Sunday, May 17, 2015

HOME SALES REBOUNDING, EXPECTED TO FINISH THE YEAR AT THEIR HIGHEST PACE SINCE 2006


According to the National Association of Realtors, existing-home sales are expected to finish the year at their highest pace since 2006, but accelerating price growth and rising mortgage rates have the potential to slow sales in the coming months.


Lawrence Yun, chief economist of the National Association of Realtors, said existing-home sales are measurably higher than a year ago, and strengthened in March as more buyers entered the market as the spring buying season got underway.
“Sustained job growth and interest rates below 4 percent have been the catalyst behind the improvement in sales,” said Yun, who expects home sales to rebound and steadily improve, ending up at a pace around 5.30 million (the highest since 2006) this year and 5.5 million in 2016. 
As the buying season heats up, low inventory of homes for sale needs to increase measurably to meet the pent-up demand for buying.  
Referring to NAR’s recent study looking at wealth inequality, Yun said rising home prices in many metro areas have helped homeowners build housing wealth in recent years, but the continued decline in homeownership means the gains are going to fewer people and leading to worsening inequality. “Household net worth is at an all-time high, but the gains are mostly going to wealthier households, who in turn have helped propel vacation home sales to record levels,” he said.
Yun expects the U.S to start entering a rising interest rate environment, with the Federal Reserve increasing short-term rates in September and mortgage interest rates gradually moving upward over the next year, hovering around 4 percent in 2015 and edging-up past 5 percent in 2016.
- See more at: http://www.rodeore.com/despite-affordability-concerns-existing-home-sales-in-u-s-rebounding/#sthash.Wbvqtnli.CSypdkKw.dpuf
CONTACT:
Elaine Mallon,Broker Associate
Rodeo Realty Fine Estates
310-721-7121
elaine@elainemallon.com
www.elainemallon.com

REAL ESTATE AGENT & LOCAL EXPERT, serving Coastal Los Angeles County, including:  Redondo Beach, Manhattan Beach, Hermosa Beach, Palos Verdes Peninsula, Palos Verdes Estates, Rancho Palos Verdes, Rolling Hills, Rolling Hills Estates

MANHATTAN BEACH HAD THE HIGHEST NUMBER OF CLOSED SALES OF HOMES IN THE $1-MILLION-PLUS RANGE IN 2014

Excerpts from  RealtorMag:
Luxury Home Hotspots

According to the National Association of Realtors, MANHATTAN BEACH had the highest number of closed sales of homes in the $1-million-plus range from January to December 2014.

Wealthy buyers typically look to leisure-rich hotspots such as Hawaii, Florida and Southern California beach cities for second homes, which they often buy into once they retire. That's all changing.  

"Younger home buyers are not waiting until they retire to live where they want to.  Instead, high-net-worth individuals are showing more mobility and flocking to areas once pegged as resort or second-home markets, at a time when advances in technology, transportation, and communication are enabling a 'live anywhere' working-age population," per the Luxury Market Report, Spring 2015.
According to the National Association of Realtors, the following ZIP codes had the highest number of closed sales of homes in the $1-million-plus range from January 2014 to December 2014:
  1. 90266: Manhattan Beach, Calif. (425 sales)
  2. 84060: Park City, Utah (397 sales)
  3. 94010: Burlingame, Calif. (385 sales)
  4. 92037: La Jolla, Calif. (371 sales)
  5. 94025: Menlo Park, Calif. (359 sales)
Source: “Luxury Market Report, Spring 2015"


FOR EXCEPTIONAL REAL ESTATE SERVICE, CONTACT:
Elaine Mallon,CRS, CIAS
Broker Associate -- Luxury Real Estate
Rodeo Realty
310-721-7121
elaine@elainemallon.com
www.elainemallon.com

REAL ESTATE AGENT & LOCAL EXPERT, serving Coastal Los Angeles County, including:  Hollywood Riviera, Redondo Beach, Manhattan Beach, Hermosa Beach, Palos Verdes Peninsula, Palos Verdes Estates, Rancho Palos Verdes, Rolling Hills, Rolling Hills Estates and the San Pedro Peninsula.