Lawrence Yun - St Louis Real Estate News

Housing and Economic Forecasts Point to Rising Activity and Flat Home Prices

By Dennis Norman, on May 13th, 2011

Speaking yesterday at a forum at a meeting of the National Association of REALTORS (NAR), several industry “experts” had reasonably optimistic opinions of the housing market and expect home sales to continue on an uptrend through 2012.

Among the experts at the forum was, of course, Lawrence Yun, the chief economist for NAR, who said he felt existing home sales would improve gradually, but unevenly. “If we just hold at the first-quarter sales pace of 5.1 million (home sales), sales this year would rise 4 percent, but the remainder of the year looks better,” Yun said. “We expect 5.3 million Continue Reading →

Pending home sales increase in March; prediction is for an increase in existing home sales this year

By Dennis Norman, on April 28th, 2011

Dennis Norman

The National Association of REALTORS Pending Home Sales Index for March shows an increase of 5.1 percent in the index from the month before (seasonally adjusted), and a 11.4 percent decrease from a year ago. This is the third-consecutive month over month increase for the pending home sales index.

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St. Louis home sales and prices both down Over 20 Percent from a year ago

By Dennis Norman, on April 20th, 2011

Today’s existing home sales report from the National Association of REALTORS® shows existing home sales in March were at at a seasonally adjusted-annual rate of 5.1 million units which is an increase of 3.7 percent from the month before and is a decrease of 6.3 percent from a year ago.

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U.S. Pending Home Sales increase slightly in February; mixed results regionally

By Dennis Norman, on March 28th, 2011

Dennis Norman

The National Association of REALTORS Pending Home Sales Index for February shows an increase of 2.1 percent in the index from the month before (seasonally adjusted), and a 8.2 percent decrease from a year ago. There were some wide swings regionally in this months statistics as the Northeast region had a 10.9 percent decline from the prior month and the West had a 7.0 percent increase.

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St. Louis Existing Home Sales Rate down 8.6 percent in February; prices up 8.2 percent

By Dennis Norman, on March 21st, 2011

Today’s existing home sales report from the National Association of REALTORS® shows mixed signals for the St. Louis Real Estate market as our rate of existing home sales is down 8.6 percent from a year ago, significantly higher than the 2.8 decline for home sales nationwide, however, on a positive note, St. Louis home prices were up 8.2 percent in February from a year ago, the highest increase of the 20 major metro markets covered by the report and much better than the 5.2 percent DECREASE in home prices for the U.S. as a whole!

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St. Louis area pending homes sales in January increase

By Dennis Norman, on February 28th, 2011

Dennis Norman

The National Association of REALTORS Pending Home Sales Index for January shows a decrease of 2.8 percent in the index from the month before (seasonally adjusted), and a 1.5 percent decrease from a year ago. The good news however is that the St. Louis area (five-county area including city of St. Louis and counties of St. Louis, St. Charles, Jefferson and Franklin) saw a 1.51 percent in pending home sales in January from the month before and a 3.30 percent increase from a year ago.

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Existing home sales increase in January; fueled by falling home prices

By Dennis Norman, on February 23rd, 2011

Today’s existing home sales report from the National Association of REALTORS® shows existing home sales in January were at at a seasonally adjusted-annual rate of 5.36 million units which is an increase of 2.7 percent from December and is an increase of 5.3 percent from a year ago.

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Home sales activity increasing modestly

By Dennis Norman, on January 27th, 2011

Dennis Norman

The National Association of REALTORS Pending Home Sales Index for December shows an increase of 2.0 percent in the index from the month before (seasonally adjusted), and a 4.2 percent decrease from a year ago.

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St. Louis housing market finishes 2010 on an upward trend

By Dennis Norman, on January 20th, 2011

Today’s existing home sales report from the National Association of REALTORS(R) shows St. Louis area existing home sales for December were 3.1 percent higher than a year ago and St. Louis area home prices in December were 7.8 percent higher than the year before.

Nationally, existing home sales in December were at at a seasonally adjusted-annual rate of 5.28 million units which is an increase of 12.3 percent from November and is a decline of 2.9 percent from a year ago. Preliminary numbers for 2010 show 4,908,000 existing homes sold which is a decrease of 4.8 percent from 2009 when Continue Reading →

Pending home sales rise in November

By Dennis Norman, on December 30th, 2010

Dennis Norman

The National Association of REALTORS Pending Home Sales Index for November shows an increase of 3.5 percent in the index from the month before (seasonally adjusted), and a 5.0 percent decrease from a year ago.

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Existing home sales increase in November; Down almost 28 percent from a year ago

By Dennis Norman, on December 22nd, 2010

Today’s existing home sales report from theNational Association of REALTORS(R) shows existing home sales in November were at at a seasonally adjusted-annual rate of 4.68 million units which is an increase of 5.6 percent from October and is a decline of 27.9 percent from a year ago.

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Pending home sales increase over 10 percent in October; Mortgage Interest Deduction vital to Recovery

By Dennis Norman, on December 2nd, 2010

Dennis Norman

The National Association of REALTORS Pending Home Sales Index for October shows an increase of 10.4 percent in the index from the month before (seasonally adjusted), and a 20.5 percent decrease from a year ago.

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Existing home sales drops in October; down over 25 percent from year ago

By Dennis Norman, on November 23rd, 2010

Today’s existing home sales report from theNational Association of REALTORS(R) shows existing home sales in October were at at a seasonally adjusted-annual rate of 4.43 million units which is a decrease of 2.2 percent from September and is a decline of 25.9 percent from a year ago.

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Slow, Steady Housing Recovery Expected Ahead

By Dennis Norman, on November 5th, 2010

Dennis Norman

At the National Association of REALTORS® Conference and Expo in New Orleans today, “a slow, steady recovery” was predicted for the housing market despite ongoing challenges.

Lawrence Yun, National Association of Realtors® chief economist, said that he expects “continuing improvement of underlying fundamentals of the current market in coming years.”

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Pending home sales drop slightly in September

By Dennis Norman, on November 5th, 2010

Dennis Norman

The National Association of REALTORS Pending Home Sales Index for September shows a decrease of 1.8 percent in the index from the month before (seasonally adjusted), and a 24.9 percent decrease from a year ago.

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Existing home sales rate increases 10.0 percent in September

By Dennis Norman, on October 25th, 2010

Dennis Norman

Today’s existing home sales report from theNational Association of REALTORS(R) shows existing home sales in September were at at a seasonally adjusted-annual rate of 4.53 million units which is an increase of 10.0 percent from August but is a a decline of 19.1 percent from a year ago.

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Pending Home Sales Increase in August; Still down 20 percent from year ago

By Dennis Norman, on October 4th, 2010

Dennis Norman

Pending home sales rise for 2nd consecutive month in August –

The National Association of REALTORS Pending Home Sales Index for August shows an increase of 4.3 percent in the index from the month before (seasonally adjusted), which is 20.1 percent below a year ago.

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Existing home sales in August improve slightly reaching second-lowest rate in over fourteen years

By Dennis Norman, on September 23rd, 2010

Dennis Norman

After July’s existing home sales fell over 27 percent and hit ROCK BOTTOM, August didn’t fare much better…..

Today’s existing home sales report from theNational Association of REALTORS(R) shows existing home sales in August were at at a seasonally adjusted-annual rate of 4.13 million units which is an increase of 7.6 percent from July’s dismal rate but is a a decline of 19.9 percent from a year ago and the second-lowest sales rate in over 14 years (July was the lowest).

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Pending home sales rise in July; Down 19 percent from the year before

By Dennis Norman, on September 2nd, 2010

Dennis Norman

After hitting all-time low in June, pending home sales increase 5.2 percent in July

The National Association of REALTORS Pending Home Sales Index for July shows an increase of 5.2 percent in the index in July (seasonally adjusted) which is 19.1 percent below July 2009.

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Home Sales Plummet in July to Record Low

By Dennis Norman, on August 24th, 2010

Dennis Norman

Beginning last November I have written several articles about the “sugar-rush” effect of tax credits and other stimulus on the housing market and voicing my concern that these things are short lived (like a sugar rush on a child) and after the sugar wears off there is a crash….Well, as expected, here it is…

Today’s existing home sales report from theNational Association of REALTORS(R) shows existing home sales in St. Louis for July decreased 36.1 percent from a year ago. For the US as a whole, existing home sales in July were at at a seasonally adjusted-annual Continue Reading →

Pending Home Sales Hit a new Record-Low in June

By Dennis Norman, on August 3rd, 2010

Dennis Norman

NAR Pending Home Sales Index at Lowest Level Since Index Began in 2001

At dropping 30 percent in May as a result of the rush to buy a home before the April 30th tax credit deadline, the National Association of REALTORS Pending Home Sales Index for June shows a further decline of 2.6 percent in the index in June (seasonally adjusted) which is 18.6 percent below June 2009. While the decrease in home sales was expected, I’m a little surprised we are running so far behind last year (which, might I remind you, wasn’t that great of Continue Reading →

Housing Market Outlook and Forecast

By Dennis Norman, on July 29th, 2010

Dennis Norman

This week I attended an event at the St. Louis Association of REALTORS® in which Lawrence Yun, Chief Economist for the National Association of REALTORS® was the featured speaker and gave his take on the housing market as well as his housing market outlook.

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Closing of Tax Credit Induced Home Purchases Prop-Up Market in June; St Louis Tops In Price Gain Among Metros

By Dennis Norman, on July 22nd, 2010

Dennis Norman

Last month I said that I expected to see some elevated numbers in the existing home sales report for May and June since this report would reflect the actual closing of the home purchases from buyers that raced to buy before the April 30th home-buyer tax credit deadline. Even though Congress has extended the deadline to close on these purchases until August 31st, the majority of the tax-credit induced sales will have closed by June 30th and therefore be reflected in today’s report which I would say has happened.

Today’s existing home sales report from theNational Association Continue Reading →

Pending Home Sales Index For May Drops to Lowest Level In History of Index

By Dennis Norman, on July 1st, 2010

Dennis Norman

There was no question in my mind that home sales would plummet after the April 30th deadline to buy a home and qualify for the home-buyer tax credit passed, the only question was how bad? Today the National Association of REALTORS released it’s Pending Home Sales Index for May showing a decrease of 30.0 percent in the index from April (seasonally adjusted) and a 15.9 percent increase from May 2009. In my past articles I have spoke of a “sugar-rush” created in the market by the tax credits and the sudden slow-down after that wears off…we are Continue Reading →

Home Sales Fall Slightly in May; Still Propped-Up By Tax Credit Deals

By Dennis Norman, on June 22nd, 2010

Dennis Norman

May and June Sales Expected to Remain Elevated as Buyers Rush to Close By June 30th Deadline for Tax Credits.

The deadline to buy a home and qualify for the home-buyer tax credit was April 30th so it’s not surprising we saw pending home-sales increase dramatically in March and April as buyers rushed to get “under-contract” before the April 30th deadline. For those home-buyers that were lucky enough to qualify for the home-buyer tax credit they have, unless Congress extends the deadline, until June 30, 2010 to close on the purchase of their home. Therefore, as I Continue Reading →

Pending Home Sales Increase In April as Buyers Rush to Beat Tax Credit Deadline

By Dennis Norman, on June 2nd, 2010

Dennis Norman

Today the National Association of REALTORS released it’s Pending Home Sales Index for April showing an increase of 6.0 percent in the index from March (seasonally adjusted) and a whopping 22.4 percent increase from April 2009. This comes on the heels of a 5.3 percent increase in March and an 8.3 percent increase in February. If these were pure “market-driven” sales this would be extremely exciting news and point toward a recovery in the real estate market. Unfortunately, everything I see points to this being driven primarily, if not purely, by the April 30th deadline to Continue Reading →

Existing Home Sales Increase In April As Tax Credits End

By Dennis Norman, on May 24th, 2010

Dennis Norman

Sales increased for second consecutive month-

With the home-buyer tax credits ending April 30th, it’s not surprising that we saw an increase of home sales in March, and now in April, as buyers rushed to buy before the deadline to have a congract of April 30, 2010. According to the latest report from the National Association of REALTORS(R), existing home sales in the US in April increased 7.6 percent to a seasonally adjusted-annual rate of 5.77 million units in April from a revised level of 5.36 million units in March, and increased 22.8 percent from a year Continue Reading →

First Quarter Home Sales Up From a Year Ago in many Metro Areas Including St. Louis

By Dennis Norman, on May 12th, 2010

Dennis Norman

According to a report issued by the National Association of REALTORS, a growing number of metropolitan areas are experiencing price gains from a year ago, while most states have seen healthy gains in home sales from the first quarter of 2009.

Here in St. Louis, the median home price for first quarter was $116,100, a 15.1 percent increase from a year ago when the median price was $100,900, however an 8.4 percent decrease from the 4th quarter of 2009 when the median home price for the St. Louis area was $126,800. State-wide, the median home price Continue Reading →

Pending Home Sales Continue On The Rise In March

By Dennis Norman, on May 4th, 2010

Dennis Norman

Today the National Association of REALTORS released it’s Pending Home Sales Index for March showing an increase of 5.3 percent in the index from February (seasonally adjusted) and a whopping 21.1 percent increase from March 2009. This follows an 8.3 percent increase in February so it is definitely creating a nice trend that makes me somewhat optimistic. We should remember though, in March and April we are expecting to see home sales spike as buyers rush to buy before the April 30th deadline to have a home under contract to qualify for the homebuyer tax credit.

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Existing Home Sales Jump in March – St. Louis Shows Strong

By Dennis Norman, on April 22nd, 2010

Dennis Norman

According to the latest report from the National Association of REALTORS(R), existing home sales in the US in March increased 6.8 percent to a seasonally adjusted-annual rate of 5.35 million units in March from a revised level of 5.01 million units in February, and increased 16.1 percent from a year ago when the rate was 4.61 million units (seasonally adjusted).

St. Louis Shows Strong Against Other Metros –

NAR publishes existing home sales for 20 major metropolitan areas of the U.S. which showed the St. Louis Real Estate Market in a pretty positive light. St. Louis Continue Reading →