Tag Archives: Home Sales

The National Association of Home Builders' (NAHB) Improving Markets Index (IMI) showed no signs of slowing down in March, rising for its seventh consecutive month. According to NAHB, 274 metros are now on the mend, a net gain of 15 since February. While 19 markets were dropped, 34 new areas were added, including Birmingham, Alabama; Santa Barbara, California; Colorado Springs, Colorado; and Bloomington, Indiana. For the second straight month, metros in all 50 states are represented on the list.

Connecticut home sales at the start of the year rose 14 percent to 1,519, the highest level since January 2008 when there were 1,653 recorded sales. The gain also marks the 13th straight month of increases.

While a few stumbling blocks remain, Freddie Mac insists the economy is finally headed from gloom to bloom this spring. The GSE's U.S. Economic and Housing Market Outlook for March shows low mortgage rates, rising prices, and gradually improving consumer confidence will bolster home sales as the homebuying season starts. Compared to 2012, experts at Freddie Mac expect home sales to increase 8 to 10 percent this year, coming to about 5.4 million units sold by year's end.

Home values maintained their upward trajectory in February after climbing for the 16th straight month, according to Zillow's Home Value Index. The index registered a national value of $158,100 last month, which represents a slight 0.1 percent increase from January and a 5.8 percent jump from February 2012, Zillow reported. The yearly gain is the second largest increase since August 2006. In January, the year-over-year gain was 6 percent. At the same time, all 30 of the largest metros tracked by the online real estate marketplace saw monthly and yearly price growth.

Existing-home sales rose 0.8 percent in February to a seasonally adjusted annual rate of 4.98 million, the National Association of Realtors reported Thursday. Economists had expected the sales pace to climb to 5.01 million from January's originally reported 4.92 million. January sales were revised up to 4.94 million. The inventory of homes for sale rose for the first time since last July, up 9.6 percent to 1,940,000. At the reported sales pace, that represents a 4.7-month supply of homes for sale, up from the 4.3-month supply reported for January.

Home price gains may be outpacing increases in rent, but the cost of being a homeowner is still much less than that of a renter, according to Trulia’s Winter 2013 Rent vs. Buy report. After factoring all cost components, Trulia found buying a home is 44 percent cheaper than renting, down slightly from 46 percent a year ago. Yet, in the last year, asking home prices showed a 7 percent gain compared to a 3.2 percent increase in rents during the same time period, according to data from the real estate site.

More than one-third of homes were taken off the market in two weeks or less last month, Redfin revealed in its most recent monthly housing report. On average, 34 percent of homes were under contract within 14 days of their debut in February, an increase from 30.3 percent in January, the online real estate broker reported. Redfin also reported a continued year-over-year decrease in inventory, which has fallen 32 percent from February 2012.

According to ZipRealty, the coveted title of ""Most Affordable Market of 2013"" goes to the Dallas-Fort Worth area, where the median sales price is 5.27 times the median household income. In fact, metro areas in Texas and in non-coastal regions are the best places to find a real estate bargain, according to ZipRealty. Meanwhile, metros located on or close to the coasts make up the list of least affordable areas. Washington, D.C., takes the top spot, with the average median price costing 16.78 times the average household income.

While every homebuyer is different, certain features in residential properties tend to be of greater value to consumers. To find out what some of those features are, the National Association of Realtors (NAR) surveyed over 2,000 households that purchased a home between 2010 and 2012. Out of the 33 home features presented in the survey, NAR reported central air conditioning was the most important feature to buyers, with 65 percent stating this was very important. A walk-in closet in the master bedroom was said to be of great value among 39 percent of buyers, making it the second most important feature.

Housing inventory is now at its lowest level since January 1994; home sales have exceeded listings for the past 25 months; and the upward trajectory in home prices starting at the end of last year continues, according to the latest ""US Housing Market Monthly"" from Capital Economics. Home sales are ""normal"" relative to population, but supply remains low, according to the firm. House prices increased 9.7 percent year-over-year in January, continuing a recent trend, and prices show ""no signs of an imminent slowdown,"" according to Capital Economics.