NAR National Median Price Posts Greatest Increase Since 2005

first_img Agents & Brokers Attorneys & Title Companies For-Sale Homes Home Prices Home Sales Housing Affordability Investors Lenders & Servicers National Association of Realtors Processing Service Providers 2013-05-09 Tory Barringer The latest quarterly report from the “”National Association of Realtors””: (NAR) shows home purchasing power remained high in the first quarter even as median prices continued their upward trend.[IMAGE]Nationally, the median existing single-family home price was $176,600, up 11.3 percent year-over-year–the strongest yearly price increase since the fourth quarter of 2005, when the national median price jumped 13.6 percent.Distressed sales–foreclosures and short sales generally sold at deep discounts–accounted for 23 percent of first-quarter sales, down from 32 percent during Q1 2012.According to NAR, the median existing single-family home price rose in 133 out of 150 metropolitan statistical areas (MSAs) in the first quarter compared to the same period last year. That figure is compared to Q4 2012, which in itself saw nearly double the number of markets showing gains compared to the year before. NAR chief economist Lawrence Yun said many areas are experiencing a seller’s market.””The supply/demand balance is clearly tilted toward sellers in a good portion of the country. Inventory conditions are expected to remain fairly constrained this year, so overall price increases should be well above the historic gain of one-to-two percentage points above the rate of inflation. If home builders can continue to ramp up production, then home price growth is expected to moderate in 2014,”” he said.Yun added that previously hard-hit markets like Phoenix, Sacramento, and Miami continued their dramatic turnaround, while areas like Atlanta, Minneapolis, and [COLUMN_BREAK]Seattle have begun to show signs that they might be ready to bounce back.While the market might be balanced toward sellers, NAR president Gary Thomas commented that conditions are still good for buyers.””Even with rising home prices, there is still plenty of buying power in the market,”” he said. “”Historically low mortgage interest rates and home prices that remain well below their peak mean most buyers can purchase well within their means, assuming they meet ongoing stringent credit standards.””According to the association, the national median family income was $62,200 in Q1. In order to purchase a home at the national median price, a buyer making a 5 percent down payment would need an income of $36,500. At a 10 percent down payment, the required income would be $34,600, and at 20 percent, the required income would be $30,700.NAR also reported on existing-home sales (including single-family and condo) for the first quarter. Total existing-home sales were at a seasonally adjusted annual rate of 4.94 million, up 0.8 percent from Q4 and 9.8 percent over Q1 2012. Sales were at the highest level since Q4 2009, when they reached a rate of 4.95 million as buyers responded to tax incentives.Regionally, existing-home sales rose 4.4 percent quarter-over-quarter and 9.1 percent year-over-year in the Northeast. The median existing single-family home price was $234,000, up 2.9 percent from the first quarter of 2012.In the Midwest, existing-home sales increased 1.2 percent over Q4 2012 and 15.0 percent over Q1 2012. The median existing single-family home price was $135,100, an increase of 8.2 percent year-over-year.Existing-home sales in the South edged up 0.7 percent in the first quarter, coming in 13.3 percent above the same period last year. The regional median price was $156,800, 9.3 percent above Q1 2012.Finally, existing-home sales declined 1.1 percent quarter-over-quarter in the West, reflecting the region’s severe supply shortage. Year-over-year, sales were up 0.6 percent. The median existing single-family home price in the region was $247,800, an annual increase of 24.4 percent. in Data, Government, Origination, Secondary Market, Servicing NAR: National Median Price Posts Greatest Increase Since 2005center_img May 9, 2013 425 Views Sharelast_img read more

Derrick Hall satisfied with Dbacks buying and se

first_img Derrick Hall satisfied with D-backs’ buying and selling If the Arizona Cardinals want to retain the services of wide receiver Jaron Brown, they may need to dig a little deeper into their checkbook than expected.Former Cardinals assistant wide receivers coach Darryl Drake said nine teams have called him about the free agent, Mike Jurecki revealed on The Blitz with B-Train and Jurecki on Monday morning. Some have expressed interest in signing him as a No. 2 receiver.“It’s definitely encouraging to have some teams showing interest,” Brown said on 98.7 FM Arizona’s Sports Station. “I really only need one team to take a chance and just give me an opportunity to show what I can do.” Related LinksReport: Cardinals, three other teams finalists to land QB Kirk CousinsArizona Cardinals’ cap space to limit aggressiveness in free agencySteve Keim: Cardinals looking to re-sign ‘four or five’ free agentsBrown spent his first five years in the Valley after signing as an undrafted free agent in 2013. He started every game for the first three seasons, but in October 2016, he tore his ACL. He finished the season with only 11 catches but averaged 17 yards per reception.Healthy again in 2017, Brown showed bursts of solid play – most notably, an eight-catch, 105-yard game against San Francisco – but was inconsistent and averaged only 29.8 yards per game. He finished the season with 477 yards and 31 receptions, second-most on the team.His upside as a deep threat and impact on special teams has prompted interest from others around the league.Despite up-and-down play last season coming off injury, Brown is confident he can be a No. 2 receiver.“I don’t feel like I put up the numbers I should have put up,” he said. “That’s what the offseason’s for, and I’m going to come back next year even better.”Brown said he’s open to returning to the Cardinals if they have interest. As the team that took a chance on him five years ago, it’s the only professional environment he’s known. He also has veteran influences such as Larry Fitzgerald.“That’s one guy that kind of taught me how to be a pro,” Brown said. “Outside of football, taking care of your body, just doing the little things during the offseason, throughout the week during the season. I could go on and on, but just kind of learning how to be a pro.” Grace expects Greinke trade to have emotional impact Top Stories center_img The 5: Takeaways from the Coyotes’ introduction of Alex Meruelo Former Cardinals kicker Phil Dawson retires 16 Comments   Share   last_img read more