National Association of Realtors – Sales Report Home Prices are Up.
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NAR: Existing-home sales rise 3.1% in January
National Association of Realtors – Sales Report Home Prices are Up.
Existing-home sales jumped in January, the National Association of REALTORS® (NAR) said.
Specifically, sales rose 3.1% from December to a seasonally adjusted annual rate of 4 million. Year-over-year, sales were down 1.7% from 4.07 million in January 2023. The median existing-home price for all housing types in January was $379,100, up 5.1% from $360,800 a year before.
“While home sales remain sizably lower than a couple of years ago, January’s monthly gain is the start of more supply and demand,” NAR Chief Economist Lawrence Yun said in a press release. “Listings were modestly higher, and home buyers are taking advantage of lower mortgage rates compared to late last year.”
“Existing-home sales will continue to be constrained in the foreseeable future as the supply of homes remains tight and sellers continue to wait for lower mortgage rates,” CoreLogic Chief Economist Selma Hepp said in a news release. “All eyes are on the Fed now to cut rates this summer in order to provide relief to the buyers as well as stubborn sellers. Should they do so, existing-home sales should expect a better outlook for the remainder of the year.”
The 30-year fixed-rate mortgage averaged 6.77% as of Feb. 15, down from 6.64% a week before but up from 6.32% a year earlier, according to Freddie Mac.
Total housing inventory at the end of January stood at 1.01 million units, up 2% from December and 3.1% from the year-ago level of 980,000. Unsold inventory stood at a 3-month supply at the current sales pace, down from 3.1 months in December but up from 2.9 months in January 2023.
Properties typically remained on the market for 36 days in January, up from 29 days in December and 33 days in January 2023.
By property type, single-family home sales in January rose 3.4% month over month to an annual rate of 3.6 million. The median existing single-family home price was $383,500, up 5% on a year-over-year basis.
Existing condominium and co-op sales were flat compared to December, at an annual rate of 400,000. The median existing condo price was $339,400, up 5.7% from January 2023.
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National Association of Realtors – Sales Report Home Prices are Up.
National Association of Realtors – Sales Report Home Prices are Up. Home sale prices rose 0.6 percent from September to October, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index. It was the ninth consecutive month of price gains and the fastest annual rate of price growth of the year.
Elevated mortgage rates and deflated inventory made October 2023 seem much more expensive for buyers than it was in October 2022. The national index posted a 4.8 percent gain from last October, greater than the 4 percent annual gain recorded in September.
The 10-City Composite and 20-City Composite indices posted annual gains of 5.7 percent and 4.9 percent, respectively. All but one of the 20 cities tracked in the report recorded annual price increases, with Portland as the exception.
Detroit notched the largest annual price growth for the second consecutive month, up 8.1 percent year-over-year. While San Diego placed second, New York came in a close third with prices rising 7.1 percent from last October. Nearly half of the cities tracked — including Miami, Atlanta, Chicago, Boston, Charlotte and New York — saw prices hit an all-time high in October.
Prices are growing faster in the Northeast and Midwest compared to the Southwest and West. Las Vegas and Phoenix, which both experienced year-to-year price drops in September, resumed year-to-year price gains in October.
Mortgage rates hit a two-decade high in October, so it’s not necessarily a major surprise that home prices continued growing as more buyers were sidelined from the market and inventory tightened. Since then, however, mortgage rates have softened and builders appear poised to tackle some of the supply struggles in the market, meaning price gains could be at an inflection point.
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John Ford Boston Beacon Hill Condo Broker 137 Charles Street Boston, MA. 02114
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National Association of Realtors – Sales Report Home Prices are Up.
As people become more comfortable with home sales deals that can be done with social distancing protocols, we may begin to see more listings come on the market.
Home prices continue to soar to new heights.
S&P CoreLogic Case-Shiller U.S. National Home Price Index rose 12 percent year-over-year
The S&P CoreLogic Case-Shiller U.S. National Home Price Index rose 12 percent year-over-year in February. That’s up from 11.2 percent in January, when the monthly index grew at the best rate in 14 years and 12 months, just shy of 15 years.
The national index is up 29.4 percent from the July 2006 peak, he said.
The national trend played out in all 20 cities (minus Detroit) tracked by the indices, which posted an 11.9 percent year-over-year increase, up from 11.1 percent in the prior month. The 10-city index was up 11.7 percent year-over-year, compared to 10.9 percent the month before.
Lazzara said the data is “consistent” with the hypothesis that the pandemic has encouraged potential buyers to move from urban apartments to suburban homes. He said it’s too early to say whether the pandemic changed buyers’ preferences in the long term or prompted buyers to move out of cities years ahead of schedule.
Though existing home sales tapered off in February and March, new home sales continue to surge and housing starts jumped 19 percent in March.
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