PRSRT STD US POSTAGE PA ID PERMIT 745 COLO SPGS CO
Vol. 9 No. 2
October 31, 2016
www.csrej.com
50 Markets Ranked
Existing-home sales rebounded strongly in September and were propelled by sales from first-time buyers reaching a 34 percent share, which is a high not seen in over four years, according to the National Association of Realtors®. All major regions saw an increase in closings last month, and distressed sales fell to a new low of 4 percent of the market. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, hiked 3.2 percent to a seasonally adjusted annual rate of 5.47 million in September from a downwardly revised 5.30 million in August. After last month's gain, sales are at their highest pace since June (5.57 million) and are 0.6 percent above a year ago (5.44 million). Lawrence Yun, NAR chief economist, says the twomonth slump in existing sales
reversed course convincingly in September. "The home search over the past several months for a lot of prospective buyers, and especially for firsttime buyers, took longer than usual because of the competition for the minimal amount of homes for sale," he said. "Most families and move-up buyers look to close before the new school year starts. Their diminishing presence Yun from the market towards the end of summer created more opportunities for aspiring first-time homeowners to buy last month." The meInventory dian existhas been ing-home extremely price for tight all year all housing types in September was $234,200, up 5.6 percent from September 2015 ($221,700). September's price increase marks the 55th consecutive
month of year-over-year gains. Total housing inventory at the end of September rose 1.5 percent to 2.04 million existing homes available for sale, but is still 6.8 percent lower than a year ago (2.19 million) and has now fallen year-overyear for 16 straight months. Unsold inventory is at a 4.5-month supply at the current sales pace, which is down from 4.6 months in August. "Inventory has been extremely tight all year and is unlikely to improve now that the seasonal decline in listings is about to kick in," added Yun. "Unfortunately, there won't be much relief from new home construction, which continues to be grossly inadequate in relation to demand." Matching the highest share since July 2012, first-time buyers were 34 percent of sales in September, which is up from See September Sales | 5
© Copyright National Association of Realtors. Reprinted with permission.
oktoberfest at Sanctuary Pointe
WCR Presidential & board member installation
Jay gupta's September Housing Stats
PagE 4
PagE 6
PagE 10
Honest & Ethical Service from People You Know. 5333 North Union Blvd. Suite 100, Colorado Springs, CO 80918
HELPFUL TIP: Check the license status of your mortgage broker at the Colorado Division of Real Estate’s website. Regulated by the Colorado Division of Real Estate, Corp NMLS #3113.
Chad Denny
Branch Manager
Debbie Havens
Sales Manager
mobile issue (Beta)
First-time buyers steer existinghome sales higher in September
Who has the hottest singlefamily housing market this fall? Fort Lauderdale, Fla., according to a new report released by Ten-X, an online real estate marketplace. Ten-X ranked the 50 largest single-family housing markets for fall 2016 based on current and forecasted fundamentals. Florida markets continue to dominate its list for the second consecutive season. “Florida’s housing market continues to set the pace for the nation, with five of the top 10 metros on our report,” says Rick Sharga, Ten-X executive vice president. “While all of the top Florida five marmarkets kets took continue substantial to dominate hits during the housing crash, especially Las Vegas, the continued road to recovery for these destination cities is looking even brighter.” The five single-family markets topping Ten-X’s list for this fall are: Fort Lauderdale, Fla.; Palm Beach County, Fla.; Tampa, Fla.; Orlando; and Las Vegas. The rankings factor in pricing, sales, permit activity, and economic growth, population growth.
National News ........... Page Local News ............... Page On the Move ............. Page Local Expert ............. Page Around the Corner ...... Page
Sharon Ballinger
Will Michaloski
Marianne Elep Turner
Sr. Loan Officer
Loan Officer
Loan Officer
(719) 331-2750 chad.denny@academy.cc
(719) 380-1778 debbie.havens@academy.cc
(719) 491-2500 sharon.ballinger@academy.cc
(719) 232-7553 will.michaloski@academy.cc
(719) 264-1952 marianne.elepturner@academy.cc
NMLS #665068 State Lic #100037389
NMLS #653845 State Lic #100018256
NMLS #347297 State Lic #100019804
NMLS #1058945 State Lic #100044854
NMLS #231308 State Lic #100029888
2 7 12 14 15