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Little change is expected in existing-home sales over the next few months, before improving notably during the second half of the year, according to the latest forecast. Lawrence Yun, NAR chief economist, said the market will come into clearer focus this summer. “Existing home sales could start to show a sustained increase within a few months, unless there are some additional economic problems or excessive inflationary pressure,” he said. “We’re looking for essentially stable sales in the near term, before higher mortgage loan limits translate into more sales in high-cost markets. The wider access to affordable credit should increase sales activity notably this summer as pent-up demand begins to be met.”
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NAR’s annual Investment and Vacation Home Buyers Survey shows that the combined total of vacation- and investment-home sales declined with the overall market in 2007, but still accounted for 33 percent of all existing- and new-home sales, which is close to historic norms. The market share of homes purchased for investment last year was 21 percent, down from 22 percent in 2006, while another 12 percent were vacation homes, compared with a 14 percent market share in 2006. The total share of second homes declined from 36 percent of transactions in 2006. Lawrence Yun, NAR chief economist, said the findings suggest different cycles for each of the sectors over the past two years. “Investment-home sales declined sharply in 2006 as speculators disappeared, leaving the market to serious buyers, with the pattern continuing in 2007,” he said.
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Thousands of real estate professionals will be flocking to the Marriott Wardman Park Hotel for the industry's premier spring attraction, the Midyear Legislative Meetings and Trade Expo. From May 14-16, 2008, REALTORS® have the opportunity to shop and compare the newest real estate products and services all under one roof, as well as listen to the latest from NAR Research. The Economic Issues & Residential Real Estate Business Trends Forum will give you the latest outlook for the residential real estate market, presented by NAR’s Chief Economist. He’ll present information that will help you interpret today’s trends.
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The latest forecast for commercial real estate markets across the country will be presented by NAR’s Chief Economist. Hear how overall economic conditions are impacting the commercial sector.
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Discover ways to understand and communicate the wealth of data collected and released by NAR. We will show you how to utilize important stats in your daily business. Take home knowledge that will help your buyers and sellers. Become better equipped to handle media requests/inquiries.
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Research is working to bring NAR members more information that is locally relevant. We’ve just released three new projects that focus on state and local markets. The first of these is the State Mortgage Conditions report - with 32 percent of homeowners nationwide owning a debt-free home, subprime exposure is decreasing. The report presents the current level of subprime exposure and its impact upon foreclosure activity in your state. Find out how your state compares with the national data.
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How is the housing market in your state affecting the local economy? These reports outline the total economic impact of real estate related industries on the state economy, as well as the expenditures that result from a single home sale, including aspects like home construction costs, real estate brokerage, mortgage lending and title insurance. Find out how much the real estate industry is affecting the Gross State Product for your state.
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How has the wealth of current homeowners changed as a result of home ownership? One way to answer that question is to create a snapshot of the equity individuals who purchased a home at the median price 5, 10, 15, and 20 years ago would have built up if they had kept that home through 2007. We did that for 154 metropolitan statistical areas (MSAs), and the findings yield some expected and unexpected results. Find out how your metro area is doing.
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The Research Web site has a new addition – the Economists’ Commentary page, updated daily with articles on many different aspects of the housing market. This is an invaluable way to get a straight look at how the market is doing and what trends to be watching for. These brief articles are jam-packed with timely, easy-to-understand information that every Realtor® should know. You can visit the page, or subscribe to the RSS feed and get the updates sent right to your RSS reader.
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The REALTORS® Confidence Index is a key indicator of housing market strength based on a monthly survey of 3,500 real estate practitioners. Practitioners are asked about their expectations for home sales, prices and market conditions. Tell NAR what is going on in YOUR Market! It’s easy. Simply click the link below. We'll send you an e-mail once a month with five brief questions about your market expectations. We'll also send you the results of the latest survey so that you can compare your assessment with what others are saying. In addition, you'll be entered into a drawing to win a $50 American Express Gift Cheque.
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Report compiled by NAR's Research Division.
Questions about this report? Contact Research at mdunn@realtors.org. |
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