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Almost 14,000 Houses Sold Yesterday

One of the biggest misconceptions in today’s housing market is that homes are not selling. That is simply not true. Last month’s Existing Sales Report from the National Association of Realtors (NAR) showed that homes were selling at an “annual rate of 5.10 million”. That’s an average of 13,973 every day – 365 days a year!

And the monthly Pending Sales Report, which measures the number of houses going into contract each month, has showed increases in six of the last nine months prompting Lawrence Yun, NAR’s chief economist to say:

“Since reaching a cyclical bottom last June, pending home sales have posted an overall gain of 24 percent and demonstrate the market is recovering on its own. The index means modest near-term gains in existing-home sales are likely.”

We realize that 40% of the sales are distressed properties and that 22% of buyers are investors. Yet, that still doesn’t negate the fact that homes are in fact selling… and 60% of them are NOT foreclosures or short sales.

And Yun believes this uptick will continue:

“Based on the current uptrend with very favorable affordability conditions, rising apartment rents and ongoing job creation, existing-home sales should rise around 5 to 10 percent this year.”

Bottom Line

Homes are selling. You probably will need to offer a compelling price if you put your house on the market. But if you do, it will sell.


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32 replies
  1. Doug Holmes
    Doug Holmes says:

    Here’s the problem. While it is true that 60% of sales are not distressed, the problem is that 90% of active inventory are not distressed. Only about 10% of the active inventory is lender owned or short sales, yet about 35-40% of what they’re putting under contract is. This makes true months of inventory numbers for non-distressed properties worse than it appears, which is already over 12 months for the entire market.

    Reply

Trackbacks & Pingbacks

  1. […] of the credit. Pending home sales (transactions going into contract) on the other hand have done quite nicely and many institutions (ex. Fannie Mae, Freddie Mac, NAR and Moody’s Analytics) are projecting […]

  2. […] of the credit. Pending home sales (transactions going into contract) on the other hand have done quite nicely and many institutions (ex. Fannie Mae, Freddie Mac, NAR and Moody’s Analytics) are projecting […]

  3. […] of the credit. Pending home sales (transactions going into contract) on the other hand have done quite nicely and many institutions (ex. Fannie Mae, Freddie Mac, NAR and Moody’s Analytics) are projecting […]

  4. […] of the credit. Pending home sales (transactions going into contract) on the other hand have done quite nicely and many institutions (ex.Fannie Mae, Freddie Mac, NAR and Moody’s Analytics) are projecting […]

  5. […] of the credit. Pending home sales (transactions going into contract) on the other hand have done quite nicely and many institutions (ex. Fannie Mae, Freddie Mac, NAR and Moody’s Analytics) are projecting […]

  6. […] Reposted with permission from: http://kcmblog.com/2011/05/03/almost-14000-houses-sold-yesterday/ […]

  7. […] read the entire article, visit The KCM Blog. var addthis_product = 'wpp-250'; var addthis_append_data = 'false';var addthis_language = 'en'; […]

  8. […] Sales Increase For The Second Straight Month »Almost 14,000 Houses Sold Yesterday http://kcmblog.com/2011/05/03/almost-14000-houses-sold-yesterday/ May 25th,2011 | Tags:Main Line Homes,Main Line Homes for Sale,Main Line Real Estate,Main Line […]

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  10. Web View Homes » Almost 14,000 Houses Sold Yesterday says:

    […] inShare […]

  11. […] Check out this article from the KCM blog.  Statistics nationally show that homes are in fact selling, some distressed of course, but the majority are market rate and they are selling at nearly 14,000 per day.  Per day!  Homes must be priced well to sell but they will sell and it's great news to see when there's action in the market!http://kcmblog.com/2011/05/03/almost-14000-houses-sold-yesterday/ […]

  12. […] read an interesting article that really points out something so obvious. Obvious yet overlooked amid all the negative stories […]

  13. […] 14,000 Houses Sold Yesterday by The KCM Crew on May 3, 2011 · 0 comments in For Buyers,For […]

  14. […] an “annual rate of 5.10 million”. That’s an average of 13,973 every day – 365 days a year! read full story Share […]

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