New single-family home sales dropped to the lowest rate in February since 1995, and sales were down about 29.8 percent from the February 2007 rate, the U.S. Census Bureau and U.S. Department of Housing and Urban Development reported today.
The seasonally adjusted annual rate of new single-family home sales was 590,000 in February — this rate is a projection of a monthly sales total over a 12-month period, adjusted to account for seasonal fluctuations in sales activity. more…
Tags: Buying & Selling · Industry News · Inman Real Estate · census bureau · for-sale · home sales · housing · hud · inventory · median price · single-family
Sales of previously owned homes hit an adjusted annual rate of 5.03 million in February, which was down 23.8 percent compared to the same month last year but was up slightly from January 2008, ending a six-month slide, the National Association of Realtors reported today. more…
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Although February home sales across Southern California and the San Francisco Bay Area picked up from January, they posted huge declines from a year ago and median prices tumbled.
According to real estate information service DataQuick, home sales last month in the six-county Southern California region limped along at the slowest pace ever for a February — with just 10,777 new and resale houses and condos changing hands. That’s a 39 percent decrease from the 17,680 sales reported in February 2007, but an 8 percent jump from 9,983 sales in January 2008. more…
Tags: Industry News · Inman Real Estate · Markets & Economy · dataquick · home sales · marshall prentice · median price · san francisco bay area · southern california
Mortgage rates were up this week, Freddie Mac reported today in its latest survey, but were still lower than they were a year ago.
The average rate on 30-year fixed-rate mortgages climbed to 6.13 percent from last week’s 6.03 percent, while the average 15-year fixed mortgage jumped from 5.47 percent to 5.6 percent. A year ago, rates on the 30- and 15-year loans averaged 6.14 percent and 5.88 percent, respectively. more…
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The National Association of Realtors expects the median price of U.S. resale homes to drop 1.2 percent this year, following a 1.4 percent decline in 2007, with sales of resale homes slipping for the third consecutive year.
The forecast report released today also anticipates a 31.1 percent drop in single-family housing starts, a 6.1 percent decline in new-home prices, a rise in housing affordability and a dip in consumer confidence this year compared to 2007. more…
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