Real Estate Outlook: Home Sales Rise

by Kenneth R. Harney
Tuesday, November 04, 2008

You can't just ignore them.

Start with housing sales. Resales of existing homes jumped by 5.5 percent last week -- that was the largest monthly increase since July of 2003, in the middle of the housing boom. In the western states, sales were up a record 34.4 percent!

Now, it's true that a lot of these sales are foreclosures and pre-foreclosure transactions, and they carry low prices. But that's precisely how turnarounds develop coming off of down cycles -- you've to sop up the houses that were unaffordable to their buyers, were way overpriced and went belly up.

Sales of newly constructed homes also were higher in the latest month, according to the Census Bureau -- up by 2.7 percent on average nationwide, but by an impressive 22.7 percent in the West.

Still another positive: More evidence that the bulging unsold inventories of new and existing houses in many parts of the country are now falling. A quarterly survey by the Wall Street Journal released last week found inventories down in a majority of the 18 markets studied.

In Sacramento, California, the inventory dropped by 32.1 percent during the past three months. In Orange County, California, inventory was down 21.6 percent, 21.5 percent in Boston, 21.1 percent in Denver, and nearly 21 percent in San Diego.

Across the country, the backlog of unsold but listed houses dropped 1.2 percent to a 9.4 month supply last month, according to the National Association of Realtors -- that was down from an 11 month supply the previous month.

On top of all this, we saw new mortgage applications take another big jump this past week, with 30-year fixed interest dropping to 6.26 percent and 15-year rates to 6.1 percent. Applications to purchase homes using conventional loans were up by 7.9 percent during the week, according to the Mortgage Bankers Association. New purchase applications using FHA insurance jumped by 10.1 percent.

As we said, one week of good news does not mean we're officially in turnaround mode, and certainly the softness in the overall economy isn't helping.

But you've got to start connecting the dots. Week after week, month after month, housing and real estate numbers are starting to look better and better.

Copyright© 2012 Realty Times®. All Rights Reserved

Bay Point CenterBay Point Center is a completely renovated four-story commercial building locate...

Noticias sobre o mercado imobiliario em Miami

South Beach Web Cam, Live South beach Webcam

Chariff Realty Group
4141 NE 2nd Ave Suite 200-b
Miami, Florida 33137
Phone: (305) 576-7474
Fax: (305) 576-7494
Email: info@chariff.com

Ruben Matz has joined Chariff Realty Group
Ruben Matz has joined Chariff Realty Group to launch a recently approved Biscayne Boulevard...

Dacra's Plans for the Miami Design District
Finally, DACRA’s Plans for the Miami Design District By Sean McCaughan DACRA’S...

50 BISCAYNE: FRESH AS EVER & CHARIFF OFFERS TOP LISTING IN THE BUILDING FOR $1.690.000,00
Now that the Downtown Development Authority announced officially that nearly 93% ...

Design District site sells for $11 million
Another Done Deal- SOLD! $11 million - Development Site in the Miami Design District. 57,000...

MyBrickell: Beacon of a Great 2012!
MyBrickell: Beacon of a Great 2012! 2012 marks a turning point in the real estate...

Waterfront Living at 6307 Allison Road
Allison Island is quietly tucked away between the Miami Beach mainland and the two island...

Giving Thanks to all our customers: buyers, sellers, owners and renters!
The Real Estate market in Miami is a moving target: the day brings sales, buyers, gigantic...

SOLD! $7,000,000 or $1,048.53 per square foot - 92 NE 40th Street Miami Design District.
Another Done Deal- Record Breaking! SOLD! $7,000,000 or $1,048.53 per square foot - 92...

A Classic Home in Coral Gables
If you're looking for a great piece of Miami real estate, you can't go wrong by choosing...

$27 million for four Design District properties
Developer Craig Robins is continuing his buying spree in the increasingly-active...

< Visit Our Chariff Realty Group Blog

Today's Real Estate News and Advice Updated: Thursday, May 17, 2012

Mortgage Applications Increasing as Mortgage Rates Fall Again
ith the Euro-zone back in the news, it was inevitable that mortgage rates would fall again. Inv...
> Full Story

Why Spring Listings Blossom
Nature is in full bloom across the nation. Many of today8217;s homeowners are unaware that Spri...
> Full Story

Ask the HOA Expert
We have a complete board turnover coming at the upcoming Annual Meeting. Some owners want to se...
> Full Story

Xeriscaping: Gardens That Thrive on Looking After Themselves
Are you ready for a garden that loves to take care of itself? PJ Wade examines qwerty in the ga...
> Full Story

Veterans Understand Service
Military veterans who work as brokers and agents apply their training to a multitude of circums...
> Full Story

9th Circuit Court Upholds Right to Discriminate in Roommate Case
In the privacy of your own home, you can take off your coat, kick off your shoes, let your guar...
> Full Story

What Nordstrom Can Teach Todays Real Estate Professionals
Ever been to Nordstrom store? Its truly like no retail experience youve ever had. Why? Because ...
> Full Story

Real Estate Outlook: Median Existing Home Prices Balance
The latest quarterly report from the National Association of Realtors NAR shows that median exi...
> Full Story

Second Consecutive Week Of Record-Low Fixed Mortgage Rates
In Freddie Macs results of its Primary Mortgage Market Survey, the average fixed mortgage rates...
> Full Story

Exchange of Commitments - Exclusivity
A Champion Agent commits themselves to a high service standard. That service standard is commun...
> Full Story