Your Real Estate Market Snapshot for November 2015 from SFAR

Posted by Charlene Delaney

Residential real estate is experiencing its best year since the recession. Housing demand is healthy, and that is expected to continue until the end of the year. Snip20151216_2Home sales are actually set to have their best national showing since 2006.

More of the same is anticipated in 2016, but inventory and affordability challenges coupled with mortgage rate increases will likely keep any sort of monster growth in check. This should be a good thing for keeping home prices from increasing too rapidly to maintain economic stability.

New Listings were down 6.3 percent for single family homes and 4.2 percent for Condo/TIC/Coop properties. Pending Sales decreased 17.1 percent for single family homes but increased 6.0 percent for Condo/TIC/Coop properties.

The Median Sales Price was up 15.0 percent to $1,295,000 for single family homes and 10.3 percent to $1,125,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 6.3 percent for single family units but remained flat for Condo/TIC/Coop units.

Unemployment rates across the nation changed little last month, which bodes well for an increase in buying activity. The national jobless rate was 5.0 percent in October, which was 0.7 percent lower than the year prior. Although housing and employment data are quite positive at this juncture, it is still certainly possible for listings and sales to be down in year-over-year comparisons. Bad weather and the mix of housing available to buyers tend to have a greater effect on trends at the end of the year than during the midsummer months.

For full report, click here: SFAR_MarketFocus_2015-November

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Wednesday Dec 09, 2015  11:13 AM PST

Your Real Estate Market Snapshot for October 2015 from SFAR

Posted by Charlene Delaney

Transitory periods in the market are common this time of year, and after a persistent period of steady year-over-year climbs in sales metrics, recent low national numbers have not fulfilled what many predicted. But on a positive note, jobless claims have also been at low levels, coming in as the lowest number since 1973. As always, every market and situation is unique, so some numbers seen in national trends may not always line up with local markets.

New Listings were down 2.0 percent for single family homes and 10.7 percent for Condo/TIC/Coop properties. Pending Sales remained flat for single family homes but decreased 6.6 percent for Condo/TIC/Coop properties.

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The Median Sales Price was up 8.4 percent to $1,290,000 for single family homes and 15.7 percent to $1,105,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 4.8 percent for single family units but was up 14.3 percent for Condo/TIC/Coop units.

Interest rates are an area to pay attention to as rate hikes are widely expected before the year ends. The Federal Reserve Bank has skipped two opportunities to raise rates this fall, but the final meeting in December will likely include a minor rate hike. Although we are headed into a slower time of year, as housing activity goes, there are still many nuggets of optimism to mine from monthly figures.

Click here for full report: SFAR_MarketFocus_2015-October

Your Real Estate Market Snapshot for September 2015 from SFAR

Posted by Charlene Delaney

The third quarter of 2015 has ticked its last tock with the hands pointing firmly One-Year Change in upon a reliable clock of a market. Although noon and 6:30 fluctuations are present even within the same states and cities, the overall tempo of real estate potential is experiencing a healthy number of good omens. The job market has shown continual improvement, jobless rates are down, real average hourly and weekly earnings have been up and there has been good news in new household formation.

New Listings were down 21.7 percent forSnip20151013_11 single family homes but increased 1.3 percent for Condo/TIC/Coop properties. Pending Sales decreased 8.9 percent for single family homes and 18.7 percent for Condo/TIC/Coop properties.

The Median Sales Price was up 14.6 percent to $1,189,000 for single family homes and 17.5 percent to $1,075,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 16.7 percent for single family units but was up 9.5 percent for Condo/TIC/Coop units.

With positive economic news coming from many angles, there are no imminent factors to prepare for beyond the typical seasonal drop-off. From the mouths of market-analyzing pundits, we are in the midst of one of the healthiest housing markets in the past 15 years. The one thing we were anticipating in September, an increase in interest rates, did not happen. It most likely will before year’s end. Until then, get out and enjoy the season.

Click here for full report: SFAR_MarketFocus_2015-September

Your Real Estate Market Snapshot for August 2015 from SFAR

Posted by Charlene Delaney

Home prices were up during summer across the nation in year-over-year comparisons. With the economy on full mend, Federal Reserve Chair Janet Yellen has predicted a fine-tuning of monetary policy before the year ends. In tandem with the improved economy, the unemployment rate for July 2015 remained at 5.3 percent for the second month in a row. It is widely believed that interest rates will go up before the year is over. Generally, this does not happenwithout careful consideration for the impact such a move will have on residential real estate.

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New Listings were down 16.0 percent for single family homes and 21.6 percent for Condo/TIC/Coop properties. Pending Sales decreased 3.9 percent for single family homes and 10.5 percent for Condo/TIC/Coop properties.

The Median Sales Price was up 26.6 percent to $1,225,444 for single family homes and 12.4 percent to $1,045,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 25.0 percent for single family units and 26.3 percent for Condo/TIC/Coop units.

Statistics released by the U.S. Census Bureau and the Department of Housing and Urban Development indicate that privately-owned housing starts in July 2015 rose 10.1 percent compared to last year to the highest level the market has seen since October 2007. This bodes well for the eventual landing of a flock of potential buyers currently holding in a rental pattern. As ideal summer weather diverges toward autumn, we will begin to see some seasonal relaxation, but the market should still look positive when compared to last year.

Click here for full report: SFAR_MarketFocus_2015-August

Your Real Estate Market Snapshot for July 2015 from SFAR

Posted by Charlene Delaney

According to the U.S. Census, homeownership is at 63.4 percent for the second quarter of 2015, down 1.3 percent from the second quarter of 2014. This is the lowest rate of homeownership since 1967. To put that in greater context, homeownership peaked at 69.2 percent in 2004, and the 50-year average is 65.3 percent. Although the data may be indicating otherwise on a macro level, mortgage applications have kept REALTORS® busy through summer.

New Listings were down 17.7 percent for single family homes and 32.9 percent for Condo/TIC/Coop properties. Pending Sales decreased 9.7 percent for single family homes and 13.5 percent for Condo/TIC/Coop properties.

The Median Sales Price was up 18.8 percent to $1,284,444 for single family homes and 6.3 percent to $1,010,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 23.8 percent for single family units and 28.6 percent for Condo/TIC/Coop units.

Ever since the Great Recession ended in about June 2009, the market has strengthened to once again become a cornerstone of the national economy.

Better lending standards, lower oil prices and higher wages are a few of the catalysts for positive change. Many trends continue to reveal a stable housing market. Federal Reserve Chair, Janet Yellen, has predicted a fine-tuning of monetary policy by the end of the year. It is widely believed that interest rates will go up before the year is over, an indicator that the housing market is ready for such a move.

Click here for full report: SFAR_MarketFocus_2015-July