Home Sales

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Mortgage Purchase Applications Stall With Higher Rates

Mortgage purchase applications took a nose dive in the latest MBA weekly survey. According to the Mortgage Bankers Association total mortgage applications decreased 9.4 percent for the week ended November 25, 2016. The mortgage refinance index fell 16 percent from the previous week. The unadjusted purchase index fell 34 percent from the previous week. The unadjusted purchase index is now 3 percent higher than a year ago. That's a significant decline from the double digit year-over-year increases we were seeing earlier in the year. The recent rise in bond yields and mortgage rates is going [...]

By | 2016-12-01T16:03:47+00:00 November 30th, 2016|Economy, Mortgage Rates, New Home Sales|0 Comments

Texas Quarterly Housing Report – Higher Prices Leads To Stagnating Sales

The Texas Association of Realtors released their Quarterly Housing Report for the first half of 2014, and not surprisingly the report shows higher prices throughout the Lone Star state. It also shows stagnating or declining sales volumes in several markets as well. I wanted to look at the report after noticing that Cinco Ranch home sales were down significantly year-over-year. The quarterly housing report for Texas shows that those rising home prices have become a bit of a hurdle throughout the state. Unit sales for Texas as a whole were only up 1.13% year-over year. [...]

By | 2014-08-06T10:41:22+00:00 August 5th, 2014|Economy, Real Estate|0 Comments

California YTD Home Sales Lowest Since 2007 As Median Prices Hit 6 Year High

California home sales in June were at their lowest levels since 2007, despite the fact that median home prices in California were at a 6-year high.  What's plaguing the California real estate market is the same problem facing Katy Texas....high home prices! There simply aren't enough qualified buyers who are willing or able to pay nosebleed prices for real estate that has been inflated by crony government policies and a bloated Fed balance sheet. We are fortunate here in the Houston area that the oil and gas boom has served to boost area wage growth, [...]

By | 2014-07-16T02:38:46+00:00 July 16th, 2014|Economy, Real Estate|1 Comment

U.S. Existing Home Sales Drop In January, Inventory Up 7.3% Year-Over-Year

Sales of existing home sales in the U.S. came in lighter than expected in January, falling 5.1 percent. Home inventory increased 7.3 percent year-over year. It was another case of the cold weather ate my homework problem... "Total existing-home sales1, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, dropped 5.1 percent to a seasonally adjusted annual rate of 4.62 million in January from 4.87 million in December, and are also 5.1 percent below the 4.87 million-unit pace in January 2013. Last month’s level of activity was the slowest since July 2012, when [...]

Pending Home Sales Continue To Soften Despite NAR’s Massaged Headline

Yesterday the National Association of Realtors reported a 0.2 percent gain for November pending home sales. The headline of course read that sales edged up, but it should have been noted in the headline that the pending sales gain was achieved courtesy of a downward revision to the October number. Pending home sales continue to soften as home prices butt up against the limits of affordability. Of course the NAR press lease contained the usual dose of blind optimism as well. NAR's chief economist spokesmodel, Lawrence Yun, noted   "We may have reached a cyclical low because the [...]

By | 2013-12-31T14:09:55+00:00 December 31st, 2013|Economy, Housing Market, Humor, In the Press, Real Estate, Spin Cycle|0 Comments

U.S. Pending Home Sales Decline 5.9% In September

The pending homes sales index fell 5.9% in September, posting the first year-over-year drop in 29 months. NAR economist Lawrence Yun elaborated on the fall in September sales activity: This tells us to expect lower home sales for the fourth quarter, with a  flat trend going into 2014. Even so, ongoing inventory shortages will continue  to lift home prices, though at a slower single-digit growth rate next year.” It appears most areas of the country saw a fairly broad drop in pending sales activity, with the Northeast down 9.6 percent, the Midwest down 8.3 percent [...]

By | 2013-10-28T20:11:47+00:00 October 28th, 2013|Economy, Real Estate|0 Comments

How Do You Know When It’s Time To Lower Your Listing Price?

This primer on listing basics is a helpful reminder of what some Katy TX home sellers overlook.  I'm always following market stats and browsing the MLS, and I have to say that some of the listings I see absolutely amaze me.  Some home sellers are simply ignorant of how the process works, but other times it's a simple matter of being greedy and not knowing what you're selling. That brings us to the gist of the article which is knowing when you need to lower your listing price. Having worked at a major franchise brokerage here in the area, I [...]

By | 2013-10-01T11:09:10+00:00 October 1st, 2013|Real Estate|0 Comments

Why Houston Texas Home Prices Will Go Nowhere In A Hurry

The spring and summer selling season were off to a busy start this year in Katy, and throughout the Houston area.  Popular communities have experienced tight inventories and brisk home sales.  Home sales in Cinco Ranch have been a direct beneficiary of the recent boost in the local economy.  That begs the question...Is it sustainable?  I'm not the only one who thinks the bottom for the U.S. housing market is yet to be seen.  As much as I respect the work of Bill McBride at Calculated Risk, I think he grossly underestimates the fraud and graft [...]

By | 2013-05-17T14:46:23+00:00 May 31st, 2012|Economy, Housing Market|0 Comments

Some Positive Forecasts On Housing For 2012

Several analysts are calling for gains in the U.S. housing market in 2012.  David Crowe at the National Association of Home Builders is calling for new homes sales to increase to 360,000 units in 2012 and starts to increase by 17% to 501,000.  Here are some of the more recent forecasts for the 2012 housing market...   Some Housing Forecasts for 2012 (000s) New Home Sales Single Family Starts Total Starts Merrill Lynch1 304 427 Fannie Mae 336 473 704 Wells Fargo 350 457 690 John Burns 359 717 NAHB 360 501 709 Moody's 530 687 1 [...]

By | 2012-01-17T17:56:48+00:00 January 16th, 2012|Housing Market|0 Comments