National Association of Realtors
By Krista Franks | 01/25/2012
After reaching a 19-month high in November, pending home sales declined 3.5 percent in December, according to data released by the National Association of Realtors (NAR) Wednesday. November's pending home sales stood at 100.1 for the nation, just above the "historically healthy" average of 100, designated by NAR. The rate ticked down to 96.6 in December. Despite the decline, December's pending home sales are 5.6 percent higher than the rate recorded in December 2010.
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By Carrie Bay | 01/24/2012
At the national level, the inventory of for-sale single-family homes dropped by 22.29 percent over the last year, according to new statistics released by Realtor.com. The site concludes that at the close of 2011, there were 1.89 million single-family homes on the market, down 6 percent from just one month prior. Realtor.com views the development as a positive sign the market is holding its own at the national level, but notes that the weight of foreclosures is keeping the market in a fragile state.
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By Krista Franks | 01/20/2012
The long-awaited housing recovery is beginning to blossom, according to industry experts taking a look at recent existing-home sales data.
While admitting home sales are "still very low," the chief economist at Capital Economics says it is clear the housing recovery is now well underway. The evidence: home sales have been on the rise for the past three months, posting a 5 percent increase in December, according to the latest market study released by the National Association of Realtors.
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By Carrie Bay | 01/04/2012
Pending home sales continued to rise in November, reaching their highest level in 19 months, the National Association of Realtors reported. The trade group's index of signed sales contracts jumped 7.3 percent between October and November and is 5.9 percent above its level a year earlier. The last time the index was higher was in April 2010 as buyers rushed to beat the deadline for the homebuyer tax credit. Analysts say the results are likely to feed the view that there is a recovery going on in the housing market.
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By Carrie Bay | 12/21/2011
Existing-home sales rose again last month, according to the National Association of Realtors (NAR). That assessment, however, is coming off of lower sales numbers than previously thought, reflecting revisions to NAR's data going back to 2007. The trade group has adjusted sales and inventory figures for the last four years downward by 14.3 percent. NAR's November report shows sales of previously owned homes up 4.0 percent to an annual rate of 4.42 million from 4.25 million in October, and 12.2 percent above the 3.94 million-unit pace a year earlier.
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By Krista Franks | 12/12/2011
As the year comes to a close, details of the Middle Class Tax Cut and Job Creation Act are up in the air, and a few housing industry groups are speaking out about one aspect of the act. The Mortgage Bankers Association, the National Association of Home Builders, and the National Association of Realtors together composed a letter to Congress expressing concerns over a proposal to raise Fannie Mae and Freddie Mac's guarantee fees to help cover the cost of extending the payroll tax cut.
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By Krista Franks | 11/30/2011
The National Association of Realtors' (NAR) pending home sales index reported strong positive movement over the month of October, rising 10.4 percent from September. The index, which measures sales contracts but not closings, is also 9.2 percent above its rate a year ago. NAR's chief economist Lawrence Yun says the market volatility inflicted by the homebuyer tax credit last year is now past. Thus, the monthly and year-over-year increase in sales contracts is a positive indication for the market.
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By Carrie Bay | 11/21/2011
Sales of previously owned homes got an unexpected boost last month while the number of homes on the market continued to decline, according to data released Monday by the National Association of Realtors. The trade group recorded a 1.4 percent month-over-month increase and a 13.5 percent year-over-year increase for existing-home sales in October. At the same time, housing inventory fell 2.2 percent to 3.33 million existing homes available for sale, which represents an 8.0-month supply. Distressed homes made up 28 percent of October's transactions.
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By Carrie Bay | 11/14/2011
Estimates of the industry's shadow inventory vary widely, but one thing analysts do agree on is that the overhang is massive and will likely weigh on market dynamics for years to come. Measurements of soon-to-be repossessed and foreclosed homes that have yet to hit the market range from 1.6 million to 8.2 million. Capital Economics' assessment falls in the middle of that range, and the company's analysts say if anything, theirs is probably an underestimate. They put the industry's shadow inventory at 4.3 million homes.
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By Krista Franks | 10/27/2011
Despite indications of economic recovery -- such as job growth and some stabilization in home values -- pending home sales dropped for the third consecutive month in September, according to the National Association of Realtors (NAR). Pending sales of existing homes, including REOs and short sales, fell 4.6 percent from the previous month's reading. NAR describes current market conditions as "a very strange situation," considering affordability is at a record-high, yet consumers are not responding.
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