rising nationwide. At the current pace of sales, in other words, the complete, national "For Sale" inventory would be exhausted in 9.4 months. This, too, is the worst reading since November 2010.
On … (0 comments)
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home sales: New Home Supplies Keep Shrinking; Prices Pressured Higher - 07/28/11 12:34 AM
Home builders are slowly reducing inventory.
According to Census Bureau data, the number of new homes slid 1 percent from May. On a seasonally-adjusted, annualized basis, home buyers bought 312,000 newly-built homes last month.
It's the third straight month of falling sales and the headline data casts the housing market in a negative light.
Upon closer inspection, however, the numbers appear quite strong.
First, sales are down marginally. Total units sold have dropped just 2 percent from the highs of the year. And, second, the number of newly-built homes for sale is down markedly from last year
There are 22% fewer … (0 comments)
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home sales: Pending Home Sales Unexpectedly Spike In May - 06/30/11 05:29 PM
The summer housing market is heating up.
According to data from the National Association of REALTORS®, the Pending Home Sales Index smashed analyst expectations, jumping 8 percent on a monthly basis in May.
Wall Street calls were for an increase of just 0.5 percent.
It was a surprise result that, coupled with the recent stronger-than-expected New Home Sales and Existing Home Sales readings, has sparked housing market optimism nationwide.
The biggest reason for the optimism is because of what the Pending Home Sales Index measures.
In contrast to "traditional" housing data which reports on how housing performed two months ago, for … (1 comments)
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home sales: New Home Sales Fall To All-Time, Recorded Low. Maybe. - 03/25/11 03:14 PM
Sales of newly-built homes plunged 17 percent to an seasonally-adjusted, annualized 250,000 units in February, and the supply of new homes rose to 8.9 months in February -- a 1.5 month jump from January.
It's the lowest New Home Sales reading in recorded history, according to the Census Bureau, and the third straight report to signal that home values may be slow to rise nationwide this season.
Earlier this week, the National Association of REALTORS® reported Existing Home Sales down 10 percent from February, and the Federal Home Finance Agency said home values slipped 0.3 percent between December and January.
The media … (2 comments)
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home sales: Economic Roundup: Feb 21, 2011 - 02/22/11 11:57 PM
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home sales: Why You Shouldn't Put Too Much Faith In October's Case-Shiller Index - 12/31/10 12:42 AM
The Case-Shiller Index posted awful numbers in its most recent reading. Each of the index's 20 tracked markets showed home price deterioration between September's and October's respective report. Some markets fell as much as 2.9 percent.
The drop in values is nothing about which to panic, however. The Case-Shiller Index is just re-reporting what we already knew. It's a common theme with the Case-Shiller Index, actually; a trait traced to the report's methodology.
The Case-Shiller Index is an imperfect housing indicator with 3 inherent flaws.
The first flaw is that the index makes use of a limited data set, tracking values … (0 comments)
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home sales: Home Inventory Dwindles Into The New Year - 12/27/10 10:02 PM
Existing Home Sales jumped another 6 percent in November, the report's third month of improvement since bottoming in July.
According to the National Association of REALTORS®, a quarter-million more existing homes were sold during the annual period ending in November as compared to October. An "existing home" is a home that cannot be considered new construction.
Additionally, the national housing supply dropped by a full month. At the current pace of existing home sales, the complete stock of homes for sale will be exhausted in 9.5 months.
November's strong housing data is yet another signal to buyers that the housing market's … (1 comments)
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home sales: New Home Housing Stock Drops To A 5-Month Low - 10/28/10 05:21 PM
In the same week that the National Association of REALTORS reported home resales up 10 percent in September, the U.S. Census Bureau reported similarly strong results for the new construction market.
After improving 1 percent in August, New Home Sales popped another 7 percent in September.
It's no wonder homebuilder confidence is at a 5-month high.
Sales volume is higher in 4 of the last 5 months New home supply is at a 5-month low Buyer foot traffic is on the rise For home buyers , September's New Home Sales data may foreshadow a shift in builder sales strategies and it's … (0 comments)
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home sales: Existing Home Sales Jump; Housing Market Shows Spark - 10/26/10 04:51 PM
Existing home sales jumped 10 percent in September, the biggest monthly jump on record and a signal that the housing market may be returning to a normal sales pattern post-$8,000 federal tax credit.
Existing Home Sales counts home resales (i.e. not new construction) and 80 percent of home resales close within 45-60 days. It's no surprise, therefore, September's data is strong.
Throughout the July and August, mortgage rates were in free-fall, pushing home affordability to near-record levels. Concurrently, the number of homes available for sale climbed to multi-year highs.
"Deals" were in ample supply this summer and eager home buyers snatched … (0 comments)
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home sales: Existing Home Sales Rebound In August, Give Hope For Autumn - 09/24/10 04:04 PM
Sales of existing homes in recovered in August, perhaps the result of a post-tax credit normalization.
As compared to July, Existing Home Sales rose 8 percent in August, buoyed by falling interest rates and slow-to-rise home prices. There's lot of "good deals" out there and home buyers are taking advantage.
The housing gains are relative, however. August's total units sold barely crossed 4 million and still trails the average figures of the last few years by close to 1 million units.
Despite that, the August Existing Home Sales report can be considered a strong one. This is for several reasons:
Sales … (0 comments)
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home sales: Which Model Is More Accurate : The Case-Shiller Index Or The Home Price Index? - 09/09/10 02:52 PM
The private-sector Case-Shiller Index reported home values up 5 percent nationwide in June. The government's own Home Price Index, however, reached a different conclusion.
According to the Federal Home Finance Agency, month-to-month home values fell 0.3 percent in June, and values are down by 1.7 percent from June 2009.
So, as a home buyer and/or homeowner , by which valuation model should you make your bets? Perhaps neither.
This is because both the Case-Shiller Index and the Home Price have inherent methodology flaws, the most glaring of which is their respective sample sets.
The Case-Shiller sample set, for example, comes … (0 comments)
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home sales: Home Sales Are Back On The Rise After A 2-Month Pullback - 09/08/10 09:33 PM
Just one week after reports of Existing Home Sales and New Home Sales plunging, the housing market is signaling that auturm may fare better than did summer.
The number of homes under contract to sell rose 5 percent in July.
The data comes from the July Pending Home Sales Index, as published by the National Association of Realtors®. By definition, a "pending home sales" is a home that is sold, but not yet closed.
Historically, 80% of such homes close within 60 days which makes the Pending Home Sales Index an excellent, forward-looking indicator for the real estate market.
Indeed, the … (1 comments)
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home sales: Existing Home Sales Drop In June But Hint At Higher Price Tier Support - 07/23/10 03:04 PM
Consistent with most post-home buyer tax credit housing news, the National Association of Realtors® says Existing Home Sales eased lower last month.
An "existing home" is a home that cannot be considered new construction.
The 5 percent drop in sales from May to June was expected, but a closer look at the month's data reveals some interesting trends.
First, repeat buyers accounted for 44 percent of home resales in June, up from 40 percent in May. That's a healthy increase for just 4 weeks' time and the tax credit is a likely catalyst. First-timer buyers bought starter homes owned by former … (0 comments)
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home sales: Was The Pending Home Sales Report Really That Bad? It Depends Who You Ask -- Buyer Or Seller. - 07/02/10 01:58 PM
The Pending Home Sales Index plunged in May 2010, just one month after the expiration of the federal home buyer tax credit program.
The Pending Home Sales Index is now at a record-low level.
A "pending home sale" is an existing home under contract to sell, but not yet closed. According to the National Association of Realtors®, 80 percent of homes under contract close within 60 days.
Because of this timeline, we can expect the summer's Existing Home Sales to be weak, too. With fewer homes going under contract, fewer homes can close.
On the surface, May's Pending Home Sales Index … (0 comments)
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home sales: Buyers Take The May 2010 New Home Sales Data All The Way To The Bank - 06/25/10 01:38 PM
One month after the federal homebuyer tax credit's official expiration, the New Home Sales report turned in its worst showing ever.
In May 2010, for the first time in 11 months, the inventory of unsold new homes crossed the 8-month marker, posting an 8.5 month supply overall.
Additionally, new homes sales volume fell to 300,000 units nationwide -- a drop of 32% and its lowest level since the Commerce Department started tracking data in 1963.
Now, universally, the press is referring to the May New Home Sales report as "poor". A closer look, however, shows that may not be the … (0 comments)
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home sales: Pending Home Sales Data Shows Great Deals On Homes Are Getting Harder To Find - 06/03/10 04:59 PM
The Pending Home Sales Index shot higher in April as low mortgage rates and a soon-to-expire federal tax credit spurred home buying across the county.
A "pending home sale" is a home that's under contract to sell but not yet closed.
Region-by-region, April's pending home sales varied versus March's data:
Northeast Region: +29.5% Midwest Region : +4.1% South Region : -0.6% (after a +15.9% posting in March) West Region : +7.5% On an annual basis, the Pending Home Sales Index is higher by 22 percent.
April marks the third straight month that pending home sales are up and today's buyers should … (0 comments)
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home sales: Home Supplies Tick Higher, Creating An Opening For Today's Home Buyers - 05/25/10 01:18 PM
Sales of existing homes rose in April, buoyed by an expiring home buyer tax credit and exceptionally low mortgage rates.
As compared to March, April's Existing Home Sales rose by 410,000 units nationwide -- the second straight month of large gains. An "existing home" is a home resold by a prior owner (i.e. not new construction).
It's a solid report for housing overall, with rising sales suggesting that the real estate market's recovery is ongoing. However, the data presented a mixed message.
According to the National Association of Realtors®, although the number of homes sold ticked higher in April, so did … (0 comments)
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home sales: Seems like staging is expensive, why is it worth the expense? - 05/13/10 12:46 PM
Staging sells homes faster and for more money. It’s as simple as that. Statistically speaking staging is cheaper than the first price reduction that people make on a listing that isn't selling. Staging should be considered the final investment into your home that will have a profitable return of investment. A seller should budget 3-5% of the asking price towards staging and deferred maintenance on average. A well maintained home would require less, but a home that needs updating, maintenance and staging could be more. In a national study by the Real Estate Staging Association, published recently, it showed 126 homeowners … (2 comments)
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home sales: What's the difference between home staging and a decorator? - 04/02/10 11:55 AM
Home staging and decorating differ on one common front: function. A home staging professional views your home in the same light that a prospective buyer would. They have an in-indepth understanding of what distracts from a listing and what enhances a listing and will create a feel and flow in the home that attracts buyers and distracts from potential negatives of the rooms. Simply put, staging is the visual presentation of the home. It is not decorating because home staging professionals do not decorate a room with the homeowners preferences in mind, or to make the room functional to live in. … (3 comments)
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home sales: Existing Home Sales Flatten And Point To A Much Better Spring - 03/24/10 11:38 AM
As expected, Existing Home Sales fell in February, slipping 30,000 units versus January's numbers. It's the 4th straight month in which Existing Home Sales were lower, month-over-month.
An "existing" home is one that is previously owned and lived-in (i.e. not new construction).
Existing Home Sales peaked in November 2009, just as the First-Time Home Buyer Tax Credit was set to expire. Immediately thereafter, according to the National Association of Realtors®, monthly sales plunged 17 percent in December, then another 7 percent in January.
Comparatively, February's dip is a modest 0.6 percent and is more in line with the pre-tax-credit Existing Home … (2 comments)
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Michael Haigh
Burlingame,
CA
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W J Bradley / The Michael Haigh Team
Address: 1860 El Camino Real , Suite 306, Burlingame, Ca, 94010
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