Archive for February 2015
Low Inventory Affecting Home Sales
U.S. home resales fell sharply to their lowest level in nine months in January amid a shortage of properties on the market, a setback that could temper expectations for anacceleration in housing activity this year.
The National Association of Realtors said on Monday existing home sales declined 4.9 percent to an annual rate of 4.82 million units, the lowest level since April last year.
Sales fell in all four regions. Revisions to sales data going back to 2012 were minor. Sales slumped last month despite a decline in mortgage rates, which saw the 30-year rate hitting a 20-month low.
Tight inventories are hurting sales by limiting the selection of houses available to potential buyers. The lack of supply is also keeping house prices elevated, helping to sideline first-time buyers from the market.
There is hope that a tightening labor market would spur sturdy wage growth and pull first-time buyers into the market. But unless there is a significant pickup in the number of homes available for sale, the housing recovery could remain sluggish.
www.TheJerseyShoreHomeFinder.com
Economists polled by Reuters had forecast existing home sales falling only to a 4.97-million unit pace last month. Sales were up 3.2 percent from a year ago.
Last month, the inventory of unsold homes on the market slipped 0.5 percent from a year ago to 1.87 million. It was the second straight year-on-year decline. According to the Realtors group, supply should be rising by at least 10 percent.
Economists say insufficient equity and uncertainty about the economy’s strength were forcing potential sellers to stay in their homes.
A survey by the Realtors group showed homeowners on average staying in their homes for 10 years instead of the typical seven years.
At January’s sales pace, it would take 4.7 months to clear houses from the market, down 2.1 percent from a year-ago. A six months’ supply is viewed as a healthy balance between supply and demand.
The is little hope that supply will increase in the near-term. Data last week showed groundbreaking for single-family home projects fell sharply in January. Permits for future single-family home building also declined.
The shrinking supply of previously owned homes lifted the median home price 6.2 percent in January to $199,600 from a year ago. The pace, which had been slowing after double-digit growth for much of 2013, appears to be reaccelerating, which will further reduce affordability.
As reported by Reuters at: http://in.reuters.com/article/2015/02/23/us-usa-economy-housing-idINKBN0LR1DE20150223
Ocean County Supply and Demand Report
Property Type: Residential |
|
County: Ocean |
MLS Total
|
Current Active Listings | |
Number |
5,046
|
List Price Volume |
1,814,766,498
|
List Price Average |
359,645
|
Average Days on Market |
120
|
Total Sold | |
Number |
435
|
List Price Volume |
106,846,249
|
List Price Average |
245,624
|
Sale Price volume |
101,847,691
|
Sale Price Average |
234,133
|
Average Days on Market |
91
|
Under Contract Listings | |
Number |
688
|
List Price Volume |
172,634,396
|
List Price Average |
250,922
|
Average Days on Market |
94
|
Back On Market Listings | |
Number |
0
|
List Price Volume | |
List Price Average | |
Expired Listings | |
Number |
544
|
List Price Volume |
193,567,620
|
List Price Average |
355,823
|
Average Days on Market |
199
|
Withdrawn Cancelled Listings | |
Number |
216
|
List Price Volume |
66,174,993
|
List Price Average |
306,366
|
Average Days on Market |
144
|
For more information; contact Karl Hess, Keller Williams Realty, Jersey Shore Homes @ 609-553-7926 or 732-942-5280, ext 133
Information is deemed to be reliable, but is not guaranteed. © 2015 MLS and FBS. Prepared by Karl Hess on The Jersey Shore in Ocean County on Monday, February 23, 2015 12:56 PM.