The real estate industry saw improvements in 2013, with price appreciation and continued sales. However, 2014 is expected to bring higher interest rates, which will lead to fewer potential buyers. According to a survey by Redfin real estate agents in December 2013, only 65% of agents said 2014 will be a good time to put […]
Existing home sales failed to surpass sales in the same month a year prior during the month of November, according to the National Association of Realtors (NAR). This is the first time that has happened in 29 months. Sales for family homes, condominiums, townhouses, and cooperative apartments sold at an adjusted rate of 4.90 million—a […]
Pending home sales continued its downward trend in October, resulting in the fifth consecutive month of decline, according to the National Association of Realtors. A forward-looking indicator based on contract signings, the Pending Homes Sales Index, was at 102.1, dropping from 0.6% from September’s index at 102.7. It was the lowest level since December 2012. […]
Reports from the third quarter of 2013 have shown that shortages of homes on the market may ease due to an improvement in home equity, according to Seattle-based Zillow Inc. In Q3 2013, homeowners with negative equity (owing more than the house is worth) dropped to 21% from 23.8% the previous quarter. Owners with at […]
Housing affordability is being affected by a “perfect storm” scenario and taking the biggest hit in nearly ten years. The National Association of Homebuilders (NAHB) and Wells Fargo released their Housing Opportunity Index (HOI) for the third quarter of 2013, which was 64.5%, down from 69.3% in the second quarter. “Perfect storm” means home values […]
RealtyTrac recently reported that a total of 14% of residential sales in the last year derived from people or institutions buying 10 or more residential properties. This is the highest level since RealtyTrac began tracking home purchases two years ago. Forty-nine percent of last month’s home sales were all-cash, up from 40% in August and […]
According to a recent report by the National Home Sales Snapshot, existing home sales declined for its fourth consecutive week. The report states that for the end of the 30-day rolling period, which ended on October 10, 250,006 properties were sold, which is a 1.3% decline from the previous week, and was also 7.3% lower […]
Newsday recently reported that the supply of Long Island homes for sale has reached its lowest level in at least two years. The median sales price rose by 8.7% in Suffolk County to $347,750 and, in Nassau County, the median sales price increased 2.3%, to $445,000. August marked six straight months of year-over-year home sale […]
The National Association of REALTORS announced today that existing home sales during the month of July rose by 6.5% compared to June and also saw a 17.2% increase year over year. According to the NAR, existing home sales were up from a downwardly revised figure of 5.06 million in June to a seasonally adjusted annual […]
Economists at the Goldman Sachs Group reported than more than 50% of all homes sold last year and throughout this year were bought mortgage-free and that all-cash sales have more than doubled since 2006. Before the housing bubble burst, only 20% of homebuyers made cash-only transactions. Goldman Sachs analysts determined the percentage of cash-only home […]