Pending home sales rose in July to the highest level in over two years and remain well above year-ago levels.
- Case Shiller data showed the first annual increase in June while other data series show a continued 4 to 5 months of annual increases.
- NAR data for July show the typical end of summer slowdown as prices dipped somewhat from June.
- New home prices continue to fluctuate greatly due to low levels of construction and purchase activity; presently new home prices show some weakness.
- Distressed sales, which hold back existing home prices
Positive underlying fundamentals continue to support all of the major commercial real estate sectors, but a slowdown in job creation and ongoing tight loan availability has tempered growth in some areas.
While sales of newly built single-family homes is on the rise, buyers are finding much fewer choices as inventory sinks to a new record low.
With ultra-low mortgage rates and high affordability, first-time home buyers may never have a better time to jump into the housing market. So why aren't there more of them?
NAR Chief Economist Lawrence Yun talks about sales of existing homes, which rose in July despite constraints of affordable inventory, and the national median price is showing five consecutive months of year-over-year increases.
Sales of existing homes rose in July even with constraints of affordable inventory, and the national median price is showing five consecutive months of year-over-year increases.
The relocation reports present information on county-to-county migration flows within the United States, the average incomes of households moving between counties, demographic summaries of homeownership rates, and types of home mortgages obtained.
Median existing single-family home prices are rising in more metropolitan areas, but a lack of inventory is limiting buyer choices in more markets around the country.
2012 Q2: See what commercial practitioners had to say about market performance, sales and rental transactions, challenges, and expectations.