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DaveDeal
66 Posts |
 Posted - 06/28/2008 : 05:50:11 AM
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Daily Real Estate News | June 26, 2008
Existing-Home Sales Show Modest Gain
Sales of existing-home sales increased in May with buyers responding to lower home prices, NAR says.
Existing-home sales — including single-family, townhomes, condominiums and co-ops — increased 2 percent to a seasonally adjusted annual rate of 4.99 million units in May from a level of 4.89 million in April, but are 15.9 percent below the 5.93 million-unit pace in May 2007.
NAR President Richard F. Gaylord says buyers are seeing value in the current housing market. “Home buyers are starting to get off the fence and into the market, drawn by drops in home prices in many areas and armed with greater access to affordable mortgages,” he says. “Today’s buyer plans to stay in a home for 10 years, which is a good strategy for building long-term wealth.”
The national median existing-home price for all housing types was $208,600 in May, down 6.3 percent from a year ago when the median was $222,700.
Housing Inventories
Lawrence Yun, NAR chief economist, says there’s still a lot of inventory in the market. “The large supply of homes on the market clearly favors buyers, and it should take several months to draw the inventory down,” he says. “Stabilization in home prices can only occur with buyers returning to the market, so we are encouraged by rising home sales, particularly in distressed markets. Foreclosures and short sales appear to be a larger part of the market, particularly in California, and are creating a drag on current home prices.”
Total housing inventory at the end of May fell 1.4 percent to 4.49 million existing homes available for sale, which represents a 10.8-month supply at the current sales pace, down from a 11.2-month supply in April.
Sales Activity Picks Up
Although conditions remain mixed around the country, unpublished snapshot data shows a number of areas are experiencing much higher sales activity than May 2007, including Sacramento, the San Fernando Valley and Monterey County in California; Sarasota, Fla.; and Battle Creek, Mich.
“Keep in mind that the volume of home sales is the primary driver of economic activity that is tied to housing,” Yun says. “It’d be premature to say the improvement marks a turnaround. The market is fragile, so a first-time home buyer tax credit and a permanent raise in loan limits would be important steps to get the housing engine humming.”
Single-family home sales rose 1.6 percent to a seasonally adjusted annual rate of 4.41 million in May from 4.34 million in April, but are 14.5 percent below the 5.16 million-unit pace in May 2007. The median existing single-family home price was $206,700 in May, which is 6.8 percent below a year ago.
Existing condominium and co-op sales increased 5.5 percent to a seasonally adjusted annual rate of 580,000 units in May from 550,000 in April, but are 24.6 percent lower than the 769,000-unit level a year ago. The median existing condo price was $223,400 in May, down 2.1 percent from May 2007.
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Scrooge McDuck
8837 Posts |
Posted - 06/28/2008 : 07:02:18 AM
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| any data provided by the national association of realtors is bs in my opinion. |
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benjamin
2278 Posts |
Posted - 06/28/2008 : 07:06:09 AM
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Check out Mr Mortgage on implodeometer, he has details of what the NAR is not reporting.
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Scrooge McDuck
8837 Posts |
Posted - 06/28/2008 : 07:11:13 AM
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| there was a time that NAR used to report all their data like clock work on a specific date. now they release the data whenever. i think they take their time to spin it the right way, and make it sound like roses. its lame. |
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darkstar
18289 Posts |
Posted - 06/28/2008 : 07:26:04 AM
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Haven't you learned about posting anything remotely positive here, they can't take it and it must be false...LOL
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ritabradley01
3228 Posts |
Posted - 06/28/2008 : 07:35:07 AM
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I've noticed that NAR exaggerates the positive a bit. The truth works for me.
Things always pick up in the summertime in real estate...but maybe it will set something in motion, who knows? |
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Scrooge McDuck
8837 Posts |
Posted - 06/28/2008 : 07:51:21 AM
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quote:
Originally posted by darkstar
Haven't you learned about posting anything remotely positive here, they can't take it and it must be false...LOL
whoa whoa whoa. i know realtors that dont even drink the NAR's kool aid. theyre a spin machine, and thats all. thats all they ever have been. |
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benjamin
2278 Posts |
Posted - 06/28/2008 : 11:58:17 AM
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| Darkone, once again you fail to realize what many of us deal with everyday. The economy ***** everywhere but BFKentucky, and you, like the NAR, have everything to gain by positive spin. They sell Bs,you sell leads. |
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darkstar
18289 Posts |
Posted - 06/28/2008 : 1:08:32 PM
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quote:
Originally posted by benjamin
Darkone, once again you fail to realize what many of us deal with everyday. The economy ***** everywhere but BFKentucky, and you, like the NAR, have everything to gain by positive spin. They sell Bs,you sell leads.
Sounds like you should move to KY then and funny how I didn't put my signature there if I'm such a "pusher" LOL But you're right, life is great here, no value or money issues!... |
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Scrooge McDuck
8837 Posts |
Posted - 06/28/2008 : 1:11:28 PM
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| i was in indianapolis all this week. houses were selling they were saying. although, my 370,000 house was 112,000. lol |
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benjamin
2278 Posts |
Posted - 06/28/2008 : 2:13:50 PM
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Darkstar, I think it is very big of you not to always be selling. Occasionally,I can agree with some of your points. The USA economy will take years to flatten out, as witnessed by the number of fine Americans driving foriegn cars, buying nothing but foriegn made crap.
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CoolMtgGuy
3704 Posts |
Posted - 06/28/2008 : 6:17:05 PM
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| Good news is ok but it is prudent to pay attention to the source of that "good" news. I am a member of NAR but I too believe their reports have decreasing credibility. I'll believe it when I see it ... uptick in existing home sales I mean. |
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the_mortgage_guy
1194 Posts |
Posted - 06/29/2008 : 3:51:39 PM
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| No. It's propaganda for a propped up economy. |
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