Existing Home Sales upswing 11.8 percent in February

The average housing price 2 for all types of housing in February was $ 249,500, up 3.6 percent from February 2018 ($ 240,800). February price increase marks 84 th right month with annual profits.

Total home stay 3 at the end of February increased to 1.63 million, up from 1.59 million existing homes available for sale in January, a 3.2 percent increase from 1.58 million a year since. Unsold inventory is on 3.5 months supply in today's sales stack, down from 3.9 months in January, but up from 3.4 months in February 2018.

"It is very welcoming to see more inventory emerging in the market ", Yun says. "Consumer foot traffic therefore increases with measurement of sentriLock opening rate 1[ads1]9 keyboxes."

NAR's SentriLock Ò key access data for unlocking a home was measurably higher in January and February compared to the second half of 2018.

Properties remained on the market on average 44 days in February, down from 49 days in January, but up from 37 days a year ago. One and a half percent of homes sold in February were on the market for less than a month.

Yun, who has requested more inventory in 2018, says the market will benefit greatly in 2019 with several new homes. 19659002] "To maintain growth, there is still a need for a significant construction of moderately priced homes. More construction will help increase local economies, and more home sales will help reduce wealth inequalities that more households can enjoy in wealth improvement. " A typical homeowner has accumulated an income of $ 8,700 in home equity over the past 12 months and $ 21,300 over the past 24 months.®'s Market Hotness Index, measurement of time-based data and listings per property, showed that the hottest metro lines in January were Midland, Texas; Chico, California; Colorado Springs, Colorado; Spokane-Spokane Valley, Washington; and San Francisco-Oakland-Hayward, California.

According to Freddie Mac, the average rate of engagement for a 30-year conventional fixed-rate mortgage went to 4.37 percent in February from 4.46 percent in January. The average engagement rate throughout 2018 was 4.54 percent.

"We are very happy to see homebuyers back to the market as the beginning of spring represents a prime time to buy a new home," said NAR President John Smaby, a second generation Realtor® from Edina, Minnesota and broker at Edina Realty. "Prospective buyers and sellers should seek a local real estate broker Ò to keep up to date on the market and take advantage of the various housing benefits currently being expanded during home transactions."

First-time buyers were responsible for 32 percent of sales in February, up from last month and a year ago (both 29 percent). NARs 2018 Profile of Home Buyers and Sellers – published late 2018 4 – showed that the annual percentage of first-time buyers was 33 percent.

All-cash sales accounted for 23 percent of transactions in February, corresponding to January, but marginally lower than a year ago (24 percent). Individual investors, who account for many cash sales, bought 16 percent of homes in February, identical to 16 percent in January, but a cross from a year ago (15 percent).

Distressed sales 5 – foreclosures and short selling – represented 4 percent of sales in February, similar to both of the 4 percentages represented in January and at this time a year ago. One percent of the February sales were short selling.

Single Family and Condo / Co-op Sales

One-time sales are at a seasonally adjusted annual rate of 4.94 million in February, up from 4.36 million in January and down 1.4 percent from 5.01 million a year ago. The median existing single-family home price was $ 251,400 in February, up 3.6 percent from February 2018.

Existing villa and co-op sales were recorded at a seasonally adjusted annual rate of 570,000 units in February, unchanged from last month and down 5. , 0 percent from a year ago. The median existing apartment price was $ 233,300 in February, which is up 3.1 percent from the previous year.

Regional Breakdown

February existing sales figures in the Northeast were identical to last month. The annual rate of 690,000 is 1.5 percent over a year ago. The median price in the Northeast was $ 272,900, up 3.8 percent from February 2018.

In the Midwest, existing home sales rose 9.5 percent from last year to an annual rate of 1.27 million, approximately to February 2018. The median price in the Midwest was $ 188,800, up 5.4% from last year.

Existing housing sales in the South grew 14.9 percent at an annual rate of 2.39 million in February, a decrease of 0.4 percent from last year. The median price in the South was $ 219,300, an increase of 2.5 percent from the previous year.

Existing housing sales in the West rocketed 16.0 percent at an annual rate of 1.16 million in February, 7.9 percent less than a year ago. The median price in the West was $ 379,300, up 3.0 percent from February 2018.

The National Association of Realtors® is America's largest trading association, representing over 1.3 million members involved in all aspects of housing and business.

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NOTE: For local information, please contact the local Realtors® association for local multiple listing services data. Local MLS data is the most accurate source of sales and pricing information in specific areas, although there may be differences in reporting methodology.

1 Existing home sales, including single family, townhomes, condominiums and co-ops, are based on transaction closures from Multiple Listing Services. Changes in sales trends outside MLS are not captured in the monthly series. NAR rebenchmarks home sales regularly using other sources to assess general home sales trends, including sales not reported by MLSs.

Existing home sales, based on closures, are different from the US Census Bureau series on new single-family home sales, which are based on contracts or acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing home sales, which account for more than 90 percent of total home sales, are based on a much larger sample of data – about 40 percent of multiple listing service data each month – and are usually not subject to large previous month revisions.

The annual rate for a particular month represents what the total number of actual sales in a year would be if the relative rate of that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor in seasonal variations in resale activity. For example, home sales are normally higher in summer than in winter, mainly due to differences in weather and family buying patterns. But seasonal factors cannot compensate for abnormal weather patterns.

Single family data collection began monthly in 1968, while apartment data collection began quarterly in 1981; The series was combined in 1999 when monthly collection of apartment data began. Before this period there were detached houses for more than nine out of ten purchases. Historical comparisons for total home sales before 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.

2 The median price is where half is sold for more and half sold for less; Medians are more typical of market conditions than average prices, which are distortions higher with a relatively small proportion of excess transactions. The only valid median price comparisons are in the same period the year before due to seasonal buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the time of family purchase patterns. Changes in the composition of sales can distort median price data. Years ago, median prices and average prices are sometimes revised in an automated process if additional data is received.

The national median apartment / co-op prize is often higher than the median's family price, because condos are concentrated in higher-cost housing markets. However, in a given area, single-family homes usually sell for more than condos, as evidenced by NAR's quarterly price range for the metro area.

3 Total inventory and monthly supply data are available back through 1999 while Single Family Inventory and Monthly Supply are available back to 1982 (before 1999, single family sales accounted for more than 90 percent of transactions and condos only quarterly).

4 4 Survey results represent holdings and differ from separately reported monthly findings from the NAR Realtors® Confidence Index, which includes all types of buyers. Investors are under-represented in the annual study because the questionnaires are sent to the addresses of the property purchased and generally not returned by absentee owners. The results include both new and existing homes.

5 Distressed sales (foreclosures and short sales), days in the market, first-time buyers, all-cash transactions and investors are from a monthly survey for the NAR's Realtors® Confidence Index, published on the real estate.

NOTE: NAR's waiting home sales index for February is scheduled for release on March 28, and existing March home sales will be released on April 22; Release times are 10am and ET.

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