Items Tagged with 'NAR'


  • Low mortgage rates bolster August's existing-home sales to 17-month high

    Low inventory continues to push up home prices
    Existing-home sales inched forward 1.3% in August from the prior month, reaching a 17-month high, according to the National Association of Realtors. NAR Chief Economist Lawrence Yun said although sales are up, inventory numbers remain low and are thereby pushing up home prices. According to NAR, the median price for an existing-home was $278,800, a gain of 4.7% from last August's rate of $265,600. This marks the 90th straight month of year-over-year gains.
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  • NAR: Three-quarters of buyers found their homes on their phones

    Typical buyer viewed 10 homes before purchasing
    About three-quarters of buyers reported finding their homes using their phone, according to a report from the National Association of Realtors. Mobile-phone use differed by generations: about 80% of Millennials, meaning younger than 38 years old, began their search on their phone, while 78% of Gen Xers, meaning 39 to 53, and 68% of Young Boomers, meaning 54 to 63, started there.
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  • U.S. employment weakens in August as the economy adds only 130,000 jobs

    Slower job growth likely to encourage the Fed to cut its rate
    The U.S. economy added 130,000 jobs in August, after July’s downwardly revised 159,000 advance, according to the Bureau of Labor Statistics. That bolsters the case for a rate cut at the Federal Reserve's meeting later this month. Senior Economist George Ratiu said new jobs numbers signal that companies remain cautiously optimistic about this year’s economic outlook and are taking a more measured approach to hiring.
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  • T3 Sixty names former NAR CTO Mark Lesswing senior vice president

    Company announces two new senior appointments
    Two real estate veterans are joining T3 Sixty in senior-level appointments, the company announced last week. T3 Sixty, a management consultancy firm in the residential real estate brokerage industry, has named a new senior vice president – Mark Lesswing, former chief technology for the National Association of Realtors. 
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  • Fannie Mae's Doug Duncan: Lack of inventory is holding housing market back big-time

    Duncan shares thoughts on how to address inventory shortage
    Low mortgage rates have spurred an increase in mortgage applications (although it should be noted that applications have fallen in the last two weeks) and refinances, but despite these gains, America’s home sales remain below historical averages. So, what’s the deal? Well, a lack of housing inventory is one big factor. In an exclusive interview for the season finale of the Housing News podcast, Fannie Mae Chief Economist Doug Duncan explains what's behind the nation's inventory problem.
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  • July’s decline in pending home sales proves the nation needs more housing inventory

    The Pending Home Sales Index falls 2.5% to 105.6
    The nation’s lack of housing inventory lead to a decrease in pending home sales, pushing the index backward 2.5% in July, according to the latest report from the National Association of Realtors. NAR's Chief Economist Lawrence Yun said although economic uncertainty is holding back some potential demand, what is desperately needed is more supply of moderately priced homes.
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  • New home sales fell in July, but there's a silver lining in the clouds

    In July, sales of new homes decline 12.8% to an annualized rate of 635,000
    Sales of new homes fell in July, according to the Census Bureau and HUD. While July’s rate was 12.8% below June, it's important to note that June's figures were upwardly revised to a rate of 728,000 and remains 4.3% higher than a year earlier when it was 609,000. The correction of June's figures is a substantial one. When the data initially came out last month, the report showed that new home sales increase 7% over May. Now, the new data shows that new home sales actually rose by more than 20% in May.
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  • Low mortgage rates spur gain in July's existing home sales

    Existing-home sales rose 2.5%, median price up 4.3%
    Existing-home sales rose in July from the prior month, increasing nearly 2.5%, according to the latest report from the National Association of Realtors. NAR Chief Economist Lawrence Yun said falling mortgage rates are improving housing affordability and nudging buyers into the market. However, Yun warns that the supply of affordable housing is severely low, and the shortage of lower-priced homes have pushed up home prices.
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  • NAR: Cheap mortgage rates are improving home affordability

    Affordability jumped 10% in June from a year earlier as financing costs fell
    The cheapest financing in almost three years is making it easier for Americans to buy homes. The Housing Affordability Index from the National Association of Realtors increased to 151.9 in June from 137.7 a year earlier in June. That’s a jump of 10%. A higher reading means homes are getting more affordable, per NAR’s magic sauce that measures prices, incomes and financing costs.
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  • Half of homebuyers with kids base purchase on school district

    Proximity and quality of nearby schools play a large role for homebuyers with children
    Purchasing a home is one of the biggest decisions a person can make during their lifetime. After all, where you live determines many factors about your life, including where you work, worship or even send your children to school. As back to school season approaches, a report from the National Association of Realtors highlights the different purchasing and selling habits of Americans, revealing that a significant share root their home purchasing decisions in school district quality.
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