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

Disaster Flick Revisits Coast Guard 1952 Rescue off Cape Cod

  The Finest Hours DVD Review by Kam Williams Disaster Flick Revisits Coast Guard 1952 Rescue off Cape Cod    On February 18, 1952, one of the worst nor'easters in history hit New England. In fact, the roiling waters off Cape Cod were so severe that a couple of oil tankers totally split in half. While the SS Fort Mercer was able to issue an urgent S.O.S., the SS Pendleton's fore section was swallowed too quickly by the ocean to broadcast a distress call. The … [Read More its Good for You...]

Books

From #Black Lives Matter to Black Liberation

  From #Black Lives Matter to Black Liberation by Keeanga-Yamahtta Taylor Haymarket Books Paperback, $17.95 286 pages ISBN: 978-1-60846-562-0 Book Review by Kam Williams “The eruption of mass protests in the wake of the police murders of Michael Brown in Ferguson, Missouri, and Eric Garner in New York City have challenged the impunity with which officers of the law carry out violence against Black people and punctured the illusion of a postracial America. The … [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

Aspiring Singer Talks about Transformation into Youtube Sensation with Help of Secret Admirer/Music Producer

  Princess Shaw The “Presenting Princess Shaw” Interview with Kam Williams Aspiring Singer Talks about Transformation into Youtube Sensation with Help of Secret Admirer/Music Producer Born and raised in Chicago, 39 year-old Samantha Montgomery moved to New Orleans in 2006. By day, she works as a caregiver for the elderly and, by night, she fearlessly performs as Princess Shaw online and at local open mics. Inspired by her personal joy and pain from past and … [Read More it Good for You...]

Outdoors

Yamaha Propeller Selector, Endless Propeller Solutions

  Yamaha Propeller Selector, Endless Propeller Solutions   The Yamaha Propeller selection page on Yamaha’s webpage is a great tool for every boat owner as a tool not only to make sure the correct prop is on their boat but also gives the ability and freedom to change the prop with ease, depending on the application. Everyone knows the equipment used for bass fishing is not the same for chasing tuna offshore, and the same logic applies to selecting a prop. At … [Read More its Good for You...]

Sports

NFL Awards Super Bowls to Atlanta, Miami, Los Angeles

  NFL Awards Super Bowls to Atlanta, Miami, Los Angeles By Burt Carey Are you ready for some expensive football? Make that billions. The National Football League on Tuesday awarded Super Bowls to three cities that have invested – or will invest – billions of dollars upgrading or building new stadiums in the years 2019, 2020 and 2021. Atlanta’s new $1.4 billion stadium will open in 2017, just two years before the city hosts its third Super Bowl. Miami is … [Read More its Good for You...]

Business

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...]

Travel

Celebrate 100 Years of the National Park Service

  Celebrate 100 Years of the National Park Service By Burt Carey God bless America, Land that I love,  Stand beside her and guide her  Thru the night with a light from above;    From the mountains, to the prairies,  To the oceans white with foam,  God bless America,  My home, sweet home.  God bless America,  My home, sweet home.   When he wrote the lyrics to God Bless America in 1918 and revised them in 1938, Irving Berlin … [Read More its Good for You...]

Google+