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Tag Archives: Home Sales

Confidence in Housing Rises Sharply Among Millennials

As the housing industry mends, younger Americans are expressing greater confidence in the market, according to results from Prudential Real Estate's Q2 outlook survey. Of the 2,600 millennials surveyed in Q2, 71 percent said their perception of the housing market is favorable, up from 65 percent in Q1. In 2011, only 52 percent of Americans aged 25 to 34 held a favorable perception of the real estate market.

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Report: 31% of Metro Areas Post Double-Digit Price Gains in Q2

Out of 163 metro areas across the country, 31 percent experienced double-digit annual home price gains in the second quarter, according to a report from the National Association of Realtors (NAR). During the second quarter last year, only 14 percent of markets showed double-digit yearly increases. Overall, 87 percent of the metro areas tracked saw median prices for existing-homes rise compared to last year, while 12 percent experienced declines, NAR data showed.

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List of Improving Markets Shrinks to 247 in August

The number of markets listed on the National Association of Home Builders' (NAHB) Improving Markets Index (IMI) continued to decline in August, though the index still sits well ahead of where it was last year, the association reported. ""While the number of improving housing markets this August remains well ahead of the same month last year, the index is affected by seasonal softening in home prices just as we saw happen in 2012,"" explained NAHB chief economist David Crowe.

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Report: Price Gains to Moderate in 2nd Half of 2013

In July, national home prices jumped 9.3 percent year-over-year, led by gains in the West, according to Clear Capital's latest housing report. Among metro areas, price gains were especially strong in Las Vegas, where home values spiked 31.2 percent from last year. Despite the recent streak of impressive home price gains, Clear Capital expects the market to experience more moderate and sustainable increases in the last half of 2013 as homebuyers transition into the ""new normal"" the report explained.

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Demand for Non-Traditional, Sub-prime Loans Up

Adding to concerns of a new housing bubble, lenders reported an increase in demand for non-traditional and sub-prime mortgage loans and that they’ve responded to that demand by easing standards, the Federal Reserve reported Monday in its quarterly Senior Loan Officer Opinion Survey. According to the survey, a net 3.1 percent of lenders responding said demand for ""non-traditional"" residential loans increased from the survey released three months ago and a net 25 percent of respondents said demand for loans from sub-prime borrowers was higher than it was in May.

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Steady Prices, Rising Inventory in July Expected Due to Seasonal Trends

Prices rose and inventory declined in July on an annual basis, according to the State of the Real Estate Market report released Monday by Movoto Real Estate. However, on a monthly basis, inventory increased and list price remained the same, signifying the market is reaching equilibrium, according to Movoto. Movoto also said the steady list price from June to July is to be expected based on historical data. ""[T]he fact that prices did not increase from June to July is seasonal,"" Movoto said.

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FOMC Issues Mortgage Rate Warning

The FOMC voted Wednesday to continue its policy of near-zero interest rates and its $85-billion-per-month bond-buying program. In a subtle change of language designed to assuage nervous stock investors, the FOMC statement said the committee ""reaffirmed its view that a highly accommodative stance of monetary policy will remain appropriate for a considerable time after the asset purchase program ends and the economic recovery strengthens.""

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Las Vegas Area Home Prices Up 35%, but Still Far from Peak

Home prices in the Las Vegas area soared to the highest point in nearly five years while cash sales also reached record levels, according to DataQuick. New and existing homes and condos in Clark County sold for a median price of $169,100 in June, representing an increase of 3.7 percent from May and a 35.3 percent jump from a year ago. Despite the significant improvement, Las Vegas still has a long way from to go when compared to its November 2006 peak of $312,000.

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Sellers Worry Rising Rates Will Lower Demand

Rising interest rates aren't just a burden for potential homebuyers. According to the latest survey from Redfin, 47 percent of sellers said they are worried about rising rates, expressing concerns that buyer demand will be lowered as a result. The share is up drastically from 23 percent in the previous quarter. Additionally, sellers expressed less interest when considering the option of renting for the first time in four months. In the third quarter of this year, 49 percent said they are considering renting rather than selling, down from 52 percent in the previous quarter and down from 46 percent a year ago.

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Survey Finds School Boundaries Huge Factor in Purchase Decisions

With summer drawing to a close and a new school year approaching, a new survey from Realtor.com shows school boundaries factor in heavily for many homebuyers when they consider their purchasing decision. In a poll of buyers planning to purchase a home within the next two years, Realtor.com found that three out of five respondents will consider school boundaries when choosing their next home. Out of that number, 90.53 percent said they are either an ""important"" or ""somewhat important"" factor.

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