NAR: Second-Home Sales Fall

31 03 2009

The number of people buying vacation and investment homes fell 30 percent last year, according to the National Association of Realtors.

But, those who are buying are doing so with cash – with more than four out of 10 investment buyers and more than three in 10 vacation home buyers coming to the table with money up front.

“We expected vacation-home sales to fall given the impact of a declining economy on discretionary purchases,” said Lawrence Yun, NAR chief economist, in a news release. “A steady share of investment-home sales results from buyers taking advantage of deeply discounted prices in many areas, with a smaller portion of new homes in the sales mix.”

The market share of homes purchased for investment was 21 percent last year, unchanged from 2007, while an additional 9 percent were vacation homes, down from a 12 percent market share in 2007, according to NAR.

And as with the market for primary residences, second-home prices were also down significantly.

The median price of a vacation home was $150,000 in 2008, down 23.1 percent from $195,000 in 2007.

The typical investment property cost $108,000 last year, which is 28 percent below the 2007 median of $150,000, according to NAR.

Among other findings:

– The typical vacation-home buyer in 2008 was 46 years old, had a median household income of $97,200, and purchased a property that was a median of 316 miles from their primary residence.
– Investment-home buyers in 2008 had a median age of 47, earned $85,000, and bought a home that was fairly close to their primary residence – a median distance of 19 miles.
– Twenty-six percent of vacation homes were purchased in small towns, 23 percent in a rural area, 23 percent in resorts, 20 percent in a suburb and 8 percent in an urban area or central city.
– Twenty-eight percent of investment homes were purchased in a suburb, 20 percent in an urban or central city area, 23 percent in a rural area, 22 percent in a small town and 6 percent in a resort area.
– Seventy percent of vacation homes purchased in 2008 were detached single-family homes, 18 percent condos, 5 percent townhouses or row houses and 7 percent other.
Sixty-four percent of investment homes purchased in 2008 were detached single-family homes, 22 percent condos, 8 percent townhouses or row houses and 6 percent other.

The survey, conducted in March, includes answers from 1,924 usable responses.

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U.S. Existing Home Sales Up 5.1% in Feb.

25 03 2009

Sales of existing homes increased 6.1 percent in the South in February, according to Jacksonville Business Journal.

On a national level, existing home sales were up 5.1 percent in February, according to a report released Monday by the National Association of Realtors.

But sales in the South are still soft — more than 11 percent lower than February 2008.

More than 40 percent of sales in February across the nation were of foreclosed properties, or properties in default that were being sold for less than the mortgage balance.

Most of the sales nationally were concentrated at the bottom of the price ladder. Because more expensive homes are selling less well, the sales records continue to show dropping median prices.

The median price in the South was $146,700, down 10 percent from a year ago.





U.S. Existing Home Sales Up 5.1% in Feb.

24 03 2009

Sales of existing homes increased 6.1 percent in the South in February, according to Jacksonville Business Journal.

On a national level, existing home sales were up 5.1 percent in February, according to a report released Monday by the National Association of Realtors.

But sales in the South are still soft — more than 11 percent lower than February 2008.

More than 40 percent of sales in February across the nation were of foreclosed properties, or properties in default that were being sold for less than the mortgage balance.

Most of the sales nationally were concentrated at the bottom of the price ladder. Because more expensive homes are selling less well, the sales records continue to show dropping median prices.

The median price in the South was $146,700, down 10 percent from a year ago.





FAR: Home Sales Up, But Prices Continue to Fall

24 03 2009

While sales of existing homes in Florida rose for the sixth month in a row, prices remained significantly depressed.

Existing home sales in the Sunshine State rose 20 percent, with 9,858 homes sold statewide, up from 8,181 homes sold during the same month last year, according to the latest housing data from the Florida Association of Realtors.

The sale of existing condos was up 15 percent last month to 3,198 from 2,785 units sold in February 2008. February condo sales were up 25.1 percent over the total units sold in January.

The statewide existing condo median sales price last month was $109,300, down 37 percent from last February, when the median sales price was $173,900.

Thirteen of Florida’s metropolitan statistical areas reported increased existing-home sales in February, while 11 MSAs also showed gains in condo sales. That marks the eighth month in a row that a number of markets have reported increased sales.

However, prices remain down, the result of discounted sales and foreclosures.

The statewide median sales price for existing homes last month was $141,900 – down 29 percent from a year ago, when it was $199,300.

The median is the midpoint of sales prices: Half the homes sold for more, half for less.

In Jacksonville sales were up 6 percent and the median price fell 11 percent to $159,500. Condo sales fell 26 percent and the median price was down 17 percent to $118,600.

Source: Florida Association of Realtors





FAR: Home Sales Up, But Prices Continue to Fall

23 03 2009

While sales of existing homes in Florida rose for the sixth month in a row, prices remained significantly depressed.

Existing home sales in the Sunshine State rose 20 percent, with 9,858 homes sold statewide, up from 8,181 homes sold during the same month last year, according to the latest housing data from the Florida Association of Realtors.

The sale of existing condos was up 15 percent last month to 3,198 from 2,785 units sold in February 2008. February condo sales were up 25.1 percent over the total units sold in January.

The statewide existing condo median sales price last month was $109,300, down 37 percent from last February, when the median sales price was $173,900.

Thirteen of Florida’s metropolitan statistical areas reported increased existing-home sales in February, while 11 MSAs also showed gains in condo sales. That marks the eighth month in a row that a number of markets have reported increased sales.

However, prices remain down, the result of discounted sales and foreclosures.

The statewide median sales price for existing homes last month was $141,900 – down 29 percent from a year ago, when it was $199,300.

The median is the midpoint of sales prices: Half the homes sold for more, half for less.

In Jacksonville sales were up 6 percent and the median price fell 11 percent to $159,500. Condo sales fell 26 percent and the median price was down 17 percent to $118,600.

Source: Florida Association of Realtors





Florida Ranks No. 3 for Business

19 03 2009

Florida moved up in the ranks to become the third-best state in which to conduct business, according to Chief Executive magazine.

The magazine evaluated states on natural resources, regulation, tax policies, quality of living, education and infrastructure, among others. Florida ranked No. 10 in 2008.

Only Texas and North Carolina placed ahead on the list, which is based on surveys of more than 500 chief executives.

However, Florida didn’t rank as high in some of the categories. For example, the Sunshine State ranked No. 42 when it comes to the cost of business, No. 18 for transportation, No. 39 for education and No. 23 for quality of life.

For the fourth year in a row, California and New York were ranked the worst and second worst states to do business in, respectively. Michigan came in third from the bottom for the second year in a row. The only difference in the bottom five was a flip in the worst fourth and fifth states, as New Jersey took over Massachusetts as the fourth worst state.

Chief Executive magazine said states that perform well in the rankings tend to have lower taxes and little unionization.

Source: Chief Executive magazine





Florida Ranks No. 3 for Business

19 03 2009

Florida moved up in the ranks to become the third-best state in which to conduct business, according to Chief Executive magazine.

The magazine evaluated states on natural resources, regulation, tax policies, quality of living, education and infrastructure, among others. Florida ranked No. 10 in 2008.

Only Texas and North Carolina placed ahead on the list, which is based on surveys of more than 500 chief executives.

However, Florida didn’t rank as high in some of the categories. For example, the Sunshine State ranked No. 42 when it comes to the cost of business, No. 18 for transportation, No. 39 for education and No. 23 for quality of life.

For the fourth year in a row, California and New York were ranked the worst and second worst states to do business in, respectively. Michigan came in third from the bottom for the second year in a row. The only difference in the bottom five was a flip in the worst fourth and fifth states, as New Jersey took over Massachusetts as the fourth worst state.

Chief Executive magazine said states that perform well in the rankings tend to have lower taxes and little unionization.

Source: Chief Executive magazine








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