gamesindustryblog.com
gamesindustryblog.com April 23, 2017


Existing home sales close 2016 as best year in a decade

25 January 2017, 10:57 | Ignacio Smith

Existing home sales in 2016 finished at their strongest pace since 2006

Existing home sales in 2016 finished at their strongest pace since 2006

December struggled with affordability and low levels of supply, bringing down its existing home sales by 2.8% to a seasonally adjusted rate of 5.49 million, down from an upwardly revised 5.65 million in November. In spite of the decline at the end of year, 2016 has been the best sales year since 2006, noted TD Economics in a research report. In addition to the lack of properties to purchase, rising home prices and mortgage rates also likely sidelined some buyers last month.

Economists had forecast sales declining 1.1 percent to a 5.52 million-unit pace in December.

Digging into the data a bit deeper, we can see that the median existing home price for all types of home was $232,200 in December, up from $223,200 one year ago.

United States home sales had a big drop last month after three months of increases.

"Solid job creation throughout 2016 and exceptionally low mortgage rates translated into a good year for the housing market", he said.

Total housing inventory at the end of December dropped 10.8 percent to 1.65 million existing homes available for sale, which is the lowest level since NAR began tracking housing supply in 1999.

The statewide median price in December was $174,900, up 6 percent from December 2015 when the median price was $165,000. "Given current population and economic growth trends, housing starts should be in the range of 1.5 million to 1.6 million completions and not stuck at recessionary levels".

Women's March on Washington: Canadians turned away from U.S. by Border Security
The two French citizens were denied entry and also informed that there would need a visa for any future visit to the US. A dual Canadian-American citizen, Elizabeth Wolfenden said she cried for hours after Trump was elected.

"Constrained inventory in many areas and climbing rents, home prices and mortgage rates means it's not getting any easier to be a first-time buyer", he continued.

First-time buyers represented 32 percent of sales in December, unchanged from November and a year ago, NAR said.

Completed transactions of single-family homes, townhomes, condominiums and co-ops finished the year at 5.45 million sales.

The average sale price in OH was $159,531 last month, up 4.8 percent from late 2015. He also said it is hard to sell homes that are not for sale.

The recent drop in home sales comes after a three month increase, so experts aren't too concerned about the latest numbers. Rising mortgage rates could, however, slow house price increases.

Perhaps paralyzed by uncertainty following the presidential election and confronted with rising home prices, potential homebuyers made a decision to hold off on purchases in Chicago during December, data released Tuesday show. He thinks sales will increase moderately - 2.4 to 3.3 percent.

At the same time, the fixed 30-year mortgage rate increased 43 basis points in December from November to an average of 4.20 percent, according to data from mortgage finance firm Freddie Mac.



Other News

Trending Now

Jurgen Klopp: What Liverpool have to do after hard moments
For us it is still absolutely important to finish the season as good as possible whatever it means and then we will see.

OR jobless rate drops to record low set in 1995
Kentucky's trade, transportation and utilities sector grew by 2,100 jobs from November to December, according to the survey. The county's annual average rate topped out at 16.7 percent in 2010, during the depths of the recession in the Valley.

Star Wars: Episode 8 will be called The Last Jedi
Lucasfilm and Disney have officially unveiled the title card and name of the next big sci-fi epic: Star Wars: The Last Jedi . It will also feature the late Carrie Fisher as filming finished before her death in December previous year .

NHTSA's full final investigation into Tesla's Autopilot shows 40% crash rate reduction
His case was the first fatality in a Tesla vehicle and has since raised questions about the safety of autonomous vehicles. Tesla Model S and Model X vehicles both show dramatically reduced crash rates after Autosteer is installed.

Australian Open: Birthday girl Kerber survives another scare, advances to Round 3
Twelfth seed and 2008 finalist, Jo-Wilfried Tsonga, also progressed from the second round by beating Dusan Lajovic 6-2, 6-2, 6-3. The match was reminiscent of Kerber's first round match a year ago, when she faced match point against Japan's Misaki Do.

Manchester United Interested in La Liga Superstar
Manchester United are eager to bring the French superstar to Old Trafford in the summer and are willing to pay his £86m release clause to do so.

Australian Open: Federer revival faces Nishikori test
The Swiss ace emerged victorious 6-7 (4-7), 6-4, 6-1, 4-6, 6-3 in the match, which lasted for three hours and 23 minutes. This is the 49th grand slam in which Federer has reached the last eight, while Zverev's quarter-final will be his first.

Mom shares outrageous video of child taped to wall
You can't cook because they're running around? She says: 'They called Children Services on me, so f*** it, now he in the corner. Rudolph also threatened to put more tape on the boy, telling him to "sit still" as he was covered in packaging tape.

A Giant Gravity Wave Has Been Found in Venus' Clouds
Before Venus flashed its giant sideways smile, scientists didn't think gravity waves could reach so high up in the atmosphere. The readings were taken over a few days in December 2015, shortly after the orbiter arrived at Earth's sister planet.

Bandai Namco Has Released a New Little Nightmares Trailer
Little Nightmare stars Six, a little girl trapped in a prison called The Maw where every room is a puzzle. PC and PS4 pre-orders receive the soundtrack along with an exclusive PS4 theme or PC wallpaper.