Archive for the ‘National Real Estate News’ Category

Southwest FL Real Estate and Beyond: Repeat Buyers Drive the Housing Recovery

Wednesday, August 14th, 2013

 

To search for luxury homes for sale in Naples, Bonita Springs, Estero or Marco Island, Florida, click HERE.

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Repeat buyers are more prevalent than first time buyers, and are supporting the housing recovery according to the National Association of REALTORS®, as reported by Bloomberg on August 11, 2013.

Repeat home buyers accounted for 54 percent of existing-home sales in June, up from 49 percent just one year prior, while, first-time buyers — who usually account for 40 percent of the market share — shrank to 29 percent in June 2013.  A lack of lower-priced homes and strict lending requirements are edging more first-time buyers out of the market.

Rising home prices are increasing household wealth and pushing more home owners to sell, either to trade up for bigger properties or to use the greater equity in their homes to put down a larger down payment for a comparable home.

“The economy looks to be on a sounder footing, home prices are rising, and expectations are that they’ll continue to increase,” Michelle Meyer, a senior economist at Bank of America in New York. “Not only would they be able to sell their current property, but also in terms of purchasing their larger home, they’ll feel that their homes will appreciate with time.”

Are you ready to sell your Southwest Florida home? Contact a John R. Wood Agent today – click HERE!

Naples, Bonita Springs, Marco Island, Estero  FL luxury Real Estate

Naples, Bonita Springs, Marco Island, Estero FL luxury Real Estate

 

Source: Home Sales Buoyed by Repeat Buyers,” Bloomberg (Aug. 11, 2013)

 






Naples FL Real Estate and Beyond: Pending Home Sales Increased in March 2013

Tuesday, May 7th, 2013

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According to the National Association of Realtors® (NAR), pending home sales increased in March 2013 and remain above year-ago levels, but contract activity in recent months shows only modest movement.

The Pending Home Sales Index (PHSI), which is a leading indicator for the housing sector, based on pending sales of existing homes based on contract signings, rose 1.5 percent to 105.7 in March from a downwardly revised 104.1 in February, and is 7.0 percent above March 2012 when it was 98.8. Pending sales have been above year-ago levels for the past 23 months; the data reflect contracts but not closings.

Lawrence Yun, NAR chief economist, said the market appears to be leveling off. “Contract activity has been in a narrow range in recent months, not from a pause in demand but because of limited supply. Little movement is expected in near-term sales closings, but they should edge up modestly as the year progresses,” he said. “Job additions and rising household wealth will continue to support housing demand.”

The PHSI in the Northeast was unchanged at 82.8 in March and is 6.3 percent higher than March 2012. In the Midwest the index increased 0.3 percent to 103.8 in March and is 13.7 percent above a year ago. Pending home sales in the South rose 2.7 percent to an index of 120.0 in March and are 10.4 percent higher than March 2012. In the West the index increased 1.5 percent in March to 102.9 but is 4.3 percent below a year ago.

Total existing-home sales are projected to increase 6.5 to 7 percent over 2012 to nearly 5 million sales this year, while the national median existing-home price is forecast to rise about 7.5 percent.

For more information, Click HERE to see the video where Lawrence Yun, NAR chief economist, explains the PHSI report in detail.

For information about pending home sales in Southwest Florida, visit the John R. Wood Realtors Market Data page HERE.

 

Naples, Bonita Springs, Marco Island, Estero  FL Real Estate

Naples, Bonita Springs, Marco Island, Estero FL Real Estate

 

 

 






Naples FL Real Estate and Beyond: Year-End Housing Reports Reveal National Market Improvement

Friday, January 4th, 2013

 

To search for real estate in Naples, Bonita Springs, Estero or Marco Island, Florida, click HERE.

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Year-end national housing reports revealed good news for existing, pending, new homes, and the home price index.  Courtesy of the KCMBlog.com, here is a quick synopsis of each:

NAR Existing Home Sales Report

  • Total existing-home sales rose 5.9 percent in November over last month
  • Sales are 14.5 percent higher than November 2011
  • Sales are at the highest level since November 2009
  • The national median existing-home price was $180,600 in November, up 10.1 percent from November 2011
  • Total housing inventory at the end of November fell to a 4.8-month supply; it was 5.3 months in October, and is the lowest housing supply since September of 2005 when it was 4.6 months

 

NAR Pending Sales Report

  • Pending home sales increased in November for the third straight month and reached the highest level in two-and-a-half years
  • The index is at the highest level since April 2010 when buyers were rushing to beat the deadline for the home buyer tax credit
  • With the exception of several months affected by tax stimulus, the last time there was a higher reading was in February 2007
  • On a year-over-year basis, pending home sales have risen for 19 consecutive months

 

US Census New Home Sales Report

  • Sales of new homes rose 4.4% in November to a two-and-a-half-year high
  • This is the highest level since April 2010, when a temporary tax credit boosted demand.
  • Sales are now 15.3% higher compared to one year ago

 

Case Shiller Home Price Index

  • Home prices rose 4.3% in the 12 months ending in October
  • In nineteen of the 20 cities covered, annual returns in October were higher than September
 

To get the latest real estate market reports for the Southwest Florida, click HERE or contact a John R. Wood Agent today!

Naples,Bonita Springs, Estero  FL Real Estate

Naples,Bonita Springs, Estero FL Real Estate

 
 
Source: KCMBlog.com





Naples FL Real Estate and Beyond: Who Are the Next Generation of Real Estate Buyers?

Tuesday, October 30th, 2012

To search for real estate in Naples, Bonita Springs, Estero or Marco Island, Florida, click HERE.

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Buyers who are knowledgeable, savvy and responsible are the next generation of buyers according to a Better Homes and Gardens Real Estate National survey. The survey included Americans, aged 18-35, who account for an estimated 103 million Americans.

As noted in an article published by RISMedia, Key findings from the survey included:

Not the “Me” Generation. The majority of Gen X and Gen Y survey respondents (71 percent) understand that homeownership is not something they deserve; rather it is something they must earn. Nearly all those surveyed are willing to adjust their lifestyle to save for a home by eating out less (62 percent), working a second job (40 percent) or even moving back home with their parents (23 percent).

In the Know. Sixty-nine (69) percent believe that the recent housing downturn has made them more knowledgeable about homeownership than their parents were at their age. Gen X and Y members appear to be doing their homework before making one of the biggest investments of their lives. For those surveyed, interest rates (58 percent), home prices in a desired neighborhood (59 percent), and the ability to secure a loan (51 percent) are the top areas to research before buying.

Homeownership is the New Bling. Gen X and Y are not blinded by flashy signs of success; 75 percent believe owning a nice home is a fundamental indicator of success over taking extravagant vacations (12 percent), owning an expensive car (9 percent), or owning designer clothing (5 percent).

First Things First. Gen X and Y want to make sure they are ready to own. Sixty-nine percent believe someone is ready when they can afford to buy while also maintaining their lifestyle. For 61 percent of respondents, the “readiness indicator” is when they’ve landed a secure job.

The survey also reports that this group is wise, proactive and are taking a strategic approach to their future, unlike the common misconceptions about gen X and Y’ers.

For more information, contact your John R. Wood Agent today.

John R. Wood Realtors Naples Florida






Naples FL Real Estate & Beyond: Existing Home Sales Continue to Improve in August 2012

Thursday, September 20th, 2012

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Just yesterday, the National Association of REALTORS released the August 2012 Existing Home Sales Report.  The report suggests that the national median price rose on a year-over-year basis for the sixth straight month.

See the video of Lawrence Yun , NAR chief economist, discussing the report HERE.

Naples,Bonita Springs, Estero FL Real Estate

 

Lawrence Yun , NAR chief economist, said this is because  of favorable buying conditions.

“The housing market is steadily recovering with consistent increases in both home sales and median prices. More buyers are taking advantage of excellent housing affordability conditions,” he said. “Inventories in many parts of the country are broadly balanced, favoring neither sellers nor buyers. However, the West and Florida markets are experiencing inventory shortages, which are placing pressure on prices.”

“The strengthening housing market is occurring even with difficult mortgage qualifying conditions, which is testament to the sizable stored-up housing demand that accumulated in the past five years,” Yun added.

Other highlights from the report include the following:

  • Total existing-home sales   rose 7.8 percent to a seasonally adjusted annual rate of 4.82 million in August from 4.47 million in July, and are 9.3 percent higher than the 4.41 million-unit level in August 2011.
  • The national median existing-home price for all housing types was $187,400 in August, up 9.5 percent from a year ago.
  • Distressed homes - foreclosures and short sales sold at deep discounts – accounted for 22 percent of August sales (12 percent were foreclosures and 10 percent were short sales), down from 24 percent in July and 31 percent in August 2011. Foreclosures sold for an average discount of 19 percent below market value in August, while short sales were discounted 13 percent.
  • Total housing inventory at the end August rose 2.9 percent to 2.47 million existing homes available for sale.
  • The median time on market was 70 days in August, consistent with 69 days in July but down 23.9 percent from 92 days in August 2011.
  • First-time buyers accounted for 31 percent of purchasers in August, down from 34 percent in July; they were 32 percent in August 2011.
  • All-cash sales were unchanged at 27 percent of transactions in August; they were 29 percent in August 2011. Investors, who account for most cash sales, purchased 18 percent of homes in August, up from 16 percent in July; they were 22 percent in August 2011.
  • Single-family home sales rose 8.0 percent to a seasonally adjusted annual rate of 4.30 million in August from 3.98 million in July, and are 10.0 percent above the 3.91 million-unit pace in August 2011. The median existing single-family home price was $188,700 in August, up 10.2 percent from a year ago.
  • Existing condominium and co-op sales increased 6.1 percent to a seasonally adjusted annual rate of 520,000 in August from 490,000 in July, and are 4.0 percent above the 500,000-unit level a year ago. The median existing condo price was $176,700 in August, which is 3.3 percent higher than August 2011

In the South, existing-home sales rose 7.3 percent to an annual pace of 1.90 million in August and are 11.1 percent above August 2011. The median price in the region was $160,100, up 6.5 percent from a year ago.






Home Prices on the Rise in the U.S.

Friday, March 23rd, 2012

For the first time in 18 months, home prices in February 2012 rose higher. With a median price of $171,881, prices in the 53 cities surveyed 1.1% over February 2011.  Home sales were even higher, up 8.7% from one year ago. With
a positive sales trend of 8 straight months above the previous year, it’s looking like 2012 will witness a very strong home-selling season, reports say. As a result of reduced foreclosure activity, inventory continued a downward trend for the 20th straight month, 22.4% lower than the housing inventory in February 2011.

Consumer sentiment appears to be rising, and record low mortgage rates coupled with favorable home prices are attracting homebuyers and investors who don’t want to miss a historic opportunity.

Median Sales Price

The Median Sales Price of homes sold in February was $171,881. This price represents a 1.4% increase from January, and a 1.1% rise from the median price seen in February 2011. February is the first time in 18 months that the year-to-year home price has increased. Of the 53 metro areas included in the February survey, 24 experienced price increases from February 2011, including: Miami, FL +20.5%, Orlando, FL +15.8%, Phoenix, AZ +12.5%, Tampa, FL +11.1%, St. Louis, MO +9.8% and Detroit, MI +8.9%.
Days on Market–Average of 53 Metro Areas

The average Days on Market for properties sold in February was 103, the same as for the month of January, and the same average seen in February 2011. Only two months in the last 12 months saw a Days on Market average below 90: July and September both reported 88. Days on Market is the number of days between first being listed in an MLS and when a sales contract is signed.

Months’ Supply of Inventory–Average of 53 Metro Areas

In the month of February, the average inventory of homes-for-sale in the 53 surveyed metro areas dropped 0.8% from January and also dropped 22.4% from February 2011. Month-to month inventories have now fallen for 20 consecutive months. Given the current rate of sales, and the size of the active inventory, the resulting Months’ Supply is 6.6 months, a drop from the 7.3 month supply seen in January, and significantly lower than the 9.3 month supply reported in February 2011. Months’ Supply is the number of months it would take to clear a market’s active inventory at the current rate of sales. A six-month supply is considered a balanced market between buyers and sellers.
To see the latest Market statistics for the Naples, Bonita Springs and Estero Markets, click HERE!

To search for real estate in Naples,Bonita Springs, Estero or Marco Island, Florida, click HERE.

 

John R. Wood Realtors – The Symbol of Local Knowledge.

Source: RISMedia





Positivity spreads within homeownership

Wednesday, March 21st, 2012

Americans’ concerns about key economic and housing issues are beginning to subside, according to results from Fannie
Mae’s most recent 2012 National Housing Survey
.  Consumers’ attitudes have stabilized across most indicators—including personal finances, housing, and employment—demonstrating their sense that downside risks have abated somewhat compared to late summer
and fall of 2011.

Some of the survey highlights within the areas of Homeownership and Renting include the
following:

On average, Americans expect home prices to increase by 0.8% over the next 12 months (down slightly since last month).

28% of respondents expect home prices to increase over the next 12 months (consistent with last month), while 15% say
they expect home prices to decline (down 1%  point since last month). 53% say prices will stay the same.

10% of Americans say that mortgage rates will go down in the next 12 months, a 2% point increase from last month.

The percentage of respondents who say it is a good time to sell rose by 3% points to 13%, the highest level in over a year,
while the percentage of respondents who say it is a good time to buy dropped 1% point to 70% this month.

On average, respondents expect home rental prices to increase by 3.5% over the next 12 months, a slight increase since
January.

45% of respondents think that home rental prices will go up, a 2% point increase from last month, while 3% expect them to go down, a 2% point decrease from last month and the lowest value in over a year.

65% of respondents say they would buy their next home if they were going to move, up 1% point since last month, while 29% say they would rent, down 1% point versus last month.

The most detailed consumer attitudinal survey of its kind, the Fannie Mae National Housing Survey polled 1,003 Americans via live telephone interview to assess their attitudes toward owning and renting a home, mortgage rates, homeownership distress, the economy, household finances, and overall consumer confidence. Homeowners and renters are asked more than 100 questions used to track attitudinal shifts (findings are compared to the same survey conducted monthly beginning June 2010). Fannie Mae conducts this survey and shares monthly and quarterly results so that we may help industry partners and market participants target our collective efforts to stabilize the housing market in the near-term, and provide support in the future.

To search for real estate in Naples, Bonita Springs, Estero or Marco Island, Florida, click HERE.

John R. Wood Realtors – The Symbol of Local Knowledge.

Source: Fanniemae.com





Home prices up in one of every 4 markets

Friday, March 9th, 2012

CoreLogic, a leading provider of real estate market information released its March CoreLogic MarketPulse report today. The report indicated that 25 percent of all markets are experiencing increases in home prices. During the housing bust, 96 percent of all markets saw home prices fall.

Here are some highlights of the report:

  • The real estate market is showing positive signs with upward trending sales activity and a healthy month’s supply of homes for sale.
  • The mortgage market is slowly growing on the strength of refinance activity that may fade over the coming year as interest rates rise, but may be replaced by increased home sales and resulting purchase loans.
  • Shows an improving housing market that is geographically diverse, ranging from markets that were not as hard hit by the housing market depression to some of those that were hardest hit.
  • Highlights the importance of uncongested foreclosure pipelines and the ability of a market to clear its distressed
    properties as critical to long-term improvement in home prices.
  • Provides a chart focusing on months’ supply for a low, medium and high ranking market from the CoreLogic top 100 Core-Based Statistical Area (CBSA) improvement rankings. The chart shows varying peaks in months’ supply and the different recovery rates for three cities, suggesting that the housing crisis had a different impact on each market.

Here in Southwest Florida, we are seeing inventory decrease from Naples to Estero markets, and many foreign
buyers from Canada and South America. If you’re thinking of buying in Southwest Florida, you need to make your move now!

To find a John R. Wood Agent, click HERE.

To search for real estate in Naples, Bonita Springs, Estero or Marco Island, Florida, click HERE.
John R. Wood Realtors – The Symbol of Local Knowledge.

Source: CoreLogic MarketPulse March 2012

 






Pending home sales on the rise once again

Friday, December 30th, 2011

In a report just released by the National Association of REALTORS® (NAR), pending home sales continued to gain in November 2011 and reached the highest level in 19 months.

The Pending Home Sales Index, a forecast indicator based on contract signings, increased 7.3 percent to 100.1 in November from an upwardly revised 93.3 in October and is 5.9 percent above November 2010 when it stood at 94.5. The October upward revision resulted in a 10.4 percent monthly gain.

The last time the index was higher was in April 2010 when it reached 111.5 as buyers rushed to beat the deadline for the home buyer tax credit, which reflects contracts but not closings.

According to Lawrence Yun, NAR chief economist, the gains may result partially from delayed transactions.

He states, “Housing affordability conditions are at a record high and there is a pent-up demand from buyers who’ve been on the sidelines, but contract failures have been running unusually high.  Some of the increase in pending home sales appears to be from buyers recommitting after an initial contract ran into problems, often with the mortgage.”

“November is doing reasonably well in comparison with the past year. The sustained rise in contract activity suggests that closed existing-home sales, which are the important final economic impact figures, should continue to improve in the months ahead,” states Yun.

Pending home sales are not affected by the recently published re-benchmarking of existing-home sales because the index uses a different methodology based directly on contract signings, and is adjusted for seasonality.

The PHSI in the Northeast rose 8.1 percent to 77.1 in November but is 0.3 percent below November 2010. In the Midwest the index increased 3.3 percent to 91.6 in November and is 9.5 percent above a year ago.

Pending home sales in the South rose 4.3 percent in November to an index of 103.8 and remain 8.7 percent above November 2010. In the West the index surged 14.9 percent to 121.2 in November and is 2.9 percent higher than a year ago.

To see the latest market reports for Naples, Bonita Springs and Estero Florida, click HERE.

To search for homes for sale in Naples, Bonita Springs and Estero, Florida, click HERE.

John R. Wood Realtors – The Symbol for Local Knowledge

Source: Realtor.org






Real Estate Market seeing good signs

Wednesday, December 28th, 2011

In a recent report, the Census Bureau reported that the new-home market continued its rebound, with sales of new houses once again inching up last month. New-home sales rose 1.6 percent from October to November to an annualized rate of 315,000, and sales were up nearly 10 percent compared to November 2010. 

The Census Bureau also reported that the median sales price of a new homes in November was $214,100, and new home inventory decreased to a six-month supply at the current sales pace. 

Bob Denk,  senior economist at the National Association of Home Builders recently told CNNMoney that  “Inventories of new homes are very low: There’s nothing on the shelf, so any increase in new home sales will translate directly into new housing starts. That means putting people back to work.”

Additional recent good news for the housing market: November sales of existing homes increased 12 percent year-over-year, new-home building starts were up nearly 21 percent year-over-year, and mortgage rates reached new record lows last week, pushing housing affordability even higher. 

To see what is happening right here in Naples and Southwest Florida, check out our market and Neighborhood snapshot report HERE.

To search for homes for sale in Naples, Bonita Springs or Estero, Florida, click HERE!

John R. Wood Realtors – The Symbol of Local Knowledge

Source: “New Home Sales Edge Up,” CNNMoney