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    A cooling trend sparked by rising mortgage rates continued to chill Southern California’s housing market, with home prices and sales dropping at a time when they typically are on the rise. Home prices dipped from May to June for the first time since 2010. Sales fell from May levels for the first time since 2013. Despite the cool down, experts say a market crash still appears unlikely. “We’re still in what we call in the industry ‘a slight seller’s market,’ ” said Geoffrey Tackney, broker and co-owner of GMT Real Estate in Garden Grove. “We’re entering a neutral market, but we’re not in a buyer’s market yet.” The median price of a Southern California home – or the price at the midpoint of all sales – was $750,000 in June, down $10,000 or 1.3% from May, according to CoreLogic figures provided by DQNews on Tuesday, July 19. Prices still are high, however, retreating only slightly from price records set from February through May. But price growth is shriveling, with last month’s median up just 10.5% from a year ago. That’s...
    Sales of new homes plummeted more than expected in April. Sales fell to a seasonally adjusted annual rate of 863,000 last month, the Commerce Department reported Tuesday. That followed a revised sales pace of 917,000 in March, down from the initially reported 1.021 million sales. April’s figure is 5.9 percent lower than the revised March figure and 15.5 percent lower than the preliminary number. Each of the previous three months was revised lower. Despite the disappointing data, this was the best sales number for April since 2005. Economists had expected sales to come in at an annual rate of 955,000. The median price of a new home sold last month rose to $372,400, up from $310,100 in April 2020, a nearly 20.1 percent year-over-year gain. On a monthly basis, the median price of a new home rose an astonishing 12.6 percent, ending three consecutive months of declines. This is the highest median new home price ever recorded. It is also the second-fastest ever monthly gain, following October 2014’s 13.6 percent gain, and the biggest year-over-year jump since November 1987. Adjusted...
    Home sales in the Hamptons ended 2020 at a 15-year high, in a seller's market fueled by wealthy New Yorkers fleeing to the affluent enclave. The Hamptons registered 803 home sales during the fourth quarter, double the number from the prior year and the fastest pace since 2007, according to a report from Douglas Elliman.  The median sales price for homes in the Hamptons surged 55 percent, to $1.4 million, driven by a shift toward luxury mansions. It comes as New Yorkers fleeing rising crime and pandemic concerns in the city increasingly look to the Hamptons as a year-round residence rather than a summer retreat -- but experts warn than as vaccines become widespread the trend might not continue.  The Hamptons registered 803 home sales during the fourth quarter, double the number from the prior year and the fastest pace since 2007 This Southampton mansion sold for $21 million in October, as the Hamptons market remains hot with transactions at a 15-year high in the final quarter of 2020 RELATED ARTICLES Previous 1 Next ...
    By ALEX VEIGA, AP Business Writer Sales of previously occupied U.S. homes rose again last month, a sign that the housing market’s strong momentum from 2020 may be carrying over into this year. Existing U.S. home sales rose 0.6% in January from the previous month to a seasonally-adjusted rate of 6.69 million annualized units, the National Association of Realtors said Friday. Sales rose 23.7% from a year earlier. It was the strongest sales pace since October. Home prices also rose. The U.S. median home price was $303,900 in January, an increase of 14.1% from a year earlier. The red-hot housing market has left the number of available properties for sale at record lows, which has contributed to sharp increases in prices. At the end of January, there were only 1.04 million homes for sale, a decline of 26% and an all-time low, NAR said. At the current sales pace, that amounts to a 1.9 months’ supply, down from a 3.1 months' supply in January 2020. The housing market has mounted a strong comeback since last summer after declining sharply in...
    A home displays a ‘For Sale’ sign amid the coronavirus pandemic in Arlington, Virginia. (OLIVIER DOULIERY/AFP via Getty Images) The median price of a home that sold in Arlington County, Virginia, in December was $625,000, down 1% from a year earlier, the first year-over-year decline since November 2019. But sales were still brisk. The 290 closed sales in Arlington County in December was up 29% from a year earlier, according to Long & Foster Real Estate. And the 292 active listings in Arlington County at the end of December was up 131% from a year ago. New listings that came on the market last month made up half of all active listings in Arlington. Median prices rose throughout the rest of Northern Virginia. The median price in Alexandria City was up 9% to $610,000. The median price in Fairfax County was up 4% to $579,000. Loudoun County’s median selling price in December, at $542,500, was up 4%, and the median price in Prince William County was up 11%, at $422,175. Sales throughout the Northern Virginia region were up double digits...
    Home prices and sales in suburban Maryland mirror the strong markets in Northern Virginia and the District, with sales and prices up double digits in October. The median price of a home that sold in Montgomery County last month reached $500,000, up 14% from a year ago. The 1,347 home sales in Montgomery County represented a 26% year-over-year gain, according to data from Long & Foster Real Estate. Sellers in Montgomery County received an average 100.2% of their list prices. Inventory in Montgomery County remains tight heading into the final weeks of the year, with 1,396 active listings at the end of October, down 44% from a year ago. In Prince George’s County, there were 1,036 home sales in October, up 5% from a year ago. Although Prince George’s County remains the most affordable housing market in the D.C. region, the median price of what sold in October was $355,250, up 13% from a year ago. Prince George’s County is lacking sufficient listings to meet buyer demand, with active listings at the end of October totaling just 914 homes, down...
    NFL picks, predictions against spread Week 11: Seahawks stop Cardinals; Chiefs edge Raiders; Bucs dump Rams This Is the Hair Oil Jennifer Garner Swears by for Repairing Thinning Hair Home Sales, Prices Continue Spiking as Mortgage Rates Hit New Low © Provided by The Motley Fool Home Sales, Prices Continue Spiking as Mortgage Rates Hit New Low The "best of times and worst of times" scenario continues in the American residential real estate market, with sales surging amidst an epic pandemic that's surging itself. We all know about the pandemic, so let's focus on the good news here: The National Association of Realtors (NAR) announced home sales and prices continue to soar, with gains posted in every region of the country. And Freddie Mac (OTCMKTS: FMCC) said mortgage rates have hit a record low once again. All that was after earlier this week, the Census Bureau reported single-family starts at their highest rates since 2007, and the National Association of Home Builders (NAHB) reported record-high builder confidence.Sales and prices keep rising as supply meets demandThe NAR said October's existing-home...
    Salem Witch City Massachusetts to triple fines over Halloween weekend amid coronavirus pandemic Arbys enters Mexico, and pandemic pushes new U.S. customers to try its sandwiches September existing home sales jump 9.5%, but prices are rising too fast as supply remains tight The median price of an existing home sold in September was $311,800, a 14.8% gain compared with September 2019. The inventory of homes for sale fell 19.2% annually to just 1.47 million homes for sale at the end of September. At the current sales pace that represents a 2.7-month supply. That is the lowest since the Realtors began tracking this metric in 1982. © Provided by CNBC Pedestrians walk past a home with a Sales of existing homes rose a higher-than-expected 9.5 % in September to a seasonally adjusted annualized rate of 6.54 million units, according to the National Association of Realtors. Sales were up 20.9% annually. Load Error Sales could be more robust if there were more homes available. The inventory of homes for sale fell 19.2% annually to just 1.47...
    Pedestrians walk past a home with a "Sold" sign in San Francisco.David Paul Morris | Bloomberg | Getty Images Sales of existing homes rose a higher-than-expected 9.5 % in September to a seasonally adjusted annualized rate of 6.54 million units, according to the National Association of Realtors. Sales were up 20.9% annually. Sales could be more robust if there were more homes available. The inventory of homes for sale fell 19.2% annually to just 1.47 million homes for sale at the end of September. At the current sales pace that represents a 2.7-month supply. That is the lowest since the Realtors began tracking this metric in 1982. Tight supply continues to push prices higher. The median price of an existing home sold in September was $311,800, a 14.8% gain compared with September 2019. That is a new high for this series, dating back to 1968. It is also an all-time high when adjusted for inflation. "Americans are splurging on spending for housing," said Lawrence Yun, chief economist for the NAR, noting that they are also spending more on home improvements...
    California house sales will rebound slightly next year from the pandemic, and home prices will continue edging upward, thanks to rock-bottom mortgage rates and strong homeownership demand,  according to the state Realtors’ 2021 housing forecast. But lingering economic uncertainty and a shortage of homes for sale will keep 2021 price and sales gains in check. Even with rising employment and rebounding gross domestic product, the overall economy won’t be back to full strength by 2021, forecast numbers show. “The uncertainty about the pandemic, sluggish economic growth, a rise in foreclosures, and the volatility of the stock market are all unknown factors that could keep prices in check and prevent the statewide median price from rising too fast in the upcoming year,” said California Association of Realtors Chief Economist Leslie Appleton-Young. Sales of existing single-family homes are forecast to increase to 392,500 transactions in the state next year, up 3.3% from this year’s projected total of 380,100. If the 2020 projection is accurate, this year’s sales will have declined for a third straight year, dropping 4.5%. Next year’s forecasted sales still...
    The median price of homes in D.C. are going up and sellers are mostly getting what they are asking. (Photo by ERIC BARADAT/AFP via Getty Images) The magic number in the District is now $640,000. That is the median price of a home that sold in D.C. in July, 10% higher than the median selling price a year ago. Long & Foster data also shows the number of sales in July reached almost 1,000, up 16% from July 2019, and homes were selling faster. “The days on the market are remarkably low in and around Washington, D.C.,” said Larry “Boomer” Foster, president of Long & Foster Real Estate. “This is indicative of a high demand for housing and a strong housing market, even though inventory is still low.” The number of homes listed for sale in D.C. in July was down 9% from a year ago. D.C. sellers are also largely getting what they are asking, with the average list to sale price last month at 99.8%. Chevy Chase, D.C. had the highest median selling price in July at $1.2...
    The D.C. region has been plagued by a lack of homes for sale but new listings rose in May. (AP Photo/J. David Ake) May is usually one of the best months for housing sales, but the COVID-19 pandemic and a lack of listings sidelined many potential buyers. The D.C. area had its slowest May for sales in a decade. But more sellers stepped up from April and prices continue to rise year-over-year. Listing service Bright MLS said pending sales — or contracts signed to buy a home — in May were down 19.8% from last May. And closed sales were down 34.2% from a year ago, though both pending and closed sales were higher than in April. The median price of what sold throughout the D.C. region in May was $500,000, and that was up 4.2% from May 2019, the second-highest month ever on a median sales price basis. May was a 10-year best for condo prices. The median price of what sold in Alexandria, Virginia, posted the biggest year-over-year increase in May, up 10.7% to $567,000. The median selling...
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