Thursday, April 28 2011
Yesterday we reported on an article on the rise in the new home construction industry. Today we can report that there is also a rise in the sale of existing homes. According to the National Association of Realtors existing-home sales rose in March, continuing an uneven recovery that began after sales bottomed last July. This in itself is a good indication that barring any unforeseen mishaps with the economy, we should continue to see increases in the sales of homes. -RT
Existing-home sales rose in March, continuing an uneven recovery that began after sales bottomed last July, according to the NATIONAL ASSOCIATION OF REALTORS®.
Mortgages harder to get
Data from Freddie Mac and Fannie Mae show requirements to obtain conventional mortgages have been tightened, with the average credit score rising to about 760 in the current market from nearly 720 in 2007; for FHA loans the average credit score is around 700, up from just over 630 in 2007.
Who is buying homes?
A parallel NAR survey shows first-time buyers purchased 33% of homes in March, compared with 34% of homes in February; they were 44% in March 2010.
Housing inventory up slightly
Total housing inventory at the end of March rose 1.5% to 3.55 million existing homes available for sale, which represents an 8.4-month supply at the current sales pace, compared with a 8.5-month supply in February.
Single-family home sales up
Single-family home sales rose 4.0% to a seasonally adjusted annual rate of 4.45 million in March from 4.28 million in February, but are 6.5% below the 4.76 million level in March 2010. The median existing single-family home price was $160,500 in March, down 5.3% from a year ago.
Condo sales rise
Existing condominium and co-op sales increased 1.6% to a seasonally adjusted annual rate of 650,000 in March from 640,000 in February, but are 4.1% below the 678,000-unit pace one year ago. The median existing condo price was $153,100 in March, which is 10.1% below March 2010.
Regional home sales mixed
Regionally, existing-home sales in the Northeast rose 3.9% to an annual level of 800,000 in March but are 12.1% below March 2010. The median price in the Northeast was $232,900, down 3.0% from a year ago.
Read more: http://www.houselogic.com/news/articles/existing-home-sales-rise-march/#ixzz1K6DhhWj1