Sales and closing prices of existing U.S. homes grew in April and listed inventory fell, indicating a strengthening recovery, according to data released today by the National Association of Realtors.
Completed sales on existing homes increased 3.4 percent from March to a seasonally adjusted annual rate of 4.62 million in April 2012. Sales are up 10 percent from the 4.2 million rate recorded in April 2011. [more]
Existing home sales increased 4 percent in November, according to a report released today by the National Association of Realtors, which also revised four years worth of data the organization previously announced was errant.
NAR downwardly revised existing home sales statistics dating back to 2007 by more than 14 percent. The association said the bad data stemmed from a previously unnoticed increase in the number of people that use brokers, and therefore an unaccounted for change in the market share that the multiple listing services throughout the country capture. – Adam Fusfeld [more]
Real estate and financial professionals that closely track the National Association of Realtors’ monthly existing-home sales data are in for a rude awakening. The New York Post reported that the association has admitted it has been reporting bad figures for every month since January 2007 and will revise four years worth of data downward starting next Wednesday.
The NAR attributed the bad data to a statistical glitch that counted some homes twice, along with population shifts and a decline in owners selling their own home. [more]
Sales of existing homes rose in October, but remained stuck at a low level, according to a report released today by the National Association of Realtors, which noted that contract failures played a large role in the stagnant market.
Existing sales increased 1.4 percent from September and 13.5 percent from October 2010 to a seasonally adjusted annual rate of 4.97 million units.
“Home sales have been stuck in a narrow range despite several improving factors that generally lead to higher home sales,” said Lawrence Yun, NAR’s chief economist. “A higher rate of contract failures has held back a sales recovery.” – Adam Fusfeld
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Existing home sales were down in September on the heels of a strong gain in August, but remain well above a year ago, according to a report released today by the National Association of Realtors.
Total existing home sales declined 3 percent to a seasonally adjusted annual rate of 4.91 million in September from an upwardly revised 5.06 million in August, but are 11.3 percent above the 4.41 million unit pace in September 2010.
“Existing home sales have bounced around this year, staying relatively close to the current level in most months,” said Lawrence Yun, chief economist of the NAR. “The irony is affordability conditions have improved to historic highs and more creditworthy borrowers are trying to purchase homes, but the share of contract failures is double the level of September 2010. Even so, the volume of successful buyers is higher than a year ago and is remaining fairly stable — this speaks to an unfulfilled demand.” — Miranda Neubauer [more]
The sudden jump of existing home sales in the U.S. in August was probably a fluke, according to CNBC, and evidence suggests sales will decrease back to shaky levels next month.
Sales rose 7.7 percent month-over-month in August, but brokers say its largely because of delayed sales from the spring. The data reflects signings that may have taken place in May and June, before the global economic turmoil resurfaced in August.
And don’t look for the trend to continue. Consumer confidence has dipped and the new conforming loan limit means fewer buyers will have access to financing. [more]
Sales of existing homes fell nationwide in July, according to data from the National Association of Realtors released today, as tight lending and low appraisals — measures overcompensating for conditions that led to the boom — continue to plague the market.
The seasonally adjusted annual rate of existing sales of single-family, townhomes, condominiums and co-ops fell 3.5 percent in July to 4.67 million. However. that rate remains 21 percent greater than the 3.86 million pace from last July. The median price fell 4.4 percent from the same month a year ago to $174,000, with distressed properties accounting for 29 percent of the sales.
Sixteen percent of NAR brokers reported contract cancellations in July, the same number as in June; 9 percent attributed it to low appraisals and another 13 percent reported renegotiated contracts due to low appraisals. – Adam Fusfeld [more]
The uptick in existing U.S. home sales continued in January, with sales rising for the third consecutive month at a pace that is now above year-ago levels, according to report released today by the National Association of Realtors. Existing home sales, which are completed transactions that include single-family homes, townhouses, condominiums and co-ops, increased 2.7 percent to a seasonally adjusted annual rate of 5.36 million in January from 5.22 million in December, and are 5.3 percent above the 5.09 million level in January 2010. This is the first time in seven months that sales activity was higher than a year earlier. NAR chief economist Lawrence Yun said the improvement is good but could be better. TRD [more]
For many homeowners across the country, the U.S. housing crisis felt worse than the data showed — turns out, that might not be a coincidence, according to the Wall Street Journal. The National Association of Realtors, an industry group that regularly reports on home sales across the country, now says it may have overestimated the number of homes sold from 2007 to present. For example, NAR reported that 4.9 million previously owned homes sold in 2010, while another real estate data firm, CoreLogic contends that just 3.3 million sold during that time. Lawrence Yun, chief economist with NAR, said that his organization is “looking at [the data] carefully right now,” but didn’t indicate when or if the group would release revised figures. [more]
Existing U.S. home sales began to climb in November, since bottoming out in July, according to a report released today by the National Association of Realtors. Existing home sales — including single-family homes, townhouses, condominiums and co-ops — rose 5.6 percent in November, from 4.43 million in October, but are 27.9 percent below the cyclical peak of 6.49 million in November 2009, which was the initial deadline for the first-time homebuyer tax credit. But economists are optimistic about 2011. “Continuing gains in home sales are encouraging, and the positive impact of steady job creation will more than trump some negative impact from a modest rise in mortgage interest rates, which remain historically favorable,” said Lawrence Yun, chief economist for NAR. TRD [more]
