Home Sales Drop
Home Sales Drop
The National Association of Realtors reported today, that existing home sales drop for the 10th month in a row.
In November, existing home sales dropped to a two and a half year low. Read more
Real Estate Home Sales COLLAPSE
Real Estate Home Sales COLLAPSE
Just last week, the National Association of Realtors reported a 20% YoY Decline in Home Sales to the lowest level in a decade.
Another sign that the 2022 Housing Crash and Housing Recession is getting worse. The decline in Home Sales is reminiscent to what occurred at the start of the 2022 Housing Crash. Especially in Housing Markets like Las Vegas, Phoenix, and Los Angeles, where data from Redfin shows that both Sales and Prices are down significantly over the last 2 months. Read more
Home Sales Fall
Home Sales Fall
Pending home sales fall for fifth straight month
According to the National Association of Realtors (NAR), the group’s index that tracks the number of homes under contract to be sold fell 1.2% in March from the previous month and sank 8.2% from a year ago.
Read more
Home Mortgage Demand
Home Mortgage Demand falls even with low interest rates
Well, this should come as no surprise, a recent report shows that the coronavirus pandemic is causing many buyers and sellers to delay their potential purchases and sales of their homes. Actually, home purchase demand is at a five-year low!
Because of the extremely low home mortgage interest rates, refinance applications are still remaining high. Read more
Home Purchase Inspections
Home Purchase Inspections
With the average residential home price in San Diego being well over half $1 million dollars, my advice to potential home buyers is don’t cheap out when it comes to getting pre-purchase inspections of your potential new home.
I mean we all know about termite inspections. But perhaps equally important, if not more important, is the physical inspection of the home by a licensed California contractor. Yes, there are many home inspectors who are also licensed contractors and in my opinion these are the best people to hire to do the inspection for you.
Almost all purchase contracts in California are written in such a way that the inspections of the property are a contingency for the sale of the property. Another words, if there are problems and those problems cannot be resolved between you and the seller prior to purchase you have the right to cancel the purchase and receive all your deposit money back.
So, what I’m saying here, is to think about these home inspections like cheap insurance. Personally, I rather have the deal fall apart in escrow then to discover six months or a year after the purchase that there was a serious material flaw in the property that I’m now living in. Read more
Pending Home Sales Record
Pending Home Sales Record
The National Association of Realtors just reported today, that pending home sales for July hit their second highest level in a decade!
The Associations pending home sales index increased 1.3% in July. This level for the index puts it at 1.4% above year-ago levels and the second-strongest index reading since April!
The above index levels were based on a national basis, here in the West, the National Association of Realtors pending home sales Index reached the highest level in July it’s seen for the last three years! Read more
Home sales fall
New home sales fall in March
Even in light of historic low mortgage rates new home sales have been for the third month in a row. March figures which were just reported, show that new home sales were down 1.5% according to the Commerce Department’s report.
Home sales fall
The rate of new home sales as steadily dropped since January 2016. The Commerce Department’s report also showed a huge sales dropped for new home sales in the West. The West showed a drop of 23.6% in March. The only good news in this report as far as new home sales go was the fact that on a year to date pace compared to 2015, we are slightly ahead in the number of sales this year. Read more
Pending Home Sales Slide
Pending Home Sales
The National Association of Realtors reported today that US pending home sales were off for a second straight month in September.
What’s being reported here our statistics for pending existing home sales, also commonly referred to as resales. Once in existing home sale as an accepted contract, but prior to the actual closing, it is considered a pending home sale.
For September the decline in pending existing home sales was 2.3% when compared to August 2015. This marks the third month to month drop for home resales so far this year.
New-Home Sales Drop
New-Home Sales
The Commerce Department reported today new-home sales fell 11.5% in September to the lowest level in the last 10 months. to compound this, bad news, the report also stated thatthe August new home sales were revised down by 22,000.
Even with this drop in September new home sales, the year-over-year new home sales pace was actually up by 2%!a number of housing market insiders attribute the September drop in new home sales to the increasing home prices. In many markets home prices are far exceeding the ability for the average new home buyer to qualify for conventional mortgage. Read more
Home Sales Jump
Existing Home Sales Jump
The National Association of Realtors reported today that existing home sales increased 4.7 percent to an annual rate of 5.55 million units.
This September home resale increase was more than expected and the second highest monthly sales pace since February 2007!
Personally because of seasonal factors I would expect housing prices to remain somewhat stagnant or actually soften the little from now through the next four or five months. So, for those of you who have been thinking about buying your first home, or perhaps buying a move-up home, from now through about March is usually the best time to purchase a home. Read more