November Home Sales Fall to 19-Month Low

As borrowers battled declining inventory and rising prices, November sales of existing U.S. homes fell to their lowest level in almost two years, according to the National Association of Realtors. Total existing home sales dropped 10.5 percent to a seasonally adjusted annual rate of 4.76 million in November, down from 5.32 million the month before. Sales have not seen a pace that slow since April 2014. This is the first time in 14 months that sales have actually decreased on a year-over-year basis, Read more [...]

Low Mortgage Rates Helped Home Prices to Rise in May

U.S. home prices continued their upward climb in May, according to real estate data firm CoreLogic, with historically low mortgage interest rates fanning the flames of home buying. “Mortgage rates on 30-year fixed-rate loans remained below 4 percent through May, helping to fuel home-purchase activity,” said Frank Nothaft, chief economist for CoreLogic. “Our homes-for-sale listing data shows that markets with high demand and limited supply, such as San Francisco, are recording double-digit Read more [...]

Existing Home Sales Soften in Response to Tight Inventory

Sales of existing U.S. home sales fell 3.3 percent in April, according to the National Association of Realtors, a product of tight inventory pushing home prices up, pricing many buyers out of the market. "April's setback is the result of lagging supply relative to demand and the upward pressure it's putting on prices," said NAR chief economist Lawrence Yun. "However, the overall data and feedback we're hearing from Realtors® continues to point to elevated levels of buying interest compared to Read more [...]

Low Rates, Jobs Market Push March Home Sales Higher

Sales of existing U.S. homes in March reached their highest annual pace since September 2013, buoyed by continued low mortgate interest rates and a firming employment scene, according to the National Association of Realtors. Total existing-home sales rose 6.1 percent to a seasonally adjusted annual rate of 5.19 million in March, up from 4.89 million the month before. Compared with a year ago, sales are up 10.4 percent with year-over-year sales having increased now for the past six straight months. "After Read more [...]

Home Sales Rose Slightly in February as Rates Inched Up

Existing U.S. home sales made a small gain in February, according to the National Association of Realtors, but were held back by limited inventory even as mortgage interest rates rose slightly. Total sales of existing homes rose 1.2 percent to a seasonally adjusted annual rate of 4.88 million in February, up from 4.82 million in January. Compared with the previous year, sales are up 4.7 percent. At the same time, the median existing home price rose 7.5 percent from February 2014 to $202,600. Read more [...]

Low Inventory, Rising Prices Slow January Home Sales

Sales of existing U.S. homes dropped in January, according to the National Association of Realtors, a product of both seasonal and unique market factors. Total sales fell 4.9 percent to a seasonally adjusted annual rate of 4.82 million in January, down from December’s 5.07 million. Even though sales decreased to their lowest rate in nine month, they were still 3.2 percent higher than the previous year. “January housing data can be volatile because of seasonal influences, but low housing Read more [...]

Stock Market, Low Inventory Stymied November Home Sales

Sales of existing U.S. homes slumped in November, according to the National Association of Realtors, pulling down the median price as the supply of homes contracted and stock market worries held buyers back. Total existing-home sales sank 6.1 percent to a seasonally adjusted annual rate of 4.93 million in November, down from 5.25 million in October, the highest level of the year. Compared with a year ago, sales are still up 2.1 percent however. The median home price fell to $205,300, down from Read more [...]

U.S. Home Prices Just 3 Percent Undervalued Now

After skyrocketing up during the housing boom, then plunging after the mortgage meltdown, U.S. home prices are almost back to a happy medium according to a new report from housing data firm Trulia.com. Trulia says that median home prices are now just 3 percent undervalued compared with historical prices, incomes and rents. That is in sharp contrast to the first quarter of 2006 when prices were overvalued by 34 percent, but it is much recovered from the 2012 first quarter low of being 13 percent Read more [...]

Existing Home Sales Dip in August

Breaking a four-month streak of increases, existing U.S. home sales reversed course in August, according to the National Association of Realtors, even as mortgage interest rates and total inventory fell. Sales of existing homes, including single family homes, townhomes, condos and co-ops, fell 1.8 percent in August to a seasonally adjusted annual pace of 5.05 million, down from July’s 5.14 million rate. Compared with August 2013, sales are down 5.3 percent from the 5.33 million level. "There Read more [...]

Existing-Home Sales Hit 2014 High As Interest Rates Remain Low

Sales of existing U.S. homes rose to an annual high in July, according to the National Association of Realtors, helped by mortgage rates that have fallen to their lowest level in over a year. The NAR reported that total existing-home sales - including sales of single-family homes, townhomes, condos and co-ops – grew 2.4 percent in July to a seasonally adjusted annual pace of 5.15 million, up from 5.03 million in June and the fourth straight month of sales increases. However, compared with July Read more [...]