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Millionaire Now! by Larry NusbaumThis blog is based on the organizational principles found in my new book, "Millionaire Now! - A Financial Toolbox with Seven Steps to Wealth". |
Existing Home Sales Keep Falling
Posted on 07/29/2007 11:03:37 | Link | Post Comment
Pinal resale market picked up in 2nd quarter
from the Arizona Republic, reports that resale home sales picked up in the second quarter in Pinal County, with 970 resales recorded, up from 840 resales in the first quarter of 2007. The median price fell slightly to $200,000, down from $204,600 last quarter. The median price for the same time in 2006 was $211,000. "It's always a good sign to see that the market is following its normal pattern," said Jay Butler, director for Realty Studies at ASU who released the numbers. Investors have pulled out of the market, and interest rates have moved up from extremely low levels. "But the expectation of a rebound to the big (home sale and appreciation) numbers that were around... really should not be expected for a while," Butler said. Increasingly competitive prices for new homes within the Valley are still a deterrent when it comes to drawing buyers to outlying areas, Butler added. In the second quarter, 2,425 new homes were sold in Pinal County with a median price of $201,880, according to Realty Studies.
New-home sales tumble more than expected
from the USA TODAY, reports that new home sales slid 6.6% from May to June, according to numbers released by the Commerce Department, and were down 22% from June of 2006. The report follows Wednesday's news that sales of existing homes fell last month to their lowest level in nearly five years. The median price of a new home in June dropped 2.2% from June of last year to $237,900. "The housing market tried pulling the rip cord, but the parachute didn't open, " Joel Naroff of Naroff Economic Advisors wrote to his clients Thursday. Sales of new homes, he says, are on track for their worst calendar year showing in a decade. Mark Zandi, chief economist for Moody's Economy.com, predicts that "the U.S. housing downturn has at least another year to run."
Existing home sales keep falling
from MSNBC.com, reports that sales of existing homes in the U.S. fell in June for a fourth consecutive month, according to the latest numbers released by the National Association of Realtors. Existing home sales fell by 3.8 percent in June. But the median price of an existing home edged upward to $230,100, a 0.3 percent increase from a year ago. It was the first price gain in 11 months. Analysts, however, said they were looking for prices to fall further because of the large number of unsold homes. "With inventories still way out of line, unless prices fall a lot more, the housing market will not turn around any time soon," said Joel Naroff, chief economist at Naroff Economic Advisors. The declines in existing home sales in June covered all parts of the country, including a 6.8 percent drop in the West.
Housing Bubble and Real Estate Market Tracker from SA for 7/27
from the Arizona Republic, reports that resale home sales picked up in the second quarter in Pinal County, with 970 resales recorded, up from 840 resales in the first quarter of 2007. The median price fell slightly to $200,000, down from $204,600 last quarter. The median price for the same time in 2006 was $211,000. "It's always a good sign to see that the market is following its normal pattern," said Jay Butler, director for Realty Studies at ASU who released the numbers. Investors have pulled out of the market, and interest rates have moved up from extremely low levels. "But the expectation of a rebound to the big (home sale and appreciation) numbers that were around... really should not be expected for a while," Butler said. Increasingly competitive prices for new homes within the Valley are still a deterrent when it comes to drawing buyers to outlying areas, Butler added. In the second quarter, 2,425 new homes were sold in Pinal County with a median price of $201,880, according to Realty Studies.
New-home sales tumble more than expected
from the USA TODAY, reports that new home sales slid 6.6% from May to June, according to numbers released by the Commerce Department, and were down 22% from June of 2006. The report follows Wednesday's news that sales of existing homes fell last month to their lowest level in nearly five years. The median price of a new home in June dropped 2.2% from June of last year to $237,900. "The housing market tried pulling the rip cord, but the parachute didn't open, " Joel Naroff of Naroff Economic Advisors wrote to his clients Thursday. Sales of new homes, he says, are on track for their worst calendar year showing in a decade. Mark Zandi, chief economist for Moody's Economy.com, predicts that "the U.S. housing downturn has at least another year to run."
Existing home sales keep falling
from MSNBC.com, reports that sales of existing homes in the U.S. fell in June for a fourth consecutive month, according to the latest numbers released by the National Association of Realtors. Existing home sales fell by 3.8 percent in June. But the median price of an existing home edged upward to $230,100, a 0.3 percent increase from a year ago. It was the first price gain in 11 months. Analysts, however, said they were looking for prices to fall further because of the large number of unsold homes. "With inventories still way out of line, unless prices fall a lot more, the housing market will not turn around any time soon," said Joel Naroff, chief economist at Naroff Economic Advisors. The declines in existing home sales in June covered all parts of the country, including a 6.8 percent drop in the West.
Housing Bubble and Real Estate Market Tracker from SA for 7/27
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