St Louis Mortgage and Real Estate News –
St Louis Mortgage Lending and Commercial Mortgage News: NAR Reports Existing Home Sales Up But Prices Down
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Existing home sales continued to recover in the first quarter with gains recorded in 49 states and the District of Columbia, while 22 percent of the available metropolitan areas saw prices rise from a year ago, according to the latest survey by the National Association of Realtors (NAR).
Total state existing-home sales, including single-family and condo, rose 8.3 percent to a seasonally adjusted annual rate of 5.14 million in the first quarter from 4.75 million in the fourth quarter, and are only 0.8 percent below a 5.18 million pace during the same period in 2010.
Also in the first quarter, the median existing single-family home price rose in 34 out of 153 metropolitan statistical areas (MSAs) from the first quarter of 2010, including four with double-digit increases; one was unchanged and
118 areas showed price declines.
The national median existing single-family home price was $158,700 in the first quarter, down 4.6 percent from $166,400 in the first quarter of 2010.
The median is where half sold for more and half sold for less according to St Louis mortgage professionals.
Distressed homes, typically sold at a discount of about 20 percent, accounted for 39 percent of first quarter sales, up from 36 percent a year earlier.
Although sales are slightly below a year ago, the volume of homes sold for $100,000 or less in the first quarter was 8.9 percent higher than the first quarter of 2010, creating a downward skew on the overall median price.
The share of all-cash home purchases rose to 33 percent in the first quarter from 27 percent in the first quarter of 2010.
Investors accounted for 21 percent of first quarter transactions, up from 18 percent a year ago, while first-time buyers purchased 32 percent of homes, down from 42 percent in the first quarter of 2010 when a tax credit was in
place.
Repeat buyers accounted for a 47 percent market share in the first quarter, up from 40 percent a year earlier.
According to Freddie Mac, the national commitment rate on a 30-year conventional fixed-rate mortgage averaged 4.85 percent in the first quarter, up from a record low 4.41 percent in the fourth quarter, but below the 5.00 percent average in the first quarter of 2010.
In the condo sector, metro area condominium and cooperative prices which covers changes in 53 metro areas showed the national median existing-condo price was $152,900 in the first quarter, down 10.4 percent from the first quarter of 2010.
Eleven metros showed increases in the median condo price from a year ago, one was unchanged and 41 areas had declines.
Regionally, existing-home sales in the Northeast increased 0.8 percent in the first quarter to a level of 800,000 but are 7.3 percent below the first quarter of 2010.
The median existing single-family home price in the Northeast declined 5.0 percent to $234,100 in the first quarter from a year ago.
Existing-home sales in the Midwest rose 7.9 percent in the first quarter to a pace of 1.09 million but are 5.0 percent below a year ago.
The median existing single-family home price in the Midwest fell 5.3 percent to $124,400 in the first quarter from the same period in 2010.
In the South, existing-home sales increased 8.5 percent in the first quarter to an annual rate of 1.96 million and are 2.8 percent higher than the first quarter of 2010.
The median existing single-family home price in the South slipped 0.6 percent to $141,800 in the first quarter from a year earlier.
Existing-home sales in the West jumped 13.5 percent in the first quarter to a level of 1.29 million and are 2.1 percent above a year ago.
The median existing single-family home price in the West fell 4.7 percent to $197,400 in the first quarter from the
first quarter of 2010.
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