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Some improvement is projected for existing-home sales in the months ahead, with broader gains seen by the fourth quarter as buyers take advantage of new provisions provided through the recently passed housing stimulus bill, according to the latest forecast. Lawrence Yun, NAR chief economist, said sales have been in a pattern of rising and falling within a fairly narrow range. "The vacillation of data from one month to the next indicates a housing market in transition," he said. "The rise in pending home sales was broad-based with all four regions showing gains. This is welcome news because a rise in contract activity is necessary for an overall housing recovery. With a tax credit now available to first-time home buyers, increases in home sales could be sustained with the momentum carrying into 2009."
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International real estate purchases in the U.S. continue to be a significant share of business for many Realtors®, according to the 2008 National Association of Realtors® Profile of International Home Buying Activity. This new research indicates that international buying activity in the U.S. is widespread. NAR estimates that between 150,000 and 190,000 homes were sold to foreign nationals from May 2007 to May 2008. Recent foreign buyers purchased properties in every state and the District of Columbia. The most popular states where international buyers purchased homes are Florida, California and Texas. Arizona, New York, Washington and Nevada were also popular.
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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 regarding 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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As part of the Housing and Economic Recovery Act of 2008, a First-time Homebuyer Tax Credit is now available. However, this limited-time tax break ends in mid-2009. A homebuyer tax credit has been available for first-time homebuyers in Washington, D.C. for many years, and now first-time homebuyers nationwide can take advantage of a similar benefit.
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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 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.
Participate >
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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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