XCR1250 Posted August 21, 2020 Share Posted August 21, 2020 CNBC TV SEARCH QUOTES REAL ESTATE July home sales spike a record 24.7% as prices set a new high PUBLISHED FRI, AUG 21 202010:00 AM EDTUPDATED 4 HOURS AGO Diana Olick@IN/DIANAOLICK@DIANAOLICKCNBC@DIANAOLICK KEY POINTS Sales of existing homes soared 24.7% in July from June, according to the National Association of Realtors. The supply of existing homes plummeted 21.1% annually, with just 1.5 million homes for sale at the end of July. The median price of a home sold in July rose 8.5% annually to $304,100. WATCH NOW VIDEO02:08 Existing home sales up 8.7% versus a year ago Sales of existing homes soared 24.7% in July from June, according to the National Association of Realtors. That’s the strongest monthly gain in the history of the survey, going back to 1968, and the highest sales pace since December 2006. Sales were 8.7% higher from July 2019. The numbers represent closed sales, meaning contracts signed in May and June. The increase in sales came as supply fell, prices rose and mortgage rates stayed low. The supply of existing homes plummeted 21.1% annually, with just 1.5 million homes for sale at the end of July. This represents a 3.1-month supply at the current sales pace, down from a 4.2-month supply a year earlier. It’s the lowest July supply in the history of the inventory survey, which has been tracking single-family supply data since 1982. “The new listings are running a little higher than one year ago but all those new listings are being grabbed by the buyers and taken off the market,” said Lawrence Yun, chief economist for the Realtors. That shortage drove the median price of a home sold in July up 8.5% annually to $304,100. This is a record high nominal price but also the highest price when adjusted for inflation. When adjusted, it is 3.4% higher than the bubble high set in 2006, when mortgage lending was loose and borrowers could buy a home with no down payment and little to no financial documentation. “I think there is a big societal change concerning housing decisions today,” said Yun. “The upper income bracket has been more stable in terms of jobs, and they are taking advantage of record low mortgage rates.” Low interest rates are adding fuel to home prices, as they give buyers more purchasing power. Mortgage rates spiked briefly at the start of June but then fell back quickly. The average rate on the 30-year fixed mortgage hovered just above 3% for most of June before then falling below that in July. “Continued healing in the housing market is a positive for the overall economy, but elevated jobless claims raise concerns about how sustainable this housing demand is, especially in the face of rising prices,” said Danielle Hale, chief economist for realtor.com. Sales of newly built homes jumped 14% from May to June, according to the U.S. Census. Homebuilder sentiment rose in August to the highest score in the 35-year history of the National Association of Home Builders’ monthly index. Builders are benefiting not just from strong buyer demand but from the severe shortage of existing homes for sale. Quote Link to comment Share on other sites More sharing options...
f7ben Posted August 21, 2020 Share Posted August 21, 2020 0% rates and free money for everyone yay socialism!!! Quote Link to comment Share on other sites More sharing options...
spin_dry Posted August 21, 2020 Share Posted August 21, 2020 What could possibly go wrong. 1 Quote Link to comment Share on other sites More sharing options...
Anler Posted August 21, 2020 Share Posted August 21, 2020 5 minutes ago, f7ben said: 0% rates and free money for everyone yay socialism!!! It's never worked! Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted August 21, 2020 Share Posted August 21, 2020 crazy busy, all at close to asking or over right now and we have a lot of buyers for waiting in the wings which is a sign as long as the job losses are minimized that the market will continue to stay up. Quote Link to comment Share on other sites More sharing options...
Rod Posted August 21, 2020 Share Posted August 21, 2020 Trump owns 1 Quote Link to comment Share on other sites More sharing options...
Edmo Posted August 21, 2020 Share Posted August 21, 2020 Houses are going fast around here. Just the average ones though. The big high priced ones are still sitting. Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted August 21, 2020 Share Posted August 21, 2020 15 minutes ago, Edmo said: Houses are going fast around here. Just the average ones though. The big high priced ones are still sitting. I see it some as well. people will pay over ask between 4 and 500k for a 1500sf 60's and 70's house but the 2500sf 600k house sits a bit longer. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Jimmy Snacks Posted August 21, 2020 Platinum Contributing Member Share Posted August 21, 2020 38 minutes ago, ACE said: Trump owns Your in laws own so get back to work dummy!!!!🤣 Quote Link to comment Share on other sites More sharing options...
Anler Posted August 21, 2020 Share Posted August 21, 2020 1 hour ago, Angry ginger said: crazy busy, all at close to asking or over right now and we have a lot of buyers for waiting in the wings which is a sign as long as the job losses are minimized that the market will continue to stay up. Oh good! What is the downside of this? https://www.cnbc.com/2020/05/01/coronavirus-more-homeowners-delay-mortgage-payments-in-bailout.html As of Thursday, more than 3.8 million homeowners were in forbearance plans, representing 7.3% of all active mortgages, according to Black Knight, a mortgage data and analytics firm. Together, they account for $841 billion in unpaid principal and make up 6.1% of all loans from Fannie Mae and Freddie Mac and 10.5% of all FHA/VA loans. Quote Link to comment Share on other sites More sharing options...
Fireball 440 Posted August 21, 2020 Share Posted August 21, 2020 This year between the increased property value taxes and insurance, my mortgage payment went up $150 per month. Thanks Donny. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member ViperGTS/Z1 Posted August 22, 2020 Platinum Contributing Member Share Posted August 22, 2020 (edited) Market is totally on fire here.....sellers getting full asking price or higher due to bidding wars. Lots of NY City dwellers fleeing and moving a bit further west to the suburbs thanks to corona and riots. Hope this trend continues as I plan on selling next spring.....need a Trump victory. https://www-nbcnews-com.cdn.ampproject.org/v/s/www.nbcnews.com/news/amp/ncna1234604?amp_js_v=a3&_gsa=1&usqp=mq331AQFKAGwASA%3D#aoh=15980602323888&referrer=https%3A%2F%2Fwww.google.com&_tf=From %1%24s&share=https%3A%2F%2Fwww.nbcnews.com%2Fbusiness%2Fbusiness-news%2Freal-estate-seller-s-market-sales-soar-21-percent-renters-n1234604 Edited August 22, 2020 by ViperGTS/Z1 Quote Link to comment Share on other sites More sharing options...
awful knawful Posted August 22, 2020 Share Posted August 22, 2020 What kind of records did Obama break? Quote Link to comment Share on other sites More sharing options...
hayward Posted August 22, 2020 Share Posted August 22, 2020 3 minutes ago, ViperGTS/Z1 said: Market is totally on fire here.....sellers getting full asking price or higher due to bidding wars. Lots of NY City dwellers fleeing and moving a bit further west to the suburbs thanks to corona and riots. https://www-nbcnews-com.cdn.ampproject.org/v/s/www.nbcnews.com/news/amp/ncna1234604?amp_js_v=a3&_gsa=1&usqp=mq331AQFKAGwASA%3D#aoh=15980602323888&referrer=https%3A%2F%2Fwww.google.com&_tf=From %1%24s&share=https%3A%2F%2Fwww.nbcnews.com%2Fbusiness%2Fbusiness-news%2Freal-estate-seller-s-market-sales-soar-21-percent-renters-n1234604 and it's spreading even further west than you I might add. Quote Link to comment Share on other sites More sharing options...
01mxz800 Posted August 22, 2020 Share Posted August 22, 2020 13 hours ago, awful knawful said: What kind of records did Obama break? the number of apoligy tours would be my guess Quote Link to comment Share on other sites More sharing options...
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