Pending Home Sales at Highest Level since 2006

Karen A. Sweatlock


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Pending Home Sales at Highest Level since 2006

WASHINGTON – May 28, 2015 – Pending home sales rose in April for the fourth straight month and reached their highest level in nine years, according to the National Association of Realtors® (NAR). All four major regions saw increases.
The Pending Home Sales Index, a forward-looking indicator based on contract signings, increased 3.4 percent to 112.4 in April from a slight upward revision of 108.7 in March – a year-to-year 14 percent increase.
The increase in the number of April pending sales is the largest annual increase since September 2012. The index has now increased year-over-year for eight consecutive months, and it’s at its highest level since May 2006.
“Realtors are saying foot traffic remains elevated this spring despite limited – and in some cases severe – inventory shortages in many metro areas,” says Lawrence Yun, NAR chief economist. “Homeowners looking to sell this spring appear to be in the driver’s seat, as there are more buyers competing for a limited number of homes available for sale. As a result, home prices are up and accelerating in many markets.”
Following April’s decline in existing-home sales, Yun expects a rebound heading into the summer – but the likelihood of meaningful gains will depend on a much-needed boost in inventory and evidence of moderating price growth now that interest rates have started to rise.
“The housing market can handle interest rates well above 4 percent as long as inventory improves to slow price growth and underwriting standards ease to normal levels so that qualified buyers – especially first-time buyers – are able to obtain a mortgage,” Yun says.
After falling four straight months, the PHSI in the Northeast bounced back solidly (10.1 percent) to 88.3 in April, and is now 9.4 percent above a year ago. In the Midwest, the index increased 5.0 percent to 113.0 in April, and is 13.3 percent above April 2014.
Pending home sales in the South rose 2.3 percent to an index of 129.4 in April and are 14.8 percent above last April. The index in the West inched 0.1 percent in April to 103.8, and is 16.4 percent above a year ago.
NAR forecasts that total existing-home sales in 2015 will be around 5.24 million, an increase of 6.1 percent from 2014. The national median existing-home price for all of this year is expected to increase around 6.7 percent. In 2014, existing-home sales declined 2.9 percent and prices rose 5.7 percent.

© 2015 Florida Realtors® 

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In April, U.S. Home Prices = Market Value 

IRVINE, Calif. – May 28, 2015 – Are home selling prices below, above or about equal to homes’ fair market value? According to RealtyTrac’s April 2015 U.S. Home Sales Report, the U.S. market has hit a balance – overall, selling prices generally equal fair market prices.
In Florida counties with enough data to be included in the report, the results are similar. Only one county, Leon, has selling prices greater than fair market prices, and the difference is only 1 percent. All other counties except Escambia have selling prices that are within at least 93 percent of fair market value.
“Nationwide in April, single family homes and condos sold for almost exactly 100 percent of their estimated full market value on average – indicating a good balance between supply from sellers and demand from buyers,” says Daren Blomquist, vice president at RealtyTrac. “At the local level, however, most markets tipped in favor of either sellers or buyers – although there were some Goldilocks markets exhibiting a ‘just right’ balance between buyers and sellers.”
Local Sales Price to Value by County:
  • Lee: $191,555 avg. sale price – 98% of market value
  • Collier: $309,114 avg. sale price – 97% of market value
“We are in a strong balanced market tipping toward a seller’s market,” says Mike Pappas, CEO and president of the Keyes Company covering South Florida. “Even our waning distressed inventory prices are popping and selling above the appraisal price.”
Nationwide price-to-value trends
Higher than fair market value: Out of 315 counties with a population of at least 100,000 and at least 100 sales in April, 85 (27 percent) had homes that sold, on average, for at least 101 percent of their estimated full market value. At the top of the list: Alameda and San Francisco counties in California with average sale prices that were 108 percent of the estimated full market values.
Below fair market value: Out of the same 315 counties, 186 (59 percent) had homes that sold, on average, for less than 100 percent of their estimated full market value. The lowest price-to-value area: St. Louis City, Missouri at 77 percent.
Balanced market values: Out of 315 counties, 44 (14 percent) had homes that sold, on average sold for 100 percent of their estimated full market value.
To view the entire article visit here.

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About yournapleshome

Karen is originally from Cape May County, New Jersey but considers herself a Floridian due to the many years she has resided in this sunny state! She has two children, Kimberly and Jennifer. Kimberly graduated form the University of Florida in 2000 and resides in Naples with her husband and two children. She works in education . Jennifer graduated from the University of Florida in 2006 and resides with her husband in Raleigh, North Carolina. She currently works for the Sweatlock Team as a marketing executive. The Sweatlock Team provides top-notch personable and professional real estate services, custom marketing for listings, efficient and honest service, fair representation, and a team that is ready to work for you! All combined with great expertise and impeccable service- a combination that can't be beat! Our clients are clients for life.
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