Existing-Home Sales Surge to Record Pace in June – NAR

 

 

 

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July 22, 2020  Source:  National Association of REALTORS®

Existing-home sales rebounded at a record pace in June, following three consecutive months of sales declines, the National Association of REALTORS® reported on Wednesday. Each of the four major regions of the U.S. posted month-over-month increases in June, with the West posting the largest jump.

Total existing-home sales—completed transactions that include single-family homes, townhomes, condos, and co-ops—increased 20.7% from May to a seasonally adjusted annual rate of 4.72 million in June, NAR reports. Sales, however, are still down 11.3% from a year ago.

“The sales recovery is strong, as buyers were eager to purchase homes and properties that they had been eyeing during the shutdown,” says Lawrence Yun, NAR’s chief economist. “This revitalization looks to be sustainable for many months ahead as long as mortgage rates remain low and job gains continue.”

Housing inventories, a big obstacle for buyers before the pandemic, have tightened further. Inventory levels in June fell 18.2% compared to a year ago, NAR reports. The low inventories continue to press on home prices. NAR pegs current inventory to be 4.0 months, down from 4.3 months one year ago.

“Home prices rose during the lockdown and could rise even further due to heavy buyer competition and a significant shortage of supply,” Yun says.

Here are more key indicators from NAR’s latest housing report:

  • Home prices:The median existing-home price was $295,300 in June, up 3.5% from a year ago. Prices rose in every major area of the U.S. in June.
  • Days on the market:Sixty-two percent of homes sold in June were on the market for less than a month. Properties typically remained on the market for 24 days in June, down from 27 days in June 2019.
  • First-time buyers:First-time home buyers comprised 35% of sales in June, up from 34% in May but about equal to June 2019.
  • Investors and second-home buyers:Individual investors or second-home buyers purchased 9% of homes in June, down from 14% in May and 10% in June 2019. Investors and second-home buyers tend to make up the bulk of cash sales. All-cash sales in June accounted for 16% of transactions in June, down from 17% in May but equal to 16% in June 2019.
  • Distressed sales:Foreclosures and short sales comprised 3% of sales in June, about even with May but up from 2% in June 2019.

Regional Breakdown

Here’s how existing-home sales fared across the country in June:

  • Northeast: Existing-home sales increased 4.3% last month, reaching an annual rate of 490,000—a 27.9% decrease from a year ago. Median price: $332,900, up 3.6% from June 2019.
  • Midwest: Existing-home sales rose 11.1% to an annual rate of 1,100,000 in June, down 13.4% from a year ago. Median price: $236,900, a 3.2% increase from June 2019.
  • South: Existing-home sales increased 26% to an annual rate of 2.18 million in June, down 4% from a year ago. Median price: $258,500, a 4.4% increase from a year ago.
  • West: Existing-home sales increased 31.9% to an annual rate of 950,000 in June, a 13.6% decrease from a year ago. Median price: $432,600, up 5.4% from June 2019.

SEE IT ALL:  https://magazine.realtor/daily-news/2020/07/22/existing-home-sales-surge-to-record-pace-in-june?AdobeAnalytics=ed_rid%3D3834981%26om_mid%3D2874%7CRealtorMagNews_2020_07_22%26om_nytpe%3DREALTOR%20MAG%20NEWS

 

FROM ME:  Now is the time, if you are thinking of selling or purchasing your Land or Commercial Building in Phoenix, Scottsdale, Maricopa County, Pinal County, Arizona / Office  / Retail  / Industrial  / Multi-family /  please call me on my cell 520-975-5207 or e-mail me     walterunger@ccim.net. Investors and Owner / Users need to really know the market today before making a move. The market has a lot of moving parts. 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  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 your needs. I am marketing my listings on Costar, Loop-net,  CCIM,  CREXi, Catylist, and various other web sites.  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

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History of Arizona from  900 BC – 2017 -Timeline.

 

History of Arizona from  900 BC – 2017 -Timeline.

 

WHY PHOENIX? AMAZING!!!  POPULATION – IN 1950 THERE WERE 331,700 PEOPLE LIVING IN PHOENIX – “NOW 5 MIL”. – “5TH. BIGGEST CITY IN USA”

PHOENIX TOPS US IN POPULATION GROWTH (MORE THAN LA, NYC) AND WHY THAT’S GOOD FOR THE ECONOMY, BUSINESS

 

History of Arizona from  900 BC – 2017 -Timeline.

 

WHY PHOENIX? AMAZING!!!  POPULATION IN 1950 – 350 K PEOPLE; “NOW 5 MIL”. – “5TH. BIGGEST CITY IN USA”

 

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  • DEMOGRAPHIC FACTS ABOUT MARICOPA COUNTY:

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Why Phoenix?  This is a very interesting article, you should read it, amazing, there were only 350 K people living in Phoenix in 1950

Timeline of Phoenix, Arizona history

Phoenix, Arizona

Facts of Arizona – year 1848 to 2013

CLICK HERE:  Arizona Opportunity Zones As We Understand /maps. Interested!!! Please contact me.

 

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.

Walter Unger CCIM

Associate Broker

West USA Commercial Division

7077 E MARILYN RD.

Suite 200, Building 4.

Scottsdale AZ, 85254

Phone: 480-948-5554

Cell: 520-975-5207

walterunger@ccim.net

What is a CCIM.

 

FOR OVER 20 YEARS, I HAVE WORKED EXTENSIVELY WITH OWNERS AND BUYERS IN LAND, COMMERCIAL AND INVESTMENT REAL ESTATE IN PHOENIX, TUCSON AND THROUGHOUT ARIZONA. PLEASE LET ME KNOW HOW I CAN HELP YOU PLEASE CALL ME

CLICK HERE TO VIEW ALL MY 60 MIL WORTH OF LISTINGS. 

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