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Modest near-term movement is expected in existing-home sales, with a recovery in sales seen during the second half of the year, according to the latest forecast. The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in May, fell 4.7 percent to 84.7 from an upwardly revised reading of 88.9 in April, and remains 14.0 percent below May 2007 when it stood at 98.5. Lawrence Yun, NAR chief economist, said some pullback after a sharp increase in the previous month was expected. “The overall decline in contract signings suggests we are not out of the woods by any means. The housing stimulus bill that is still being considered in the Senate is critical to assure a healthy recovery in the housing market, jobs and the economy,” he said.
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Commercial real estate vacancies are trending up modestly, while investment has dropped sharply in the wake of the credit crunch, according to preliminary information for the latest COMMERCIAL REAL ESTATE OUTLOOK. NAR Chief Economist Lawrence Yun said economic weakness is impacting commercial real estate. “Although the supply-demand fundamentals are broadly favorable in most commercial real estate markets, vacancy rates are rising modestly and rent gains are slowing,” he said. “Slow economic growth is lowering demand for commercial space, mostly in the office and industrial sectors. Despite the slowdown, the commercial real estate market is in much better shape compared to conditions during the 2001 recession.”
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Analyzing empirical data is always a good way to assess market trends. However, there are many trends that are difficult to quantify or not yet in the "data system" that can provide important information of the latest developments in the market place. The best way we know of to get an expert insider’s look into local market trends is to ask the experts – YOU, our members, who experience what is going on in the field every day. If you have a story to share about your local market conditions, please send it to us.
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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.
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The interest in environmental friendliness and energy efficiency is becoming more and more prevalent every day, and the desire to “go green” has become a trend to watch for in the real estate market. Whether it is because of rising energy costs, the social and moral obligation to the environment, or following popular trends, the majority of home buyers consider energy efficiency at least somewhat important when considering a home to purchase. Nearly half of all homebuyers consider it a very important factor. The National Association of Realtors® newly released Selling Green pocket card evaluates the characteristics of home buyers and their home feature preferences in regards to energy efficiency. The data in the brochure is culled from the 2007 NAR Profile of Buyers’ Home Feature Preferences (pocket cards come in packs of 50). Order this valuable tool today.
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As a Realtor®, understanding what is affecting the housing market on the local as well as the national level is important for staying on top of the latest trends and planning for the future. Finding the time during a busy day to do so, however, can be difficult - especially since not everyone has a degree in economics. That is why the NAR Research Division has put together an overview of a few key concepts to provide you with some of the ideas needed to understand economic data released by NAR on the state of the housing market. In addition, these concepts may help to relate the general economic picture to specific questions about housing trends and values.
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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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