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The slide in pending home sales is leveling out, an indication of more sustainable sales activity in the months ahead. The Pending Home Sales Index, based on contracts signed in January, slipped 1.1 percent to 116.3. This is 4.8 percent below January 2005. David Lereah, NAR’s chief economist, says: “We are at a much more sustainable level of home sales now – a welcome cooling from the super-heated conditions that were driving exceptional price gains. This will give people the time to be more thoughtful about a process that is the biggest single investment most of us make in our lifetime.” Read more.
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Sales of existing homes fell in January while home prices continued to appreciate at double-digit rates. Total existing-home sales – including single-family, townhomes, condominiums and co-ops – declined 2.8 percent to a seasonally adjusted annual rate of 6.56 million units in January. Sales were 5.2 percent below a year earlier. NAR Chief Economist David Lereah says sales will stay below the record levels of the last two years, but maintain a historically high pace. Read more.
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As home sales activity smooths out this year from the recent record highs, buyers and sellers will see a more level playing field, according to NAR forecasters. Inventory levels are coming up to the point where buyers have more choices than they’ve seen in the last five years. Annual price appreciation is still in the double-digits, but as the market readjusts, price growth should ease. Read more.
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Investment in commercial real estate rose 44 percent in 2005 to a record $268 billion of investment grade real estate, not counting transactions valued at less than $5 million. Condo converters drove a 72 percent increase in multifamily transactions. Industrial properties had the next biggest increase at 65 percent, followed by office properties with a 34 percent jump and retail volume with a 16 percent increase. Read more.
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NAR is excited to announce the birth of a brand new Baby Boomer Housing Survey to be conducted in partnership with Harris Interactive. Now that the oldest Baby Boomers are becoming senior citizens, this survey will take a look at how they influence the housing market. For a limited time we are offering the opportunity to participate in this first-of-its kind survey from NAR. Don't miss out! Contact: TJ Doyle, (tdoyle@realtor.org).
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NAR Relocation Reports pinpoint which counties relocation clients are coming from and going to, as well as their annual incomes. Use these reports to target advertising, boost your referral network or just plain get a better handle on your market. Relocation Reports are available for all counties in the United States and can be accessed instantly online when purchased. You'll need your Realtor.org user name and password. Read more.
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First-time homebuyers accounted for 40 percent of homes purchased in 2005. Half of those first-timers were between 25 and 34 years old, while most repeat buyers were between 35 and 54 years old. Get the scoop on more valuable market information in the 2005 NAR Profile of Home Buyers and Sellers. Buy it today!
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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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