NAR Archives - Page 2 of 2

Existing Home Sales Show Price Gains March 2013 The National Association of REALTORS® released its Existing Home Sales report for March on Monday.

Sales dipped from February’s seasonally adjusted annual rate of 4.95 million to 4.92 million existing homes sold in March, a decrease of 0.6 percent month-to-month.

This reading was lower than Wall Street’s consensus of 5.03 million existing homes sold, but there is also good news.

Sales of existing homes are up by 10.3 percent as compared to March 2012.

Economists note that existing home sales have performed within a narrow range of 4.90 to 4.96 million since November 2012.

This illustrates the impact of lower numbers of existing homes available for purchase in Colorado and around the country.

The National Association of Homebuilders Housing Market Index reports builder concerns including rising materials costs, tight construction credit and lack of available developed lots for building.

Demand for Homes, Fewer Distressed Properties Driving Median Home Price Gains

The national median price for existing homes was $184,300; this is an 11.8 percent increase over March 2012.

This was the largest year-over-year price increase since November 2005.

Low inventories of available homes for sale and fewer distressed properties on the market are supporting rising home prices.

Distressed home represented 21 percent of existing home sales in March, which was their lowest market share since data collection started in 2008.

Distressed home sales decreased from a 29 percent market share in March 2012.

With fewer “bargain-basement” homes on the market, homeowners waiting to sell may be more willing to list their homes which could add to the numbers of existing homes available.

Regional Median Home Prices Rise

Existing home sales declined in two of four U.S. regional markets, were unchanged in one market and rose in one market.

Sales of existing homes are calculated on an annual basis.

Northeast: Sales volume for March was unchanged at 630,000 homes sold annually. The median price is $237,000. This represents a year-over-increase of 6.8 percent since March 2012.

Midwest: Sales increased by 1.8 percent to 1.16 million homes. The median price rose to $141,800, an increase of 7.8 percent year-over-year.

South: Sales volume dropped by1.5 percent to 1.95 million homes. The median home price is $161,700. This is a 10.4 percent increase as compared to March 2012.

West: Sales volume declined by 1.7 percent to 1.18 million homes. This represents an increase of 4.4 percent in existing home sales over March 2012. The median home price in the West has risen by 26.1 percent year-over-year to $258,100. This dramatic increase is attributed by high demand for homes caused by very low home inventories.

While regional median home prices rose across the board in March, regional sales volumes were varied; this suggests that if there were more homes available, there would be more buyers.

Lee Vanvolkenburg

15:43 23 Nov 23

Michael and his team were wonderful to deal with. They were excellent with communication and always available to answer questions. Thank you all!

williams lovos

22:54 16 Nov 23

We close on the house tomorrow! Thank you David and Michael for making my first home buying a smooth process. I had several out of the ordinary situations that would had easily not been possible to get the loan in the time that they were able to approve it. My wife and I are forever grateful for the work the team did. Thank you again!

Mario Silvestri III

16:45 16 Nov 23

Rex Perkins

16:56 15 Nov 23

Everything had been going well over the past two years since refinancing an existing mortgage. The application process, approval, servicing website, everything had been very smooth, nothing but the best service. I then had a minor issue arise. We had a wind loss claim on our home and, unfortunately, I had put off getting the check cosigned until the last minute. An issue arose as part of a minor miscommunication in terms of where the check was to be forwarded for endorsement.

To make a long story short, I feared that this miscommunication and misdirected check coupled with my procrastination were going to result in the check expiring and a huge hassle on my part to go through the process again. Mr. Inkman nor his branch were in any way involved with my account or account management, yet, the check inadvertently ended up in their draft loss department and I feared this would further delay things. I was a bit frantic.

One of those that I emailed was Mr. Inkman. In an era when customer service is not as valued as in the past, I was very skeptical I would meet the deadline. But, to my surprise, Mr. Inkman took it on his own to personally get things done and get the issue resolved. It appears that he tracked down the overnighted check personally, directed it for signature, packaged and overnighted the check back to me. All the while remaining professional and pleasant and providing consistent email updates on the status. It doesn't even look like he delegated, rather taking the initiative and seeing it through on his own.

To me, that's not just doing a job, that's going above and beyond in terms of leadership, professionalism, and customer service. We could not be more happy. And, as a further sign of good will, the Fairway CEO actually emailed me personally to follow-up and assure resolution. Been very happy with Fairway since my refinance, Mr. Inkman's efforts only further reinforce that opinion.

Samer Fallouh

15:01 15 Nov 23

Debbie Salas

21:47 03 Oct 23

This transaction probably would not have happened without Michael. Whenever we hit a stumbling block, he found a way around it! He kept us informed and was a positive light all the way through to the end and beyond.
Thanks

Eric Kieffer

22:46 16 Aug 23

Did business with Michael about 20 years ago and he was happy to help us again. He and his team did a great job. See you in another 20.

Existing Home Sales Numbers Show Value Gains Across America

Quick Links

Office Location