Archive for the ‘Summertime’ Category
Tags: Augusta, Augusta Ga homes for sale, Augusta Georgia Real Estate Trends, Evans Georgia Real Estate, home buying, homes for sale
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Pending home sales declined in June but marked 14 consecutive months of year-over-year gains, according to the National Association of Realtors® The Pending Home Sales Index,* a forward-looking indicator based on contract signings, slipped 1.4 percent to 99.3 in June from a downwardly revised 100.7 in May but is 9.5 percent higher than June 2011 when it was 90.7. The data reflect contracts but not closings. Lawrence Yun, NAR chief economist, said inventory shortages are a factor. “Buyer interest remains strong but fewer home listings mean fewer contract signing opportunities,” Yun said. “We’ve been seeing a steady decline in the level of housing inventory, which is most pronounced in the lower price ranges popular with first-time buyers and investors.”
According to the Realtors®Confidence Index, the buyer traffic index stood at 60 in June while the seller index was 41, which shows a large imbalance between buyer and seller interest. A value of 50 implies neutral market conditions; the disparity between buyers and sellers began to grow in early spring and has been in a particularly large imbalance for the past two months. “Any bank-owned properties that have been held back in markets with inventory shortages should be released expeditiously to help meet market demand,” Yun said. “Housing starts will likely need to double over the next two years to satisfy the pent-up demand for both rentals and ownership.”
Pending home Sales in the Augusta Real Estate market continue to show positive signs. Augusta saw an 15.4% increase in June 2012 compared to June 2011. Pending home sales in the South declined 2.0 percent to an index of 106.2 in June but are 8.8 percent above a year earlier.Yun said there also have been delays in the closing process. “With record low mortgage interest rates, there has been a surge of refinancing on top of a higher level of home purchases, which has been creating delays recently in the closing process,” he said. “In addition, there have been some delays with recent foreclosure sales as banks take steps to ensure there are no paperwork problems. This is causing an uneven performance in sales closings, which is likely to continue, but we also see notably higher levels of sales activity compared with a relatively flat performance in the preceding four years,” Yun said.
Thanks to NAR for this Article
Tags: Augusta Georgia Real Estate Trends, Economic News, Evans Georgia Real Estate, first time home buyer, Grovetown real estate, home buying, homes for sale, Mortgage, New Homes
Posted in Augusta Mortgage, Blanchard and Calhoun, First Time Home Buyer, Home Buying, Home Selling, New Homes, Summertime | No Comments »
Happy Birthday America!! Blanchard and Calhoun joins everyone around Aiken/Augusta in celebrating our country’s birthday. The fun started this past weekend and will continue through next weekend. We sure hope the weather will cool down from the record heat of the past few days.
The fireworks will be everywhere in the Augusta area this week. Fort Gordon kicks off the fireworks on Tuesday July 3rd @ Barton Field. They will have live bands, rides for the kids and plenty of food to enjoy. You need check Fort Gordon’s ID requirements before entering the base.
Please be safe throughout the holiday week and God Bless America!!
Tags: Aiken/Augusta Events, Augusta, Augusta Chronicle, Augusta Georgia community events, Blanchard and Calhoun Community, Holidays, Military, safety, summertime
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Sales of newly built, single-family homes rose 7.6 percent to a seasonally adjusted annual rate of 369,000 units in May, according to newly released data from HUD and the U.S. Census Bureau.
“The relatively strong increase in new-home sales this May is an indication that more potential home buyers are being drawn to the market by today’s excellent mortgage rates as well as firming conditions in some local economies,” said Barry Rutenberg, chairman of the National Association of Home Builders (NAHB) and a home builder from Gainesville, Fla. “In addition, more people are recognizing the benefits that new homes can provide beyond what’s available in the existing housing stock in terms of energy efficiency, updated technology and other features.”
“May’s sales report is a welcome sign that the market has returned to a more solid growth path following lackluster reports in March and April, and is in keeping with our expectations for continued, steady improvement through the end of this year,” said NAHB Chief Economist David Crowe. “While the current sales rate remains low by historical standards and continues to be constrained by challenges related to credit availability for builders and faulty appraisals, the ongoing decline in the month’s supply of new homes will necessitate additional construction in certain markets going forward.”
Regionally, new-home sales were mixed in May. While the Northeast and South posted solid gains of 36.7 percent and 12.7 percent, respectively, the Midwest and West posted respective declines of 10.6 percent and 3.5 percent.
The inventory of new homes for sale was almost unchanged at a low level of 145,000 units in May, reflecting a historically slim, 4.7-month supply at the current sales pace.
What did we see in Augusta’s New home real estate market? Inventory is down compared to last year -19.8% and closed new homes were also down -10.6% comapred to May 2011. The numbers did improve over April with closed new homes up +13.4%. The New homes in our area are not as strong as last year, but still is a large part of our Real Estate Market.
Tags: Augusta, Blanchard and Calhoun Community, Evans Georgia Real Estate, first time home buyer, Fort Gordon, Grovetown real estate, New Homes
Posted in Blanchard and Calhoun, First Time Home Buyer, Home Buying, Home Selling, Military/Fort Gordon, New Homes, Summertime | No Comments »