Tuesday, July 22, 2014

More Sales, Rising Prices in June 2014

Fla.'s Housing Market: More Sales, Rising Prices in June 2014

PR Newswire
ORLANDO, Fla.July 22, 2014 /PRNewswire/ -- Florida's housing market reported more closed sales, higher median prices, increased new listings and a rise in inventory in June, according to the latest housing data released by Florida Realtors®. Closed sales of single-family homes statewide totaled 23,181 last month, up 14.6 percent over the June 2013 figure.
Florida Realtors logo.
"June marked the 31st month in a row – more than 2 ½ years – that median sales prices rose year-over-year for both single-family homes and townhome-condo properties," said 2014 Florida Realtors® President Sherri Meadows, CEO and team leader, Keller Williams, with market centers in GainesvilleOcala and The Villages. "The state's steadily improving jobs outlook and rising influx of people continue to have a positive impact on Florida's housing market. Statewide, new listings for single-family homes in June rose 12.4 percent year-over-year, while new townhouse-condo listings rose 3 percent."
The statewide median sales price for single-family existing homes last month was $185,000, up 5.2 percent from the previous year, according to data from Florida Realtors Industry Data and Analysis (IDA) department in partnership with local Realtor boards/associations. The statewide median price for townhouse-condo properties in June was $141,000, up 8.5 percent over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.
According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homes in May 2014 was $213,600, up 4.9 percent from the previous year; the national median existing condo price was $212,300. In California, the statewide median sales price for single-family existing homes in May was $466,320; in Massachusetts, it was $347,900; inMaryland, it was $273,912; and in New York, it was $219,000.
Looking at Florida's townhouse-condo market, statewide closed sales totaled 9,594 last month, up 3.1 percent compared to June 2013. The closed sales data reflected fewer short sales last month compared to the previous year: Short sales for condo-townhouse properties declined 60.3 percent while short sales for single-family homes dropped 51.9 percent. Closed sales typically occur 30 to 90 days after sales contracts are written.
Florida Realtors Chief Economist Dr. John Tuccillo said, "June was a very strong month for both the single-family and the townhouse and condo markets in Florida, and we are very encouraged by the data. But a look at one month alone does not ever truly describe the market. So when the strong June report is balanced by a somewhat weaker May, the picture of a market settling-in emerges.
"We are generally seeing slower increases in both sales and prices, and a rising level of inventories. All of this points to a continued steady, manageable growth in the Florida housing market."
Inventory was at a 5.6-months' supply in June for single-family homes and at a 5.8-months' supply for townhouse-condo properties, according to Florida Realtors.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.16 percent in June 2014, up from the 4.07 percent average recorded during the same month a year earlier.
To see the full statewide housing activity reports, go to Florida Realtors Media Center at http://media.floridarealtors.org/ and look under Latest Releases, or download the June 2014 data report PDFs under Market Data at: http://media.floridarealtors.org/market-data
Florida Realtors®, formerly known as the Florida Association of Realtors®, serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to its 127,000 members in 61 boards/associations. Florida Realtors® Media Center website is available at http://media.floridarealtors.org.
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SOURCE Florida Realtors


Read more: http://www.digitaljournal.com/pr/2070737#ixzz38FzxfUH4

More Sales, Rising Prices in June 2014

Fla.'s Housing Market: More Sales, Rising Prices in June 2014

PR Newswire
ORLANDO, Fla.July 22, 2014 /PRNewswire/ -- Florida's housing market reported more closed sales, higher median prices, increased new listings and a rise in inventory in June, according to the latest housing data released by Florida Realtors®. Closed sales of single-family homes statewide totaled 23,181 last month, up 14.6 percent over the June 2013 figure.
Florida Realtors logo.
"June marked the 31st month in a row – more than 2 ½ years – that median sales prices rose year-over-year for both single-family homes and townhome-condo properties," said 2014 Florida Realtors® President Sherri Meadows, CEO and team leader, Keller Williams, with market centers in GainesvilleOcala and The Villages. "The state's steadily improving jobs outlook and rising influx of people continue to have a positive impact on Florida's housing market. Statewide, new listings for single-family homes in June rose 12.4 percent year-over-year, while new townhouse-condo listings rose 3 percent."
The statewide median sales price for single-family existing homes last month was $185,000, up 5.2 percent from the previous year, according to data from Florida Realtors Industry Data and Analysis (IDA) department in partnership with local Realtor boards/associations. The statewide median price for townhouse-condo properties in June was $141,000, up 8.5 percent over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.
According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homes in May 2014 was $213,600, up 4.9 percent from the previous year; the national median existing condo price was $212,300. In California, the statewide median sales price for single-family existing homes in May was $466,320; in Massachusetts, it was $347,900; inMaryland, it was $273,912; and in New York, it was $219,000.
Looking at Florida's townhouse-condo market, statewide closed sales totaled 9,594 last month, up 3.1 percent compared to June 2013. The closed sales data reflected fewer short sales last month compared to the previous year: Short sales for condo-townhouse properties declined 60.3 percent while short sales for single-family homes dropped 51.9 percent. Closed sales typically occur 30 to 90 days after sales contracts are written.
Florida Realtors Chief Economist Dr. John Tuccillo said, "June was a very strong month for both the single-family and the townhouse and condo markets in Florida, and we are very encouraged by the data. But a look at one month alone does not ever truly describe the market. So when the strong June report is balanced by a somewhat weaker May, the picture of a market settling-in emerges.
"We are generally seeing slower increases in both sales and prices, and a rising level of inventories. All of this points to a continued steady, manageable growth in the Florida housing market."
Inventory was at a 5.6-months' supply in June for single-family homes and at a 5.8-months' supply for townhouse-condo properties, according to Florida Realtors.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.16 percent in June 2014, up from the 4.07 percent average recorded during the same month a year earlier.
To see the full statewide housing activity reports, go to Florida Realtors Media Center at http://media.floridarealtors.org/ and look under Latest Releases, or download the June 2014 data report PDFs under Market Data at: http://media.floridarealtors.org/market-data
Florida Realtors®, formerly known as the Florida Association of Realtors®, serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to its 127,000 members in 61 boards/associations. Florida Realtors® Media Center website is available at http://media.floridarealtors.org.
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SOURCE Florida Realtors


Read more: http://www.digitaljournal.com/pr/2070737#ixzz38FzxfUH4

Monday, June 30, 2014

Housing Market Recovery Slow, But Getting There

>PRWEB.COM NewswireSan Diego, CA (PRWEB) June 29, 2014
The housing market has been slowly recovering from the last housing bubble burst, but this progress has not gone on without some bumps along the way. The latest edition of The State Of The Nation's Housing, by the Harvard Joint Center For Housing Studies, released this June 26th gives a closer look at where housing is at right now and gives some insight into what potential home buyers will have to contend with when purchasing their homes. Blue Home Loans Inc., a California based full service mortgage company that has been service CA residents for many years, takes a look at this analysis and offers help to those who are seeking the best possible mortgage scenarios for their home purchase or refinance loans.

A June 26th report from Mortgage News Daily gives a good synopsis of the State of the Nation's Housing report. The full MND report can be found here. This report says, "The U.S. housing recovery should regain its footing, but also faces a number of challenges. Tight credit, still elevated unemployment, and mounting student loan debt among young Americans are responsible for moderating growth and keeping millennials and other first-time homebuyers out of the market according to the latest edition of The State of the Nation's Housing released today by the Harvard Joint Center for Housing Studies. "The housing recovery is following the path of the broader economy," says Chris Herbert, the Center's research director. "As long as the economy remains on the path of slow, but steady improvement, housing should follow suit." The report takes an in depth look at the housing markets and their demographic drivers, home ownership, rental housing, and finally the challenges facing housing."

Blue Home Loans explains that with a number of challenges facing new home buyers, including rising home prices, increasing interest rates ahead, and tighter loan requirements, it can seem like a better idea simply to rent a home than to buy one. While this could save money in the short run, in the long run, it is still cheaper to actually buy a family home. The fact that the rental market is also growing more costly is another reason potential home owners should not abandon their home buying plans without carefully considering the options. The above mentioned report says, "The share of cost-burdened renters (those paying housing costs in excess of 30 percent of their income) rose every year but one between 2001 and 2011 and now is over 50 percent. More than a quarter of households are severely cost burdened with half or more of their income spent on shelter. On the homeowner side the situation has improved as owners have refinanced at lower rates and many have existed home ownership because of foreclosures."

The article says, "Looking ahead, the Center says the future course of homeownership will depend largely on the cost and availability of mortgage financing. Looser underwriting standards may help bolster the housing market recovery and the government appears to be taking steps to buoy the market with newly announced programs to lower FHA premiums, provide homebuyer counseling, and encourage lending to properly documented lower credit score buyers."

Blue Home Loans can help California home buyers to find these loan programs that will serve as their entry to homeownership. As the company's website says, "We make finding a loan simple because we have virtually every loan program available, regardless of the type of mortgage you are looking for. Whether you are dealing with bad credit, foreclosure, bankruptcy, or low credit scores, we can help you. It only takes us five minutes to find the right program that fits your needs."

For more information on how Blue Home Loans can help California home loan borrowers get approved for their home purchase loan or refinance quickly, please visitBlueHomeLoans.com or call 1-888-929-BLUE (2583) to speak with an experienced mortgage professional.
California Bureau of Real Estate -- BRE #01938557 NMLS #1162386
Read the full story at http://www.prweb.com/releases/blue-home-loans/housing-market-recovery/prweb11983929.htm


Read more: http://www.digitaljournal.com/pr/2022680#ixzz3692mPxbi

Wednesday, June 25, 2014

Florida records strong May home sales

More listings, higher median prices, increased inventory

Closed sales of single-family homes statewide reached 23,013 in May, up 3.6% over the same period a year ago, the latest report from Florida Realtors said.
May was a strong month for the state with more new listings, an increase in median prices and an uptick in inventory.
"Inventory levels continue to improve in Florida, and the months' supply of homes for sale remains stable – all good signs for the housing market," said Florida Realtors President Sherri Meadows.
"Right now, the market offers a great opportunity for sellers, who are seeing nearly 93% of their asking price at the closing table. And mortgage rates, though rising, remain historically low – giving consumers more buying power," Meadows added.
In addition, new listings for single-family existing homes in May increased 13.1% year-over-year, compared to new listing for townhouse-condos, which grew 3.9% over the previous year.
Median sales price for single-family existing homes last month came in at $180,000, increasing 4.3% from the previous year.