48 TIDEWATER Rd. Hattiesburg , MS 39402 $429,900
Gorgeous 4/4 across from the water. Circular staircase, office with fireplace, and a special Swarovski crystal chandelier. A must see!
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Category: Buying
DAILY REAL ESTATE NEWS | THURSDAY, NOVEMBER 01, 2012
The median time a home is on the market nationwide? Just 69 days.
The number of days on the market nationwide has fallen nearly 30 percent from year-ago levels.
Meanwhile, inventory levels are hovering at all-time lows, with the number of homes for-sale down 31.2 percent from a year ago. The inventory is at a 6.4-month supply of homes on the market, as of July data.
“As inventory has tightened, homes have been selling more quickly,” says Lawrence Yun, the National Association of REALTORS®’ chief economist. “A notable shortening of time on market began this spring, and this has created a general balance between home buyers and sellers in much of the country. This equilibrium is supporting sustained price growth, and homes that are correctly priced tend to sell quickly, while those that aren’t often languish on the market.”
For comparison, the time on the market for non-distressed homes peaked at 10 weeks in 2009. During the housing boom between 2004 and 2005, for example, the median selling time was just four weeks.
Source: “Low Inventory Levels Sells Homes Quick,” Realty Times (Nov. 2, 2012)
1693 Hwy 11 Petal , MS 39465 $119,900
Completely renovated 3 BD/2 BA with large kitchen and lots of storage. Located outside the city limits of Petal.
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282 Spur Line Rd Ellisville, MS 39437 $335,000
Cute cottage plus an additional home on 37 acres of rolling pasture land. A must see!
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DAILY REAL ESTATE NEWS | THURSDAY, OCTOBER 25, 2012
Pending home sales were little changed in September but remain well above a year ago, according to the National Association of REALTORS®.
The Pending Home Sales Index, a forward-looking indicator based on contract signings, edged up 0.3 percent to 99.5 in September from 99.2 in August and is 14.5 percent above September 2011 when it was 86.9. The data reflect contracts but not closings.
Lawrence Yun, NAR chief economist, said pending home sales continue to hold a higher ground. “Home contract activity remains at an elevated level in contrast with recent years, but currently appears to be bouncing around in a narrow range,” he said. “This means only minor movement is likely in near-term existing-home sales, but with positive underlying market fundamentals they should continue on an uptrend in 2013.”
Pending home sales have risen for 17 consecutive months on a year-over-year basis, leading to the solid recovery seen in closed existing-home sales this year. In September all regions were showing double-digit increases in contract activity from a year ago with the exception of the West, which is constrained by limited inventory.
The PHSI in the Northeast rose 1.4 percent to 79.3 in September and is 26.1 percent higher than a year ago. In the Midwest the index fell 5.8 percent to 89.5 in September but is 19.3 percent above September 2011. Pending home sales in the South increased 1.0 percent to an index of 111.5 in September and are 17.6 percent higher than a year ago. In the West, the index rose 4.3 percent in September to 106.9, but is only 0.8 percent above September 2011.
Housing affordability conditions are forecast to remain favorable through next year, with the 30-year fixed-rate mortgage staying near record lows for the balance of this year but gradually rising to 4 percent in the second half of 2013.
Completed existing-home sales in 2012 will total close to 4.6 million, an increase of 9 percent, and are projected to rise about 9 percent next year to nearly 5.1 million. With notably lower housing inventory, the national median existing-home price is expected to increase 6 percent this year and 5 percent in 2013.
Source: NAR
DAILY REAL ESTATE NEWS | MONDAY, OCTOBER 22, 2012
Inventories of for-sale homes aren’t the only thing that is dropping. The amount of time homes are staying on the market is growing shorter as well—down 11 percent in the last year—according to the latest Realtor.com data.
Homes were listed on average 95 days, according to September housing data. That is down from 107 days a year earlier.
Homes are selling the fastest in Oakland, Calif., in which the median age of the inventory averages 21 days, which is 57 percent below what it was a year ago. Denver, Colo. boasts a median age of inventory of only 38 days, followed by fast-selling markets of Stockton-Lodi, Calif., with 43 days, and San Francisco with 44 days.
As the median age of the inventory is falling, inventories of for-sale homes continue to hover at record lows too, dropping 18 percent last month compared to a year ago.
“There’s a recovery,” Curt Beardsley, vice president of Realtor.com, told BusinessWeek. “Our market times are low and there’s actually a compression of inventory.”
Home buyer demand is increasing, with housing affordability still high and ultra low mortgage rates that have pushed home buyers’ purchasing power higher. The rise in demand has caused asking prices to also rise. Last month, the median asking price was $191,500, which is up 0.8 percent compared to a year earlier, Realtor.com reports.
Source: “Listings of Homes for Sale Drop as U.S. Housing Recovers,” BusinessWeek (Oct. 15, 2012) and REALTOR® Magazine Daily News
207 JEFFERSON Pl Hattiesburg MS 39402 $137,000
3BR, 2.5BA Townhouse in a gated community. Beautiful bamboo flooring in hall and dining room. Spacious living room and a great kitchen with all appliances remaining. Fenced patio area.
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Falling Foreclosures Pushing Up Home Prices
DAILY REAL ESTATE NEWS | THURSDAY, OCTOBER 18, 2012
As foreclosure backlogs have decreased, so have many of the big discounts on home prices. The slowdown in foreclosures is partially behind the recent rise in home prices, some economists say.
“Deeply discounted existing homes have been subject to strong demand from cash buyers and investors looking to lock into housing’s attractive income returns,” says Paul Diggle, a housing economist at Capital Economics. “The supply of such homes, meanwhile, has been dwindling. That has bid up existing house prices, particularly at the lower end of the price spectrum.”
The median price of existing homes nationwide was 9.5 higher in August compared to a year ago, and new home prices were up 17 percent in that same time period.
Distressed properties typically sell for big discounts. For example, in 2007 during a nationwide foreclosure surge, foreclosures tended to sell for about a third of the median price of the home. The housing markets with some of the largest price falls tended to have the highest number of distressed home sales.
Lately, foreclosures have been posting big drops. Last month, new foreclosure filings reached a five-year low, according to RealtyTrac, a real estate research firm that tracks foreclosure housing data.
“There is a shortage of inventory — as crazy as it sounds to say that,” says Daren Blomquist, a RealtyTrac spokesman. “In a lot of market there’s less inventory of foreclosed properties than there is demand. You’re hearing about multiple bids for these properties.”
Source: “Foreclosure Slowdown Pushing Home Prices Higher,” NBC News (Oct. 11, 2012)
2760 North Highway 49 Collins MS 39428 $114,000
Great rural setting with over 2 acres and a pond. So much potential for a lovely homestead or commercial location. Great sun room, storage room, and a covered porch.
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29 E Kelly Rd. Seminary MS 39479 $ 214,999
3BR, 2BA Country home on 14 acres (mol) with a Fenced Yard, Covered Patio, Storage Shed, Barn/Stable, Garden Space, and a Pond. Great kitchen w/bay window, walk in pantry and large bedrooms.
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