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Sales in February Solidly Higher Than a Year Ago

Tue, 27 Mar 2012 09:29:06 -0600

Pending home sales were down slightly in February but remain notably above the pattern in the first half of last year, according to the National Association of Realtors®.

The Pending Home Sales Index,* a forward-looking indicator based on contract signings, eased 0.5 percent to 96.5 in February from 97.0 in January but is 9.2 percent above February 2011 when it was 88.4. The data reflects contracts but not closings.

Lawrence Yun, NAR chief economist, said we’re seeing the continuation of an uneven but higher sales pattern. “The spring home buying season looks bright because of an elevated level of contract offers so far this year,” he said. “If activity is sustained near present levels, existing-home sales will see their best performance in five years. Based on all of the factors in the current market, that’s what we’re expecting with sales rising 7 to 10 percent in 2012.”

The PHSI in the Northeast slipped 0.6 percent to 77.7 in February but is 18.4 percent above a year ago. In the Midwest the index jumped 6.5 percent to 93.8 and is 19.0 percent higher than February 2011. Pending home sales in the South fell 3.0 percent to an index of 105.8 in February but are 7.8 percent above a year ago. In the West the index declined 2.6 percent in February to 99.3 and is 1.8 percent below February 2011.

Texas Foreclosure Rate Still Far Below National Average

Tue, 15 Nov 2011 06:33:53 -0600

One in every 988 housing units in Texas had a foreclosure filing on it in October, according to statistics from foreclosure-data aggregator RealtyTrac. Nevada continues to occupy the undesirable top spot on this list, where one in every 180 houses has a foreclosure filing. The national average for the month was one in 563.

For sheer numbers of foreclosures, California exceeded all other states in October, with 55,312. By comparison, Texas logged 9,845 foreclosure notices during the month.

For information about the Texas economy and real estate markets that you can share with clients and prospects, visit the Texas Market News section of TexasRealEstate.com.

Home prices rise statewide in Texas

Fri, 05 Aug 2011 08:37:54 -0600

The Texas Association of REALTORS® provides media outlets with the Texas Quarterly Housing Report, which reflects what's going on in 47 of the state's markets.

The latest report shows that real estate prices during the second quarter of 2011 indicate strength in the Texas market:
The median price was $150,400, 1% higher than the same quarter of 2010. The average price in 2011-Q2 was $201,288, 4.6% higher than 2010-Q2.

The increase in the average price of Texas homes indicates more activity among higher priced homes. Buyers of higher priced homes have been less affected by tightened mortgage lending standards, and real estate has been an attractive investment vehicle due to instability in other investments, such as securities.

Another important market indicator is the inventory of homes available for sale compared with the demand to buy homes. Measured in months, Texas had 8.1 months of inventory in the second quarter of 2011 compared to 7.2 months in Q2-2010. This is still fairly balanced, with some of the additional inventory believed to be banks resuming foreclosure proceedings.

Pending Home Sales Rise in June

Fri, 05 Aug 2011 08:35:36 -0600

Pending home sales increased in June following a wide swing down in April and then up in May, according to the National Association of Realtors®. Activity increased in the West and South but declined in the Midwest and Northeast; all regions show strong double-digit gains from a year ago.

The Pending Home Sales Index,* a forward-looking indicator based on contract signings, rose 2.4 percent to 90.9 in June from 88.8 in May and is 19.8 percent above the 75.9 reading in June 2010, which was the low point immediately following expiration of the home buyer tax credit. The data reflects contracts but not closings.

Pending Home Sales Rise Again in March

Tue, 03 May 2011 07:06:34 -0600

March saw another increase in pending home sales, with contract activity rising unevenly in six of the past nine months, according to the National Association of Realtors®.

The Pending Home Sales Index,* a forward-looking indicator based on contract signings, rose 5.1 percent to 94.1 in March from a downwardly revised 89.5 in February. The index is 11.4 percent below 106.2 in March 2010; however, activity was at elevated levels in March and April of 2010 to meet the contract deadline for the home buyer tax credit.

The data reflects contracts but not closings, which normally occur with a lag time of one or two months.