Tag Archives: Inventory

Real Estate

Existing-Home Sales up 4.9%

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Existing-home sales rose strongly in May, with all four regions of the country experiencing sales gains on the previous month, according to the National Association of REALTORS®. The association also noted that inventory gains continued to help moderate price growth.

Total existing-home sales (comprised of completed transactions on single-family homes, townhomes, condominiums and co-ops) rose 4.9 percent to a seasonally adjusted annual rate of 4.89 million in May from an upwardly-revised 4.66 million in April. This was the highest monthly rise since August 2011, but existing home sales remain 5 percent below year-ago levels.

Lawrence Yun, NAR chief economist, said current sales activity is rebounding after the lackluster first quarter. “Home buyers are benefiting from slower price growth due to the much-needed, rising inventory levels seen since the beginning of the year,” he said. “Moreover, sales were helped by the improving job market and the temporary but slight decline in mortgage rates.”

Inventory and average sales price also increased in May. Inventory climbed 2.2 percent, and the median existing-home price for all housing types in May was 5.1 percent higher than year-ago levels, at $213,400.

“Rising inventory bodes well for slower price growth and greater affordability, but the amount of homes for sale is still modestly below a balanced market. Therefore, new home construction is still needed to keep prices and housing supply healthy in the long run,” Yun said.

Earlier this month, NAR reported new home construction activity is currently insufficient in most of the U.S., and some states could face persistent housing shortages and affordability issues unless housing starts increase to match up with local job creation.

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Real Estate

Nevada County Real Estate Trends

 

Nevada County Stats : Reprinted with permission from Trendgraphix Inc.
Nevada County Stats : Reprinted with permission from Trendgraphix Inc.

September 19, 2013

Viewing the chart above, you can see that sales of homes from June 2012 to the end of August 2013 have increased. Inventory, however, has dropped from 626 homes to 495 homes

Without making your eyes bleary, here are the stats. For sale in the months of August 2013 495 homes, August 2012, 587 homes a decrease of -15.7% down. Homes sold in the month of August 2013, 124,  in the month of August 2013, 107 for in increase in sales of 15.9%.

The median price in June 2012 was $260,000. In August the median price raised to $305,000 a significant increase percentage wise of 17.3%

Judging from the chart above, February was the lowest inventory with 305 and we seem to be steadily increasing our inventory  This may be due to more home owners  realizing  that they may be above water with their mortgages and the market has come back for selling their homes.

 

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Real Estate

Foreclosures Down 29% From Year Ago

Photo credit: http://www.freeimageslive.com/galleries/buildings/structures/pics/oldbridge.jpg
Photo credit: http://www.freeimageslive.com/galleries/buildings/structures/pics/oldbridge.jpg

Foreclosures are continuing a steady fall, as home prices rise and the housing market picks up nationwide.

About 1 million homes were in some stage of foreclosure in May, down from 1.4 million in May 2012, a 29 percent decline, according to CoreLogic’s latest foreclosure report. As of May, the foreclosure inventory represented 2.6 percent of all homes with a mortgage — down from 3.5 percent a year prior.

There were 52,000 foreclosures completed nationwide in May, down 27 percent year over year. However, the numbers are still elevated compared to what’s considered normal for the market. Prior to the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month between 2000 and 2006, according to CoreLogic.

Since September 2008 — the start of the financial crisis — about 4.4 million foreclosures have been completed, CoreLogic’s data shows.

Meanwhile, shadow inventory is down 34 percent from reaching its 2010 peak. It was under 2 million units in April, representing a 5.3 month supply.

“We continue to see a sharp drop in foreclosures around the country and, with it, a decrease in the size of the shadow inventory,” says Anand Nallathambi, president and CEO of CoreLogic. “Affordability, despite the rise in home prices over the past year, and consumer confidence are big contributors to these positive trends. We are particularly encouraged by the broad-based nature of the housing market recovery so far in 2013.”

The stock of seriously delinquent homes, which is the main driver of shadow inventory, is at the lowest level since December 2008, adds Mark Fleming, chief economist for CoreLogic.  “Over the last year, it has decreased in 42 states by double-digit figures, resulting in rapid declines in shadow inventory for the first quarter of 2013,” Fleming says.

The following five states account for nearly half of all completed foreclosures nationally and had the highest number of completed foreclosures in the last 12 months ending in May:

  • Florida
  • California
  • Michigan
  • Texas
  • Georgia

Source: CoreLogic

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Real Estate

Homes Are Selling Faster

Photo credit: future-dreamhome.blogspot.com
Photo credit:  future-dreamhome.blogspot.com

Inventories of for-sale homes aren’t the only thing that is dropping. The amount of time homes are staying on the market is growing shorter as well—down 11 percent in the last year—according to the latest Realtor.com data.

Homes were listed on average 95 days, according to September housing data. That is down from 107 days a year earlier.

Homes are selling the fastest in Oakland, Calif., in which the median age of the inventory averages 21 days, which is 57 percent below what it was a year ago. Denver, Colo. boasts a median age of inventory of only 38 days, followed by fast-selling markets of Stockton-Lodi, Calif., with 43 days, and San Francisco with 44 days.

As the median age of the inventory is falling, inventories of for-sale homes continue to hover at record lows too, dropping 18 percent last month compared to a year ago.

“There’s a recovery,” Curt Beardsley, vice president of Realtor.com, told BusinessWeek. “Our market times are low and there’s actually a compression of inventory.”

Home buyer demand is increasing, with housing affordability still high and ultra low mortgage rates that have pushed home buyers’ purchasing power higher. The rise in demand has caused asking prices to also rise. Last month, the median asking price was $191,500, which is up 0.8 percent compared to a year earlier, Realtor.com reports.

Source: “Listings of Homes for Sale Drop as U.S. Housing Recovers,” BusinessWeek (Oct. 15, 2012) and REALTOR® Magazine Daily News

 

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Real Estate

Shortage of California Homes up for Sale

After years of having too many homes and not enough buyers, real estate agents in California now have the opposite problem – too many buyers and not enough homes for sale.

 

  • The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported Monday that its statewide inventory of unsold homes index for existing, single-family detached homes fell to 3.2 months in August from 3.5 months in July and 5.2 months in August 2011.
  • The index reflects the number of months needed to sell the supply of homes on the market at the current sales rate.  A six- to seven-month supply is considered normal.  When the number goes higher, inventory is plentiful and it’s considered a buyer’s market.  When the number goes lower, the advantage goes to the seller.
  • Declining inventory helps explain why the statewide median price of an existing, single-family detached home rose to $343,820 in August, up 3 percent from July and up 15.5 percent from August 2011, according to C.A.R.
  • Nationwide, the inventory of homes for sale also has declined.  In July, there was a 6.4-month supply of homes compared with 9.3 months in July 2011.  The current number is in line with the long-term average, according to the NATIONAL ASSOCIATION OF REALTORS®.  However, NAR also acknowledges there are “acute shortages” in places such as California, Arizona, Nevada, and parts of Florida.
  • Also constraining supply is the fact that so many homeowners are underwater – or owe more than their homes are worth – and unable to sell without taking a loss.  As prices rise, more homes will increase in value, but it’s going to take time.  Meanwhile, there are still a lot of homes that are not likely to come onto the market.
  • At some point, the balance will tip, but it’s hard to predict when.  When banks decide prices are high enough, they will start unloading houses they have been sitting on, according to the chief economist for Trulia.

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Real Estate

Pending Home Sales in California Decline



The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported this week that contracts signed for previously owned homes in California took a dip in June. The decline in pending sales can be attributed to a lack of housing inventory.

  • C.A.R.’s Pending Home Sales Index declined 3.8 percent in June compared with May but posted a 4.7 percent increase compared with a year earlier.
  • Pending home sales are an early indicator of where sales are headed. Sales often close six to eight weeks after contracts are signed so a decline in June could mean weakness when July and August sales statistics are reported.
  • C.A.R.’s report also showed a decline in the number of foreclosed homes selling. Last month, foreclosed homes accounted for 20.2 percent of all pending sales, a decline of 22.6 percent from May and 29.2 percent in June 2011.
  • The share of equity sales – or non-distressed property sales – rose to 58 percent in June, up from a revised 56 percent in May.  Equity sales made up 50.5 percent of all sales in June 2011.
  • The share of short sales edged up in June to 21.4 percent, up from 21.1 percent in May and from 20 percent a year ago.
  • The available supply of REOs for sale tightened slightly in June, with the Unsold Inventory Index declining from a 1.5-month supply in May 2012 to 1.4 months in June 2012.  The June Unsold Inventory Index for equity sales stood at 3.7 months and was 5.3 months for short sales.

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Lack of Inventory Causing a Home Buying Frenzy

A big drop in inventories of for-sale homes across the nation has led to a buying frenzy in some sought-after neighborhoods, real estate professionals report. A gradual gain in home prices is also following suit, they say.

Last week, the National Association of REALTORS® reported an increase in pending home sales in every region in the country. The number of contracts signed in May for existing homes jumped 13 percent from a year ago, according to NAR.

NAR projects a 3 percent nationwide rise in existing-home prices this year and a 5.7 percent rise next year.

But more buyers are being met with a shrinking supply of homes on the market. New construction has slowed dramatically—to record lows—the last few years. A backlog of distressed homes have not yet hit the market. And many home owners are waiting to list their homes for sale until prices rise more.

“In the Atlanta area, we are 40 percent below where inventory was this time last year,” Debra Bradley, managing broker for Coldwell Banker Residential Brokerage in Buckhead, Ga., told Forbes.com “Generally inventory goes up this time of year, not down.”

Inventories of for-sale homes appear to be lowest for less expensive properties, at which investors and first-time home buyers often buy, real estate professionals report.

“It’s different today for a buyer being in the market,” says Rick Davidson, Century 21 Real Estate chief executive. “They might not find that deal of the century that they may have expected to find.”

Several housing markets are now reporting multiple offers and bidding wars surfacing, due to the lack of inventory in some markets.

“Most houses below $250,000 priced realistically are attracting large numbers of offers in a short time, and many exceed the asking price,” says Mike Orr, director of the Center for Real Estate Theory and Practice at the W. P. Carey School of Business.

Industry insiders appear less concerned about the shadow inventory of distressed homes that have yet to hit the market.

“It’s not being let out to the market in bulk,” Beth Butler, president of ONE Sotheby’s International Realty in Miami, told Forbes.com. “It’s coming slowly and it’s not seriously impacting the market one way or the other. Truth be told we could use the inventory!”

Source: “The Housing Market’s Latest Problem: Lack Of Inventory,” Forbes.com (June 28, 2012

 

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Real Estate

Pending Home Sales in California Gained in February

 

Pending home sales in California gained ground for the second consecutive month in February, while the share of equity sales posted higher after two months of decline, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.

Pending home sales:

C.A.R.’s Pending Home Sales Index (PHSI)* rose from a revised 102.3 in January to 127.8 in February, based on signed contracts.  The index also was up from the 111.8 index recorded in February 2011, marking the tenth consecutive month that pending sales were higher than the previous year.  Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market.

Distressed housing market data:

“A lack of inventory in the bank-owned (REO) and short sale market was a contributing factor to the decline in share of distressed sales in February,” said C.A.R. President LeFrancis Arnold.  “In fact, REO inventory declined 24 percent in February from the previous year, while short sale inventory dropped 17 percent during the same period.”

• After declining for two straight months, equity sales increased in February, making up 51.1 percent of home sales in February.  Equity sales made up 49.9 and 44.8 percent of all sales in January 2012 and February 2011, respectively.
• Meanwhile, the total share of all distressed property types sold statewide decreased in February to 48.9 percent, down from January’s 50.1 percent and from 55.2 percent in February 2011.
• The share of short sales dipped slightly in February.  Of the distressed properties sold statewide in January, 23 percent were short sales, down from the previous month’s share of 23.8 percent but up from last February’s share of 22.9 percent.
• The share of REO sales also edged down in February to 25.2 percent, down from January’s 25.9 percent and down from the 31.9 percent recorded in February 2011.
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