Existing Home Sales shot up 3.3% in January to a 5.69 million unit annual rate–their fastest sales pace since 2007! The National Association of Realtors chief economist commented, “challenges remain, but the housing market is off to a prosperous start.” Indeed, existing home sales are up a healthy 3.8% over last year. The challenges include low inventories, which have now fallen 20 months in a row, and a median price up 7.1% from a year ago, thanks to growing demand. But that should bring more on-the-fence sellers into the market to boost supply.

Mortgage rates are still extremely low by historical standards, incomes are increasing and the market will grow, as surveys show home ownership continues to be tPhoenix Risinghe American dream. New Home Sales also had a good beginning to the year, posting a 3.7% gain in January, to a 555,000 unit annual rate. Some negative types harped on the fact that this sales pace was less than expected, and still way below where we were pre-recession. But everyone knows this, and the trend is positive, with new home sales up 5.5% versus a year ago. Plus, our painfully slow economic recovery finally appears to be picking up steam.

Gains in the sales of existing homes and new homes for January are reported above. The final reading of the University of Michigan Consumer Sentiment index for February hit a better than expected 96.3. This was a tick down from January, but still a very strong indicator of a positive mood about the economy among average Americans. Last year’s 1.17 million housing starts was the highest level of home building since 2007.

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Pending Homes Sales closed out 2016 up 1.6% in December and comfortably ahead of a year ago. This National Association of Realtors (NAR) index of contracts signed on existing homes bodes well for the level of those closings a couple of months out. As reported last week, existing home sales finished the year at the highest point since 2006. Inventory is still a problem in many areas, but the NAR’s chief economist expects housing starts will go up 7.9% this year, "especially if construction related regulations are relaxed." And it looks like they will be.
The latest Case-Shiller National Home Price Index was up 5.6% annually. The chair of the Index Committee said, "With the Index rising at about a 5.5% annual rate over the last two-and-a-half years, and having reached a new all-time high recently, one can argue that housing has recovered." The EVP of a real estate site added, "The good news is…2017 is getting off to a slightly better start than 2016, and existing homes sales are staying at a healthy level." The property economist at an economic consultancy observed, "After reaching a 50-year low in mid-2016, the homeownership rate edged up for the second consecutive time in the final quarter." Things are looking up.

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Phoenix Metro Real Estate Sales Report

ShareTweet Here’s a quick summary of the October 18th report. This report reflects sales activity for September 2016. Summary of October 18, 2016 Report: *Monthly sold units (7,328 for September) up 5.7% year over year *New inventory (9,612 for September) up 4.0% year over  year *Total inventory (24,087 for September) up 3.3% year over year […]

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ShareTweet May 2015 saw a 41% jump in new home permit activity from May 2014 while new home closings showed a 10% jump from last May and resale housing increased by 10.48% from the same month last year. Great news indeed! The year-to-date numbers in total were also encouraging, with new home closings up 5.8% […]

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ShareTweet When measured against the same month last year new-home permits were up over 35%, new home closings saw a 12.3% increase, and existing home activity was up 10.6% over the same month last year. When measured against new-home closings for March, April fell slightly shorter. NEW HOME CLOSINGS April 2015 Sales for Month – […]

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ShareTweet Kids have more important things to think about than turning off the lights. But discovering the lights blazing in an empty room for the umpteenth time is enough to make any parent scream, especially when the power bill arrives. The good news is, you can train your kids about the importance of saving energy right […]

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2013 Housing | Phoenix Metro Market Area

ShareTweet Overall home sales in the region, including both new and existing homes, totaled 101,456 units in 2013. This compared to a 2012 total home sales of 102,837 units, with an aggregate decline of 1381 home sales and 1.34% overall in 2013, representing an essentially flat total home sales market for 2013 in the Metropolitan […]

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