Metropolitan Area Existing-Home Prices and
State Existing-Home Sales
The Quarterly Reports
NAR releases statistics on state-by-state existing-home sales and metropolitan area median home prices each quarter. The state existing-home sales report includes single-family houses, condos and co-ops. The price report reflects sales prices of existing single-family homes by metropolitan statistical area (MSA).
Sunday, June 24, 2007
Friday, June 22, 2007
Buying a Home
The homebuying process can seem complicated, but if you take things step-by-step, you will soon be holding the keys to your own home! Click On The Link Above
Monday, June 18, 2007
Property Tax Study, Mortgage Rates, California Report
Which states have the highest property taxes? What's happening with mortgage rates? And how's the real estate market in California? This week's Realty Times digest of real estate stories has the answers.
Where Do Homeowners Pay the Highest Real Estate Taxes?
Where are American homeowners hit with the heaviest property tax levies? Tapping into Census Bureau survey data, the National Association of Home Builders has come up with two different sets of answers - one list based on the most annual tax dollars actually paid out, and a second list based on the highest tax rates levied. When it comes to sheer dollars paid out, New Jersey is tops by far. If you own property there, you pay the highest median taxes in the U.S. - a whopping $5,352 a year. That's not primarily because your home's market value is so high. After all, California ($477,700 median value), Hawaii ($453,000), the District of Columbia ($384,000) and Massachusetts ($361,500) have more expensive houses than New Jersey's $334,000, yet homeowners in all of them pay less per year than their compatriots in New Jersey. It's mainly because New Jersey funds 35.3 percent of all local and state government activities from the property tax revenues it collects from homeowners - far higher than the 22 percent U.S. median. The rest of the heavy-handed dozen tax states in terms of median dollars per home: Connecticut ($3,865 median), New York ($3,076), Rhode Island ($3,071), Massachusetts ($2,974), Illinois ($2,504), Vermont ($2,835), Wisconsin ($2,777), California ($2,275), Washington ($2,250) and Alaska ($2,241).
Ranking the states by their median tax rates, though, produces a rather different list of heavy and light taxers, and may indeed be the more accurate measure. For example, Texas, which collects a median $1,926 from its home owners in property taxes per year, turns out to be nearly the heaviest taxer among the states in terms of rate-a median $18.17 per $1,000 of value. Only Wisconsin imposes a heavier rate - $18.20 per $1,000. Other states that rank among the highest by rate include Nebraska ($16.69 per $1,000), Vermont ($16.35), New Hampshire ($16.33), New Jersey ($16.03), Illinois ($15.79) and North Dakota ($14.97).
Mortgage Rates Inch Up Again
Freddie Mac's June 1 survey of mortgage rates shows that the 30-year fixed-rate mortgage (FRM) averaged 6.42 percent with an average 0.4 point for the week ending May 31, up from the previous week when it averaged 6.37 percent. Last year at this time, the 30-year FRM averaged 6.67 percent. The 15-year FRM averaged 6.12 percent with an average 0.4 point, up from the previous week when it averaged 6.06 percent. A year ago, the 15-year FRM averaged 6.26 percent. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.19 percent for the week, with an average 0.5 point, up from the previous week when it averaged 6.02 percent. A year ago, the 5-year ARM averaged 6.26 percent.
California Sales Slump, Median Price Rises
California's existing housing sales slumped 27.8 percent in April, compared to a year ago, but the median price rose 6.2 percent, in a market characterized by less action in the more affordable sector. Tighter mortgage underwriting standards for riskier mortgages is cutting into the share of more affordable homes sold, especially in more expensive markets where prime loans remain widely available. The California Association of Realtors reported 373,280 single-family detached home sales statewide in April, down from 516,960 a year ago, as prices rose from a median of $562,820 to $597,640. Condo sales were down less, 19.4 percent as prices rose 1.8 percent to a median of $439,850.
Copyright © 2007 Realty Times. All rights reserved. 6/8/07
Where Do Homeowners Pay the Highest Real Estate Taxes?
Where are American homeowners hit with the heaviest property tax levies? Tapping into Census Bureau survey data, the National Association of Home Builders has come up with two different sets of answers - one list based on the most annual tax dollars actually paid out, and a second list based on the highest tax rates levied. When it comes to sheer dollars paid out, New Jersey is tops by far. If you own property there, you pay the highest median taxes in the U.S. - a whopping $5,352 a year. That's not primarily because your home's market value is so high. After all, California ($477,700 median value), Hawaii ($453,000), the District of Columbia ($384,000) and Massachusetts ($361,500) have more expensive houses than New Jersey's $334,000, yet homeowners in all of them pay less per year than their compatriots in New Jersey. It's mainly because New Jersey funds 35.3 percent of all local and state government activities from the property tax revenues it collects from homeowners - far higher than the 22 percent U.S. median. The rest of the heavy-handed dozen tax states in terms of median dollars per home: Connecticut ($3,865 median), New York ($3,076), Rhode Island ($3,071), Massachusetts ($2,974), Illinois ($2,504), Vermont ($2,835), Wisconsin ($2,777), California ($2,275), Washington ($2,250) and Alaska ($2,241).
Ranking the states by their median tax rates, though, produces a rather different list of heavy and light taxers, and may indeed be the more accurate measure. For example, Texas, which collects a median $1,926 from its home owners in property taxes per year, turns out to be nearly the heaviest taxer among the states in terms of rate-a median $18.17 per $1,000 of value. Only Wisconsin imposes a heavier rate - $18.20 per $1,000. Other states that rank among the highest by rate include Nebraska ($16.69 per $1,000), Vermont ($16.35), New Hampshire ($16.33), New Jersey ($16.03), Illinois ($15.79) and North Dakota ($14.97).
Mortgage Rates Inch Up Again
Freddie Mac's June 1 survey of mortgage rates shows that the 30-year fixed-rate mortgage (FRM) averaged 6.42 percent with an average 0.4 point for the week ending May 31, up from the previous week when it averaged 6.37 percent. Last year at this time, the 30-year FRM averaged 6.67 percent. The 15-year FRM averaged 6.12 percent with an average 0.4 point, up from the previous week when it averaged 6.06 percent. A year ago, the 15-year FRM averaged 6.26 percent. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.19 percent for the week, with an average 0.5 point, up from the previous week when it averaged 6.02 percent. A year ago, the 5-year ARM averaged 6.26 percent.
California Sales Slump, Median Price Rises
California's existing housing sales slumped 27.8 percent in April, compared to a year ago, but the median price rose 6.2 percent, in a market characterized by less action in the more affordable sector. Tighter mortgage underwriting standards for riskier mortgages is cutting into the share of more affordable homes sold, especially in more expensive markets where prime loans remain widely available. The California Association of Realtors reported 373,280 single-family detached home sales statewide in April, down from 516,960 a year ago, as prices rose from a median of $562,820 to $597,640. Condo sales were down less, 19.4 percent as prices rose 1.8 percent to a median of $439,850.
Copyright © 2007 Realty Times. All rights reserved. 6/8/07
Monday, June 11, 2007
Soft Landing for Home Sales
The NATIONAL ASSOCIATION OF REALTORS® still expects more than 6 million existing-home sales in 2007, but stricter lending standards and a decline in subprime mortgage origination have contributed to somewhat lowered expectations compared with earlier forecasts, according to the latest projections from NAR.
Lawrence Yun, NAR senior economist, says one benefit for the market is the disappearance of speculative behavior, which contributed to abnormal price growth.
"Home buyers today are purchasing for the long term, generally with a realistic expectation of modest gains over time," Yun says. "Housing first and foremost is shelter. Second, it's a long-term investment that slowly builds the greatest amount of wealth for most families. It's good that we're getting beyond the tendency of some buyers to view housing as a temporary asset to accumulate short-term wealth, which is not to be expected in a normal market."
Housing Projections
NAR expects the following in home sales this year:
Existing-home sales are likely to total 6.29 million this year and 6.49 million in 2008, compared with 6.48 million last year.
New-home sales are projected at 864,000 in 2007 and 936,000 next year, lower than the 1.05 million in 2006.
Housing starts should total 1.46 million units this year and 1.52 million in 2008, down from 1.80 million last year.
If it weren't for a favorable economic backdrop, housing would probably have a hard landing," Yun says. "As it is, we see this as a soft landing with home sales rising gradually in the second half of the year and prices recovering a bit later."
The 30-year fixed-rate mortgage should rise slowly to 6.5 percent by the fourth quarter, NAR predicts. Last week, Freddie Mac reported the 30-year rate was 6.16 percent.
The national median existing-home price is forecast to slip 1 percent to $219,800 this year, and then rise 1.4 percent in 2008. The median new-home price is expected to be essentially unchanged at $246,400 in 2007, and then rise 2.2 percent next year.
The unemployment rate will probably average 4.6 percent this year, unchanged from 2006. Inflation, as measured by the Consumer Price Index, is estimated to decline to 2.5 percent in 2007, down from 3.2 percent last year. Growth in the U.S. gross domestic product is projected at 2.1 percent in 2007, lower than the 3.3 percent growth last year. Inflation-adjusted disposable personal income should rise 2.6 percent in 2007, the same as last year.
Lawrence Yun, NAR senior economist, says one benefit for the market is the disappearance of speculative behavior, which contributed to abnormal price growth.
"Home buyers today are purchasing for the long term, generally with a realistic expectation of modest gains over time," Yun says. "Housing first and foremost is shelter. Second, it's a long-term investment that slowly builds the greatest amount of wealth for most families. It's good that we're getting beyond the tendency of some buyers to view housing as a temporary asset to accumulate short-term wealth, which is not to be expected in a normal market."
Housing Projections
NAR expects the following in home sales this year:
Existing-home sales are likely to total 6.29 million this year and 6.49 million in 2008, compared with 6.48 million last year.
New-home sales are projected at 864,000 in 2007 and 936,000 next year, lower than the 1.05 million in 2006.
Housing starts should total 1.46 million units this year and 1.52 million in 2008, down from 1.80 million last year.
If it weren't for a favorable economic backdrop, housing would probably have a hard landing," Yun says. "As it is, we see this as a soft landing with home sales rising gradually in the second half of the year and prices recovering a bit later."
The 30-year fixed-rate mortgage should rise slowly to 6.5 percent by the fourth quarter, NAR predicts. Last week, Freddie Mac reported the 30-year rate was 6.16 percent.
The national median existing-home price is forecast to slip 1 percent to $219,800 this year, and then rise 1.4 percent in 2008. The median new-home price is expected to be essentially unchanged at $246,400 in 2007, and then rise 2.2 percent next year.
The unemployment rate will probably average 4.6 percent this year, unchanged from 2006. Inflation, as measured by the Consumer Price Index, is estimated to decline to 2.5 percent in 2007, down from 3.2 percent last year. Growth in the U.S. gross domestic product is projected at 2.1 percent in 2007, lower than the 3.3 percent growth last year. Inflation-adjusted disposable personal income should rise 2.6 percent in 2007, the same as last year.