Existing-Home Sales Up in May

DAILY REAL ESTATE NEWS | THURSDAY, JUNE 20, 2013

Existing-home sales improved last month and remain solidly above a year ago, according to the National Association of REALTORS®. Total existing-home sales, which are completed sales of single-family homes, townhomes, condominiums, and co-ops, rose 4.2 percent to a seasonally-adjusted annual rate of 5.18 million in May. That number was 4.97 million in April, and is 12.9 percent higher than the 4.59 million-unit pace experienced last May.

May’s existing-home sales numbers are at the highest level since November 2009, when buyers were eager to take advantage of the tax stimulus.  However, sales have remained above year-ago levels for 23 months.

NAR Chief Economist Lawrence Yun says that, while demand is high, the number of homes available for purchase is unlikely to rise anytime soon.

“The housing numbers are overwhelmingly positive. However, the number of available homes is unlikely to grow, despite a nice gain in May, unless new home construction ramps up quickly by an additional 50 percent,” Yun says.  “The home price growth is too fast, and only additional supply from new home building can moderate future price growth.”

NAR noted that the median price of existing homes continued to rise by double-digit rates, year-over-year.

Source: NAR

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April Existing-Home Sales Up but Constrained

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12 Turnaround Housing Markets

DAILY REAL ESTATE NEWS | TUESDAY, JUNE 18, 2013

Kiplinger Personal Finance recently singled out 12 metro areas’ housing markets as faring the best in 2012. Kiplinger attributed strengthening economies, below-average unemployment rates, and increasing buyer confidence as turning these metros into seller’s markets. 

The 12 metros are:

• Phoenix
• Provo, Utah
• Cape Coral-Ft. Myers, Fla.
• Minneapolis
• Akron, Ohio
• Youngstown, Ohio
• Seattle, Wash.
• Salt Lake City, Utah
• Boise, Idaho
• San Jose, Calif.
• Washington, D.C.
• Tucson, Ariz. 

“I was really surprised to see some of the cities that ended up on the list,” says Pat Esswein, associate editor for Kiplinger’s Personal Finance Magazine. “Provo, Utah, and Salt Lake City surprised me, but these are cities that had very little boom or bust. They plugged along, their economies are growing and their populations are rising. They also have relatively low rates of unemployment.” 

Source: “Rising Home Prices: Coming Soon to Your Town?” RISMedia (June 17, 2013)

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7 Housing Markets That Are Roaring Back

http://realtormag.realtor.org/daily-news/2013/06/18/12-turnaround-housing-markets

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Where Asking Prices Are Rising the Most

DAILY REAL ESTATE NEWS | MONDAY, JUNE 17, 2013

Median list prices in May edged up 2.10 percent month-over-month, as housing inventories also were on the rise, creating a greater balance between supply and demand, according to realtor.com’s latest Real Estate Health Report. 

The nationwide median list price was $199,000 for May, and up 4.79 percent year-over-year. 

"We are seeing large regional markets across the country leading the way to national recovery. These regions are acting as a microcosm for what's slowly happening in the larger real estate market," says Steve Berkowitz, chief executive officer of Move. "Overall, we're seeing seller confidence beginning to respond to consumer demand. Nationally, there are more homes going on the market for a shorter amount of time.  And this is happening in our hot markets on a much larger scale."

California housing markets are seeing some of the highest median price gains. The following 10 markets have seen the highest year-over-year list price gains: 

1. Sacramento, Calif.: up 42.45%

• Median list price: $284,900

2. Oakland, Calif.: up 38.27%

• Median list price: $495,000

3. Detroit, Mich.: up 31.73%

• Median list price: $125,000

4. San Jose, Calif.: up 30.58%

• Median list price: $679,000

5. Los Angeles-Long Beach, Calif.: up 27.80%

• Median list price: $428,000

6. Fresno, Calif.: up 27.48%

• Median list price: $219,900

7. Phoenix-Mesa, Ariz.: up 27.03%

• Median list price: $235,000

8. Stockton-Lodi, Calif.: up 25.63%

• Median list price: $199,750

9. Reno, Nev.: up 24.23%

• Median list price: $235,900

10. Santa Barbara-Santa Maria-Lompoc, Calif.: up 24%

• Median list price: $775,000

Source: realtor.com®

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Inventories, Asking Prices Get a Boost

http://realtormag.realtor.org/daily-news/2013/06/17/where-asking-prices-are-rising-most

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House Hunter App Coming to Google Glass

DAILY REAL ESTATE NEWS | FRIDAY, JUNE 14, 2013

Trulia has developed an app for Glass, Google's augmented-reality glasses.  The app is designed to display property listings right before the eyes of the wearer. 

The Trulia for Glass app will also let them know when they are close to an open house that matches their search criteria, even providing directions to the home.  Additionally, it will let them contact the real estate agent and can read a property description out loud. 

"The idea is to provide just enough fresh information that is personalized for me and relevant to my location," says Jeff McConathy of Trulia.  "It's a very different experience than having your head buried in your phone while the world passes by." 

The app is slated for release in July.

Source: "Google Glass Real Estate App Enables House Hunting on the Go," CBC News Canada (June 11, 2013)

© Copyright 2013 Information Inc.

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The Future of Google, Real Estate: Collaboration

http://realtormag.realtor.org/daily-news/2013/06/14/house-hunter-app-coming-google-glass

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Housing Inventory Shortages Start to Ease

DAILY REAL ESTATE NEWS | THURSDAY, JUNE 13, 2013

The percentage of homes for sale has risen 25 percent this year and housing inventories have started to outpace typical seasonal upticks, realtor.com® reports. 

Rising home prices likely are encouraging more home sellers to test out the market. The inventory crunch may be showing signs of easing with listings rising 5.8 percent in May. Still, the number of homes for sale is low by historical standards. Listings in May are still 10 percent below year-ago levels. 

The places where the number of homes for sale rose the most were Atlanta (rising 3.4 percent in May), Miami (2.8 percent), and Tuscon, Ariz. (1.8 percent). 

“Even with the increases, inventories in many markets remain tight, but any easing in the extreme shortages of the past year could ultimately cool the pace at which home prices have been rising,” The Wall Street Journal reports.

Meanwhile, median asking prices rose 4.8 percent nationally over year-ago levels, according to the report. Sacramento posted the highest increase in asking prices (rising 42.3 percent from April 2012) and Oakland (a 38 percent increase). 

Source: “Housing-Inventory Crunch Could Be Easing,” The Wall Street Journal (June 13, 2013)

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Seller's Market Emerges This Spring: Are You Ready?

http://realtormag.realtor.org/daily-news/2013/06/13/housing-inventory-shortages-start-ease

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