Boston Realtor Mike Mahoney
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Posts Tagged ‘national association of realtors’

Emerging Buyer’s Market Lifts Home Sales in May

June 24th, 2019 by Michael Mahoney

Emerging Buyer’s Market Lifts Home Sales in May

May Home Sales Up According to National Association of Realtors

For the first time in two months, existing-home sales rose in May as consumers rushed to take advantage of lower mortgage rates and greater inventory. Total existing-home sales—completed transactions including single-family homes, townhomes, condos, and co-ops—jumped 2.5% month over month in May, reaching a seasonally adjusted annual rate of 5.34 million, the National Association of REALTORS® reported Friday. All four major regions of the U.S. saw an increase in sales last month, led by the Northeast.

“The purchasing power to buy a home has been bolstered by falling mortgage rates, and buyers are responding,” says NAR Chief Economist Lawrence Yun. However, total sales are still down 1.1% compared to a year ago. Read the full article on Realtor Magazine

 

 

May 2019 Housing Minute

June 12th, 2019 by Michael Mahoney

May 2019 Housing Minute

Pending and existing home sales declined slightly in April, while inventory continues to increase. Please watch this video which will help identify some of the national real estate market trends.

 

Pending Home Sales Down Slightly in the Northeast

June 5th, 2019 by Michael Mahoney

Pending Home Sales Down Slightly in the Northeast

WASHINGTON (May 30, 2019) – Pending home sales declined in April, a modest change from the growth seen a month before, according to the National Association of Realtors®. Only one of the four major regions – the Midwest – experienced growth, while the remaining three regions reported a drop in their respective contract activity.

The Pending Home Sales Index,* www.nar.realtor/pending-home-sales, a forward-looking indicator based on contract signings, fell 1.5% to 104.3 in April, down from 105.9 in March. Year-over-year contract signings declined 2.0%, making this the 16th straight month of annual decreases.

See the full report here

Looking for a Boston Foreclosure - KW can helpWe know it’s confusing to look at all the values and decipher the market. Michael Mahoney is a veteran agent with almost two full decades of experience behind him. He will watch the market and provide you with a complete suite of personalized homebuying or selling tools so that you can confidently make your move.  Take a look at one such example in his Ultimate Home Buyers Checklist.

Lawrence Yun NAR Chief Economist on March 2019

April 30th, 2019 by Michael Mahoney

National Association of Realtors Existing Home Sales Report

Click the Image Above to See Full Size

Existing-Home Sales Slide 4.9% in March

The content below is furnished by the National Association of Realtors

Lawrence Yun, NAR’s chief economist, anticipated waning in the numbers for March. “It is not surprising to see a retreat after a powerful surge in sales in the prior month. Still, current sales activity is underperforming in relation to the strength in the jobs markets. The impact of lower mortgage rates has not yet been fully realized.”

The median existing-home price2 for all housing types in March was $259,400, up 3.8% from March 2018 ($249,800). March’s price increase marks the 85th straight month of year-over-year gains.

Total housing inventory3 at the end of March increased to 1.68 million, up from 1.63 million existing homes available for sale in February and a 2.4% increase from 1.64 million a year ago. Unsold inventory is at a 3.9-month supply at the current sales pace, up from 3.6 months in February and up from 3.6 months in March 2018.

“Further increases in inventory are highly desirable to keep home prices in check,” says Yun. “The sustained steady gains in home sales can occur when home price appreciation grows at roughly the same pace as wage growth.”

Properties remained on the market for an average of 36 days in March, down from 44 days in February but up from 30 days a year ago. Forty-seven percent of homes sold in March were on the market for less than a month.

Yun says tax policy changes will likely add further complications to the housing sector. “The lower-end market is hot while the upper-end market is not. The expensive home market will experience challenges due to the curtailment of tax deductions of mortgage interest payments and property taxes.”

You can listen to the interview with NAR’s chief economist

NAR - Existing Home Sales Report MARCH 2019

NAR Home Sales March Report Click Here to Play

12% Increase in Sales Last Month According to Lawrence Yun of National Association of Realtors

April 10th, 2019 by Michael Mahoney

12% Increase in Sales Nationally Last Month

12% Increase in Sales Last Month According to Lawrence Yun of National Association of Realtors

Existing-home sales rebounded strongly in February, experiencing the largest month-over-month gain since December 2015, according to the National Association of Realtors®. Three of the four major U.S. regions saw sales gains, while the Northeast remained unchanged from last month.

“A powerful combination of lower mortgage rates, more inventory, rising income and higher consumer confidence is driving the sales rebound.” Lawrence Yun, Chief Economist for National Association of Realtors

See the full press release here

Housing Minute Courtesy of the National Association of Realtors

April 2nd, 2019 by Michael Mahoney

Housing Minute Courtesy of the National Association of Realtors

Existing-home sales rose 11.8 percent from last month and the median home sales price rose 3.6 percent from last year.

 

 

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Pending Home Sales Scale Back 1.3 Percent in April

May 31st, 2017 by Michael Mahoney

National Association of Realtors Pending Home Sales Index

WASHINGTON (May 31, 2017) — Pending home sales in April slumped for the second consecutive month and were down year-over-year nationally and in all four major regions, according to the National Association of Realtors®. Only the West saw an increase in contract signings last month. See what the National Association of Realtors released today.

Here is what Chief National Association Economist Lawrence Yun had to say:

Lawrence Yun, NAR chief economist, says contract activity is fading this spring because significantly weak supply levels are spurring deteriorating affordability conditions. “Much of the country for the second straight month saw a pullback in pending sales as the rate of new listings continues to lag the quicker pace of homes coming off the market,” he said. “Realtors® are indicating that foot traffic is higher than a year ago1, but it’s obviously not translating to more sales.”

Added Yun, “Prospective buyers are feeling the double whammy this spring of inventory that’s down 9.0 percent from a year ago2 and price appreciation that’s much faster than any rise they’ve likely seen in their income.”

Unfortunately, Yun believes there is little evidence these astoundingly low supply levels are going away soon. Home building activity has not picked up enough this year and too few homeowners are listing their home for sale.

It’s my opinion that if you are close to your horizon for current property, then you should consider selling it now…You could walk away with an unbelievable that may not become available for awhile should there be a downturn in the economy in the next few years. Remember what goes up, must come down.  Want to find out how much money is tied up in your property? Check out www.YourEquityFinder.com

The next Existing-Home Sales report for May will be reported June 21, and the next Pending Home Sales Index will be June 28; all release times are 10:00 a.m. ET.

National Association of Realtors – Existing Home Sales Slip 2.3%

May 30th, 2017 by Michael Mahoney

Home Sales Fall According to NAR

National Association of Realtors – Existing Home Sales Slip 2.3%

WASHINGTON (May 24, 2017) — Stubbornly low supply levels held down existing-home sales in April and also pushed the median number of days a home was on the market to a new low of 29 days, according to the National Association of Realtors®.

“Realtors® continue to voice the frustration their clients are experiencing because of the insufficient number of homes for sale,” added Yun. “Homes in the lower- and mid-market price range are hard to find in most markets, and when one is listed for sale, interest is immediate and multiple offers are nudging the eventual sales prices higher.” See the available inventory here in Norfolk and Suffolk County

In Boston, the shortage of homes has had an impact as well. As you will see the chart below, the inventory is down but also that absorption rate is up which leads to less available inventory for consumers looking to purchase. If you are considering a move, now would be a great time. Get the value of your home now.

 

Regional Breakdown of the Northeast

April existing-home sales in the Northeast dipped 2.7 percent to an annual rate of 730,000, and are now 2.7 percent below a year ago. The median price in the Northeast was $267,700, which is 1.6 percent above April 2016.
Properties typically stayed on the market for 29 days in April, which is down from 34 days in March and 39 days a year ago, and surpasses last May (32 days) as the shortest time frame since NAR began tracking in May 2011. Short sales were on the market the longest at a median of 88 days in April, while foreclosures sold in 46 days and non-distressed homes took 28 days. Fifty-two percent of homes sold in April were on the market for less than a month (a new high). Read the whole article from The National Association of Realtors here.

Video by The National Association of Realtors

NOTE: NAR’s Pending Home Sales Index for April is scheduled for release on May 31, and Existing-Home Sales for May will be released June 21; release times are 10:00 a.m. ET. You can access these reports when released at www.Realtor.org

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