Racheli Mortgage Lending

Mortgage Lending - (954) 800-0330

  • Home
  • About
    • Meet Racheli your Mortgage Fairy
    • Privacy Policy
    • Blog
  • Mortgage Info
    • Get Pre-Approved
    • Home Search | SOLD Home Alerts
    • How to Buy a Home | The Loan Process and Checklist
    • Loan Limits
    • Loan Programs
    • Credit–What Makes your Credit Score Ebook
    • Mortgages for Self-Employed
    • Mortgages After a Divorce
    • Mortgage Calculators
    • More Calculators
    • How to Buy A Home | Down Payment Assistant
    • Buyer Info
    • How to Buy a Home – Loan Process
    • First Time Home Buyer
    • Mortgage FAQ
    • Mortgage Glossary
    • Credit–What Makes your Credit Score Ebook
    • Seller Info
    • Closing Costs
    • Home Appraisal
    • Fixed Rate Mortgage
  • Real Estate Info
    • Fort Lauderdale Real Estate
    • Boca Raton
    • Miami
    • How to Buy a Home | The Loan Process and Checklist
    • Home Inspection
    • Real Estate News
  • FREE Reports
    • Get Your FREE Reports!
    • 5 Big Mistakes Buyers Make
  • Testimonials
    • Reviews
    • Additional Testimonials
  • Contact
    • Contact – Connect with Racheli Online
    • Ask Racheli
    • Meet Racheli your Mortgage Fairy
    • About-Contact Us
    • Racheli’s List

Racheli Refael September 23, 2015

National Association of REALTORS – Sales of Pre-Owned Homes Dip

National Association of REALTORS Sales of PreOwned Homes Dip Sales of previously owned homes dropped in August by 4.80 percent on an annual basis for the first time in four months; the dip was likely caused by rising home prices. August sales were reported at a rate of 5.31 million; July’s rate was 5.58 million sales of previously owned homes.

Sales of existing homes have risen 6.20 percent year-over-year; stronger labor markets and low mortgage rates were seen as contributing factors. Although economists expect the Federal Reserve to raise its target federal funds rate before year end, home sales are expected to stay strong through 2016. A Fed rate hike would mean that lending rates for consumer credit and mortgage loans would increase.

Analysts noted that July sales of pre-owned homes hit a post-recession high and characterized August’s lower reading as a “hiccup.” Month-to-month readings often reflect volatility caused by transitory influences; analysts typically rely on month-to-month rolling averages to track trends in housing markets.

Home Sales Thwarted by Slim Supply of Available Homes

Low inventories of homes for sale are likely keeping sales of previously owned homes from achieving their potential. In August, there were 2.29 million homes on the market, which represents a 5.20 month supply under current market conditions. August’s volume of available homes was 1.70 percent lower than for August 2014.

The national median sale price for a home was $228,700 in August; this represents a year-over-year increase of 4.70 percent.

First-time Buyers Getting Back in the Game

First-time home buyers accounted for 32 percent of existing home sales in August as compared to a normal reading of 40 percent of existing home sales. Investors purchased 12 percent of pre-owned homes sold in August as compared to a post-recession high of 25 percent. Less competition from investors should allow more owner-occupant buyers to purchase homes without being priced out of bidding wars. 

On another positive note, distressed sales of pre-owned homes comprised only 7 percent of sales, this is a strong indication that the tide of post-recession foreclosures is ending. 

FHFA House Price Index Also Shows Higher Home Prices

FHFA, the agency that oversees Fannie Mae and Freddie Mac, reported that home prices of homes associated with mortgages owned or backed by the two government-sponsored entities rose by 0.60 percent in July as compared to June’s reading of 0.20 percent. Home prices were up 5.80 percent year-over-year in July, which is 1.10 percent below the peak index reading of 2007 and was near the November 2006 index reading.

Year-over-year home price readings for the nine census divisions were all positive and ranged from + 2.20 percent in the New England division to +9.40 percent in the Mountain division. Month-to month house prices ranged from -1.20 percent in the New England division to +1.60 percent in the Mountain division.

Spread the Love

Filed Under: Market Outlook Tagged With: FHFA, Home Price Index, The National Association of REALTORS

Equal Housing Lender
Company NMLS #189233

Previous Posts

Categories

Recent Posts

Get Pre-Approved Today for a new Home Mortgage with Racheli

3 Tips To Consider When Buying A Home With An FHA Mortgage

S&P Case-Shiller Home Price Indices: Home Prices Fall In November

Is It Worth It to Put More Than 20 Percent Down?

What You Need To Know About A Closed-End Second Mortgage

What’s Ahead For Mortgage Rates This Week – January 30, 2023

How Much Home

Connect With Racheli

  • Facebook
  • LinkedIn
  • Twitter
Refer a FriendUse the quick and easy tool below to Refer a Friend today. We sincerely hope you will tell your friends, family, neighbors, and co-workers about our services. You'll be doing them (and us) a favor as they too will receive the same excellent service that you have experienced.

If you know someone who is thinking of buying or selling a home, please fill out the form below, or contact us directly using the number listed at the top of the page.

Click here to refer your friend!

RSS The Latest Real Estate & Lending News

February 2023
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
2728  
« Jan    
Equal Housing Lender

Archives

Categories

  • Accessibility Statement
  • Privacy Policy

Loans 4 U - Fairway Independent Mortgage Corporation
1471 NE 26th St Suite 100
Fort Lauderdale, FL 33305

Return to top of page

Copyright © 2023 Racheli Mortgage Lending. All rights reserved.   Log In