Homebuyer Tax Credit Best Tool for Sustaining Housing Recovery, Says NAR

Dennis Norman

Dennis Norman

By: Dennis Norman

The best available tool for sustaining the still-fragile housing market is the $8,000 homebuyer tax credit, (expires November 30) and it is essential that Congress extend the credit into 2010, the National Association of Realtors® testified at a hearing of the U.S. House Small Business Committee yesterday.

NAR Regional Vice President Joseph L. Canfora said “the credit is working,” pointing out that the 355,000 to 400,000 transactions directly attributable to the credit made a significant dent in the housing inventory and will help to stabilize home prices. Further, the credit has provided a huge indirect benefit to local governments, shoring up property tax bases in particularly hard-hit areas. Continue reading “Homebuyer Tax Credit Best Tool for Sustaining Housing Recovery, Says NAR

Existing home sales in Midwest drop 6.6 percent from July to August; St Louis down 9 percent

Dennis Norman

Dennis Norman

By: Dennis Norman

According to the latest report released today from the National Association of REALTORS(R), existing home sales for August in the Midwest dropped 6.6 percent to a seasonally adjusted rate of 1.14 million units down from a level of 1.22 million units in July.  The August home sales rate of 1.14 million happens to be exactly what it was this time last year for the Midwest which is not as well as the US is doing as a whole.  As a whole, the rate of existing home sales in August was up 3.4 percent from a year ago with the West region being the biggest gainer, up 7.4 percent.

Median home prices in the US fell 2 percent in August from July and, here in the Midwest, we saw median home prices fall almost double that, 3.8 percent, from $155,900 in July to $149,900 in August, which represents a decline in price of 10.5 percent from a year ago.  Overall home prices in the US were down 12.5 percent from a year ago. Continue reading “Existing home sales in Midwest drop 6.6 percent from July to August; St Louis down 9 percent

REALTORS Urge Congress to Extend Homebuyer Tax Credits

Dennis Norman

Dennis Norman

By: Dennis Norman

The National Association of REALTORS®is calling upon its 1.2 million members to urge Congress to extend the home-buyer tax credit into next year.

According to NAR the $8,000 first-time home-buyer tax credit has brought 1.2 million new buyers into the market – 350,000 of whom would not have purchased a home without the credit. Continue reading “REALTORS Urge Congress to Extend Homebuyer Tax Credits

US Pending Home sales increase in July; Midwest home sales decrease by 2 percent

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Lawrence Yun, Chief Economist, NAR

By: Dennis Norman

Today the National Association of REALTORS(R) issued their Pending Home Sales Index Report for July showing pending sales in the U.S. were up for the sixth consecutive month, the best streak since NAR began the pending home sale index in 2001.

Here in the Midwest pending home sales for July were not as strong showing a 2.0 percent drop from June, however still 8.1% above a year ago.  The only other region that saw a decline in month to month pending home sales in July was the Northeast with a 3.0 percent decrease from June. Continue reading “US Pending Home sales increase in July; Midwest home sales decrease by 2 percent

St Louis Housing Market has 6.8 percent increase in homes sales in July

Dennis Norman

Dennis Norman

By: Dennis Norman

The St. Louis housing market is showing some signs of strength with St Louis home sales increasing in July to a seasonally adjusted rate of 21,038 homes, an increase of 6.8 percent from June’s seasonally adjusted rate of 19,691 homes.  This increase for the month is very close to the  increase in home sales in the U.S. according to the report released today from the National Association of REALTORS(R), existing home sales in July rose 7.2 percent to a seasonally adjusted rate of 5.24 million units up from a level of 4.89 million units in June.

However St Louis home sales for July 2009 were the same as July 2008 showing no gain or loss in sales compared with an increase of 5 percent for the year on US home sales according to the National Association of REALTORS report.  To read about all the home sales and housing market data from the National Association of REALTORS(R) please click the following link:    Home Sales – Existing Home Sales July 2009 Continue reading “St Louis Housing Market has 6.8 percent increase in homes sales in July

June pending home sales increase
Midwest up 11.6% from a year ago

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Lawrence Yun, Chief Economist, NAR

By: Dennis Norman

Today the National Association of REALTORS(R) issued their Pending Home Sales Index Report for June showing pending sales in the U.S. were up for the fifth consecutive month, the first time in six-years for such a streak.

Here in the Midwest pending home sales were only up 0.8% from May, but were up a whopping 11.6% from this time a year ago, the largest year over year increase of the four regions in the U.S.

The pending home sales index for the Midwest rose 0.8% to 89.9 from a level of 89.2 in May, and was down only 0.05% from Aprils 90.4. April, 2009, had the highest index in the past 12 months, and June 2009 is now the 2nd highest showing clearly that there are signs of life in the market and that we have possibly seen the bottom.

Lawrence Yun, NAR chief economist, said a combination of positive market factors is fueling the gains. “Historically low mortgage interest rates, affordable home prices and large selection are encouraging buyers who’ve been on the sidelines. Activity has been consistently much stronger for lower price homes,” he said.

To see an interview with Lawrence Yun by REALTOR(R) Magazine click here.

Home sales and prices increase in Midwest in June

Dennis Norman

Dennis Norman

By: Dennis Norman

The National Association of REALTORS(R) released its existing home sales report for June showing an increase in sales for the 3rd month in a row as well as higher prices in June.

Existing home sales, including single-family, town-homes, condominiums and co-ops increased 3.6% in June to a seasonally adjusted annual rate of 4.89 million units. This rate is almost identical to last years sales at the same time which is a first in a quite a while. May’s rate was down 3.6% from a year ago and June is down just 0.2% from a year ago.

Here in the Midwest sales were at a seasonally adjusted annual rate of 1.1 million homes.  This is a modest 0.9% increase over May and is 1.8% below the same time last year. 

Median home prices in the U.S. rose 4% from $174,700 for May to $181,800 for June which is down 15.4% from a year before.  For the Midwest the median home price for June increased almost $10,000 from May to $157,000 which represents a drop of slightly over 9% in the past year.  Continue reading “Home sales and prices increase in Midwest in June