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Seventy-one metro areas recorded increases in their median home prices in the fourth quarter of 2006 from the same period a year earlier, and 14 of them had double-digit increases. Salem, Ore., led the pack with a 19.8 percent increase; Virginia Beach-Norfolk-Newport News, Va., followed with a 19.4 percent increase, and Spokane, Wash., came in third with a 17.7 percent rise. Read more>
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While overall home resale activity for the nation was down last year, six states showed increases, according to NAR's latest state-by-state home resale report. The strongest performance was in Indiana, where the 2006 fourth-quarter resale pace jumped 13.7 percent compared with the same quarter a year earlier. Arkansas followed with an 11.1 percent rise. Read more>
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Consumers are beginning to respond to more favorable housing market conditions, but new-home construction will lag until inventories decline further. David Lereah, NAR’s chief economist, is looking for a steady rise in existing-home sales. “After reaching what appears to be the bottom in the fourth quarter of 2006, we expect resale activity to gradually rise this year and well into 2008,” he said. “New-home sales should continue to slide, but we look for that sector to turn around later in the year."
Read more>
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Provide valuable market insights from the trenches by participating in NAR's monthly Real Estate Practitioners Survey(REPS). We'll send you an e-mail once a month with five brief questions about your market expectations. We'll also include a link to results of the latest survey. Send an e-mail with "I Want To Participate in REPS" in the subject line to Wannasiri Chompoopet at: wchompoo@realtors.org>
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Participate in NAR’s Customer Tracking Survey to find out what your clients think about the services you and your real estate firm provide. More than 400 firms have already jumped on the band wagon! Get ongoing feedback into what your clients value and what they don’t. The results may surprise you. It's free and results are confidential! Read more>
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Just 12 percent of home sellers last year opted to go the For-Sale-By-Owner (FSBO) route – down from 13 percent the previous year and 20 percent in 1987. But, this only tells part of the FSBO story --40 percent of FSBO transactions in 2006 were closely held transactions (the buyer and seller knew each other). Factor out the properties kept off the open market and the actual FSBOs portion is only 7 percent. The rest are simply unrepresented sellers in private transactions. Get the full report>
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Las Vegas has the tightest retail real estate market in the country, according to NAR's latest "Inside Retail" report. At 2.6 percent, the Las Vegas retail vacancy rate was the nation's lowest at the end of 2006. Four California markets were next: Orange County at 2.9 percent; San Jose at 3.1 percent; Oakland at 3.6 percent and San Francisco at 4.2 percent. All this and more is reported in the January Issue of "Inside Retail" -- available to NAR members only. Reports on industrial, office and multi-family real estate are also available. Read more>
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Wal-Mart, Harley-Davidson, and Procter & Gamble use research to plan for success. You should too! Contract with a cost-effective entity that is intimately familiar with the real estate industry -- that would be NAR Research! On Tuesday, Feb. 20, from 1:30 to 2:30 p.m., Zan Monroe, executive officer of the Fayetteville (NC) Association of REALTORS®, will tell you how and why he uses NAR Research. He just may inspire you to give us a call. View the AEI schedule>
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Stick around on Feb. 20 ( from 3:00 to 4:00 p.m.) to learn how NAR Research can help take the mystery out of interpreting MLS data. Lawrence Yun, NAR's senior economist, and Ken Fears, NAR's manager of regional economics, will show you how to use MLS data to predict market trends, gain publicity and turn up the volume on "The Voice for Real Estate." View the AEI schedule>
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Tell us how you use NAR Research to make a pitch, seal a deal or beat out the competition. We're looking for testimonials on how real live business people make NAR Research relevant to them. And, if you have suggestions about how we could do things better, let us know that, too. Send your testimonials, comments, suggestions and -- well, if you must -- criticisms to: ljohnson@realtors.org.
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Report compiled by NAR's Research Division.
Questions about this report? Contact Research at ljohnson@realtors.org. |
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