Williamson County: Where the tax credit draws in lower-priced homebuyers
Posted on November 10, 2009 at 7:44 am
The first question that came to my mind after seeing the positive Nashville-area home sales headline number yesterday was, “OK, but how much did prices drop?” Turns out they fell by a smaller amount than they have for most of the year.
At least on the MSA level. Data from the Williamson County Association of Realtors shows a sharp drop in the pricier county’s median home price since the spring. In the first half of this year, that number was at $357,500 or above all but one month. In the past three months, it has averaged $307,000.
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Uncle Sam builds a floor for the housing market
Posted on October 27, 2009 at 9:21 amGoldman Sachs researchers say the government’s interventions in the housing market have added 5 percent to the value of our homes. The question is how long that crutch will carry us.
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Your home will rise in value in the next year
Posted on October 23, 2009 at 11:37 am
First American CoreLogic says national home price numbers fell at a double-digit pace over the summer, but that the pendulum will swing come spring.
The new forecast projects price declines will continue throughout the remainder of 2009 before hitting bottom in March 2010, based primarily on the impending expiration of the first-time homebuyer tax credit and the potential shadow inventory of foreclosed homes expected to hit the market soon.
There is a light at the end of the tunnel
Posted on at 7:21 am
So when was the last time you saw the phrases ‘housing market’ and ‘major turn to the upside’ in the same sentence? Check ‘em out here, but don’t get giddy just yet.
[T]here is a buying frenzy right now in the existing home market, especially at the low end. Unfortunately existing home sales add little to the economy (compared to new home sales). And the impact is even less than usual right now because many of the marginal buyers are using the first-time homebuyer tax credit as their downpayment, and have little additional money to spend on furniture or upgrades.
SEE ALSO: The bottom is just five months away!
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Banks’ actions provide stability now, lower prices later
Posted on October 8, 2009 at 10:59 am
So says a housing market analyst in discussing the shadow inventory of homes, the massive number of troubled or foreclosed properties they will eventually have to bring back to market. The only solution? More D.C. help in stimulating demand.
“Without continued government intervention, home prices will plummet, banks and the GSEs will continue to lose money, and the economy has virtually no chance of increasing overall employment in 2010,” John Burns Real Estate said.
HT: HousingWire
Williamson homes aren’t shipping as fast anymore
Posted on at 8:09 amThe Williamson County Association of Realtors checks in with September’s sales report, which is highlighted by the fact that the number of days on the market for single-family homes is in triple digits for the first time since May. Click here to get the full numbers going to 2005.
Compared to September of 2008, single family residential closings decreased 10 percent and the median price decreased by 5 percent. Condominiums closings have decreased by 8 percent and the median price increased by 8 percent. The average days on the market (DOM) for residential homes have increased by 12 days and condominiums have increased by 5 days. Days on the market have been consistent since the onset of 2009, with the days ranging from 89 – 104 days.
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Home price upswing: Seasonal or not?
Posted on September 29, 2009 at 2:25 pmWell, that depends on who’s dissecting the new Case-Shiller numbers: Hedge fund manager Tom Brown says the housing bears need a new excuse.
…[S]equential monthly improvement in the index usually deteriorates seasonally in July. This month, though, the change in the rate of change rose by 18 bps. So instead of a seasonally monthly slowing, we’re seeing month-on-month acceleration.
CNBC’s Diana Olick says the numbers are a lot closer to reality when they’re seasonally adjusted.
whether we’re in a housing boom or bust, home prices always rise in the spring/summer months, due to the type of buyer largely in the market. Families, i.e. move-up home buyers, looking to close and move over the summer so as not to disrupt school, dominate the market in the spring and summer.
They are, for the most part, buying larger, more expensive homes, and they therefore skew the median home price in their market higher. In the fall and winter, you tend to see more first-time buyers as well as more single buyers who want smaller, lower-priced homes.
Stephen Stanley of RBS says focusing on seasonality doesn’t matter too much; the improvements are simply a case of the market coming off the absolute bottom of early this year.
…[I]n retrospect, a rebound of some magnitude was likely as demand recovered from non-existent to merely weak.
A bump in the road to a housing recovery
Posted on September 24, 2009 at 11:53 amExisting-home sales for August came in almost 5 percent short of analysts’ expectations. Prices nationally are down about 12 percent from a year ago, but the real test for the housing market will come soon enough.
“The improvement in the housing market is not going to be a smooth rise, but a choppy, upward trend,” said Zach Pandl, an economist at Nomura Securities International Inc. in New York, who projected sales would fall. “The real test will be if the market can weather the end of government stimulus.”
SEE ALSO: Just a blip? Why housing keeps bouncing around
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‘There is no doubt that home prices will go down dramatically from here’
Posted on September 10, 2009 at 8:46 am
Noted bank analyst Meredith Whitney says unemployment, slow consumer spending and a continued lack of consumer and small-business credit spells more trouble for residential real estate.
“No bank underwrote a loan with 10 percent unemployment on the horizon,” Whitney said. “I think there is no doubt that home prices will go down dramatically from here, it’s just a question of when.”
Williamson home prices continue to drop
Posted on September 8, 2009 at 3:48 pm
The housing market in Williamson County didn’t break trend in August, with both the number of closings and the median home price falling from July. Year over year, the median price was off 25 percent from last year.
Housing has a little further to go down
Posted on September 3, 2009 at 3:02 pm
Economists polled by Reuters say home prices will fall another 3 percent before beginning to turn up again next year. But the expectation is that it will be a slow climb and one that won’t power a strong broad recovery.
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Case-Shiller least worst in 14 months
Posted on August 25, 2009 at 8:32 amBecause it’s hard to say the home price index for 20 of the country’s largest cities (but not Nashville) is in good shape when it’s down ‘only’ 15.4 percent.
From a month earlier, home prices climbed 1.4 percent in June, the second consecutive gain and the biggest since June 2005, today’s report showed. The figures aren’t adjusted for seasonal effects, so economists prefer to focus on year-over- year changes instead of month to month.
“We are seeing some positive signs,” David Blitzer, chairman of the index committee at S&P, said in a statement. “There are hints of an upward turn from a bottom.”
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Shiller: We may be inflating another bubble
Posted on August 19, 2009 at 12:10 pm
The downer note of the day comes from Robert Shiller – half of the pair that developed the Case-Shiller housing price index – says the recession’s drop in home prices could set us up for another bout with a bubble.
“The low interest rates, the affordability is leaning that way and the ratios are back down,” Shiller said in a live interview. “I get glimmers of excitement among some people, but we still have a high inventory of unsold homes, and we still have a lot of weariness because of the recent experience.”
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Three in 10 home sellers dropping prices
Posted on August 14, 2009 at 1:06 pm
A research firm that tracks how many home sellers are lowering their prices puts Nashville 18th in the country. The average price cut this month is 7 percent.
“Even as the volume of sales are starting to rise nationally, the median home price continues to fall,” said Pete Flint, Trulia co-founder and CEO. “The reality is, today’s sellers need to price aggressively to avoid reductions. Consumers are looking for value and when they find a good deal, they are taking advantage of market conditions.”
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Where Middle Tennessee home prices are rising
Posted on August 11, 2009 at 12:59 pm
DataQuick Information Systems has crunched second-quarter local home sales numbers by ZIP code. Some details: Prices rose in 10 ZIP codes versus a year ago — including in East Nashville and Sylvan Park — while downtown’s 37201 is among the biggest losers over the past 12 months.
On the sales front, it’s interesting to note that Rutherford County’s numbers fell by 18 percent versus more than 30 percent for both Davison and Williamson counties. In all, 16 ZIP codes from those three counties saw sales fall 30 percent or more.
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