Month March

March Existing Home Sales Climb

Since the Great Recession had origins in real estate (at least partially), existing home sales have been of great interest. March existing home sales posted a gain of 6.8%. The first time homebuyer credit was likely to have helped. It was hard for a lot of people to get financing, and a lot of people ran for mortgage loan modification, but improvements in real estate are welcome relief.

Inventory had something to do with existing home sales

Single family homes that aren’t newly constructed are tracked in existing home sales. Recently, the National Association of Realtors released its March report. Prices are lower because more homes are available. Not that you’ll ever be able to buy a home for a couple of payday loans worth, but the sun is shining, and people are making hay, so to speak.

Inventory is up as well

CNN reports that inventory increased by 1.5%, with 3.58 million homes available. Median home price rose 0.4%, to $ 170,000. The supply of homes (how long it would take to sell inventory at current pace) dropped from an 8.5 month supply in February, to an 8 month supply for March. Single family home sales rose 7.3 percent, to a rate (homes sold per year) of 4.68 million, up from 4.36 million in February. The NAR reports 44% were first time homebuyers, up from 42.

Why the sudden boom?

Late winter home sales are often affected by late winter storms, and January and February had some doozies. Also, the first time homebuyer credit is believed to have affected sales. An $ 8,000 credit off the tax bill may have encouraged some homebuyers who were on the fence. Chief Economist to the NAR, Lawrence Yun, declared the credit “has been a resounding success.”

Distressed and foreclosed homes

35 percent of sales were of foreclosed or distressed homes. Cautious buyers will often be attracted by lower prices. Yun said, “In fact, foreclosures are selling quickly, especially in the lower price range that are attractive to first time homebuyers.”

Is the housing recession done?

Simple supply and demand dictates markets are never static – they’re constantly adapting to conditions. Price and demand are driven lower and supply higher by depressed markets. Lower prices mean people who want to buy will because they’re getting their desired commodity for a discount. The supply begins to decrease, and price and demand begin to rise. The market is recovering naturally, as it always was going to.

Resources

National Association of Realtors

http://www.realtor.org/press_room/news_releases/2010/04/ehs_favorable

CNN

http://money.cnn.com/2010/04/22/real_estate/March_existing_home_sales/

Tim and Eric – Roger of the Month – March 2010

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