Tag Archives: british
US existing home sales fell in April, latest NAR data shows
Despite properties in the United States typically selling faster than at any time since July 2013, existing home sales slowed in April, the latest data shows. But sales remained above an annual sales pace of five million for the second straight month, according to the report from the National Association of Realtors. The data report also shows that median existing home prices for all housing types in April was $219,400, which is 8.9% above April 2014, the 38th consecutive month of year on year price gains and is the largest since January 2014 when it was 10.1%. All major regions except for the Midwest experienced sales declines in April with completed transactions that include single family homes, town homes, condominiums and co–ops, falling 3.3% to a seasonally adjusted annual rate of 5.04 million in April from an upwardly revised 5.21 million in March Despite the monthly decline, sales have increased year on year for seven consecutive months and are still 6.1% above a year ago and NAR chief economist Lawrence Yun said that sales April's setback was the result of lagging supply relative to demand and the upward pressure it's putting on prices. ‘However, the overall data and feedback we're hearing from realtors continues to point to elevated levels of buying interest compared to a year ago. With low interest rates and job growth, more buyers will be encouraged to enter the market unless prices accelerate even higher in relation to incomes,’ he added. A regional breakdown of the figures shows that in April existing home sales in the Northeast declined 3.1% but are 1.6%. The median price in the Northeast was $253,200, which is 3.6% higher than April 2014. In the Midwest, existing home sales increased 1.7% and are 13% above April 2014. The median price in the Midwest was $173,700, up 11.4% from a year ago. Existing home sales in the South declined 6.8% but are still 3.6% above April 2014. The median price in the South was $189,400, up 8.5% from a year ago. In the West existing home sales decreased 1.7% but are still 6.4% above a year ago. The median price in the West was $318,700, which is 10% above April 2014. Total housing inventory at the end of April increased 10% to 2.21 million existing homes available for sale, but is still 0.9% below a year ago while unsold inventory is at a 5.3 month supply at the current sales pace, up from 4.6 months in March. With demand far exceeding supply, properties sold in April faster, at 39 days, than at any time since July 2013 when it was 42 days and the second shortest time since it was 37 days in June 2013. Short sales were on the market the longest at a median of 180 days in April, while foreclosures sold in 50 days and non–distressed homes took 38 days. Some 46% of homes sold in April were on the market for less than a month. ‘Housing inventory declined… Continue reading
Pre-election jitters saw UK asking prices fall by 0.1% in May
There was an unseasonal drop in new seller asking prices in the UK in May, down by 0.1%, and the first fall in the month of May for five years, the latest index shows. This means that the average price of a home fell to £285,891 but prices are still up 2.5% compared to a year ago, although this annual rise is down from 4.7% in April, according to the latest date from Rightmove. The firm suggests that some sellers coming to market were forced to price more aggressively due to buyer uncertainty over the general election outcome so the fall was very much a short term one and asking prices are expected to bounce back again. ‘The unexpected outcome of a majority government has released the brakes on buyer confidence and activity, and will exert some upwards price pressure in the coming months,’ said Miles Shipside, Rightmove director and housing market analyst. He explained that the new government faces the long term challenge of delivering on an election promise to build 275,000 new affordable homes in the term of the current parliament. And he pointed out that the current shortage of suitable property for sale, meant that even the election uncertainty only caused prices to drop in three out of the 10 regions, London, which would have been hit hardest by mansion tax, the North East and Yorkshire and the Humber. He also warned that sellers who think they have the upper hand due to the lack of property for sale should be aware that a surge of new competition could be on the way, giving buyers some extra negotiating power. In the three months after the May 2010 election there was a 17% jump in the number of properties coming to market compared to the previous quarter. With a majority government in power and record spring traffic on Rightmove, early indications from estate agents suggest that the next quarter could see another surge in property coming to market. ‘Buyers should note that there is often a surge of property supply after an election, as those who have held off coming to market decide to take the plunge. Many potential sellers may have held back expecting a period of hung parliament uncertainty, but they could now decide to catch the late spring market,’ said Shipside. ‘ In a traditional tight stock market an increase in supply of available property and greater competition among sellers to attract buyers may moderate their price expectations and make them more open to an offer,’ he explained. ‘The previous election saw jumps in new seller numbers in all regions of the country, with London and Wales leading the way with over 20% more properties coming to market. There may be a window for buyers to act now in this late spring market before prices rise in the next few months,’ he added. Continue reading
Spanish property prices up 2.65% in first quarter of 2015
There is more good news for the Spanish property market with the latest data from the Property Registrar’s Association showing that prices increased by 2.65% in the first quarter of 2015. The PRA data also shows that residential home sales increased 9.05% to 90,534 transactions compared to the same period in 2014. The rise in sales was largely due to robust growth in the resale market, with 67,864 transactions. Quarter on quarter the price for resale sale properties increased by 1.88% but since the peak of the market property prices are still down 31%, according to the registrars’ data. ‘The quarterly figures are the highest in the last eight quarters, showing a clear change of tendency in the market that began in previous quarters,’ the PRA report said. It also pointed out that it is the second highest quarter for sales in the three years and the third highest in the last four years. It is also proving to be a popular time for buying in Spain and the weak euro is encouraging British buyers back into the market. According to estate agency HomeEspana there has been a rise in interest from British people looking to retire to the Costa Blanca. The favourable exchange rate means that in middle of May 2015 a €100,000 property in the Costa Blanca costs a UK buyer approximately £10,000 less than it did the same time in 2014. For expats receiving an income or pension from the UK, a stronger Pound increases their spending power in euros. ‘Since the start of the year, we've seen a definite uplift in British buyers, in particular those moving out here, compared to 2014, and many decide to buy during their first visit here,’ said Kieran Byrne, managing director of HomeEspaña. ‘The exchange rate is helping, but there is also a feeling that house prices have bottomed out, as revealed by recent statistics from both TINSA and Spain's Registrars that show prices have risen in coastal areas and larger cities since the start of the year,’ he explained. One couple who found their retirement home with the help of HomeEspaña during their first trip to the Costa Blanca are Stuart and Jennifer Flairclough from Kent who completed on a three bedroom townhouse at the end of March 2015. The couple plan to make the €143,315 property which overlooks the fairways at Villamartin Golf and also has views of the Mediterranean. ‘It will be our permanent home and because of its size, we'll be able to accommodate our family and friends when they come over to visit,’ said Jennifer Fairclough. ‘We'd been researching the possibility of buying a retirement home in Spain for 12 or so months. Although we've travelled extensively in Spain, we only knew the Costa Blanca area from internet research,’ she explained. The Faircloughs didn't need much convincing the Costa Blanca was the place for them and they found and secured their townhouse during their first trip there. ‘We viewed the property… Continue reading
