30 Straight Months of Home Price Gains per Mortgage Specialist's LLC
The Existing Home Sales report for August was just released today by the National Association of Realtor's and in it we find that the median price for an existing home sold was $219,800 with a 4.8% increase over August of last year and marks the 30th straight month of year-over-year gains in home prices.
 Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, decreased 1.8 percent to a seasonally adjusted annual rate of 5.05 million in August from a slight downwardly -revised 5.14 million in July. Sales are at the second-highest pace of 2014, but remain 5.3 percent below the 5.33 million-unit level from last August, which was also the second-highest sales level of 2013.
NAR chief economist, Lawrence Yun, says sales activity remains stronger than earlier in the year, but fell last month as investors stepped away. "There was a marked decline in all-cash sales from investors,” he said. "On the positive side, first-time buyers have a better chance of purchasing a home now that bidding wars are receding and supply constraints have significantly eased in many parts of the country.”
Yun adds, "As long as solid job growth continues, wages should eventually pick up to steadily improve purchasing power and help fully release the pent-up demand for buying.”
The percent share of first-time buyers remained unchanged in August from July at 29 percent. First-time buyers have represented less than 30 percent of all buyers in 16 of the past 17 months and also represent the biggest potential for a surge in housing once they come back into the market place.
|
No comments:
Post a Comment