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Bedford NY Realtor Archives
- #NAR: Existing home sales will see best year since 2006 | Chappaqua Real Estate | Buying Bedford Real Estate ow.ly/Ivqk30c07MR 1 hour ago
- Housing affordability rises | Bedford Corners Real Estate | Buying Bedford Real Estate bit.ly/2raqUrI 2 hours ago
- Zillow kickback problem | Armonk Real Estate | Buying Bedford Real Estate bit.ly/2rJlZhA 2 hours ago
- New home sales plummet more than 11% in April | Cross River Real Estate | Buying Bedford Real Estate bit.ly/2rgIeOY 2 hours ago
- Irving Berlin’s onetime #Yorkville home returns to the market | Bedford Corners Real Estate | Buying Bedford ow.ly/9Smw30c07GB 16 hours ago
- NAR: Existing home sales will see best year since 2006 | Chappaqua Real Estate | Buying Bedford Real Estate bit.ly/2rJuBF8 16 hours ago
- Douglas Elliman Launches New Brand Campaign - It's Time for Elliman | Bedford Hills Real Estate bit.ly/2raMgZp 16 hours ago
- Irving Berlin’s onetime Yorkville home returns to the market | Bedford Corners Real Estate bit.ly/2rd0bhv 16 hours ago
- 6 Food Trucks to Book for Your Wedding | Pound Ridge Real Estate | Buying Bedford Real Estate bit.ly/2rgSwic 16 hours ago
- New home sales plummet more than 11% in April | Cross River Real Estate | Buying Bedford Real Estate bit.ly/2rgIeOY 16 hours ago
- 6 #Food Trucks to Book for Your Wedding | Pound Ridge Real Estate | Buying Bedford Real Estate ow.ly/Djvb30c07Ed 19 hours ago
- #Realtors: Homebuyers flooded housing market in first quarter | Cross River Real Estate | Buying Bedford Real Estate ow.ly/Ge0e30bY87v 22 hours ago
- Douglas #Elliman Launches New Brand Campaign - It's Time for Elliman | Bedford Hills Real Estate | Buying Bedford ow.ly/TdOp30c07Jk 23 hours ago
- #Irving #Berlin’s onetime Yorkville home returns to the market | Bedford Corners Real Estate | Buying Bedford bit.ly/2rd0bhv 1 day ago
- 6 #Food #Trucks to Book for Your Wedding | Pound Ridge Real Estate | Buying Bedford Real Estate bit.ly/2rgSwic 1 day ago
- New #home #sales plummet more than 11% in April | Cross River Real Estate | Buying Bedford Real Estate bit.ly/2rgIeOY 1 day ago
- New Single-Family Home Size Continues to #Trend Down | North Salem Real Estate | Buying Bedford Real Estate ow.ly/EQwu30bY83w 1 day ago
- #Zillow kickback problem | Armonk Real Estate | Buying Bedford Real Estate ow.ly/5O2930bY7XK 1 day ago
- NAR: Existing home sales will see best year since 2006 | #Chappaqua Real Estate | Buying Bedford Real Estate ow.ly/U5A630bY7UU 1 day ago
- Douglas #Elliman Launches New Brand #Campaign - It's Time for Elliman | Bedford Hills Real Estate | Buying Bedford ow.ly/IjbZ30bY7Q1 1 day ago
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Cash Finances Smallest Share of New Home Sales Since 2010 | Katonah Real Estate | Buying Bedford Real Estate
– New U.S. single-family home sales unexpectedly rose in September, pointing to sustained demand for housing even as data for August was revised sharply down.
The Commerce Department said on Wednesday new home sales increased 3.1 percent to a seasonally adjusted annual rate of 593,000 units last month, pulling them close to a nine-year high touched in July.
August’s sales pace was revised down to 575,000 units from the previously reported 609,000 units.
Economists polled by Reuters had forecast single-family home sales, which account for about 9.8 percent of overall home sales, falling to a rate of 600,000 units last month.
New home sales, which are derived from building permits, are volatile on a month-to-month basis and subject to large revisions.
Sales increased 29.8 percent from a year ago. They rose in the third quarter compared to the April-June period, indicating strong demand for housing.
Residential construction, however, likely remained a drag on gross domestic product in the third quarter.
Existing home sales, as reported by the National Association of Realtors (NAR), increased 3.2% in September and were up 0.6% from the same month a year ago, as first-time buyers seized a 34% share of sales. Total existing home sales in September increased to a seasonally adjusted rate of 5.47 million units combined for single-family homes, townhomes, condominiums and co-ops, up from a downwardly adjusted 5.30 million units in August.
September existing sales increased in all four regions, ranging from 5.7% in the Northeast to 0.9% in the South. Sales increased by 5.0% in the West in September, despite a 5.3% decrease in the August PHSI for that region. Year-over-year, September sales increased by 2.3% in the Midwest and 1.6% in the West, while falling 0.9% in the South. The Northeast remained unchanged year-over-year for September.
Total housing inventory increased by 1.5% in September, but remains 6.8% lower than its level a year ago. At the current sales rate, the September unsold inventory represents a 4.5-month supply, compared to a 4.6-month supply in August.
The August all-cash sales share was 21%, down from 22% in August and 24% during the same month a year ago. Individual investors purchased a 14% share in September, up from 13% in August and a year ago. The September first-time home buyer share of 34% was up from 31% in August, and 29% from the same month a year ago. Distressed sales, comprised of foreclosures and short sales, fell to 4%, the lowest rate since NAR launched that series in 2008.
The September median sales price of $234,200 was 5.6% above the same month a year ago, and represents the 55th consecutive month of year-over-year increases. The median condominium/co-op price of $222,100 in September was up 6.1% from the same month a year ago.
The US housing market is supply constrained, sending home prices in major US metros back to levels last seen in the winter of 2007.
Research out of JP Morgan published Thursday indicates that this situation appears unlikely to resolve itself anytime soon.
“Nationwide house price indexes have been pushing steadily higher—real house prices are now 25% above their 2012 trough and at the highest levels on record outside the pre-crisis boom years,” JP Morgan’s Jesse Edgerton writes.
“One might wonder if these high prices reflect growing demand that could soon elicit a wave of construction that would prove our forecasts wrong. We find, however, that high prices are concentrated in markets where supply is constrained by geography or regulation, suggesting there may be little room for additional construction.” (Emphasis added.)
In short, areas seeing home prices rise fastest — think San Francisco, San Jose, and Denver — are not in a position to meet the demand for housing implied by the rise in prices.
The problem here is two-fold.
As the chart below shows, high home prices haven’t influenced the aggressiveness with which homebuilders have added to the housing stock over time. This indicates the supply side of the market is content to accept elevated prices even if the volume of homes built and sold is below what the demand side alone might dictate.
Additionally, Edgerton’s work shows that markets equipped with both high home prices and an ability to meet the demand implied by these prices literally do not exist.
“Metro areas in the upper right quadrant of the chart would be the best candidates for a demand-driven construction boom,” Edgerton writes. “Unfortunately, sharp-eyed readers will note that there are no dots in the upper-right portion of the figure.”
Edgerton adds, “Thus, it is unclear how much we can expect high prices to drive construction in the coming years, as the data show that high prices are concentrated in areas where supply may be limited in its ability to respond to demand.”
First-time buyers may be entering the U.S. home market in greater numbers than industry watchers had assumed.
Nearly half of sales in the past year went to people who were buying their first home, according to a survey released Tuesday by the real estate firm Zillow. That’s a much higher proportion of the market than some other industry estimates had indicated.
Zillow’s survey results suggest that this year’s growth in home sales has come largely from a wave of couples in their 30s, who are the most common first-time buyers. If that trend were to hold, it could raise hopes that today’s vast generation of 18-to-34-year-old millennials will help support the housing market as more of them move into their 30s.
That’s among the findings in a 168-page report by Seattle-based Zillow. Its survey also found that home ownership is increasingly the domain of the college-educated. And it indicated that older Americans who are seeking to downsize are paying premiums for smaller houses.
Here’s a breakdown of Zillow’s findings:
— First-time buyers make up a larger chunk of the housing market than the real estate industry has generally thought. Forty-seven percent of purchases in the past year went to first-time buyers. Their median age was 33. By contrast, surveys from the National Association of Realtors have indicated that first-timers account for only about 30 percent of all buyers.
The difference between the two surveys may stem from their methodologies. The NAR has used a mail-based survey for its annual figures, while Zillow used an online survey that might have generated more responses from younger buyers.
— No college? Dwindling chance of homeownership
It’s become harder to realize the dream of home ownership without a college degree. Sixty-two percent of buyers have at least a four-year college degree. Census figures show that just 33 percent of the U.S. adults graduated from college. The gap between the education levels of homebuyers and the broader U.S. population indicates that workers with only a high school degree are becoming less likely to own a home.
This is a major shift for the middle class. Just 12 percent of homeowners in 1986 were college graduates, according to government figures. The trend is driven in part by falling incomes for people with only a high school degree.
— Millennial home buyers are increasingly Hispanic
Out of the 74 million U.S. households that own their homes, a sizable majority — 77 percent — are white. But these demographics are changing fast. Only 66 percent of millennial homeowners are white. The big gains have come from Latinos, who make up 17 percent of millennial homeowners but just 9 percent of all homeowners.
Asians also make up a greater share of millennials. This means that as today’s millennial generation ages, the housing market may look considerably more diverse than it does now.
— Older Americans aren’t just downsizing; they’re also upgrading.
The so-called “silent generation” — those ages 65 to 75— bought homes in the past year with a median size of just 1,800 square feet, about 220 square feet smaller than the homes they sold. But that smaller new home still cost more. These retirement-age buyers paid a median of $250,000, nearly $30,000 more than the home they sold. In some cases, the higher purchase price likely reflects the profits from the sale of their previous home, in other cases a desire by upscale buyers for luxury finishes and amenities.
— Starter homes are no longer popular.
When millennials buy, they’re leapfrogging past the traditional, smaller starter home. This younger generation paid a median of $217,000 for a 1,800-square-foot house. That median is nearly identical to what older generations buy.
A measure of U.S. mortgage application activity decreased for a second week to a five-month low as 30-year mortgage rates rose to their highest since June, data from the Mortgage Bankers Association released on Wednesday showed.
The Washington-based industry group’s mortgage market index fell 1.2 percent to 486.2 in the week ended Oct. 28, which was the lowest level since the week of May 27.
Interest rates on 30-year fixed-rate mortgages, which are the most widely held type of U.S. home loans, averaged 3.75 percent in the latest week, matching the level last seen in June, MBA said.
Mortgage rates increased with higher U.S. Treasury yields with 10-year yields hitting their highest levels in about five month last week. US10YT=RR
U.S. bond yields climbed on speculation about whether overseas central banks may refrain from injecting more monetary stimulus to help their economies.
The group’s seasonally adjusted index on weekly applications to buy a home edged down 0.4 percent to 207.0 last week, which was the lowest since January.
The purchase activity gauge is seen as a proxy on home sales.
MBA’s weekly barometer on refinancing requests declined by 1.6 percent to 2,088.0, which was the weakest since June