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]
New Jersey real estate agents are saying that the winter time is not as quiet as people think, according to NJ.com.
“There’s a misunderstanding that winter is quiet,” said Andrea Webb, an agent with Keller Williams in Montclair.
Starting last month, New Jersey agents are preparing for the spring market, decompressing, networking and taking continuing education courses. And some are encouraging sellers to list their homes during a time when there is generally less competition. [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
[more]
Most metropolitan areas experienced annual price declines in home prices in the third quarter, according to a recent report from the National Association of Realtors. In 111 of the 150 metro areas it tracks, the NAR found price declines, compared to 109 experiencing annual declines in the second quarter.
But seasonally adjusted sales volume increased 17 percent compared to the prior year quarter, though it slipped a tenth of a percent from the second quarter rate.
“Home sales need to recover first — only then can prices stabilize,” said Lawrence Yun, chief economist of the NAR. – Adam Fusfeld [more]
From left: Orange County Association of Realtors CEO Ann Garti, Richard Haggerty, deputy executive director of Westchester Putnam Association of Realtors and Bill Thorne, executive director of the Rockland County Board of Realtors In the face of declining memberships, three Hudson Valley real estate associations will join forces in the new year, after the last of the boards voted in favor of a merger Wednesday.
The Westchester Putnam Association of Realtors, the Orange County Association of Realtors and the Rockland County Board of Realtors started merger negotiations earlier this month, but the tie-up was not official until the Orange County group voted to combine with the others.
“My members… see the dramatic changes in the industry and see our membership declining as a result of the conditions in the real estate industry,” said Ann Garti, CEO of the Orange County association. [more]
From the South Florida website: Florida sales activity jumped 10 percent in September for both condominiums and single-family homes compared to the same month a year ago, according to a National Association of Realtors report released today, thanks largely to huge increases in South Florida sales volume.
The condo market in the Miami area showed the greatest strength of any market in the state, as prices are on the rise and activity is at a record pace. The median price of a condo in Miami spiked 17 percent since last September, while activity rose 58 percent, bringing the 2011 sales pace to 29,000 transactions. According to the Miami Association of Realtors that would surpass the record set in 2005, even if prices are lower today. Miami single-family homes also performed well, as sales volume increased 46 percent year-over-year, although the median price dropped some 6 percent to $131,000. – Adam Fusfeld [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]
Sales of existing U.S. homes slid last month after a sudden surge in canceled contracts, according to data released by the National Association of Realtors today. Lawrence Yun, chief economist for the trade organization, said he wasn’t sure of the reason for the cancellations, but said the tight credit market, low appraisals, uncertainty about the economy and the outcome of the federal debt ceiling debate may have contributed to the “unusual spike.” A survey of the trade organization’s members indicated that 16 percent of respondents had a sales contract canceled for a single-family home, townhouse, condominium or co-op in June, up from 4 percent who said that had happened in May. Those failed transactions resulted in a 0.8 percent decline in the nationwide home sales pace last month, to an annual rate of 4.77 million. – Sarabeth Sanders [more]
