Archive for the ‘Lawrence Yun’ Category

Existing home sales

By Intero Real Estate | August 14th, 2008 0 Comments

Lower home prices help sales of existing homes rise in 13 states

The National Association of Realtors® is reporting that sales of existing homes rose in the first quarter in 13 states.

The association attributes the rise to homebuyers’ interest in lower home prices.

The group also reports that home prices rose in the second quarter from a year ago in nearly 25 percent of metropolitan areas.

“In many areas with large concentrations of foreclosure sales, homes are being purchased below replacement cost values,” said NAR President Richard Gaylord. “Many buyers with long-term expectations are getting exceptional value in the current market. Once the inventory is drawn down, price pressure will return because the costs of construction are rising.”

According to the association, existing-home sales grew 25.8 percent in California, 25 percent in Nevada, 20.5 percent in Arizona and 10.1 percent in Florida compared with the first quarter.

“The biggest home-sales gains over the previous quarter have been in some of the markets with the steepest and fastest price drops,” said Lawrence Yun, the chief economist at NAR.

The Sacramento-Arden-Arcade-Roseville area of California saw the sharpest fall in single-family home prices in the second quarter. In that area, the median price of $229,500 dropped 35.6 percent from a year ago, the association said.

See Also

  • Intero Client Services
    Intero Real Estate Services is one of the premier real estate brokerages in the nation. It has 60 offices with more than 2,200 sales associates serving Arizona, California, Colorado, Florida, Hawaii, Nevada and Texas.
  • National Association of REALTORS®
    NAR represents 1.2 million members involved in the residential and commercial real estate industries

NAR forecasts modest movement in existing home sales

By Intero Real Estate | July 9th, 2008 0 Comments

Association president says home buyers getting great deals now

The National Association of Realtors® is forecasting modest near-term movement in existing home sales, “with a recovery in sales seen during the second half of the year.”

The association released the forecast this week. It projected that sales of existing homes will grow to an annual pace of 5.75 million in the fourth quarter from 5.01 million in the second. A 5 percent increase in existing home sales is expected next year, the association says.

The report showed the Pending Home Sales Index fell 4.7 percent to 84.7 in May compared to 88.9 in April. It is 14 percent below the May 2007 reading of 98.5.

“The overall decline in contract signings suggests we are not out of the woods by any means,” said Lawrence Yun, NAR chief economist. “The housing stimulus bill that is still being considered in the Senate is critical to assure a healthy recovery in the housing market, jobs and the economy.”

NAR President Richard F. Gaylord says the current market is offering immediate benefits for many buyers. He also notes that sharper consumer price gains could mean higher mortgage interest rates next year.

The association also forecast that sales of new homes are likely to drop 32.3 percent to 525,000 in 2008.

For more information, please click here.

See Also

  • Get new posts via email
  • Subscribe