Archives for June 2013

Existing-home sales crest 5 million in U.S. last month

Sales for existing homes rose by 13 percent in May.Nationwide purchases on previously owned properties increased substantially in May, new data shows.According to the National Association of Realtors, existing-home sales rose to a seasonally adjusted annual rate of 5.1 million last month from 4.9 million in April. On a year-over-year basis, these sales were approximately 13 percent ahead of the same period in 2012.These real estate buys were robust that?the last time this many existing?homes were purchased was in November 2009. More than 5.4 million residences were purchased at that time, largely as a result of the tax stimulus implemented by the federal government, NAR notes.As for what the national median existing-home price was in May, NAR says?that it increased 15 percent from last year, totaling $208,000.Meanwhile, in the Houston real estate market, the median amount for existing-home sales in May was $174,320, approximately 12 percent higher than in 2012 according to the Houston Association of Realtors.
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Housing starts elevate in May

Home building starts increased nearly 7 percent last month.Construction firms increased their time spent on the worksite in May due to the vast number of building jobs they were taking on, a new report suggests.According to the Commerce Department, housing starts last month rose nearly 7 percent on a seasonally adjusted annual basis, with 914,000 units getting off the ground.Rick Judson, chairman of the National Association of Home Builders, noted that outlook and sentiment among builders is strong, as firms are responding to the heightened demand for rental apartments and homes.David Crowe, chief economist at NAHB, added that the only thing that prevented builders from getting further with their projects was Mother Nature.”Unusually wet weather across much of the country likely dampened the pace of single-family production in May,” said Crowe. “Nevertheless, the strength in permit issuance for single-family units – and stockpiling of permits for future use – provides further evidence that housing continues on a slow and steady path to recovery.”Construction firms will likely be on the job longer in Texas, as Houston homes are moving at a prodigious rate. The Houston Association of Realtors reports that sales finished 28 percent ahead of last year's pace in May, leading inventory levels to diminish further.
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Texas economy among the country’s elite

The economy is surging in Texas, based on new data from the Bureau of Economic Analysis.With the national economy still struggling to recover from the?recent recession, there are certain parts of the country that are performing quite well from a standpoint of gross domestic product. Conditions are particularly robust in the state of Texas, newly released statistics reveal.Based on?data provided by the Bureau of Economic Analysis, 24/7 Wall St. reports that the Lone Star State has the second-strongest economy?in the country, with GDP growth at nearly 5 percent. In addition, employment has increased 2 percent during the past year and the population level has risen 1.6 percent during that?time.Financial experts tell 24/7 Wall St. that the substantial gains in the number of people living in Texas, as well as improved energy production, help?explain why the state's financial system has thrived.Housing is also linked with improved economic activity and this has been demonstrated in the Houston Real Estate scene. For nearly two years, there have been higher home sales on a month-over-month basis in Texas' largest city, according to numbers from the Houston Association of Realtors.”The Houston housing market shows absolutely no sign of letting up,” said Danny Frank, chairman of the HAR.
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Minneapolis deemed hub of U.S for parks

A new report says that Minneapolis is the ideal city for those seeking out plenty of space devoted to recreation.When it comes to which city has the best parks and recreation for residents to enjoy, Minneapolis takes top billing, a new report finds.According to recent analysis conducted by nonprofit organization The Trust for Public Land, Minneapolis has the best assortment of parks in the country after receiving a perfect score in its ParkScore index assessment. The ratings were based on how accessible parks were, how closely people lived to them?and the amount of city land devoted to park services.Mark Dayton, the state's governor, noted that outdoor living spaces are a key component of Minnesota life.”In our cities, we rely upon our parks for individual recreation, family outings, and community activities,” said Dayton. “I congratulate Minneapolis upon receiving this national recognition for providing our country's best park system.”Not to be outdone are the variety of parks that are within walking distance of many Houston homes. According to city data, there are more than 37,800 acres of land area?dedicated to parks and green space in Texas' largest metro.
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