Google+

Home Prices and Sales Increase in December

 

Home Prices and Sales Increase in December

By Burt Carey

Home sales and prices in the U.S. recovered in December following November sales that had analysts concerned about a possible slowing economy.

The National Association of Realtors reported a 14.7 percent jump in existing home sales in Home sale Recovery, Sales of existing homes jumped, lack of inventory has led to increased pricesDecember, putting the country on pace to see 5.46 million homes sold in 2015. Just a month earlier, the NAR had reported a serious decline in November sales that had reduced the seasonally adjusted annual rate of sales to land around the 4.76 million mark.

A nationwide snapshot of home values indicate that the market has nearly recovered to numbers similar to July 2006 levels, before the housing bubble burst and led to a years-long recession.

Metropolitan areas such as Denver, San Francisco, Dallas and Portland, Ore., reported sales that either matched or exceeded previous all-time highs. Charlotte, N.C., is close behind.

Housing sales ticked up in part because buyers in December rushed to take advantage of low mortgage rates before the Federal Reserve raised the prime rate one-quarter of a percent, its first such increase in a decade. Sales surged also because of unseasonably warm weather.

“We knew a significant number of closings were delayed by new regulations that came into effect in October,” said Stephen Phillips, president of Berkshire Hathaway Home Services in Chicago. “Overall, 2015 was a very good year and we’re positioned for a strong spring market.”

In November realtors had blamed increased closing times on new regulations that were designed to assist home buyers better understand home loan options and provide them better opportunities to look for loans that best match their financial status.

Sales of existing homes jumped 6.5 percent in 2015 over 2014 numbers, with 5.26 million homes sold, according to the NAR. That’s the strongest sales performance since 2006. While more Americans were able to find work this past year and mortgage rates remained low, the overall number of houses on the market remains low, down some 3.8 percent from 2014 levels. The .

“The dearth of inventory has really taken its toll on the market,” said Nela Richardson, chief economist at Redfin, a brokerage firm. “Homebuyers this year are motivated but not desperate, and they refuse to overpay. Without more listings what we’ll see are higher prices and lower sales volumes ‑- a lousy way to start a new year for homebuyers.”

Fortunately, mortgage rates have remained at historically low levels. Freddie Mac reported the average 30-year fixed rate mortgage at 3.81 percent last week, which was down slightly from the 3.92 percent a week earlier.

Entertainment

Top Ten DVD List for July 26, 2016

  This Week’s DVD Releases by Kam Williams Top Ten DVD List for July 26, 2016                   Pioneers of African-American Cinema https://www.amazon.com/Pioneers-African-American-Cinema-Blu-ray/dp/B01EME1XLE?ie=UTF8&redirect=true&tag=thslfofire-20 Killer Creature Features: 50 Movie Collection https://www.amazon.com/Killer-Creature-Features-MegaPack-Digital/dp/B01DL6PBRG?ie=UTF8&redirect=true&tag=thslfofire-20 Icons of Comedy: 50 Movie … [Read More its Good for You...]

Books

Legendary Civil Rights Icon Reflects upon the Past as Prologue

  Joan Trumpauer Mulholland The “She Stood for Freedom” Interview with Kam Williams Legendary Civil Rights Icon Reflects upon the Past as Prologue Joan Trumpauer Mulholland was a little girl in the 1950s. When she saw that black people were being treated differently from white people, she promised herself that she would do something to change that. As a teenager, she joined the Civil Rights Movement and protested the injustice she saw around her. During the 1960s, … [Read More its Good for You...]

Art

ART EXHIBITION: 150 Years After The Civil War

  Cynthia Groya 150 Years After The Civil War: A Contemporary Perspective January 10 - March 6, 2016 Artist's Reception: Sunday, January 24, 3:00 - 5:00 pm Nassau Club 6 Mercer Street  Princeton, NJ 08540 The ideas reflected in Groya's paintings express a conversation about struggle for equal rights in our culture, in our time. The origin of this struggle can be traced to The Civil War in our country, which ended 150 years ago. The … [Read More its Good for You...]

Real Estate

New Home Sales Jump in April

  New Home Sales Jump in April By Burt Carey Sales of new homes hit their highest rate since 2008 in April, according to the Commerce Department’s U.S. Census Bureau. April sales increased 16.6 percent over March figures, which correlates to a seasonally adjusted rate of 619,000 home sales projected for the year. The median price of those new homes was $321,000, the highest median price ever recorded. That’s up 9.7 percent from sales one year ago. The … [Read More its Good for You...]

Lifestyle

Remember the Rules of Protection “Under the Sun”

  Remember the Rules of Protection “Under the Sun” by Amy Lignor   We wait for the sun. In some spots—those locations that are rarely seen for more than a month without a ground covered in a blanket of snow—wait even longer. But now, as we stare at the maps on the weather stations across the country, the bright red colors are covering almost all of the United States. Although there are states like Arizona and New Mexico that can usually be seen with red or … [Read More it Good for You...]

Outdoors

Yamaha casts presence at ICAST

  Yamaha casts presence at ICAST   At the world's largest trade show devoted to fishing tackle, you can see the latest in gear for catching prized game fish from bass to bluefish. Manufacturers showcase new innovations, and thousands of industry reps are on hand to sell the goods. That show is the International Convention of Allied Sportfishing Trades, better known as ICAST®.  ICAST® is an ideal setting for companies supporting recreational fishing to … [Read More its Good for You...]

Sports

Tiger Woods Opts Out of U.S. Open, Quicken Loans

  Tiger Woods Opts Out of U.S. Open, Quicken Loans By Burt Carey Tiger Woods isn’t ready to stage a comeback just yet. The 14-time major champion sent messages via Twitter and his website Tuesday that he would not be competing at either the U.S. Open at Oakmont next week or the PGA Tour’s Quicken Loans tournament the following week. "While I continue to work hard on getting healthy, I am not physically ready to play in this year's U.S. Open and the Quicken … [Read More its Good for You...]

Business

Calling All Entrepreneurs: Creating “Buzz” For Your Brands

  Calling All Entrepreneurs: Creating “Buzz” For Your Brands by Amy Lignor   This is 2016. This is an election year. “Shark Tank” is a top show on television. And more than ever people want to be entrepreneurs; be in business for themselves and make some money. But even after all this time in the computer-age, entrepreneurs are finding it difficult to see the ‘niches’ they can get into to build their brand so that all consumers know who they are and why their … [Read More its Good for You...]

Travel

Inexpensive Dream Vacations to be Found in “America the Beautiful”

Inexpensive Dream Vacations to be Found in “America the Beautiful” by Amy Lignor Say “dream vacation” and 80% of American’s minds journey to those ritzy areas, like Paris or Athens…they dream of touring the castles of London or dive into the magical history and culture of Ireland. But very few ever get the fact or remember, perhaps, that America the Beautiful is called that for a reason. There are a slew of perfect vacation spots in the good, old U.S. of A. that offer … [Read More its Good for You...]

Google+