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Tag: Canadian home sales

  • Report: US Home Prices On the Rise

    Home Buying 5The National Association of Realtors recently announced the latest US real estate figures and the numbers are encouraging for anyone considering selling their home.

    Evidently, home price growth accelerated in much of the country during the fourth quarter of 2014.

    This is a fantastic development for anyone hoping to get a good price on their home for sale. Continue reading to learn more.

    What You Should Know About US Home Sales

    Here is an overview of the highlights of the most recent real estate market report:

    • The median price of an existing single-family home increased year-over-year in 86 percent of 175 metropolitan areas.
    • 24 areas had price gains of 10 percent or more.
    • That figure is up from 16 regions during the third quarter.
    • Meanwhile, prices declined in 24 areas.
    • Experts credit the home price acceleration at least in part to low mortgage rates and improving employment conditions.
    • Still, home price gains are reducing affordability in areas across the country, which had 25 percent growth on average over the last three years.
    • At the end of the fourth quarter, there were 1.85 million previously-owned homes listed for sale, down from 2.01 million a year earlier.
    • The number of markets that saw year-over-year price gains in the fourth quarter has increased.
    • The median price for an existing single-family home in the three months through December was $208,700, which is up 6 percent from the fourth quarter of 2013.

    A Different Effect Seen in Canada

    As US home prices have increased, a lot of Canadian cities are seeing declines in home prices.

    According to the market data:

    • Home prices have started trending downward in several major Canadian cities, including Montreal, Winnipeg, Calgary and Hamilton, Ont.
    • Still, at least two major cities showed gains. On an annual basis, home prices were up 7.4 percent in Toronto and up 5.1 percent in Vancouver.

    When It Comes to Real Estate, Knowledge is Power

    We take pride in being able to provide you with the most up-to-date market information so that you can make informed decisions as home buyers and sellers.

    Check back soon for even more updates on the state of the national housing market and how that may impact you as a buyer or seller.

  • US Real Estate Market Sees 6-Year Home Sales High

    US Home SalesWe’re breaking records on the U.S. housing market!

    Evidently, during the month of August, national home sales reached their highest levels in more than six years, according to a recent report from the Commerce Department.

    This is incredible! That means that sales activity has returned to the levels it was pre-bubble burst. And this spells great success for anyone interested in listing their home on the market.

    A Closer Look at US Home Data

    According to Commerce Department figures, new home sales jumped 18 percent to a 504,000 annualized rate, which is the strongest it’s been since May 2008.

    Not only that, but this rate is even higher than the highest forecast made by a Bloomberg survey of economists.

    This one-month increase shattered a 22-year record. That’s because the last time the US housing market saw a one-month increase this big was 1992.

    Here’s what else the Commerce Department revealed in its report:

    • Economists surveyed in the Bloomberg report said the pace would increase between 405,000 and 455,000.
    • The median forecast of 74 economists was that the pace would increase 430,000.
    • The median sales price of a new house increased 8 percent year over year in August, to $275,600
    • Home purchases increased in three of four U.S. regions. The West led the group with a 50 percent jump.
    • The housing inventory (given the current sales rate) dropped to 4.8 months from 5.6 months in July.
    • There were 203,000 new houses on the market at the end of August.
    • Existing home sales decreased 1.8 percent to a 5.05 million annual pace last month. This occurred after existing home sales reached a 10-month high of 5.14 million in July.
    • Housing starts decreased 14.4 percent to a 956,000 annualized rate. This occurred after July’s 1.12 million pace was the strongest it’s been since November 2007.

    Canada Home Sales See Encouraging Numbers as Well

    • Canadian national home sales increased 1.8 percent from July to August.
    • Actual (not seasonally adjusted) activity were 2.1 percent above August 2013 levels.
    • The number of newly listed homes decreased 1.2 percent between July to August.
    • The MLS Home Price Index increased 5.3 percent in August when compared to last year.
    • The national average sale price also increased 5.3 percent in August when compared to last year.

    Moving The US Real Estate Market Forward

    Experts say that the housing market has been growing in fits and starts but that steady growth is what will be needed in the long-term to effectively stabilize the market.

    Still, home sellers can be encouraged by these recent numbers as they do demonstrate that the market is headed in the right direction!

    Check back here soon as we continue to watch the housing market, looking for trends that impact you as home buyers and sellers.