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A flat pattern in home sales activity should continue for the next couple months before improving over the summer, according to the latest forecast. Lawrence Yun, NAR chief economist, said the extent of an expected recovery hinges on better access to affordable loans. "Things are beginning to improve, but the availability of affordable mortgages is uneven around the country and sometimes within metropolitan areas," he said. "As anticipated, we continue to look for a soft first half of the year, for both housing and the economy, before notable improvements in the second half. Some time is needed for FHA and new conforming jumbo loans to become widely available."
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One out of three the metropolitan areas in the United States showed rising home prices in the first quarter, with only a small number of jumbo loan originations and higher foreclosures resulting in greatly mixed conditions around the country, according to the latest quarterly survey. In the first quarter, 48 out of 149 metropolitan statistical areas showed higher median existing single-family home prices from a year earlier, 100 had price declines and one was unchanged. NAR’s track of metro area home prices dates back to 1979. NAR President Richard Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said the U.S. market is very dynamic. “It’s more important than ever to examine what’s happening with home prices at the city and neighborhood level,” Gaylord said. “The old real estate mantra of ‘location, location, location’ is perhaps more relevant today than ever before.”
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Research is working to bring NAR members more information that is locally relevant. We’re continuously working on new projects that focus on state and local markets. The latest addition is the State Subprime ARM Performance study. During the housing boom, subprime adjustable rate mortgages were a vehicle of choice for many home buyers. These reports provide perspective on the loans' performance and the expected volume of resets for 2008-09.
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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 2008 NATIONAL ASSOCIATION OF REALTORS® Member Profile,which presents the results of NAR’s annual survey of its members, details demographic and business characteristics, and business activity of REALTORS® during the past year. With comparative information in many areas, including income and expenses, compensation and benefits, use of technology, and web presence, this Profile offers valuable information and insights about the real estate industry.
Purchase the survey >
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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.
Read the latest commentaries >
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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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