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Pending Home Sales are on an upward trend, since reaching a cyclical low in April 2011. The index is well above last years numbers according to The National Association of Realtors
The Pending Home Sales Index,* a forward-looking indicator based on contract signings, rose 2.0 percent to 97.0 in January from a downwardly revised 95.1 in December and is 8.0 percent higher than January 2011 when it was 89.8. The data reflects contracts but not closings.
The January index is the highest since April 2010 when it reached 111.3 as buyers were rushing to take advantage of the home buyer tax credit.
Lawrence Yun, NAR chief economist, said this is a hopeful indicator going into the spring home-buying season. “Given more favorable housing market conditions, the trend in contract activity implies we are on track for a more meaningful sales gain this year. With a sustained downtrend in unsold inventory, this would bring about a broad price stabilization or even modest national price growth, of course with local variations.”
The Augusta Real Estate market is also showing signs of improving. The January 2012 pending contracts were 27.5% up over January 2011 and 39.4% over December 2011. Pending home sales in the South increased 7.7 percent in January and are 10.5 percent above a year ago.
“Movements in the index have been uneven, reflecting the headwinds of tight credit, but job gains, high affordability and rising rents are hopefully pushing the market into what appears to be a sustained housing recovery,” Yun said. “If and when credit availability conditions return to normal, home sales will likely get a 15 percent boost, speed up the home-price recovery, and thereby significantly reduce the number of homeowners who are underwater.”
Thank you to The National Association of Realtors®, “The Voice for Real Estate” for helping us in this article
Existing-home sales rose in January, marking three gains in the past four months, while inventories continued to improve, according to the National Association of Realtors®.
Total existing-home sales1, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 4.3 percent to a seasonally adjusted annual rate of 4.57 million in January from a downwardly revised 4.38 million-unit pace in December and are 0.7 percent above a spike to 4.54 million in January 2011.
How did Augusta Georgia Real Estate compare? We saw inventory down slightly 1.5%, home sales were down 24.4% and pending contracts were up 39.4% compared to December 2011. When we compare January 2012 to January 2011 we see postive numbers. Inventory down 15%, home sales up 26.8% and pending contracts up 27.5%. We agree with Mr Lawrence Yun, NAR chief economist, that home buyers are responding to favorable market conditions and record low mortgage interest rates.
Total unsold listed inventory has trended down from a record 4.04 million in July 2007, and is 20.6 percent below a year ago.
NAR President Moe Veissi, said buying power is enticing more potential home buyers. “Word has been spreading about the record high housing affordability conditions and our members are reporting an increase in foot traffic compared with a year ago,” he said. “With other favorable market factors, these are hopeful indicators leading into the spring home-buying season. We’re cautiously optimistic that an uptrend will continue this year.”
According to Freddie Mac, the national average commitment ratefor a 30-year, conventional, fixed-rate mortgage was a record low 3.92 percent in January, down from 3.96 percent in December; the rate was 4.76 percent in January 2011; recordkeeping began in 1971.
The national median existing-home price3 for all housing types was $154,700 in January, down 2.0 percent from January 2011. Distressed homes4 – foreclosures and short sales which sell at deep discounts – accounted for 35 percent of January sales (22 percent were foreclosures and 13 percent were short sales), up from 32 percent in December; they were 37 percent in January 2011.
“Home buyers over the past three years have had some of the lowest default rates in history,” Yun said. “Entering the market at a low point and buying at discounted prices have greatly helped in that success.”
All-cash sales were unchanged at 31 percent in January; they were 32 percent in January 2011. Investors account for the bulk of cash transactions.
Investors purchased 23 percent of homes in January, up from 21 percent in December; they were 23 percent in January 2011. First-time buyers rose to 33 percent of transactions in January from 31 percent in December; they were 29 percent in January 2011.
Single-family home sales rose 3.8 percent to a seasonally adjusted annual rate of 4.05 million in January from 3.90 million in December, and are 2.3 percent above the 3.96 million-unit pace a year ago. The median existing single-family home price was $154,400 in January, down 2.6 percent from January 2011.
In the South, existing-home sales rose 3.5 percent to an annual level of 1.76 million in January but are unchanged from a year ago. The median price in the South was $134,800, which is 0.3 percent below January 2011.
The National Association of Realtors®, “The Voice for Real Estate”
Not many people realize that interest rates today are at historical lows, levels we haven’t seen since 1950! Rates are not expected to go lower, in fact, some economist predict that rates will begin moving up this year possibly as much as ½%. So why are folks waiting to buy their dream home? Could it be that folks are afraid home prices will fall lower? Recent data in Augusta’s market shows that the real estate market is beginning to show signs of recovery and that home prices are beginning to stabilize and in some price ranges, even showing some modest improvement.
So if rates are at their lowest level in decades and home prices are beginning to stabilize and show modest improvement, why aren’t more people seizing this opportunity to purchase their first home or to move up to their dream home? Many believe that it is very difficult to be approved for a mortgage today and that down payments on mortgages are too prohibitive. Not so, mortgages are still available with down payments as low as 3.5% and qualifying is easier than you think!
It is true that to qualify for a mortgage, an applicant has to have better credit ratings than were required prior to 2007 but even so, credit can be obtained today with scores as low as 620 to 640 for folks who have good employment history and have shown an ability to save funds for their down payment.
With home prices as competitive as they are today, interest rates at their lowest level in decades, down payments as low as 3.5% and qualifying for a mortgage no more difficult than it was in the 90’s, what are you waiting for? Call us today and see how we can make the Dream of Homeownership a Reality for you and your family. You might be surprised; obtaining your dream home today may be easier than you think!
Thanks to Larry Moss President of Augusta Mortgage for this Article
Existing-home sales continued on an uptrend in December, rising for three consecutive months and remaining above a year ago, according to the National Association of Realtors®.
The latest monthly data shows total existing-home sales1 rose 5.0 percent to a seasonally adjusted annual rate of 4.61 million in December from a downwardly revised 4.39 million in November, and are 3.6 percent higher than the 4.45 million-unit level in December 2010. The estimates are based on completed transactions from multiple listing services that include single-family homes, townhomes, condominiums and co-ops.
Lawrence Yun, NAR chief economist, said these are early signs of what may be a sustained recovery. “The pattern of home sales in recent months demonstrates a market in recovery,” he said. “Record low mortgage interest rates, job growth and bargain home prices are giving more consumers the confidence they need to enter the market.”
For all of 2011, existing-home sales rose 1.7 percent to 4.26 million from 4.19 million in 2010.
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to another record low of 3.96 percent in December from 3.99 percent in November; the rate was 4.71 percent in December 2010; recordkeeping began in 1971.
NAR President Moe Veissi, broker-owner of Veissi & Associates Inc., in Miami, said more buyers are expected to take advantage of market conditions this year. “The American dream of homeownership is alive and well. We have a large pent-up demand, and household formation is likely to return to normal as the job market steadily improves,” he said. “More buyers coming into the market mean additional benefits for the overall economy. When people buy homes, they stimulate a lot of related goods and services.”
Total housing inventory at the end of December dropped 9.2 percent to 2.38 million existing homes available for sale, which represents a 6.2-month supply2 at the current sales pace, down from a 7.2-month supply in November.
Available inventory has trended down since setting a record of 4.04 million in July 2007, and is at the lowest level since March 2005 when there were 2.30 million homes on the market.
“The inventory supply suggests many markets will see prices stabilize or grow moderately in the near future,” Yun said.
Foreclosures3 sold for an average discount of 22 percent in December, up from 20 percent a year ago, while short sales closed 13 percent below market value compared with a 16 percent discount in December 2010.
The national median existing-home price4 for all housing types was $164,500 in December, which is 2.5 percent below December 2010. Distressed homes – foreclosures and short sales – accounted for 32 percent of sales in December (19 percent were foreclosures and 13 percent were short sales), up from 29 percent in November; they were 36 percent in December 2010.
All-cash sales accounted for 31 percent of purchases in December, up from 28 percent in November and 29 percent in December 2010. Investors account for the bulk of cash transactions.
Investors purchased 21 percent of homes in December, up from 19 percent in November and 20 percent in December 2010. First-time buyers fell to 31 percent of transactions in December from 35 percent in November; they were 33 percent in December 2010.
Contract failures were reported by 33 percent of NAR members in December, unchanged from November; they were 9 percent in December 2010. Although closed sales are holding up better than this finding would suggest, contract cancellations are caused largely by declined mortgage applications and failures in loan underwriting from appraised values coming in below the negotiated price.
Single-family home sales increased 4.6 percent to a seasonally adjusted annual rate of 4.11 million in December from 3.93 million in November, and are 4.3 percent higher than the 3.94 million-unit pace a year ago. The median existing single-family home price was $165,100 in December, which is 2.5 percent below December 2010.
In the South, existing-home sales increased 2.9 percent to an annual level of 1.76 million in December and are 3.5 percent above a year ago. The median price in the South was $146,900, down 1.1 percent from December 2010.
Blanchard & Calhoun would like to thank The National Association of Realtors®, “The Voice for Real Estate,” for this article. NAR is America’s largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.