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Housing activity this year will be somewhat lower than in earlier forecasts as lending standards tighten and subprime mortgage originations tighten, according to NAR. Lawrence Yun, NAR senior economist, said speculative behavior, which contributed to abnormal price growth, is now on the decline. “Home buyers today are purchasing for the long-term, generally with a realistic expectation of modest gains over time,” Yun said. “Housing first and foremost is shelter. Second, it’s a long-term investment that slowly builds the greatest amount of wealth for most families.” NAR’s latest forecast projects existing-home sales at 6.29 million this year and 6.49 million in 2008, compared with 6.48 million last year. Read more.>
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Fourteen states and the District of Columbia showed annual increases in the pace existing-home sales, in NAR's first-quarter report. The biggest was in Wyoming, where home resales rose 19.9 percent from the first quarter of 2006. In the District of Columbia, the first-quarter resale pace rose 9.3 percent from a year ago, while Arkansas experienced the third strongest gain, up 8.8 percent. First-quarter, metro existing single-family home prices were up from a year ago in 82 of the 145 metropolitan statistical areas studied by NAR, and 11 areas had double-digit annual gains. The largest price increase was in the Cumberland area of Maryland and West Virginia, where the median price of $100,000 was 17.1 percent higher than a year earlier. Next was Beaumont-Port Arthur, Texas, at $115,800, up 16.5 percent from the first quarter of 2006, followed by the Gulfport-Biloxi area of Mississippi, where the first quarter median price increased 15.7 percent to $153,700. Read more>
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More than a third of all home sales in 2006 were second-homes, with the percentage of vacation home sales rising, while the percentage of investment sales fell, according to NAR’s latest Investment and Vacation Home Buyers Survey. Speculators left the market, causing investment sales to drop nearly 29 percent last year. But, strong demographic and lifestyle factors contributed to a 4.7 percent rise in vacation home sales. Read more.>
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The typical REALTOR® is 51 years old, works 40 hours per week and has been in the business for seven years, according to NAR's 2007 Member Profile. Median income was $47,700 in 2006, down from $49,300 in 2004. Members licensed as brokers earned a median of $73,700 last year, while sales agents earned $34,600. During the last two years, NAR membership increased 23.2 percent. Paul Bishop, NAR’s manager of real estate research, said member growth is distorting the data. “With rapid member growth in recent years, newcomers – those in the business for two years or less – now account for nearly a quarter of all REALTORS® and are diluting median income," he said. "Since most agents work on a commission and become successful over time, income in those early years can be quite lean as agents establish themselves. Experienced professionals earn more as their skills sharpen and their contacts expand.” Read more.>
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Participate in NAR’s Customer Tracking Survey to find out what your clients really think about the services you and your real estate firm provide. More than 400 brokerage firms have signed on since the launch four months ago. Get ongoing insights into what your clients value and what they don’t. The results may surprise you. It's free and results are confidential! Learn more.>.
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"Who are Your Future Tenants? Office Employment in the United States: 2004-2014" is the latest report from the REALTORS® National Center for Real Estate Research (NCRER). This analysis provides a comprehensive look at the future need for office space and illustrates a methodology for making similar projections at the metropolitan area level. Funded through NAR, the NCRER underwrites research by experts from the nation's top universities and consulting firms. Read more.>
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David Lereah, NAR's senior vice president and chief economist for the past seven years, is joining Move Inc. as executive vice president. Lereah will also act as chairman and partner of a new business entity under Move Inc. that will launch in the third quarter of 2007. Under Lereah's direction, NAR Research launched the monthly Pending Home Sales Index, a forward-looking indicator based on ratified contracts that have not yet closed. Coupled with existing-homes data, the PHSI established NAR as the dominant voice in real estate providing financial and housing writers a clearer picture of the state of the real estate industry. Read more.>
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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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