New Home Supply Remains Firmly In “Seller’s Market” Territory

Oct 26

New Home Supply Remains Firmly In “Seller’s Market” Territory

October 26, 2012 By Justin Paulhamus Leave a Comment

The U.S. housing market appears headed for a strong close to 2012. According to the U.S. Census Bureau, the number of new homes sold jumped to 389,000 units in September 2012 on a seasonally-adjusted, annualized basis. Not since the expiration of the $8,000 federal home buyer tax credit in April 2010 have new homes sold at such volumes. September's tally marks a 5.7 percent increase from the month prior, and a 27 percent increase from September 2011. There are now just 145,000 new homes … [Read more...]

Filed Under: Buying Real Estate in Washington, DC, Selling Real Estate in Washington, DC Tagged With: Buyer, homes for sale, Mortgage loan, mortgage rates, New Home Sales, New Home Supply, Real estate pricing, Supply and demand, U.S. Housing Market, United States Census Bureau

Oct 17

Home Builder Confidence Moves To 6-Year High

October 17, 2012 By Jessica Wilkie Leave a Comment

As home prices rise, so does home builder confidence. Tuesday, the National Association of Homebuilders reported its monthly Housing Market Index (HMI) at 41, a one-tick improvement from September and the highest HMI value since June 2006 -- a span of 77 months. The Housing Market Index is a homebuilder confidence indicator. When it reads 50 or better, the HMI suggests favorable conditions for home builders nationwide. Readings below 50 suggest unfavorable conditions for builders. The … [Read more...]

Filed Under: Buying Real Estate in Washington, DC, Selling Real Estate in Washington, DC Tagged With: Buyer, HMI, Home Builders, Home construction, Housing Market Index, NAHB, National Association of Home Builders, Real estate pricing, September, U.S. Housing Market

Oct 16

Buyers Win 6.6 Percent Increase In Purchasing Power

October 16, 2012 By Joshua Oliver Leave a Comment

Mortgage rates in District of Columbia continue to troll near all-time lows, boosting the purchasing power of home buyers statewide. According to Freddie Mac's most recent Primary Mortgage Market survey, the average 30-year fixed rate mortgage is now 3.39 percent nationwide, just three ticks off an all-time low. At the start of last quarter, 30-year fixed rate mortgage rates averaged 3.62 percent. One year ago, they averaged 4.12%. When mortgage rates are falling, they present DC home … [Read more...]

Filed Under: Buying Real Estate in Washington, DC Tagged With: Buyer, Fixed rate mortgage, Freddie Mac, Market research, Mortgage loan, mortgage rates, Purchasing Power, U.S. Housing Market, washington dc

Jun 20

Simple Real Estate Definitions : Home Inspection

June 20, 2012 By Jessica Wilkie Leave a Comment

When you preview homes as a home buyer, you can get a good feel for the home's visible traits -- its finishes, its room counts, and its landscaping, for example. What you can't get a feel for, though, is the home's "bones". It's for this reason that real estate professionals recommend that you have a property formally inspected immediately after going into contract for it. A home inspection is a thorough, top-to-bottom check-up of a property's structure and systems. It is not the same as a … [Read more...]

Filed Under: Buying Real Estate in Washington, DC, Selling Real Estate in Washington, DC Tagged With: Buyer, Electrical network, Home inspection, Home Sales, HVAC, Inspection, Physical examination, Property, real estate

May 24

New Home Sales Rise For 7th Month Out Of 8

May 24, 2012 By Justin Paulhamus Leave a Comment

The April New Home Sales report suggests that the market for newly-built homes is as strong as the market for existing ones. According to the U.S. Census Bureau, the number of new homes sold rose 3.3 percent in April to a seasonally-adjusted, annualized 343,000 units sold -- its second-highest reading since April 2010. April 2010 marked the last month of that year's federal home buyer tax credit program. April's New Home Sales data also marks the 7th of eight consecutive months during … [Read more...]

Filed Under: Selling Real Estate in Washington, DC Tagged With: Buyer, Homebuilder Confidence, Mortgage loan, New Home Sales, New Home Supply, Real estate pricing, Seasonal adjustment, Supply and demand, United States Census Bureau, Washington D.C.

Apr 25

New Home Sales Revised Higher In February; Slip 7% In March

April 25, 2012 By Justin Paulhamus 1 Comment

Sales of new homes ticked lower in March, unexpectedly. Based on Census Bureau data, the number of new, single-family homes sold in March slipped 7 percent from February -- the largest one-month drop in more than a year. On a seasonally-adjusted, annualized basis, buyers in DC and nationwide purchased 328,000 newly-built homes last month. The decrease in sales from February to March can be attributed, in part, though, to a massive upward revision in February's figures. Last month, the … [Read more...]

Filed Under: Selling Real Estate in Washington, DC Tagged With: Buyer, Census Bureau, February, New Home Sales, New Home Supply, Real estate economics, Seasonal adjustment, U.S. Housing Market

Apr 17

Homebuilder Confidence Slips 3 Points In April

April 17, 2012 By Jessica Wilkie Leave a Comment

For the first time in 3 months, homebuilder confidence has slipped. As measured by the National Association of Homebuilders, the Housing Market Index dropped three notches in April to a reading of 25. The report measures homebuilder confidence in the newly-built, single-family housing market. When the Housing Market Index reads 50 or better, it reflects favorable market conditions. Readings below 50 reflect unfavorable conditions. According to the scale, not since April 2006 have … [Read more...]

Filed Under: Buying Real Estate in Washington, DC Tagged With: April, Buyer, HMI, Homebuilder Confidence, Housing Market Index, Mortgage loan, NAHB, National Association of Home Builder, Real estate economics, Single-family detached home, washington dc

Mar 27

New Home Sales Slip In February

March 27, 2012 By Barbara Morrocco 1 Comment

Sales of "new homes" fell to the lowest levels in four months last month. According to the Census Bureau's monthly New Home Sales report, 313,000 new homes were sold in February 2012 on a seasonally-adjusted, annualized basis, representing a 1.6% drop from the month prior. A "new home" is a home for which there has been no prior owner nor tenant. At first glance, the data looks negative for the housing market; a suggestion that the well-publicized housing market recovery may be slowed. … [Read more...]

Filed Under: Buying Real Estate in Washington, DC, Selling Real Estate in Washington, DC Tagged With: Buyer, Census Bureau, District of Columbia, February, National Association of Realtors, New Home Sales, New Home Supply, real estate, Real estate economics, U.S. Housing Market, washington dc

Feb 14

Fewer Jobless Claims Suggests Higher Home Prices Ahead

February 14, 2012 By Joshua Oliver 1 Comment

Economists believe the strength of the 2012 housing market will be closely tied to jobs. If they're right, the housing market is ripe for a boost. It spells good news for District of Columbia home sellers and may mean the end of bargain-basement prices for buyers. Since peaking in mid-2009, the number of U.S. workers filing for first-time unemployment benefits has dropped 44 percent. Over the same period of time, the U.S. economy has added more than 2 million jobs and the national … [Read more...]

Filed Under: Buying Real Estate in Washington, DC Tagged With: Buyer, Department of Labor, Federal Housing Administration, Initial Jobless Claims, Jobless claims, Jobs, Labour economics, Real estate economics, Real estate pricing, Unemployment, United States

Jan 31

Supply Of New Homes At 6.1 Months Nationwide

January 31, 2012 By Joshua Oliver 3 Comments

New Home Sales slowed into the New Year but the market for newly-built homes remains strong. For home buyers in DC and nationwide, December's New Home Sales report is yet one more signal that the housing market recovery may be underway. According to the Census Bureau, the number of new homes sold in December 2011 slipped 2 percent to 307,000 units on a seasonally-adjusted, annualized basis nationwide. A "new home" is a home that is considered new construction; a home for which the buyer … [Read more...]

Filed Under: Buying Real Estate in Washington, DC Tagged With: Buyer, Census Bureau, New Home Sales, New Home Supply, real estate, Real estate economics, Sales, United States Census Bureau, washington dc