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R e a l E s tate N e w s Existing-Home Sales Down in September but Prices Rise
After hitting the highest level in nearly four years, existing-home sales declined in September, but limited inventory conditions continued to pressure home prices in much of the country, according to the National Association of Realtors®. Total existing-home sales1, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, declined 1.9 percent to a seasonally adjusted annual rate of 5.29 million in September from a downwardly revised 5.39 million in August, but are 10.7 percent above the 4.78 million-unit pace in September 2012. Sales have remained above year-ago levels for the past 27 months. Bill Lawton, 2013 President of The Greater Greenville Association of REALTORS® and Broker-inCharge of Keller Williams Realty in Greenville, SC, said a decline was expected. “Affordability has fallen to a five-year low as home price increases easily outpaced income growth,” he said. “Expected rising mortgage interest rates will further lower affordability in upcoming months. Next month we may see some delays associated with the government shutdown.” According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 4.49 percent in September from 4.46 percent in August, and is the highest since July 2011 when it was 4.55 percent; the rate was 3.47 percent in September 2012. The national median existing-home price2 for all housing types was $199,200 in September, up 11.7 percent from September 2012. This is the 10th consecutive month of double-digit year-over-year increases. Distressed homes3 – foreclosures and short sales – accounted for 14 percent of September sales, up from 12 percent in August, which was the lowest share since monthly tracking began in October 2008; they were 24 percent in September 2012. Lower levels in the share of distressed sales account for some of the growth in median price. Nine percent of September sales were foreclosures, and 5 percent were short sales. Foreclosures sold for an average discount of 16 percent below market value in September, while short sales were discounted 12 percent. Data from realtor.com,4 NAR’s listing site, show some of the strongest increases in listing price from a year ago are in the Detroit area, up 44.6 percent; Las Vegas, up 30.7 percent; and Sacramento, up 28.9 percent. Total housing inventory at the end of September was unchanged at 2.21 million existing homes available for sale, which represents a 5.0-month supply5 at the current sales pace, compared with a 4.9-month supply in August. Unsold inventory is 1.8 percent above a year ago, when there was a 5.4-month supply. Lawton said there are far-ranging consequences from the repeating stalemates in Washington. “Just one impact of the recent government shutdown – delays in tax transcripts needed for approval of mortgage loans – put a monkey wrench in the transaction process and could negatively impact sales closings in next month’s report,” he said. Lawton said flood insurance also is a concern. “Realtors® report that approximately 10 percent of transactions in September were located in flood zones, and that nearly one out of 10 of those transactions were delayed or canceled due to concerns over rising insurance rates.” Notably higher flood insurance rates went into effect on October 1, and could impact future sales in flood zones. The median time on market for all homes was 50 days in September, up from 43 days in August, but much faster than the 70 days on market in September 2012. Short sales were on the market for a median of 93 days, while foreclosures typically sold in 43 days, and non-distressed homes took 49 days. Thirtynine percent of homes sold in September were on the market for less than a month. First-time buyers accounted for 28 percent of purchases in September, unchanged from August, but down from 32 percent in September 2012. All-cash sales comprised 33 percent of transactions in September, up from 32 percent in August, and 28 percent in September 2012. Individual investors, who account for many cash sales, purchased 19 percent of homes in September, up from 17 percent in August, and 18 percent in September 2012. Last month, 74 percent of investors paid cash. Single-family home sales slipped 1.5 percent to a seasonally adjusted annual rate of 4.68 million in September from 4.75 million in August, but are 10.9 percent above the 4.22 million-unit pace in September 2012. The median existing single-family home price was $199,300 in September, which is 11.4 percent higher than a year ago. Existing condominium and co-op sales fell 4.7 percent to an annual rate of 610,000 units in September from 640,000 in August, but are 8.9 percent above the 560,000-unit level a year ago. The median existing condo price was $198,600 in September, up 14.2 percent from September 2012. Regionally, existing-home sales in the Northeast declined 2.8 percent to an annual rate of 690,000 in September, but are 15.0 percent above September 2012. The median price in the Northeast was $240,900, up 2.3 percent from a year ago. Existing-home sales in the Midwest fell 5.3 percent in September to a pace of 1.25 million, but are 12.6 percent higher than a year ago. The median price in the Midwest was $158,400, which is 9.0 percent above September 2012. In the South, existing-home sales declined 1.4 percent to an annual level of 2.10 million in September, but are 9.9 percent above September 2012. The median price in the South was $171,600, up 13.9 percent from a year ago. Existing-home sales in the West rose 1.6 percent to a pace of 1.25 million in September, and are 7.8 percent higher than a year ago. With ongoing inventory restrictions, the median price in the West rose to $286,300, which is 16.8 percent above September 2012. The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries. For additional commentary and consumer information, visit www.houselogic.com and http://retradio.com. Greater Greenville Association of REALTORS® represents over 1,700 members in all aspects of the real estate industry. Please visit the Greater Greenville Association of REALTORS® web site at www.ggar. com for real estate and consumer information. “Every market is different, call a REALTOR® today.”
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G r e e n v i l l e T R A N S AC T ION S Se p te m ber 3 0 - october 4, 2 013 SUBD.
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BUNCOMBE RD. IND. PARK $7,627,071 $4,695,465 PELHAM RIDGE-BUSINESS PARK $3,375,000 $2,268,261 HAMPTON CENTRE $1,977,866 $1,704,317 ROCKY CREEK BUSINESS PARK $1,342,761 CRESCENTWOOD VILLAGE $1,325,000 CLIFFS WEST $1,200,000 $815,000 MARSHALL FOREST $750,000 $740,000 CLAREMONT RIDGELAND AT THE PARK $660,000 RIDGELAND AT THE PARK $650,000 $620,000 SYCAMORE RIDGE VALLEY VIEW $565,500 VILLAS AT THORNBLADE $525,000 $510,000 $500,000 MCRAE PARK $485,152 MEADOWS OF CAMPBELL CREEK $485,000 $480,000 CLUB FOREST $464,000 $455,000 CHAUNESSY $450,800 THE RICHLAND $450,000 RIVER WALK $445,000 GOWER ESTATES $425,000 TERRACE AT RIVERPLACE $420,000 MONTEBELLO $420,000 FIVE FORKS PLANTATION $413,969 HAMMETT’S GLEN $410,000 $406,830 HIGHGROVE RIVER WALK $400,000 SYCAMORE RIDGE $394,000 SILVER RIDGE $385,000 ELLINGTON PARK $384,747 $379,000 VALLEY@TANNER ESTATES $375,875 ROCKY CREEK BUSINESS PARK $372,126 TUSCANY FALLS $371,000 SUGAR MILL $370,000 BROOKSIDE FOREST $369,000 SYCAMORE RIDGE $363,500 $360,000 LAKEVIEW FARMS $350,000 CREEKWOOD $342,000 ALTAMONT FOREST $340,000 ROPER MNTN ESTATES $338,500 RIVER OAKS $337,500 CLEAR SPRINGS $337,240 AUGUSTA CIRCLE $323,125 PELHAM ESTATES $320,000 RIVER OAKS $315,000 MCDANIEL GREENE TNHS $309,500 STRATTON PLACE $304,000 SUNSET HILLS $300,000 CASTLE ROCK $292,410 SILVERLEAF $292,000 $288,500 GOWER ESTATES $285,000 ALTA VISTA $285,000 HOLLY TREE PLANTATION $284,900 SUGAR CREEK $284,900 CREEKWOOD $278,173 MCBEE STATION RESIDENTIAL $278,000 RIVER WALK $276,000 $275,000 SHENANDOAH FARMS BATESVILLE RIDGE $273,000 OAKS@GILDER CREEK FARM $265,000 CURETON CORNERS $258,000 CAROLINA OAKS $256,792 VERDMONT $256,500 WHITEHALL PLANTATION $255,000 $252,795 OAKS@GILDER CREEK FARM $252,000 VERDMONT $252,000 MILL POND@RIVER SHOALS $250,159 TREYBERN $245,000 BOTANY WOODS $245,000 TOWNHOMES@PENDLETON WEST $235,500 GREYSTONE@NEELY FARMS $235,500 GREYSTONE COTTAGES $234,450 POPLAR FOREST $231,500 REMINGTON $228,000 WEST FARM $227,287 TWIN CREEKS $227,243 COTTAGES@HARRISON BRIDGE $225,000 SAVANNAH POINTE $221,094 SUMMERFIELD $220,000 CASTLE ROCK $219,340 THREE OAKS $219,000
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OCTOBER 25, 2013 | The Journal 51