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By Alejandro Lazo
RISMEDIA, April 1, 2010—(MCT)—A national index of home prices rose unexpectedly in January 2010, with California cities posting strong gains, but some experts warned that the nation’s struggling housing market could be headed for another dip.
The closely watched Standard & Poor’s/Case-Shiller index of 20 metropolitan areas rose 0.3% from December on a seasonally adjusted basis. That marked eight consecutive months of home values improving or at least holding steady. (More …)
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RISMEDIA, February 15, 2010—Strong gains in existing-home sales were the predominant pattern in most states during the fourth quarter, with many more metro areas seeing prices rise from a year earlier, according to the latest survey by the National Association of Realtors®.
Sales increased from the third quarter in 48 states and the District of Columbia; 32 states saw double-digit gains. Year-over-year sales were higher in 49 states and D.C.; all but three states had double-digit annual increases.
Total state existing-home sales, including single-family and condo, jumped 13.9% to a seasonally adjusted annual rate of 6.03 million in the fourth quarter from 5.29 million in the third quarter, and are 27.2% above the 4.74 million-unit level in the fourth quarter of 2008. Distressed property accounted for 32% of fourth quarter transactions, down from 37% a year earlier. (More …)
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RISMEDIA, December 23, 2009—Existing home sales rose again in November 2009 as first-time buyers rushed to close sales before the original November 30 deadline for the recently extended and expanded tax credit, according to the National Association of Realtors®.
Existing home sales–including single-family, townhomes, condominiums and co-ops– rose 7.4% to a seasonally adjusted annual rate of 6.54 million units in November from 6.09 million in October, and are 44.1% higher (More …)
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RISMEDIA, December 11, 2009—Trulia, Inc., a real estate search site, has announced that 22% of homes currently on the market in the United States as of December 1, 2009 have experienced at least one price cut, the lowest level since Trulia started tracking price reductions in April 2009. The total amount slashed from home prices also dropped from $28.1 billion in November to $24.7 billion in December, representing a 12% decrease. The average discount for price-reduced homes slightly increased to 11% off of the original listing price compared to 10% in the previous four months. The number of listings on Trulia also decreased by 9% from the previous month.
South Reports Least Amount of Homes Reduced
The South has the lowest levels of price reductions, with 19% of current listings experiencing at least one price cut, a 21% decrease from the previous month. Kentucky, Louisiana, Arkansas Oklahoma and Mississippi are all seeing less than 15% of listings with price reductions. (Regions according to the U.S. Census Bureau)-South – 19% of listings with price reductions
-West – 20% of listings with price reductions
-Midwest – 22% of listings with price reductions
-Northeast – 25% of listings with price reductions
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By Tom Bayles, Tuesday, November 10, 2009
Stan Humpfries, Zillow.com Chief Economist
Home values are still falling in the Sarasota-Bradenton market, but the trend is showing signs of slowing — and might slow further with the recent passage of an extended home buyers tax credit, Zillow.com’s chief economist said Monday.
Stan Humphries, who last month predicted through an analysis of the regional market for the Herald-Tribune that a new wave of foreclosures would further depress prices in Manatee and Sarasota counties, said Congress’ move to extend the tax credit both in length and breadth could ameliorate some of the potential drop in Southwest Florida.
“We could see a bump in demand that could partially offset the increased supply of foreclosed homes on the market,” said Humphries, chief economist for the online home valuation service. “The credits are likely to bring continued stabilization in prices over this period versus the price declines that we almost certainly would see otherwise.“ Zillow released an analysis on Monday that showed home values in Sarasota-Bradenton fell 14 percent in the third quarter compared with the same period in 2008. Prices in the Charlotte County market dropped 10 percent during the same time frame. But prices in the region were near what is considered statistically flat from the second quarter to the third, which ended in September.
Meanwhile, another set of data from housing tracker Metrostudy also found some signs of life in new home construction in Southwest Florida.
Builders in the region started more homes in the third quarter than in the previous two quarters combined, and the boost was not limited to the lower price ranges, which has been where the builders who have remained busy during the downturn have focused.
There were 155 new homes started in the region at a price below $200,000 during the most recent quarter, a 9.9 percent increase from the second quarter. In the $200,000 to $350,000 range, there were 131 starts, up 4 percent. Forty-three homes priced above $350,000 were started in the third quarter, nearly double the second quarter tally, Metrostudy reported.
The company also uses finished vacant inventory as a fundamental indicator to monitor the health of housing markets. That inventory in this region dropped 30 percent in all price ranges, though the total still remains above a level of equilibrium, Metrostudy said.
HOME FACTSThe Zillow Home Value Index measures the value of all homes, not just those those that were on the market and sold. The online home valuation service released this data Monday on Southwest Florida’s real estate market.
SARASOTA-BRADENTON
Nearly 50 percent of single-family homes with mortgages were underwater at the end of September.Homes that sold for a loss numbered 47.2 percent of all homes sold in September.
Home values dropped an average 14.3 percent in September compared with the same month in 2008 to $155,300. But in the short-term, home values were nearly statistically flat with a drop of 1.1 percent from the second quarter to the third.
CHARLOTTE COUNTY-NORTH PORT
About 40 percent of single-family homes with mortgages were underwater at the end of September.Homes that sold for a loss numbered about 41 percent of all homes sold in September.
Home values dropped by 10.6 percent in September compared with the same month in 2008 to $122,400. But similar to Sarasota-Bradenton, the drop was nearly statistically flat with an increase of 1.1 percent from the second quarter to the third.
SOURCE: Zillow.com
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Tax Credit Extension
President Obama signed H.R. 3548 Friday morning, enacting into law an extension, and adjustment, of the $8,000 tax credit for first-time buyers. Among other things, the extension adds money for certain move-up buyers; creates one deadline for signing a contract and a later deadline for closing; changes income requirements; and limits a purchased home’s cost to $800,000.
“Extending the homebuyer tax credit and expanding it to reach more homebuyers is the right thing to do,” says 2009 Florida Realtors® President Cynthia Shelton. “It is critical to maintaining the positive momentum we’ve been experiencing in the housing market and in the overall economy. Florida Realtors applaud congressional leaders for taking action to extend the homebuyer tax credit into 2010, which will help Florida families realize their dream of homeownership, improve our communities and strengthen our economy.”
Adds John Sebree, Florida Realtors vice president of public policy, “Florida residents enjoy two additional advantages. The Florida Homebuyer Opportunity Program (FHOP), created by the Florida Legislature earlier this year, still has approximately $28 million that first-time homebuyers can access and use toward their downpayment. And move-up buyers now have the ability to ‘port’ their current property tax savings to a new home.”
To view the entire article, click here.
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Home sales post double-digit increase
By Tom Bayles & Aaron KesslerHomes sales in the Sarasota-Bradenton market put in another double-digit increase during August, with 23 percent more homes changing hands compared with this time last year.
Related Links:Prices, however, gave some ground, dropping 8.5 percent to $164,200 when compared with July. The median sales price was down 25 percent from a year ago, according to data released Thursday by the Florida Association of Realtors.
In Charlotte County-North Port, sales rose 31 percent compared with a year ago. Prices dropped 1.6 percent to $103,300 when compared with July and were down 25 percent from a year ago.
Statewide, sales rose 28 percent, with 13,850 homes changing hands, the 12th consecutive month of rising sales. The median sales price was $147,400 in August, down 22 percent from the same time a year ago.
But home resales nationally dipped unexpectedly last month after a four-month streak of gains, providing evidence that the housing market recovery remains fragile.
The National Association of Realtors said that sales dropped 2.7 percent to a seasonally adjusted annual rate of 5.1 million in August, from a pace of 5.24 million in July.
Sales, which were still up 3.4 percent from a year earlier, had been expected to rise to an annual pace of 5.35 million, according to economists surveyed by Thomson Reuters. – Sarasota Herald Tribune
To read the entire article, Click Here.
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National home sales, as reported by the National Association of Realtors for the month of July, were the best in several years.
Friday, August 21, 2009
Home sales in the Sarasota-Bradenton market rose 30 percent during July as buyers scurried to lock in a tax credit of 10 percent of the purchase price, or up to $8,000.
Prices in the market were down 22 percent from a year ago at $179,500, but continued to show stability, rising 10 percent from $162,700 in June, according to data released Friday by the Florida Association of Realtors.
In Charlotte County-North Port, sales rose 24 percent in July, but the median sales price of $105,000 was down 26 percent from a year ago and 28 percent from June.
Statewide, home sales rose 37 percent, with the median dropping 24 percent to $147,600. That price was roughly flat with $148,000 last month.
Nationally, sales in July posted the largest monthly increase in at least 10 years, perhaps a sign that the U.S. housing market is rebounding quicker than expected. – HeraldTibune.com (article by Tom Bayles & Aaron Kessler)
To read the entire article, please click here.
Related Links (Provided by, Florida Association of Realtors and the University of Florida Real Estate Research Center):
- Homes prices and sales | Graphics
- Condo prices and sales | Graphics
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Overpricing results in a significant decrease in interest in your property, leading to fewer showings, less qualified buyers and limited mortgage options.
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Charlotte Board Statistics
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