Existing-home sales increased in August, even with ongoing tight credit and appraisal problems, along with regional disruptions created by Hurricane Irene, according to the National Association of REALTORS®. Monthly gains were seen in all regions.
Existing-home sales in the West jumped 18.3 percent to an annual pace of 1.23 million in August and are 20.6 percent higher than August 2010. The median price in the West was $189,400, down 13.0 percent from a year ago.
Lawrence Yun, NAR chief economist, says there are some positive market fundamentals. “Some of the improvement in August may result from sales that were delayed in preceding months, but favorable affordability conditions and rising rents are underlying motivations,” he notes. “Investors were more active in absorbing foreclosed properties. In additional to bargain hunting, some investors are in the market to hedge against higher inflation.”
To read the full article from the National Association of Realtors®, CLICK HERE.
The National Association of Realtors® is reporting the Western region of the United States continues to lead the rest of the country with the highest level of real estate activity for pending sale contracts. This is good news for Oregon and Washington residents as we head into the busy Fall season. Pending home sales were up almost 14.4% across the country in July 2011 compared to the same time period a year ago.
Is this positive news for the real estate market and a sign of things possibly turning around?
Lawrence Yun, NAR chief economist, said “The market can easily move into a healthy expansion if mortgage underwriting standards return to normalcy. We also need to be mindful that not all sales contracts are leading to closed existing-home sales. Other market frictions need to be addressed, such as assuring that proper comparables are used in appraisal valuations, and streamlining the short sales process.”
To read the full report from the National Association of Realtors®, CLICK HERE.
July RMLS market statistics for Metro Portland show closed sales grew 21% in July 2011 compared to July 2010. Pending sales were up 18.4% and new listings dropped 27%. Month to month, comparing June 2011 to July 2011, average sale price activity rose 3%, moving from $267,100 to $275,100.
Information courtesy of RMLS.
July RMLS market statistics for Southwest Washington show closed sales and pending sales in Clark County showed increases when comparing July 2011 to July 2010. Closed sales were up by 47.1% and pending sales by 14.5%. Inventory stands at approximately 7.3 months, with 6 month indicating a balanced market.
Information courtesy of RMLS.
Welcome to Market Tracker, an exclusive Prudential Northwest Properties report that informs you of residential real estate sales activity and regional trends by zip code. The Market Summary below offers a look at sales activity for the prior month and year, along with current year to date statistics.
If you would like to be emailed an automated market summary for your zip code or an area you wish to monitor, please click here or ask your Prudential Northwest Properties agent to set it up. Your email address will not be shared or used for any other purpose.
Jason, our COO and Lake Oswego branch manager, shares his perspective on the real estate market recovery in this article in Community Newspaper’s “A Salute to the American Home” special publication. Like many local real estate professionals, Jason believes the market has probably hit bottom as a whole and we’ll see a very gradual recovery.
Click here to read the article.
Portland area home sales shot up in March, driven in part by a federal tax credit worth up to $8,000 to first-time buyers and $6,500 to move-up buyers.
There were nearly 52 percent more sales in March than a year ago and a whopping 77.2 percent more sales than in February, according to Regional Multiple Listing Service figures released Friday.
Compared to a year ago, pending sales increased 46.7 percent and new listings increased 35.3 percent.
The inventory of unsold homes dropped to 7.8 months from 12.9 months in February and 12 months a year ago. The figure refers to the amount of time it takes to clear out the inventory of unsold homes at the current pace of sales. A six-month level is considered healthy.
The inventory of houses for sale in Clark County dropped substantially in March as home sales improved, according to Portland-based RMLS. A 7.7-month supply of homes was listed in March, which was down from an 11.6-month supply in February
Local real estate agents attribute the shrinking inventory to higher demand for houses, as first-time and move-up home buyers rush to take advantage of low mortgage interest rates and tax credits set to expire April 30.
According to RMLS, when comparing the week of April 5 – April 11 with the week prior, the number of times an RMLS subscriber opened a Supra lockbox increased 33% in Washington and 26.6% in Oregon. Activity is on the rise as we move into the Spring season.
This area includes the neighborhoods of Irvington, Alameda, Beaumont and…
Home prices in 20 U.S. cities including the Portland-Vancouver area, rose in November for the sixth consecutive month, signaling the industry that precipitated the worst recession since the 1930s is stabilizing. The S&P/Case-Shiller home-price index increased 0.2 percent from the prior month on a seasonally adjusted basis, the group said today.
Home prices in the Portland market increased a seasonally adjusted 0.9 percent from October to November and 0.3 percent in Seattle. The national gauge is down 5.3 percent from November 2008.
Portland home sales improved notably in December compared to a year ago. Closed sales rose 52.6 percent in December, compared with the same month in 2008, according to figures released Thursday by the Regional Multiple Listing Service. Pending sales climbed 40.9 percent and new listings rose 11.9 percent.
For the year, closed sales were comparable to 2008 and pending sales increased by 4 percent.
The year ended with a 7.7 month inventory of unsold homes, roughly half the 14.1 percent level posted in 2008. There were 1,506 closed sales in December, 16.1 percent fewer than November.
The year 2009 had 44,357 new listings, 19,921 pending sales, 18,955 closed sales and an average sales price of $289,900.
That compares with 2008’s 54,605 new listings, 19,150 pending sales, 19,132 closed sales and average sale price of $330,300.