Archives for May 2013

Houston homes sell in April at breakneck pace

Four in 10 homes that went up for sale as of April 1 were purchased two weeks later.A new report indicates that the Houston real estate market is once again one of the fastest-moving ones in the country.According to property information firm Redfin, based on housing numbers?in April, approximately 38 percent of the Houston homes that went up for sale on the first of the month were sold within two weeks. Additionally, 25 percent of properties sold inside of seven days.Texas' largest city didn't have the most significant percentage of properties that sold in a fortnight, though. In San Jose, California, nearly two-thirds of the residences that were listed on April 1 sold in 14 days. And about 50 homes were purchased in 24 hours.”I've been seeing more homebuyers writing preemptive offers in an effort to get under contract before a bidding war erupts,” said Mia Simon, a California-based Redfin agent. Typically, these preemptive offers are well above asking price, non-contingent, and from homebuyers who have already lost out in several bidding wars.”The rate at which properties have been purchased nationwide has left a low inventory. More specifically, in Houston, supply levels fell in April fell to 3.4 months from 3.5 in March, according to the Houston Association of Realtors.
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NAR: Home purchase activity strong, yet tight inventory remains stumbling block

Homes are selling but they'd likely be bought at a higher rate if there were more to choose from.Existing-home sales rose across the country in April, but were it not for reduced inventory,?purchases would have been far more robust, a new report indicates.According to the National Association of Realtors, the number of completed transactions for single-family homes, townhomes, condos and co-ops jumped about six basis points last month, finishing at a seasonally adjusted annual rate of 4.9 million.Lawrence Yun, NAR chief economist, noted that while the report is an encouraging sign for?the vitality of the housing market, buying activity could have easily been north of the 5-million unit pace if limited inventory levels weren't creating friction.Not since November 2009 have existing-home sales moved this briskly, the NAR report notes. In addition, the national median currently stands at $192,800, up 11 percent from 12 months ago.Meanwhile in the Houston real estate market, home prices growth is apparent as well. The median price of a single-family home was $184,900 last month, 14.5 percent above year-ago levels, according to the Houston Association of Realtors.
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April home values nationwide increase to nine-year high

Home values rose more than 5 percent on a year-over-year basis last month.For the sixth straight month, national home values rose on an annual basis in April, a new report reveals.According to real estate information firm Zillow, when contrasted with the previous month, home values in 365 of the metropolitan statistical areas tracked increased by five basis points. And on a year-over-year basis, values elevated by 5 percent – the most significant jump since June 2004. Among specific MSAs, Sacramento, Las Vegas and San Francisco logged the largest growth, Zillow reports.Despite what may seem like an interminable trend of home appreciation, it can't last forever, noted Stan Humphries, Zillow's chief economist.”Overall, we expect home value appreciation to moderate as more supply comes on line over the next year,” said Humphries.He also suggested that prospective home owners may want to purchase a property now rather than later, as mortgage rates are expected to rise.In the month of April, Houston real estate home values were higher than the national median of $158,300. The median single-family home price in Houston last month was $184,900, approximately 14 percent above where it was at this time last year.?
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Housing sector set to boost slowing economy, Fannie Mae says

Fannie Mae says housing will buoy the recent economic slowdown.A new report indicates?the housing sector will ultimately serve as the economy's saving grace when it comes to the recent easing of the country's financial system.According to Fannie Mae's?Strategic Research Group, economic activity in the first part of the year was robust, led by strong consumer demand and spending. More recently, though, activity has slowed, largely as a result of the sequestration that lawmakers put into effect, which implemented mandatory spending?cutbacks in an effort to reduce the country's debt levels.But as the second half of the year approaches, a renewed acceleration of the market is anticipated, thanks in large part to home buying demand and steadily improving unemployment rate.”Employment numbers are getting better, albeit it at a relatively slow pace, and the April employment picture should help boost consumer sentiment toward the economy overall,” said Doug Duncan, chief economist for Fannie Mae.He added that home purchase demand is expected to pick up as the year progresses and will likely continue into 2014, which should act as a significant contributor to overall economic growth.Robust demand for Houston homes may help explain why the Lone Star State has performed well in the economic realm. According to recent statistics from the U.S. Census Bureau, based on real gross domestic product growth Texas has several of the country's fastest-growing metropolitan areas, with real GDP levels in Housing reaching nearly 4 percent in 2011.
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Redfin: High percentage of properties sold within two weeks last month

A considerable number of people in April closed on a home purchase within two weeks of the home being listed as for sale.Not only did home prices and sales activity rise in April, but the pace at which properties were purchased was exceedingly swift, a new report details.According to national real estate broker Redfin, home prices jumped 16 percent year over year and home sales growth was nearly 11 percent above the same time last year. But perhaps the most significant development was how quickly housing transactions were completed. Approximately 35 percent of the properties that were listed as for sale in April were under contract within two weeks of hitting the market. That eclipses the previous record?set in March.As for which markets produced the fastest-selling residences, Redfin notes that the top four were San Jose, San Francisco, Denver and Ventura. In each of these instances, more than half of the properties up for sale sold within 14 days.The Houston real estate scene has seen its fair share of quick purchases. From October of last year to February 26, Houston had 188 “flash sales,” or home sales completed within 24 hours of being listed. The only markets with more over the same period was Phoenix and Chicago, according to the separate report, also conducted by Redfin.
Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.

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