August Existing Home Sales Down 11%

Existing home sales in August dipped 10.7% from the same month last year to a seasonally adjusted annualized rate of 4.91 million units, according to the most recent figures from the National Association of Realtors. Single family home sales dipped 9.6% to a 4.35 million-unit pace.
Through the first eight months of 2008, almost 3.38 million homes have been sold, down 17.1% from the same period of 2007.
Median sales price for an existing home in August was $203,100, down 9.5% from the same month last year. At current sales rates, there is an existing inventory of 10.4 months' worth of unsold homes, up 8.3% from the same period last year.

July Existing Home Sales Show Uptick

While still well behind (-13.2%) 2007's pace, existing home sales for July posted a seasonally adjusted annualized rate of 5 million units, up 3.1% from June. Single family existing home sales were also up 3.1% from June to a 4.39 million-unit pace, according to the National Association of Realtors.
Through seven months, nearly 2.9 million existing homes have been sold, down 11.8% from 2007's same period results.
Average existing home price during July was $254,000, down 8.0% from the average for the same month in 2007. At current sales rates, there are 11.2 months' worth of unsold homes on the market.

Existing Home Sales Drop 16% in June

Sales of existing homes in June fell 15.9% from the same month last year to a seasonally adjusted annual sales rate of 4.86 million units. Single family existing home sales dipped 14.8% to a 4.27-million-unit sales pace, according to the National Association of Realtors.
Through the first half of 2008, some 2.39 million existing homes have been sold, down 16.7% from the same period of 2007. At the present sales pace, there is an 11.1-month inventory of unsold homes on the market, 22.0% higher than inventory levels at this time last year.
Median sales price of an existing home in June was $215,100, down 6.1% from June of 2007.

Pending Home Sales Dipped 14% in May

The National Association of Realtors Index of Pending Home Sales slipped to 84.7 (100 = 2001) in May, down 14.0% from the same month last year.
NAR says existing-home sales are expected to total 5.31 million in 2008, and then increase 5.0% in 2009 to 5.58 million. There were just over 5.65 million existing homes sold in 2007. (and to put that in persepctive, in 2005 there were almost 7.08 million sold).

Existing Home Sales Dip 16% in May

Sales of existing homes in May fell 15.9% from the same month last year to a seasonally adjusted annualized rate of 4.99 million units, according to the National Association of Realtors. Even though about a third of the sales last month were short sales that reflected foreclosures or distressed properties, there were some signs of shallowing distress. The difference between last year's sales rate and this year's has dropped for four consecutive months, from 23% in February to just under 16% last month.And the existing sales to date have also closed ground, from running 30.3% behind in February to just 19.1% in May, with 1.882 million units sold.
However, the slump still has a ways to go before bottoming out, and warmer weather did not bring any upswing; the May sales rate lags about 1% behind February's pace.
May's existing home median sales price was $208,600, down 6.3% from the same month in 2007. At the present sales pace, there is a 10.2-month unsold inventory.

Existing Home Sales Dip 18% in April

Existing home sales fell 17.5% in April from the same month last year to a seasonally adjusted annualized rate of 4.89 million units, according to the most recent figures from the National Association of Realtors. Existing single family home sales were down 16.1% year-over-year to a seasonally adjusted rate of 4.34 million units.
Through the end of April, nearly 1.4 million existing homes have been sold, down 20% from the same period last year.
Median existing home sales prices fell 8.0% from April, 2007 to $202,300. Inventory of unsold existing homes also rose to 11.2 months at current sales rates; last April's inventory was 8.5 months.

March Existing Home Sales Dip 19%

Sales of existing homes fell 19.3% in March from the same month last year to a seasonally adjusted annualized rate of 4.93 million units, according to the most recent figures from the National Association of Realtors. Sales of existing single family homes slipped 18.4% to a rate of 4.35 million units.
Through the end of the first quarter, some 964,000 existing homes have been sold, some 21.8% behind the pace for the first three months of 2007. At the present sales rate, there are 9.9 months' worth of unsold homes on the market, up from 7.5 months' worth in March, 2007.
Median sales price for an existing home in March dipped 7.7% from the median in the same month of 2007 to $200,700. But that figure was a 2.6% increase over February's median price.

February Existing Home Sales Dip 24%

Sales of existing homes in February dipped 23.8% from the same month in 2007 to a seasonally adjusted annualized rate of 5.03 million units, according to the most recent figures from the National Association of Realtors. That mark was 2.9% higher than the pace for January.
Sales of single family homes for the month were down 22.9% year-over-year, to a seasonally adjusted annualized rate of nearly 4.5 million units.
Median sales price for an existing home during February was $195,900, down 8.2% from the median in February of last year, and down 1.9% from January. At current sales rates, there were 9.6 months' inventory of unsold homes on the market, up 39.1% from the inventory in February, 2007.
“We’re not expecting a notable gain in existing-home sales until the second half of this year, but the improvement is another sign that the market is stabilizing,” said Lawrence Yun, NAR chief economist. “Buyers taking advantage of higher loan limits for both FHA and conventional mortgages will unleash some pent-up demand. As inventories are drawn down, prices in many markets should go positive later this year.”

Another 'Since the Great Depression' Moment

This is a benchmark that's getting mighty ominous as it pops up: MarketWatch reports that NAHB's chief economist Dave Seiders says housing's in its deepest and most rapid downswing since the days of breadlines and soup kitchens. Seiders sees no recovery until 2009 and points out there are more than 2 million vacant homes that are unsold.
Home prices fell year-over year, and the average family's savings rate turned negative last year; economists noted that those were two other signposts that hadn't occurred since the 1930s.

January Existing Home Sales Down 23%

The National Association of Realtors remarks that January's existing home sales "slip"ped 23.4% from the same month in 2007 to a seasonally adjusted annualized rate of 4.89 million units, the lowest pace in more than a decade. Single family existing home sales were down 22.4% to a rate of 4.34 million units. Master of understatement Lawrence Yun, NAR chief economist, said many potential buyers remain on the sidelines.
Median sales price of an existing single family home in January fell 5.1% from the same month in 2007 to $198,700, and median price for all existing homes was down 4.6% year-to-year to $201,100. The inventory of unsold houses increased from 9.7 months worth in December to 10.3 months in January.

S&P Home Price Index Sees Record Drop

The Standard & Poor’s/Case-Shiller Home Price Indices rang up an 8.4% dip in its 10-City Composite Index in November, the largest decline in the measure's 17-year history.

November was the 11th consecutive month of negative annual returns.
"We reached another grim milestone in the housing market in November," says Robert J. Shiller, Chief Economist at MacroMarkets LLC. "Not only did the 10-City Composite post another record low in its annual growth rate, but 13 of the 20 metro areas, each with data back to 1991, did the same. If you look at the monthly figures, every MSA (Metropolitan Statistical Area) has now posted three consecutive monthly declines. Eight of these MSAs, in addition to the two composites, have had more than 12 consecutive months of falling prices. "
Miami dropped 15.1% year-over-year. San Diego dipped 13.4%, Las Vegas fell 13.2% and Detroit fell 13.0%.

2007 Existing Home Sales Down 13% From '06

Sales of existing homes in 2007 totalled under 5.7 million units, down 12.8% from 2006 results, according to preliminary figures released by the National Association of Realtors. The seasonally adjusted annualized sales rate for existing homes in December didn't quite reach 4.9 million units, down 22% from the pace in December, 2006; the single family sales rate for the month slipped 21.6% to about 4.3 million units per year.
At December's sales rate, there were 9.6 months worth of unsold existing homes already on the morning. That's 45.8% higher than the inventory rate in the last month of 2006.
The median sales price for an existing home in 2007 was $218,900, down 1.4% from $221,900 in 2006. That's the first yearly drop in median sales price since NAR started collecting stats in 1968; some sources say it is the first time such a thing has happened since the Great Depression.
For anxiety fans, that's the second major economic indicator that's dipped to levels not seen since the Joad family was active; the US saving rate recently dipped into negative territory, which hadn't happened since 1933.

November Existing Home Sales Dip 20%

Sales of existing homes in November fell 20% from the same month last year to a seasonally adjusted annualized rate of 5 million units, according to the National Association of Realtors. Single family existing home sales dipped 19.9% in the month from November, 2006, to a rate of 4.4 million units.
Median sales price for an existing home in November was $210,200, 3.3% below levels for November of the year before.
Going into 2008, this probably sums up the situation as well as anything.

NAR Sees Modest Turnaround in 2008

The National Association of Realtors says existing home sales are likely to total 5.67 million units this year, the fifth highest on record, rising 0.5% to 5.70 million in 2008. The 2008 figure will still be down 12.0% from 6.48 million in 2006. Existing-home prices should be down 1.9% to a median of $217,600 for all of 2007, and then rise 0.3% to $218,300 in 2008.
NAR says the 30-year fixed-rate mortgage will rise slowly to the 6.4% range by the end of 2008. Gross domestic product (GDP) growth should be 2.1% in 2007, down from a 2.9% growth rate last year; GDP growth is forecast to improve to 2.4% in 2008.
The unemployment rate is likely to average 4.6% for 2007, unchanged from last year, but rise to 5.0% in 2008. Inflation-adjusted disposable personal income is estimated to grow 3.1% this year, the same as in 2006, and then grow 2.2% next year.

October Existing Home Sales Drop Below 5-Million-Unit/Year Pace

The National Association of Realtors reported that existing home sales slipped below a 5 million units per year pace in October. October sales reached a 4.97-million-unit seasonally adjusted annualized rate, down 20.7% from the same month last year. Single family existing home sales fell to a rate of 4.37 million units, down 20.8% from October, 2006.
Through the first ten months of 2007, some 4.90 million existing homes have been sold.
Lawrence Yun, NAR chief economist, said, “As noted last month, temporary mortgage problems were peaking back in August when many of the sales closed in October were being negotiated. We continue to see the biggest impact in high-cost markets that rely on jumbo loans,” he said. “Mortgage availability has improved as evidenced by much lower mortgage interest rates and a sharp jump in FHA endorsements for home purchases.”
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 6.38% in October, unchanged from September; the rate was 6.36% in October 2006. Last week, Freddie Mac reported the 30-year fixed rate fell to 6.20%.

NAR: Slight Recovery For Existing Home Sales in 2008

The latest forecast from the National Association of Realtors sees a modest recovery for existing home sales in 2008 to 5.69 million units. That will be up from 5.67 million units in 2007.
Median existing home prices will dip 1.7% this year to $218,200, and remain virtually flat next year at $218,300.
NAR pegs new home sales at 796,000 units in 2007 and 693,000 next year; no real improvement is seen for new homes until 2009. Starts, including multifamily units, are forecast at 1.35 million this year and 1.14 million in 2008. The median new-home price is estimated to drop 1.6% to $242,500 in 2007 before rising 0.4% to $243,600 in 2008.

September Existing Home Sales Dive 19%

Sales of existing homes in September slipped 19.1% from the same month in 2006 to a seasonally adjusted annually adjusted rate of 5.04 million units, according to the National Association of Realtors. The mark was 8.0% under August’s revised pace.
Single family existing home sales in September fell 19.8% from the same month last year to a rate of 4.38 million units annually.
The median existing home price for the month was $211,700, down 4.2% from September, 2006.
“Mortgage problems were peaking back in August when many of the September closings were being negotiated, and that slowed sales notably in higher priced areas that rely more on jumbo loans,” Lawrence Yun, NAR senior economist said. “The good news is that mortgage availability has markedly improved in recent weeks with interest rates on jumbo loans falling, and more people are applying for safer and conforming FHA mortgage products. Some of the cancelled transactions will move forward as buyers apply for other loans.”
There was a 10.5 months inventory of existing homes for sale at the end of September, 43.8% higher than the same month in 2006.
According to Freddie Mac, the 30-year, conventional, fixed-rate mortgage fell to 6.38% in September from 6.57% in August; the rate was 6.40% in September 2006.

Existing Home Sales Tumbled 13% in August

Sales of existing homes fell 12.8% in August compared to the same month in 2006, to a seasonally adjusted annualized rate of 5.5 million units, according to the most recent figures from the National Association of Realtors. Existing single family home sales dropped 13.0% from August 2006 to a seasonally adjusted annualized rate of 4.81 million homes.
Total housing inventory rose 0.4% at the end of August to 4.58 million existing homes available for sale, which represents a 10.0-month supply at the current sales pace. That number will grow over the next few months, as foreclosures grow and consumers with adjustable rate mortgages that reset to higher payments than they can afford will sell their homes.
“The unusual disruptions in the mortgage market, including a significant rise in jumbo loan rates, resulted in a fairly high number of postponed or cancelled sales, with many buyers having to search for other financing when loan commitments fell through,” Lawrence Yun, NAR senior economist said. “Lower sales contributed to a buildup of unsold inventory.” Yun expects similar results for home sales in September.

NAR: No Quick Recovery for Home Sales

Sales of existing homes will bottom out at about 5.92 million units in 2007, down 8.6% from last year’s levels, according to the National Association of Realtors. The group foresees a 5.9% recovery next year, to about 6.27 million existing homes sold.
Existing-home prices are likely to slip 1.7% to a median $218,200 this year before rising 2.2% in 2008 to $223,000.
“The mortgage markets will calm further in the months ahead, but it’s important to underscore the fact that conventional loans – the vast majority of available financing – are available to creditworthy borrowers,” Lawrence Yun, NAR senior economist said.
NAR sees new home sales dropping 23.7% this year to 801,000 units, and slipping another 7.5% in 2008 to 741,000 units. The median new-home price is estimated to drop 2.2% to $241,100 in 2007, and then increase 1.7% next year to $245,100.
The group pegs 30-year fixed-rate mortgages at 6.4% for the balance of the year and up to the 6.5% range in 2008. “We expect the Fed to cut rates two times before the end of the year, which will lower interest rates for prime borrowers and FHA-insured loans,” Yun said.
Growth in the U.S. gross domestic product (GDP) is forecast by NAR at 2.0% in 2007, and at 2.7% in 2008. The unemployment rate is expected to average 4.6% for 2007, unchanged from last year. Inflation, as measured by the Consumer Price Index, is predicted to be 2.8% in 2007, while inflation-adjusted disposable personal income is likely to increase 3.6% by the end of 2007

Home Sales Remain Soft in July

Existing home sales for July dipped 9.0% from the same month in 2006 to a seasonally adjusted annualized rate of 5.75 million units, according to the National Association of Realtors. That figure was virtually flat with sales for June.
Single family existing home sales hit a yearly pace of 5 million homes in July, down 9.3% from July of 2006. Through seven months, some 3.5 million existing homes have been sold.
Average price of an existing home in July was $228,900, virtually flat (-0.6%) with the same month last year.
Sales of new single family homes in July were down 10.2% from July, 2006, to a seasonally adjusted annualized pace of 870,000 units, according to the Census Bureau. Median price reported for a single family new home during the month was $239,500, up 0.6% from the same month last year.