Home sales decline in August; second consecutive month of declines

Dennis Norman

The National Association of REALTORS Pending Home Sales Index for August shows a decrease of 1.2 percent in the index from the month before (seasonally adjusted), and a 7.7 percent increase from a year ago. This is the second consecutive month the index has decreased from the month before and, while the year over year numbers are still better, this month’s year over year increase was only half of what last months was. Continue reading “Home sales decline in August; second consecutive month of declines

Existing home sales on the rise in August; on pace to beat last year

Dennis NormanSt. Louis home sales in August were up 20.7 percent from a year ago according to today’s home sales for major metropolitan report from the National Association of REALTORS®.  St. Louis’ increase in home sales topped the increase nationally which was 18.6 percent from a year ago.  St. Louis home pricesin August came in at a median of $132,700, down 1.6 percent from a year ago.  Nationally, median home prices were down 5.1 percent from a year ago.

For More St. Louis Market Data – Click Here Continue reading “Existing home sales on the rise in August; on pace to beat last year

REALTORS offer suggestions to the Fed on how to deal with the REO problem

Dennis Norman, St Louis REALTORNational Association of REALTORS® (NAR) President, Ron Phipps, wrote a letter to Shaun Donovan, Secretary of the Department of Housing and Urban Development, Timothy Geithner, Secretary of the Treasury Department and Edward DeMarco, Acting Director of the Federal Housing Finance Agency with suggestions on how to improve the Real Estate Owned (REO) asset disposition programs for Fannie Mae, Freddie Mac and FHA. NAR, like many other housing related associations and organizations, submitted letters in response to the government’s request for information on how to deal with the REO problem. Continue reading “REALTORS offer suggestions to the Fed on how to deal with the REO problem

Home sales activity in July down from month before; still better than last year

Dennis Norman

The National Association of REALTORS Pending Home Sales Index for July shows, after two consecutive months of increases, a decrease of 1.3 percent in the index from the month before (seasonally adjusted), and a 14.4 percent increase from a year ago (last month’s index was up 19.8 percent from the year before). Continue reading “Home sales activity in July down from month before; still better than last year

Existing home sales drop in July; Actual 2011 home sales through July down 5 percent from same time last year

Dennis NormanToday’s existing home sales report from the National Association of REALTORS® shows existing home sales in July were at at a seasonally adjusted-annual rate of 4.67 million units which is a decrease of 3.5 percent from the month before, an increase of 21.0 percent from a year ago and is the lowest rate of home sales since November 2010 when it was 4.64 million. Continue reading “Existing home sales drop in July; Actual 2011 home sales through July down 5 percent from same time last year

Pending home sales increase in June; 2nd consecutive month pending home sales on the rise

Dennis Norman

The National Association of REALTORS Pending Home Sales Index for June shows an increase of 2.4 percent in the index from the month before (seasonally adjusted), and a whopping 19.8 percent increase from a year ago. This is the second month in a row that the index increased on a year-over-year basis. Continue reading “Pending home sales increase in June; 2nd consecutive month pending home sales on the rise

Existing home sales drop in June; ‘Actual’ home sales highest in 12 months

Dennis NormanToday’s existing home sales report from the National Association of REALTORS® shows existing home sales in June were at at a seasonally adjusted-annual rate of 4.77 million units which is a decrease of 0.8 percent from the month before, a decrease of 8.8 percent from a year ago and is the lowest rate of home sales since November 2010 when it was 4.64 million. Continue reading “Existing home sales drop in June; ‘Actual’ home sales highest in 12 months

Pending home sales increase in May; largest monthly gain since last year

Dennis Norman

The National Association of REALTORS Pending Home Sales Index for May shows an increase of 8.2 percent in the index from the month before (seasonally adjusted), and a 13.4 percent increase from a year ago. This is the first time since April 2010 that the index increased on a year-over-year basis, and had the largest monthly gain since last November when the index rose 10.6 percent. Continue reading “Pending home sales increase in May; largest monthly gain since last year

US Existing home sales in May fall to lowest level this year; St. Louis has largest decrease for third consecutive month

Dennis NormanToday’s existing home sales report from the National Association of REALTORS® shows existing home sales in May were at at a seasonally adjusted-annual rate of 4.81 million units which is a decrease of 3.8 percent from the month before and is a decrease of 15.3 percent from a year ago and is the lowest rate of home sales since November 2010 when it was 4.64 million. Continue reading “US Existing home sales in May fall to lowest level this year; St. Louis has largest decrease for third consecutive month

St. Louis Home Sales Down Over 30 percent in April; Worst decline of 20 major metros

Dennis Norman

St. Louis existing-home sales in April were down 30.1 percent from a year ago, after the prior month’s sales were down 20.3 percent from the year prior.  This disturbing trend points to a decrease in the number of home sales in St. Louis in 2011 from 2010, even though industry experts are predicting an increase in U.S. existing home sales this year over last. Continue reading “St. Louis Home Sales Down Over 30 percent in April; Worst decline of 20 major metros

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

Dennis Norman St LouisSpeaking 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 existing-home sales this year, up from 4.9 million in 2010, with additional gains in 2012 to about 5.6 million — that’s a sustainable level given the size of our population.” Continue reading “Housing and Economic Forecasts Point to Rising Activity and Flat Home Prices

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

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. Continue reading “Pending home sales increase in March; prediction is for an increase in existing home sales this year

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

Dennis NormanToday’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. Continue reading “St. Louis home sales and prices both down Over 20 Percent from a year ago

Study says Americans prefer smart-growth communities; Is smart-growth smart though?

According to a study, the Community Preference Survey, conducted for the National Association of Realtors®, Americans favor walkable, mixed-use neighborhoods, with 56 percent of respondents preferring smart growth neighborhoods over neighborhoods that require more driving between home, work and recreation. Continue reading “Study says Americans prefer smart-growth communities; Is smart-growth smart though?

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

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

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

Dennis NormanToday’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!

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

St. Louis area pending homes sales in January increase

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 agoContinue reading “St. Louis area pending homes sales in January increase

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

Dennis NormanToday’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. Continue reading “Existing home sales increase in January; fueled by falling home prices

Home sales activity increasing modestly

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. Continue reading “Home sales activity increasing modestly

St. Louis housing market finishes 2010 on an upward trend

Dennis NormanToday’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 there were 5,156,000 existing homes sold, and is just slightly lower than 2008 when there were 4,913,000 homes sold. Continue reading “St. Louis housing market finishes 2010 on an upward trend

Pending home sales rise in November

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. Continue reading “Pending home sales rise in November

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

Dennis Norman
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. Continue reading “Existing home sales increase in November; Down almost 28 percent from a year ago

Remodeling report shows which projects bring most return

Dennis Norman St LouisThe National Association of REALTORS (NAR) published its’ “Remodeling Cost vs. Value Report” for this year and in it rated exterior replacement projects among the most cost-effective home improvement projects. This reinforces something most REALTORS will tell you which is that a homes curb appeal plays a significant role in the sale of the home. Continue reading “Remodeling report shows which projects bring most return

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

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

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

Dennis Norman
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. Continue reading “Existing home sales drops in October; down over 25 percent from year ago

REALTORS’ Say Jobs and Access to Credit Needed for Housing Recovery

According the to the National Association of REALTORS® (NAR), the largest obstacles to the recovery of the housing market are job creation and the availability of credit. At their board meeting last week, NAR approved a credit polity to urge the mortgage lending industry to “reassess and amend their policies so more qualified home buyers can become home owners.” Continue reading “REALTORS’ Say Jobs and Access to Credit Needed for Housing Recovery

REALTORS® Support Proposal to End Private Transfer Fees

The National Association of Realtors® announced that it “strongly supports” the proposed guidance from the Federal Housing Finance Agency to prevent government-sponsored enterprises Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks from investing in mortgages encumbered by private transfer fee covenants.

In a letter sent to the Federal Housing Finance Agency (FHFA), NAR reiterated its opposition to these covenants, which developers often attach to a property to require payment of fees back to that developer each time the property is resold. These covenanted mandates are often extremely difficult to reverse once in place, and in many cases are attached to a deed for up to 99 years. Continue reading “REALTORS® Support Proposal to End Private Transfer Fees

Eighty-five percent of recent home buyers see their home as a good investment according to NAR survey

 

Dennis Norman St Louis

Dennis Norman

The National Association of REALTORS® just released their 2010 Survey of Home Buyers and Sellers which shows that people still look at home ownership as a good long-term investment and the typical seller is experiencing positive returns from home ownership. Continue reading “Eighty-five percent of recent home buyers see their home as a good investment according to NAR survey

Slow, Steady Housing Recovery Expected Ahead

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.” Continue reading “Slow, Steady Housing Recovery Expected Ahead

Pending home sales drop slightly in September

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. Continue reading “Pending home sales drop slightly in September