Lunch & Learn: Are appraisals the next big opportunity in mortgage fulfillment?

This Lunch & Learn for mortgage lenders will explore the evolution of the appraisal process as well as opportunities for innovation.

Why brokerages and mortgage lenders are rushing into JVs

Joint ventures are suddenly stitched into the fabric of a handful of national brokerages. But the idea of the joint venture collides with the loose, informal networks that color the American housing economy.

How to simplify the appraisal process for everyone in today’s hot market

While the world might be slowly getting back to normal, the housing boom is far from over. Appraisers need to make sure they have the right tools to manage the high demand.

Robert Dietz on why the single-family rental market is growing

In this episode of HousingWire Daily, NAHB's Robert Dietz explains why the marketshare of single-family rentals is growing despite strong homebuyer demand. He also discusses the NAHB’s latest Housing Market index.

Uncategorized

Sales down, prices up in RE/MAX February housing report

Weather, inventory woes blamed

February home sales slowed in February, while prices increased by double digits over last year, according to the latest from RE/MAX.

RE/MAX’s survey of MLS data in 52 metros found the February results to be nearly identical to January. 

Median home price rose 11.6% compared to the same month in 2013, and is now at $180,450. Home sales dropped by 8.8%, compared to January's year-to-year loss of 7.1%.

RE/MAX’s report blamed unusually harsh winter weather on the declines in appraisals, inspections and closings.

Further, they found, low inventories in many metro areas had a negative impact on sales.

"A combination of severe weather and low inventories appears to have slowed February home sales. The improving economy, increasing new-home construction and significant pent-up demand should all be critical factors as we move into the traditionally stronger sales months of spring and summer. Sales during these months will determine the overall picture for 2014," said Margaret Kelly, RE/MAX CEO.  

Transactions – Year-Over-Year Change
In the 52 metro areas surveyed for the February report, home sales were down an average of 8.8% from February last year and remained roughly equivalent to January sales with just a 0.8% drop.  February becomes only the third month in the last 32 months to experience a year-to-year sales decline. Although winter months normally record the lowest home sales of the year, unusually harsh weather disrupted numerous home sales in February. Of all 52 metro areas surveyed, 42 saw year-to-year sales decrease. Due to low inventories, many metros that saw the highest price increases also saw the largest drop in sales from last year including: Las Vegas, NV -22.0%, Detroit, MI -18.3%, Orlando, FL -15.9%, San Diego, CA -15.0% and San Francisco, CA -14.3%

Median Sales Price
The February RE/MAX National Housing Report found a Median Sales Price of $180,450, which was 4.3% higher than the Median Sales Price in January and 11.6% higher than the price seen in February last year. On a year-to-year basis, the Median Sales Price has now increased for 25 consecutive months. Low inventory has placed significant pressure on home prices throughout this period. 

Among the 52 metro areas surveyed, 44 reported higher sales prices than one year ago. Of those, 18 reported double-digit increases including: Detroit, MI +35.8%, San Francisco, CA +25.0%, Las Vegas, NV +24.1%, Atlanta, GA +20.3%, Los Angeles, CA +19.3% and Orlando, FL +17.4%.

Most Popular Articles

Why brokerages and mortgage lenders are rushing into JVs

Joint ventures are suddenly stitched into the fabric of a handful of national brokerages. But the idea of the joint venture collides with the loose, informal networks that color the American housing economy. HW+ Premium Content

Oct 25, 2021 By and

Latest Articles

HousingWire Annual Demo: Evocalize

Collaborative Marketing Platform Evocalize’s technology makes it simple for corporate teams and technology platforms to unlock the power of sophisticated digital marketing for loan officers, brokers and real estate agents. Enable loan officers and agents to drive leads and revenue with easily customizable, automated programs built on best practices and data. Product Fast Facts #1 […]

Oct 26, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please