The already scalding-hot housing market is likely to heat up even more.
Mortgage interest rates continued their downward descent, hitting yet another record—largely thanks to the pandemic, and the resulting economic downturn, dragging on. Rates fell to just 2.88% for 30-year, fixed-rate loans in the week ending Aug. 6, according to Freddie Mac.
That’s the lowest rates have ever been since Freddie Mac began tracking them in 1971. They fell from 2.99% last week and are down from a higher 3.6% at the same time last year. “The mortgage rates are really fueling the [housing] market this summer,” says George Ratiu, realtor.com®’s senior economist.
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Lovely Parcel in easy to get to location in Stagecoach Trails near primary road, Jesse James.
Nice vegetation: Joshua Trees, Ocotillo, Barrel Cactus, and loads of wildflowers. Wide panoramic views of the Hualapai, Mohave & Black Mountains. Crystal clear night skies for your stargazing pleasure, and truly dark skies!
Get to where you’ve always wanted to be – the beautiful high desert of Northwest Arizona. Big 40 acres Surveyed, staked. 100% Water & mineral rights.
Come join the growing community of Yucca Arizona, where Grand Mohave desert meets blue Sonoran skies. Close for visitors from California, and nearby Lake Havasu City and Kingman are a low stress drive away. What are you waiting for?
See more pictures: Continue reading Land Special – Stagecoach Trails 710 Billy the Kid
The housing market came roaring back in June, as low mortgage rates and increased economic activity helped push sales of previously owned homes up 20.7% from the prior month.
Demand was strong from apartment renters seeking more space, young families moving to the suburbs and wealthy city dwellers looking for second homes, brokers and economists say. At the same time, the supply of houses for sale remained low, as the pandemic has made potential sellers cautious about letting people tour their homes.
Existing-home sales rose in June to a seasonally adjusted annual rate of 4.72 million, the biggest monthly increase in records going back to 1968, the National Association of Realtors said Wednesday. The June sales marked a 11.3% decrease from a year earlier.
The median existing-home price rose 3.5% from a year earlier to $295,300, NAR said. There were 1.57 million homes for sale at the end of June, up 1.3% from May and down 18.2% from June 2019. At the current sales pace, there was a 4.0-month supply of homes on the market at the end of June.
Existing-home sales rose the most month-over-month in the West, at 31.9%, and in the South, at 26%, according to the NAR data.
Meanwhile, we’re a part of those strong sales numbers here in Mohave County. Every day brings more sales, and we truly haven’t seen this much activity since the heady days of 2005-2007.
Land sales are greatly improved, and there finally is some upward pressure on land prices here in the Yucca area, but still too many properties that were purchased as tax liens, or inherited & where the owner doesn’t care about price, and just wants a fast sale.
What’s most encouraging to me is the interest from agents outside of the area, who have been mostly missing for years. The bad news is that many from outside of the area list out here with only a picture of a map and sketchy, missing, or incorrect data. It hurts the market as sellers become desperate over time, and are more inclined to accept fire sale prices. It seems unfair that poor service that hurts our market and sellers can be allowed, but such is the market today.
If you dream of hitting the open road with a house on wheels, you may be thinking about buying an RV, or recreational vehicle. It’s an especially alluring idea these days.
According to the RV Industry Association, between 9 million and 10 million people in the United States own RVs—1 million live in them full time. And the demand for RVs has substantially increased in the wake of the coronavirus pandemic.
“Not only are we hearing from RV dealers across the country that their sales are up compared to last spring, but new research shows that 1 in 4 Americans intends to take some kind of RV-related action in the next 12 months—such as taking an RV trip, buying or renting an RV, even visiting an RV dealership,” says Craig Kirby, president of RVIA.
Part of the draw of RVs is that they allow people to vacation with their families without risking exposure to COVID-19 by boarding a plane or entering a hotel.
We are seeing more and more folks that want to have a desert getaway in case things get dicey again. There really is a rush to Mohave County, and to places away from the big cities. Anecdotally, around the country we are hearing of homes that had languished before being out and away from town, but suddenly there were three offers.
It bodes well for sales, and we welcome the new “refugees;” welcome to our world. Please be careful out there, the desert is unforgiving.
We’ve dreamed of having an RV for years, and almost came close to pulling the trigger in 2005, but happily waited.
I think of RVs as a hot potato, that is, you buy it when you need it, and sell it if for any reason you’re not going to use it. The depreciation curve is steep, and waiting a year can make a difference.
On the other hand, it seems that after 20 years, the value has plunged enough so that if one is diligent, one can encounter some real low mileage gems for under $10,000. What’s not to love?
Leaving your RV out on the dirt in the desert is not advised for long term without at least occasional inspections to prevent pack rats, mice, and other varmints form moving in to your lovely “homestead.” Get to know your neighbors, and with any luck they can stop in every once in a while and keep an eye. Often, just a well worn driveway will discourage thieves.
and don’t forget the septic… Ben
Contracts to buy U.S. previously owned homes rebounded by the most on record in May, suggesting the housing market was starting to turn around after being hammered by the COVID-19 pandemic along with the rest of the economy.
Other data on Monday showed an improvement in manufacturing activity in Texas in June after three months of record or near-record declines in output. But surging infections of the respiratory illness in many regions, including the densely populated Texas, Florida and California, pose a risk to the nascent recovery. The economy fell into recession in February.
The National Association of Realtors said its Pending Home Sales Index, based on contracts signed last month, surged 44.3%, the largest gain since the series started in 2001.
Still, contracts remain 10.6% below their level in February before businesses were shuttered in a bid to slow the spread of coronavirus, almost grounding the economy to a halt.
Economists polled by Reuters had forecast pending home contracts, which become sales after a month or two, rebounding 18.9% in May.
Pending home sales fell 5.1% from a year ago. Home resales tumbled to a more than 9-1/2-year low in May. Economists believe the housing market could emerge more quickly from the recession, which started in February, thanks to historic low interest rates.
The numbers: Sales of newly-built single-family houses occurred at a seasonally-adjusted annual rate of 676,000 in May, the government reported Tuesday.
That represented a 16.6% increase from the downwardly-revised pace of 580,000 in April. Compared with the previous year, new home sales were up 12.7% in May.
Analysts polled by MarketWatch had forecast new-home sales to occur at a seasonally-adjusted annual rate of 650,000 in May.
The Northeast experienced the most pronounced increase in sales, with a 45.5% jump, followed by the West (up 29%) and the South (up 15.2%). Sales fell by 6.4% in the Midwest.
The median sales price for new homes sold in May was $317,900. At the end of the month, there were 318,000 new homes estimated to be up for sale, which equates to a 5.6-month supply. A 6-month supply of homes is generally considered to be indicative of a balanced market.
A home at 38 Hawkeye Lane near Las Vegas is a concept home built like no other. The home measures in at a robust 5,501 square feet and is listed for $7.9 million.
The plot twist? Each piece of the foundation and framing traveled 4,766 nautical miles across the Pacific Ocean in one of 22 shipping containers from Japan. The project was conceived by Sekisui House, which is based in Osaka. The company is one of Japan’s largest homebuilders and purchased the American builder Woodside Homes in 2017.
The company now wants to wow American homebuyers with a touch of its signature style. And if you’re going to gamble on a cool concept, Vegas feels like the right venue.
Sales of previously owned homes fell 9.7 percent in May compared April, the third monthly decline, the National Association of Realtors said Monday.
Existing home sales are counted at the time of closings. So these would have been based on contacts signed in March and April, when most of the country was under instructions to stay at home and real estate showings were off-limits in many areas.
Compared with a year ago, home sales were down 26 percent. Home sales hit an a 13-year high in February but began plunging as the coronavirus discouraged shopping from home, public health officials told Americans to avoid unnecessarily venturing out of their homes, unemployment jumped higher amid mass layoffs, and many states and cities prohibited realtors from showing homes in person.
Previously-owned homes make up most of the housing market, although the sales have a smaller impact on gross domestic product because so much of the work on them has already been completed. Nonetheless, existing home sales can drive sales in appliances, furniture, and home improvement goods. And they remain an important barometer of household confidence and prosperity.
Each of the four major regions of the country witnessed dips in month-over-month and year-over-year sales, with the Northeast experiencing the greatest month-over-month drop, according to the NAR. The decline was worse than the 8.8 percent expected.
Many economists expect that low interest rates and the reopening of the economy will drive up sales in June and in the months to come. Real estate showings are once again permitted in most of the country. Home sales typically peak in mid-summer.
Dating to 1700, the oldest home to hit the market this week was built a mere 80 years after the Pilgrims landed on Plymouth Rock. It sits atop our list of the 10 oldest homes that went up for sale in the past seven days. All built in the 1700s, they’ve weathered the centuries and still stand in fine fettle today. Now these vintage charmers are ready for a new owner to write the next chapter in their long histories.
One of these properties comes with the lovely name of Tree Farm, and is filled with wildflowers to attract butterflies and birds. And then there’s Fleetwood, which comes with its own ancient cemetery.
This week’s oldest homes also include a 68-acre gentleman’s farm, filled with pastures, ponds, and an herb garden and a family compound with a home dating to 1710.
Click the link for a look at the rest…
As the summer home-buying season gets underway, median home prices are surging. They shot up 4.3% year over year as the number of homes for sale continued to dry up in the week ending June 6, according to a recent realtor.com® report.
That’s correct: Prices are going up despite this week’s announcement that the U.S. officially entered a recession in February. While that’s below the typical 5% to 6% annual price appreciation this time of year, it’s nearly back to what it was before the coronavirus pandemic.
Median prices were rising 4.5% in the first two weeks of March before the COVID-19 lockdowns began. Nationally, the median home list price was $330,000 in May, according to the most recent realtor.com data.
The culprit for the increasing prices: a lack of homes for sale and a rush of buyers. The total number of home listings on realtor.com was down 25% in the first week in June compared with the previous year—when there was also a housing shortage. In the first two weeks of March, listings had fallen 16% annually.