This Week in Real Estate: April 25, 2016

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Q1 2016 could not have ended stronger based on March price gains and existing home sales as reported in This Week in Real Estate. Below are a few highlights from the third week of April that influence our business:

* U.S. Home Sellers in March 2016 Realized Highest Home Price Gains Since December 2007. RealtyTrac released its March and Q1 2016 U.S. Home Sales report this week which shows that U.S. home sellers in March on average sold for $30,500 more than they purchased for, a 17 percent average gain in price – the highest average price gain for home sellers in any month since December 2007 at the onset of the Great Recession. “Home sellers in many markets are now seeing average price gains close to or above what home sellers experienced during the last housing boom,” said Daren Blomquist, senior vice president at RealtyTrac. Markets with average seller gains more than twice the national average in March were San Francisco (72%), San Jose (60%), Boulder (53%), Prescott (51%), Los Angeles (48%), Denver (42%), Portland (40%), Austin (40%), Seattle (38%), Baltimore (38%), Riverside (37%), San Diego (36%) and Sacramento (35%).
Full Story…  http://www.realtytrac.com/news/home-prices-and-sales/march-q1-2016-home-sales-report/

* Existing Home Sales Soar 5.1% in March. Existing home sales increased 5.1% in March from February, reaching a seasonally adjusted rate of 5.33 million, which represents an increase of 1.5% from March 2015, according to the latest data from the National Association of Realtors. NAR’s existing home sales report showed monthly increases were highest in the Northeast (11.1%) and the Midwest (9.8%). “The choppiness in sales activity so far this year is directly related to the unevenness in the rate of new listings coming onto the market to replace what is, for the most part, being sold rather quickly,” said Lawrence Yun, NAR’s chief economist. Existing-home sales in the West climbed 1.8% with a median price at $320,800, up 5.9% from March 2015.
Full Story…  http://www.marketwatch.com/story/existing-home-sales-soar-51-in-march-as-housing-demand-remains-strong-2016-04-20

* Is TRID Hysteria Over? Time to Close Drops to 12-Month Low. It’s now been more than six months since the implementation of the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosures rule. And it appears that, despite the initial hiccups and headaches, lenders now have this whole TRID thing figured out, as the time to close a loan fell to a 12-month low in March. The positive news comes courtesy of the latest Origination Insight Report from Ellie Mae, which showed that the time to close all loans dropped to an average of 44 days in March. That is the shortest time to close since March 2015 and down two days from February. While closing times are shrinking, the average closing rate is rising, rising to 70.6% in March, which is the highest closing rate since Ellie Mae began monitoring the data in August 2011.
Full Story…  http://www.housingwire.com/articles/36851-is-trid-hysteria-over-time-to-close-drops-to-12-month-low?eid=322520585&bid=1382180
Have a productive week!
Jason

 

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