The two most important days in your life are the day you are born and the day you find out why. –Mark Twain
DAILY REAL ESTATE NEWS | WEDNESDAY, DECEMBER 21, 2016
Existing-home sales were on the rise last month, led by a surge in the Northeast and modest gains in the South, the National Association of REALTORS® reported Wednesday.
Existing-home sales – completed transactions that encompass single-family homes, townhomes, condos, and co-ops – ticked up 0.7 percent in November, reaching a seasonally adjusted annual rate of 5.61 million. The gain was enough to propel existing-home sales to the highest level since February 2007. Further, sales are 15.4 percent higher than a year ago.
Housing has posted a strong three-month stretch to close out the year, says Lawrence Yun, NAR’s chief economist.
“The healthiest job market since the Great Recession and the anticipation of some buyers to close on a home before mortgage rates accurately rose from their historically low level have combined to drive sales higher in recent months,” Yun says. “Furthermore, it’s no coincidence that home shoppers in the Northeast – where price growth has been tame all year – had the most success last month.”
Here’s a closer look at five stats that put the housing data from November in context.
- Home prices:The median existing-home price for all housing types in November was $234,900, up 6.8 percent from a year ago ($220,000).
- Days on the market:Forty-two percent of homes sold in November were on the market for less than a month. On average, properties stayed on the market for 43 days in November, which is down from 54 days a year ago. Short sales lingered on the market the longest at a median of 110 days in November. Foreclosures sold in 55 days and non-distressed homes took 41 days to sell, NAR’s data shows.
- All-cash sales:All-cash sales comprised 21 percent of transactions in November, which is down from 27 percent a year ago. Individual investors account for the biggest bulk of cash sales and purchased 12 percent of homes in November, down from 16 percent a year ago.
- Distressed sales:Foreclosures and short sales increased to 6 percent in November, but that’s still down from 9 percent a year ago. In November, four percent of sales were foreclosures and 2 percent were short sales. On average, foreclosures sold for a discount of 17 percent below market value in November, while short sales were discounted 16 percent.
- Inventories:By the end of November, total housing inventories fell 8 percent to 1.85 million existing homes available for sale. Inventories are now 9.3 percent lower than a year ago. Unsold inventory is at a four-month supply at the current sales pace.
“Existing housing supply at the beginning of the year was inadequate and is now even worse heading into 2017,” says Yun. “Rental units are also seeing this shortage. As a result, both home prices and rents continue to far outstrip incomes in much of the country.”
Regional Breakdown
Northeast: existing-home sales rose 8 percent to an annual rate of 810,000. Sales are now 15.7 percent above a year ago. Median price: $263,000, which is 3.3 percent higher than a year ago.
Midwest: existing-home sales dropped 2.2 percent to an annual rate of 1.33 million in November. Sales are still 18.8 percent above a year ago. Median price: $180,300, up 6.5 percent from a year ago.
South: existing-home sales increased 1.4 percent to an annual rate of 2.22 million, and are 11.6 percent higher than a year ago. Median price: $206,900, up 9.2 percent from a year ago.
West: existing-home sales dropped 1.6 percent to an annual rate of 1.25 million in November. Sales are 19 percent higher than a year ago. Median price: $345,400, up 8.5 percent from a year ago.
Source: National Association of REALTORS®
FROM ME:
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Phoenix projected as number one US housing market for 2017
http://walter-unger.com/phoenix-projected-as-number-one-us-housing-market-for-2017/
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http://walter-unger.com/why-phoenix-2/
Phoenix Commercial Real Estate and Investment Real Estate: investors and Owner / Users need to really know the market today before making a move in Commercial Properties or Investment Properties in Phoenix / Tucson / Arizona, as the market has a lot of moving parts today. What is going on socio-economically, what is going on demographically, what is going on with location, with competing businesses, with public policy in general — all of these things affect the quality of selling or purchasing your Commercial Properties, Commercial Investment Properties and Commercial and large tracts of Residential Land in Phoenix / Tucson / Arizona. Therefore, you need a broker, a CCIM (Certified Commercial Investment Member) who is a recognized expert in the commercial and investment real estate industry and who understands Commercial Properties and Investment Properties.
I am marketing my listings on Costar, Loop-net CCIM, Kasten Long Commercial Group. I also sold hundreds millions of dollars’ worth of Investment Properties / Owner User Properties in Retail, Office Industrial, Multi-family and Land in Arizona and therefore I am working with brokers, Investors and Developers. I am also a CCIM and through this origination ( www.ccim.com ) I have access to marketing not only in the United States, but also international. Click here to find out what is a CCIM: https://en.wikipedia.org/wiki/CCIM
Reasons to Consider me for Commercial Referrals – I have the Knowledge and Experience
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Click here to View My Listings and Profile
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Click here to find out what is a CCIM:
https://en.wikipedia.org/wiki/CCIM
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Click here to view my website:
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Interactive Map Of All 10+ Unit Apartment Listings in Metro Phoenix
http://www.easymapmaker.com/map/28cb3b8b3206c377a6f282d980dc7974
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Interactive Metro Phoenix Map of New Apartment Construction by Completion Status
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Walter Unger CCIM – walterunger@ccim.net – 1-520-975-5207 – http://walter-unger.com
2016 Official Arizona Visitors Guide
http://walter-unger.com/why-phoenix-2/
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Timeline of Phoenix, Arizona history
http://en.wikipedia.org/wiki/Timeline_of_Phoenix,_Arizona_history
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http://en.wikipedia.org/wiki/Phoenix,_Arizona
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Facts of Arizona – year 1848 to 2013
http://walter-unger.com/?p=9507
Feel free to contact Walter regarding any of these stories, the current market, distressed commercial real estate opportunities and needs, your property or your Investment Needs for Comercial Properties in Phoenix, Tucson, Arizona.
1-520-975-5207
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Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial / Investment Real Estate Broker in Arizona now for 20 years. If you have any questions about Commercial / Investment Properties in Phoenix or Commercial / Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion with you. I am also in this to make money therefore it will be a win-win situation for all of us.
Please reply by e-mail walterunger@ccim.net or call me on my cell 520-975-5207
Walter Unger CCIM
Senior Associate Broker
Kasten Long Commercial Group
2821 E. Camelback Rd. Suite 600
Phoenix , AZ 85016
Direct: 520-975-5207
Fax: 602-865-7461
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