Posted on 21 May 2019
by Michael Hyman, Research Data Specialist
NAR released a summary of existing-home sales data showing that housing market activity this April, modestly fell 0.4 percent from March 2019. April’s sales of existing homes dropped 4.4 percent from April 2018. April’s existing-home sales reached a 5.19 million seasonally adjusted annual rate.
The national median existing-home price for all housing types was $267,300 in April, up 3.6 percent from a year ago. This marks the 86th consecutive month of year-over-year gains.
Regionally, all four regions showed growth in prices from a year ago. The Midwest had largest gain of 5.5 percent followed by the South with a gain of 4.4 percent. The West had an increase of 1.3 percent followed by the Northeast with a modest incline of 0.9 from April 2018.
April’s inventory figures are up from last month 9.6 percent to 1.83 million homes for sale. Compared with April of 2018, there was a 1.7 percent increase in inventory levels. It will take 4.2 months to move the current level of inventory at the current sales pace. It takes approximately 24 days for a home to go from listing to a contract in the current housing market, up from 26 days a year ago. This would be the fastest pace since 2011 when the days on the market index began.
From March 2019, two of the four regions showed declines in sales while the Midwest was flat. The West was the only region to have an incline in sales at 1.8 percent. The South fell 0.4 percent followed by the Northeast with the biggest decline of 4.5 percent.
All four regions showed declines in sales from a year ago. The Midwest had the biggest drop in sales of 7.9 percent followed by the West with a decline of 5.9 percent. The Northeast fell 4.5 percent followed by the South with a dip of 1.7 percent. The South led all regions in percentage of national sales, accounting for 43.7 percent of the total, while the Northeast had the smallest share at 12.3 percent.
In April, single-family sales were down 1.1 percent and condominiums sales were down 5.6 to last month. Single-family home sales fell 4.0 percent and condominium sales were down 8.1 compared to a year ago. Single-family homes had an increase in price up 3.7 percent at $269,300 and condominiums rose 3.4 percent at $251,000 from April 2018.
Posted on 17 May 2019
by Meredith Dunn, Research Manager
On Thursday afternoon, the Research team presented the committee-directed redesigns and findings of several surveys and data projects to the Research Committee.. The purpose of the committee is to focus on market conditions in the real estate industry as well as developments in the general economy and to identify topics on which research and information is needed with an eye to improving the productivity and profitability of REALTOR® firms, state associations, and local boards, and how that data can be utilized. The committee is comprised of three state or board association staff, 10 residential specialists, 10 commercial specialists (including 1 auction specialist), one REALTOR® appraiser, one AEC Representative, and 15 at-large members. The Committee is Chaired by Karen Crowson and Vice-Chaired by Joanne Zettl.
Brandi Snowden, Director of Member and Consumer Survey Research, presented the findings of the 2019 Profile of Home Staging to the Committee. New this year in the report was a discussion of the impact home staging-related TV shows have on consumer staging expectations.
Amanda Riggs, Research Survey Analyst, spoke about the findings of the 2019 Profile of Real Estate Firms, newly redesigned under a directive from the Research Committee. The report includes new topic areas, such as career direction after staff leave the firm, and whether the firm utilizes virtual assistants.
Nadia Evangelou, Research Economist, and Jessica Lautz, Vice President of Demographics and Behavioral Insights, presented on a tax study and how the reduced SALT deduction will affect taxpayers by each state. For more on the reduced SALT deduction, click here >
Posted on 17 May 2019
by Meredith Dunn, Research Manager
On Thursday afternoon on May 15th, NAR Chief Economist Lawrence Yun gave a commercial update to members. In his update, Yun discussed opportunities and challenges facing the commercial market in the year ahead.
Brian Ball, Secretary of Commerce & Trade for the State of Virginia, spoke about the impacts of Amazon HQ coming to National Landing, Virginia.
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