WASHINGTON (MarketWatch) – Sales of new single-family homes in the U.S. climbed to an annual rate of 372,000 in July from 359,000 in June, the Commerce Department said Thursday. Sales in June revised up from an original reading of 350,000. Economists polled by MarketWatch had forecast new home sales to rise to a seasonally adjusted 365,000 last month. The biggest increase took place in the Northeast, where sales rose nearly 77% after falling 55% in June. Sales also rose 7.7% in the Midwest. In the South, sales declined by 1.6% and purchases fell 0.9% in the West. New home sales are 25.3% higher compared to one year ago. The median price of new homes, meanwhile, dropped 2.1% to $224,200 last month from $229,100 in June. And the supply of new homes available for purchase on the U.S. market fell to 4.6 months at the current sales pace from 4.8 months in the prior month. The combination of faster sales and a slow rate of construction resulted in the number of new homes on sale falling to a record low of 142,000 in July.
Posts Tagged United States
By Jeffry Bartash
By Steve Goldstein
WASHINGTON (MarketWatch) — Sales of existing homes climbed 2.3% to a seasonally adjusted annual rate of 4.47 million in July, the National Association of Realtors reported Wednesday, coming in roughly in line with the 4.5 million consensus. The median price of existing homes climbed 9.4% year-on-year to $187,300, and inventories rose 1.3% to 2.4 million units, representing 6.4 months of supply.
Some Americans are still jittery over the housing market, but here are eight positive signs that should quell some of their fears.
- Housing prices are on the rise across the country.
- Foreclosures have slowed. Analysts suggest that as the supply of distressed homes slows, buyers will be forced into higher-price properties too.
- Inventories of for-sale homes on the market are decreasing. In fact, inventories of for-sale homes have dropped 24 percent from a year ago.
- Mortgage rates are at ultra record level lows, for those who can qualify
- Housing starts rose 6.9 percent in June. Also, existing-home sales were up 4.5 percent higher in June compared to one year ago.
- Home building stocks are on the rise.
- For investors who are buying homes, rents are soaring, allowing them to cash in on their investments. Rental prices are at a 10-year high as median units rent for $710 a month.
- Home affordability is at record highs for the median income family, due to falling home values and super low mortgage rates. In fact, a recent study found that it is cheaper to buy a home than rent in basically ever major city in the U.S. For those who buy, you can save the cost of renting by owning the home for five years or less.
But while the signs point to a housing market on the mend, some Americans still remain hesitant. Many Americans are still underwater on their mortgage, owing more on their home than it is currently worth. Also, the economy continues to weigh on the recovery, particularly a dampening employment outlook, which analysts see as tied to housing.
Still, The Wall Street Journal concludes in a recent article that if you take into account all the positive signs lately in the housing market, “housing presents an attractive long-term investment that should hold steady or even have upside surprise in the short term.”
Welcome to my July Homestead/South Forty/Old Edwards Estates Real Estate Market Update.
The 2012 Homestead market is tracking slightly above the 2011 market, indicative of an “L” shaped recovery. Click on the link below for the latest market update, current listings, and 2012 sales.
Managing Broker, Prudential Beaver Creek
Welcome to my July Bachelor Gulch Real Estate Market Update. Activity in 2012 continues to track ahead of 2011. We are definitely experiencing an “L” shaped recovery. But at least it is a recovery.
In addition to the latest BG trends and stats, this issue contains information on:
- Update on Eagle County foreclosure filings and sales
- Overall Eagle County Real Estate activity, which is red-hot in the lower end of the market.
Click on the links below to view the market update and the current BC condo and town home listings and 2012 sales.
Summer is well under way. The few rain showers we received over the past couple of weeks have been a relief. We are still very dry but a few sprouts of new green grass have been spotted throughout the Valley.
Last weekend, Molly, our 8 year-old lab mix, and I hiked to Nolan Lake south of Fulford outside of Eagle, Colorado. The lake sits about 11,250 ft.
This is a little early to make this hike but with the low snow winter we had the trail was nearly free of snow. We made it to the lake in a little over an hour but we pushed hard.
The lake was spectacular and views down valley beautiful. I highly recommend this hike to anyone wanting to make a relatively moderate hike to a high alpine lake.
Kim and I participated in the Vail Valley Annual Highway Clean-up day last Saturday. What a great way to spend the morning. We joined the Prudential crew at mile market 156 just west of the Wolcott exit.
It was also a beautiful day. You really never know what you are going to find. Very few treasures but lots of bottles, cans, auto parts, and some unmentionables.
There is a party afterward where everyone shows off their most interesting finds. We came in second this year with our discovery you can see in the photo below.
It was a fun day spent with some great folks.
By Steve Goldstein
WASHINGTON (MarketWatch) — An index of pending home sales climbed 4.1% in March to reach the highest level since April 2010, the National Association of Realtors said Thursday. The index rose to 101.4 in March from an upwardly revised 97.4 in February, which represents a 12.8% gain from March 2011. February’s pending home sales index was initially reported to be 96.5. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing. Sales of existing homes during the first quarter were the strongest in five years, and the trade group said the pending home sales data suggests the second quarter will be equally good.
TMN Comments: Interesting article. We are actually seeing the same trends in the Vail Valley. Our Under Contract properties for the 1st quarter are nearly 30% higher than the number of properties that went under contract in the 1st quarter, 2011. I attribute this activity to 4 things:
1. Pent up demand. People are still getting married and having kids.
2. Record low interest rates. You can get new financing (assuming you qualify) for about 4%.
3. General perception that we have hit the bottom in the local real estate market.
4. The large number of distressed properties hitting the market.
It is still a rough time for sellers and will continue to be difficult until we flush out the distressed properties.