The Seattle and Portland/SW Washington markets are on pace to realize the highest number of home sales in 8 years as reported This Week in Real Estate by RealtyTrac. Below are a few of the highlights from the fourth week in September that influence our business:
* 54 Percent of U.S. Metros on Pace to Reach Eight-Year High in Home Sales in 2015 Based on Sales Through August. RealtyTrac released its August 2015 U.S. Home Sales Report Thursday, which shows single family home and condo sales through August were on pace for an eight-year high nationwide and in 110 of 204 metropolitan statistical areas. A total of 1,947,028 single family homes and condos sold through August in 2015, up 5.4 percent from the same time period a year ago to the highest total for the first eight months of the year since 2007, when there were 2,069,963 sales. The 110 metro areas on pace for at least an eight-year high in home sales through August included Los Angeles, Phoenix, Dallas, Denver, Riverside-San Bernardino, Detroit, Seattle, Tampa, Minneapolis and Portland. Full Story… http://www.realtytrac.com/news/home-prices-and-sales/realtytrac-u-s-home-sales-report-august-2015/
* New Home Sales Rise 5.7 Percent in August. Sales of newly built, single-family homes rose 5.7 percent to a seasonally adjusted annual rate of 552,000 units in August. The August sales rate was the highest in more than 7 years and 21.6 percent higher than sales in August 2014 of 454,000. Regionally, the Northeast, South and West posted respective monthly gains of 24.1 percent (24.1 percent year-over-year), 7.4 percent (27.6 percent year-over-year) and 5.4 percent (11.4 percent year-over-year). The Midwest registered a 9.1 percent decline for the month, however remained 15.4 percent higher than August 2014. The inventory of new homes for sale was 216,000 units in August. This is a 4.7 month supply at the current sales pace. Full Story… http://www.nahb.org/en/news-and-publications/Press-Releases/2015/september/new-home-sales-rise-5-point-7-percent-in-august.aspx
* Mortgage Delinquencies See Biggest Annual Drop Since 2011. The national delinquency rate in August saw the largest year-over-year decline since May 2011, down 18.2%, according to the latest report from BlackKnight Financial Services. At 696,000 borrowers in active foreclosure is the lowest it’s been since November 2007. The number of delinquent borrowers is down by 766,000 since last year. Full Story… http://www.housingwire.com/articles/35150-black-knight-mortgage-delinquencies-see-biggest-annual-drop-since-2011
* Millennials and the New American Dream. A survey conducted exclusively among millennial as part of the Responsive Home project – a venture between Builder magazine and Pardee Homes to design, build and sell the ideal home for the 21st century buyers – identifies the driving factors behind new age home buying habits and de-bunks millennial home buying myths. Full Story… http://blog.rismedia.com/2015/new-american-dream/?utm_source=newsletter&utm_medium=email&utm_campaign=eNews
Have a productive week!