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

Love Gurus Date Despite Philosophical Differences in Delightful Romantic Romp

  The Bounce Back Film Review by Kam Williams Love Gurus Date Despite Philosophical Differences in Delightful Romantic Romp   Love guru Matthew Taylor (Shemar Moore) is the author of the new best seller, "The Bounce Back." Accompanied by his enterprising business manager, Terry (Bill Bellamy), he's been hawking the self-help book on plenty of TV and radio programs. Since Terry believes that "Image is everything," he's concerned that Matthew hasn't settled down … [Read More its Good for You...]

Books

Volume 2 of Yes Sir, Yes Sir, 3 Bags Full! – You Do NOT Want to Miss This

  Volume 2 of Yes Sir, Yes Sir, 3 Bags Full! – You Do NOT Want to Miss This Book Review by Amy Lignor What began in an unforgettable Volume 1—living Jerry Hall’s story and dealing with the heart-wrenching issues of the Viet Nam* War—continues here. The action of battle, fraught with the unending horrors that the “unwanted veterans” dealt with, grows even more painful. And as war comes closer to an end, what should have been peaceful thoughts of returning home alive … [Read More its Good for You...]

Art

The Day After the Day Of

  The Day After the Day Of by Paul Ilechko   The sky sheds its tears. This morning is the morning of the day after. The day of mourning, the day after the day of. I beseech the sky to shed tears in order to wash away the tears on my face.   This is the first day of the time after. This is the beginning of a new time, the days of pain, the days of sorrow. We are in mourning. The sky looks down and sheds its tears for us. … [Read More its Good for You...]

Real Estate

Castles in America

  Castles in America by Amy Lignor   Robin Leach and his “Lifestyles of the Rich and Famous” taught us all long ago that we absolutely love to sit and view ridiculous luxury (usually owned by people who inherited all of it and didn’t work a day in their lives). See that? We had to complain about something as we were beguiled by the amount of money people would send to own or create the “best of the best.” Even though some things were referred to as the “gaudiest of … [Read More its Good for You...]

Lifestyle

Inside WildAid

  Inside WildAid by Amy Lignor   Donations can be made. Time can be volunteered. There are a great number of charities, organizations and hard workers out there who strive with everything they have to save the animals of the world. The National Wildlife Administration, the World Wildlife Federation – these are just two leaders that help keep our beloved species’ on the map. There is also an organization whose sole mission is to end illegal wildlife trade NOW, … [Read More it Good for You...]

Outdoors

Gain all Access Mobility with Roundabout Woodsman

  Gain all Access Mobility with Roundabout Woodsman By Craig Lamb You are a waterfowler hunting solo with your prized retriever. Getting to the blind takes a four-wheel drive to pull through mud holes and keep on the two-track. Behind your truck is that aluminum jon boat. Launching that beast alone is a real hassle. Get it launched and you spend more time loading all the gear, a dog and yourself. All of the above is part of the fun, maybe, of hunting. That task can be made … [Read More its Good for You...]

Sports

The Best & Worst (So Far) of the 2016 NFL Season

  The Best & Worst (So Far) of the 2016 NFL Season by Amy Lignor     Okay…we’re almost dead center, folks, so it’s time to sum up the best and silliest actions and reactions that the 2016 NFL season has provided fans thus far.   Analysts are always yapping, and most likely nothing they say will actually come true. However, right now almost everyone is agreeing to the fact that Tom Brady has a score to settle. Yes, he’s smiling for the cameras … [Read More its Good for You...]

Business

Charity Begins at Home

  Charity Begins at Home by Amy Lignor   Turning a blind eye is easy for some; preferred by others. But the fact is that the bad doesn’t become good – in any area – unless eyes are open wide to not only see what’s occurring, but also to gain the knowledge needed to stop the bad from getting even worse. Remarks are made about “other countries” and what they do wrong when it comes to the harming of animals for profit. However, in order to have this loathsome … [Read More its Good for You...]

Travel

Exploring the Holidays Around the Globe

  Exploring the Holidays Around the Globe by Amy Lignor   Thanksgiving has been had. Games have been watched and the golden turkey has caused a great many belts to be loosened. So…here it comes!   From hanging the stockings on the chimney with care to the red-nosed reindeer who had to be there; from Santa heading down that chimney just right to lovely sleigh bells ringing softly in the night, the holiday season is a truly wonderful thing for all ages. And, no, … [Read More its Good for You...]

Google+