U.S. existing home sales rise in December but down for 2014

24 01 2015

U.S. home resales rose slightly in December but fell overall for the year, the first annual drop since 2010 and another sign that the housing market recovery remains uneven amid expectations of a pick-up in 2015.

The National Association of Realtors said existing home sales increased 2.4 percent to an annual rate of 5.04 million units last month. That was slightly below economists’ expectations for a 5.06-million-unit pace.

“The still-tight mortgage credit conditions and more challenging first-time homebuyer affordability that were revealed by the failure of home sales to continue recovering last year remain serious concerns as we head into 2015,” said Ted Wieseman, an economist at JPMorgan in New York.

First-time buyers made up 29 percent of transactions in December as well as for the year as a whole, well below the level needed to boost growth in the housing market.

For all of 2014, existing home sales fell 3.1 percent, the first annual drop in four years. The housing market has struggled to maintain momentum since stagnating in the second half of 2013 following a run-up in mortgage rates.

At December’s sales pace it would take 4.4 months to clear all available houses from the market, down from 5.1 months in November and the lowest since January 2013.

However, a decline in mortgage rates, an easing of lending standards and the resurgent health of the U.S. economy over the last few months has spurred optimism that sales could strengthen this year.

And the outlook for the economy remains upbeat. In a separate report the Conference Board said its Leading Economic Index rose 0.5 percent last month after a 0.4 percent increase in November.

December’s jump was driven by gains in most of the index’s components, suggesting the short-term outlook is getting brighter and the economy continues to build momentum, the Conference Board said.

Source: Reuter





Florida Tops in the U.S. for Cash Sales of Homes in July

16 10 2014

Florida had the largest share of cash sales of any state in July, with 49.7 percent, a new report from CoreLogic shows.

For the United States as a whole, cash sales made up 32.9 percent of total home sales in July, the lowest share since August 2008 and down from 35.9 percent in July 2013.

Besides Florida, other states with the largest percentage of cash sales included Alabama (47.6 percent), New York (44.5 percent), West Virginia (42 percent) and Idaho (39.9 percent).

Of the largest 100 core based statistical areas measured by population, West Palm Beach-Boca Raton-Delray Beach had the highest share of cash sales at 57.9 percent, followed by Cape Coral-Fort Myers (57.3 percent), Miami-Miami Beach-Kendall (56.5 percent), North Port-Sarasota-Bradenton (55.8 percent) and Detroit-Dearborn-Livonia, Mich. (55.8 percent).

Washington-Arlington-Alexandria, D.C.-Va.-Md. had the lowest cash sales share at 15.4 percent.

Source: Jacksonville Business Journal.





Ponte Vedra Dominates Priciest Home Sales in Second Quarter

13 10 2014

The second quarter of 2014 saw a number of multi-million dollar home sales in the Jacksonville area, with the majority of them in Ponte Vedra Beach.

The top sale of the quarter was a 4,200-square-foot home in the 800 block of Ponte Vedra Beach Boulevard, and nine more of the top 20 sales were nearby

Together, the 20 homes sold for just over $49 million, with the average price of the list around $2.5 million.

As well as Ponte Vedra Beach, the other waterfront areas of the region — not surprisingly — helped fill out the list, with Jacksonville Beach, Atlantic Beach and Fernandina Beach all snagging spots. Jacksonville proper had three homes on the list.

Source: Jacksonville Business Journal





Augst Home Prices Up 6.4 Percent Over Last Year

8 10 2014

Home prices continued the annual gains in August but have appreciated at a slower pace since hitting a peak a year ago.

CoreLogic, which tracks data on the housing market, reported that prices rose 6.4 percent in August compared with the same month a year ago, representing 30 months of year-over-year increases.

Home prices hit a high of 12 percent year-over-year in October 2013 and has been dropping since then.

“Continued moderation of home price appreciation is a welcomed sign of more balanced real estate markets and less pressure on affordability for potential home buyers in the near future,” Fleming said.

Prices were up 0.3 percent in August over July.

At the state level, including distressed sales, all states showed year-over-year home price appreciation in August.

Prices reached new highs in nine states — Alaska, Colorado, Iowa, Louisiana, Nebraska, North Dakota, Oklahoma, Texas and Wyoming — plus the District of Columbia.

Excluding distressed sales, home prices nationally increased 5.9 percent in August compared with the same month a year ago and 0.3 percent on a monthly basis.

Also, taking out distressed sales, 49 states and the District of Columbia showed year-over-year home price appreciation in August, with Mississippi being the only state to experience a decline (-1.7 percent).

CoreLogic’s forecast shows that home prices, including distressed sales, will increase 0.2 percent from August to September and by 5.2 percent from August to August 2015.

“Home prices continue to rise, albeit more slowly, across most of the U.S.,” said Anand Nallathambi, president and CEO of CoreLogic.

“Major metropolitan areas such as Riverside and Los Angeles, California, and Houston continue to lead the way with strong price gains buoyed by tight supplies and a gradual rebound in economic activity.”

Source: CoreLogic

 





U.S. Existing Home Sales Dip in August

30 09 2014

U.S. existing home sales retreated 1.8 percent to a 5.05 million annual pace in August.

Pending home sales dropped in August for the same reason closings did— investors retreated from the housing market

The National Association of Realtors’ Pending Home Sales Index, which is based on contract signings, fell 1 percent last month to 104.7. That number still represents an above-average level of contract activity.

But traditional home buyers who rely on mortgages will have to carry the housing market going forward — investors who pay cash aren’t buying as many homes as they were.

“Fewer distressed homes at bargain prices and the acknowledgement we’re entering a rising interest rate environment likely caused hesitation among investors last month,” said NAR Chief Economist Lawrence Yun.

The question is whether first-time buyers will become bigger players in the housing market. They’ve represented less than one-third of home purchasers over the past two years.

Yun thinks their share will go up gradually.

“The employment outlook for young adults is brightening and their incomes finally appear to be rising,” he said. “Jobs and income gains will help repay student debt and better position first-time buyers, setting the stage for improved sales growth in upcoming years.”

Yun projects existing home sales will total 4.94 million this year, down 3 percent from 2013.

The South remains the hottest market, with a Pending Home Sales Index of 117. The Northeast is the coolest, with an index of 86.5.

Source: Nightly Business Report and Bloomberg





Jacksonville Home Sales and Prices Decline, But Pending Sales at Nine-Year High

15 09 2014

Fewer homes were sold in Northeast Florida in August than in the month before. And they sold for less money, too. Median sales prices dropped in August 2014, both from July and from August 2013, according to the Northeast Florida Association of Realtors.

There were only a few pieces of good news in the report. Even though sales were down, there more pending sales (contracts signed, but not closed) than any month since mid-2005.

The number of lender-mediated homes (foreclosures, short sales or lender-owned) continues to drop. At one point a few years ago, close to 60 percent of all listings were lender-mediated. That dropped to 34.9 percent in August 2013 to 23.5 percent last month.

The key numbers:

■ Median sales price – $158,500, down from $165,250 in July and $169,900 in August 2013.

■ Average sales price – $199,930, down from $216,305 in July, up from $198,360 in August 2013.

■ Pending sales – 2,305, up from 2,266 in July and 1,901 in August 2013.

■ Closed sales – 1,996, down from 2,196 in July and 2,045 in August 2013.

■ Average days on the market until sale – 82, down from 83 in July, up from 79 in August 2013.

■ Number of houses for sale – 9,758, down from 10,448 in July and 10,576 in August 2013.

Here’s the number of homes sold and media price sold in area of Northeast Florida. The first two figures are for August, the second two are for August 2013:

Area Sold Median price


 

NE St. Johns County – 19, $433,693; 12, $283,500

Neptune Beach – 9, $348,000; 10, $367,700

Ponte Vedra/Vilano/Palm Valley/Nocatee – 104, $340,051; 115, $328,750

Jacksonville Beach – 42, $295,000; 56, $275,500

NW St. Johns County – 205, $260,000; 222, $256,500

St. Augustine east of U.S. – 11, $239,500; 10, $154,500

Fleming Island – 58, $238,000; 56, $230,000

Atlantic Beach – 41, $211,000; 27, $310,000

Riverside/Ortega/Avondale – 25, $207,500; 51, $192,500

Ponte Vedra Beach North – 8, $184,500; 19, $230,000

Nassau County – 60, $183,510; 52, $177,000

Southside/Mandarin – 198, $182,500; 233, $180,000

SE St. Johns County – 77, $175,000; 65, $216,000

Jacksonville North – 90, $169,750; 92, !59,990

Middleburg – 60, $149,950; 42, $134,700

Green Cove Springs – 12, $149,500; 15, $116,500

Orange Park – 132, $142,000; 128, $136,900

Southside – 278, $136,775; 263, $168,000

Baker County – 24, $121,000; 16, $143,500

Marietta/Whitehouse/Baldwin/Dinsmore – 28, $119,750; 19, $78,000

Arlington/Fort Caroline – 149, $113,000; 160, $131,400

West Jacksonville- 94, $111,500; 119, $100,000

SW St. Johns County – 8, $102,000; 7, $192,481

Keystone Heights – 11, $87,000; 14, $79,500

Hyde Grove/Murray Hill/ Lakeshore/Wesconnett – 81, $60,000; 78, $47,500

West Putnam County – 18, $51,750; 13, $45,000

South Putnam County – 15, $44,000; 14, $41,250

NE Putnam County – 28, $39,950; 34, $68,100

Springfield/Downtown/Paxon /Trout River – 73, $21,000; 69, $23,150

 

Source: Florida Times Union and Northeast Florida Association of Realtors.





Jacksonville Housing Market Report – August 2014

12 09 2014

The Northeast Florida Association of Realtors published the 2014 August real estate report with in-depth summary of  Jacksonville housing real estate market including 29 submarket areas.

In retrospect, pent-up demand continues to push Jacksonville home prices up. Low housing inventory, sustained job growth, lower mortgage rates and a slow rise in the number of homes for sale in Northeast Florida helped boost the home sales and median prices in the second quarter.

New Listings in the Northeast Florida region decreased 6.9 percent to 2,759. Pending Sales were up 21.3 percent to 2,305. Inventory levels fell 7.7 percent to 9,758 units. The Median Sales Price decreased 6.7 percent to $158,500. Days on Market was up 5.1 percent to 83 days. Sellers were encouraged as Months Supply of Inventory was down 16.9 percent to 4.9 months. This indicates the seller’s market.

See full report here.

2014 August Jacksonville Housing Market Report

2014 August Jacksonville Housing Market Report








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