Tag Archives: Lawrence Yun

Real Estate

7 in 10 Homes Sold in Less Than a Month in September

The numbers: Existing-home sales increased for the fourth consecutive month in September, as the U.S. housing market benefitted from low interest rates.

Total existing-home sales rose 9.4% from August to a seasonally-adjusted, annual rate of 6.54 million, the National Association of Realtors reported Thursday. Compared with a year ago, home sales were up nearly 21%.

“Home sales traditionally taper off toward the end of the year, but in September they surged beyond what we normally see during this season,” Lawrence Yun, the trade group’s chief economist, said in the report. “I would attribute this jump to record-low interest rates and an abundance of buyers in the marketplace, including buyers of vacation homes given the greater flexibility to work from home.”

Economists polled by MarketWatch had projected existing-home sales to rise to a median rate of 6.36 million.

What happened: The fast pace of home sales has quickly dwindled the remaining supply of homes on the market, however. More than seven in 10 homes on the market in September sold in less than a month.

As a result, by month’s end the total inventory of homes for sale dropped to a 2.7 months’ supply, the lowest on record. A 6-month supply of homes is considered to be indicative of a balanced market.

Source: Existing-Home Sales Soared in September—7 in 10 Homes Sold in Less Than a Month | realtor.com®

Here in Mohave County sales are brisk with residential sales continuing in “boom” territory, and many sales are closed over the original asking price. It’s a feeding frenzy.

Land sales have picked up, and we’re seeing real appreciation for the first time in many years. Anything with a septic, or better yet a well is hot these days. Gotta go, there’s the phone again….Ben

Arizona, Real Estate

Home Prices Gain in Second Quarter

We have a great need for housing in Mohave County. Prices have risen to “bubblicious” levels once again. Most who grew up here can no longer afford to own a home. No relief yet…

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Home prices in the second quarter continued to rise in the majority of housing markets across the country.

Ninety-one percent of 178 metros tracked saw home price gains in the second quarter, according to the latest report from the National Association of REALTORS®, released Wednesday.

5 Priciest Markets in Q2

San Jose-Sunnyvale-Santa Clara, Calif., metro area: $1,330,000 (median existing single-family price) San Francisco-Oakland-Hayward, Calif.: $1,050,000 Anaheim-Santa Ana-Irvine, Calif.: $835,000 Urban Honolulu, Hawaii: $785,500 San Diego-Carlsbad, Calif.: $655,000.

5 Lowest Cost Markets in Q2

The five least expensive metro areas in housing in the second quarter were: Decatur, Ill.: $97,500 Youngstown-Warren-Boardman, Ohio: $107,400 Cumberland, Md.: $117,800 Binghamton, N.Y.: $119,300 Elmira, N.Y.: $119,400.

The national median existing single-family home price was $279,600 in the second quarter, up 4.3% from a year ago.

Ninety-three of the 178 metros tracked saw price growth of 5% or more. Ten metro areas posted double-digit increases, mostly in more modestly priced markets like Boise City-Nampa, Idaho; Abilene, Texas; Columbia, Mo.; Burlington-South Burlington, Vt.; and Atlantic City-Hammonton, N.J.

Tight inventory conditions, particularly at lower price points, are prompting home prices to accelerate in several markets, notes Lawrence Yun, NAR’s chief economist.

Source: NAR: Home Prices Post More Gains in Second Quarter | Realtor Magazine