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National Housing Market Becoming Increasingly Balanced

National housing marketThe housing market is on the mend and is not as grossly out of whack as it has been in years past, according to a recent USA Today article.

Evidently, housing markets across the country are reporting that more homes are coming on the market and asking prices are leveling out.

This all means that the housing market is becoming increasingly stable, instead of an extreme buyer’s or seller’s market.

More Trends To Be Aware of on National Housing Market

Here’s an overview of recent real estate activity on the national housing market:

  • Through June 2013, U.S. home values increased by 10 percent, which is the fastest rate it’s been since 1977.
  • Meanwhile, asking prices (which are the top indicator of sales prices) increased to a seasonally adjusted rate of 3.3 percent in May and June.
  • Although this increase is noticeable, it is less than the 4.2 percent jump that happened six months ago.
  • Some of the hottest markets in the country – including Las Vegas, San Francisco and Portland – are reporting that increases in asking prices have slowed even more in recent months.
  • Meanwhile, pending home sales dipped in June, with rising interest rates deterring some buyers.
  • Bidding wars also appear to be leveling off. In July, 63 percent of buyers’ offers on Redfin faced competition in 22 markets. That’s down from 68 percent in June and 76 percent (the peak) in March.
  • Increases in median home values have also slowed. For instance, in Miami, the median home value increased 0.7 percent from April to May, compared with 0.6 percent from May to June.
  • Comparatively, home values have increased at least 1 percent month-over-month during the previous five months.

Experts credit some of the market slowdown to seasonal factors, since a lot of people go on vacation in July.

The fact that there is more inventory on the market may also play a role.

For instance, on a national scale, the for-sale home inventory was down 5.3 percent in July year-over-year. But in January, that inventory was down 16 percent year-over-year.

Moreover, between June and July, the housing inventory increased by 1.4 percent.

This increase in housing inventory is giving home buyers more options when it comes to what kind of home they want.

Experts also contend that the recent slowdown in home price increases is a positive sign. That’s because rapid appreciation encourages house flipping, which causes home prices to skyrocket to unaffordable levels.

If prices keep rising as fast as they have been, it will create a bubble, which is what caused the housing market to crash in the first place.

A slower rising home value environment, on the other hand, will encourage home ownership and lasting investment.

National Housing Market Experts

All of the recent data suggests that home buyers and home sellers are likely to encounter a much more balanced, and less frenzied, housing market.  This is sure to give both groups confidence in the overall health of not only the market, but their home investment.

Check back here soon to see more updates on the state of the national housing market, and what it means for interested home buyers and sellers!

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Accent Gives Back

Accent Gives Back!!
For every home closed Accent gives $25 dollars to the charity of our Buyer’s/Seller’s choice.
This month we have given to:
The Church at Midtown
The Church at Battle Creek
First Baptist Church in Catoosa
Big Brothers & Sisters
Pet Adoption League (2)
Make a Wish Foundation
Tamboa Buddhist Temple

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Accent Gives Back

 Accent Gives Back!!

For every home closed Accent gives $25 dollars to the charity of our Buyer’s/Seller’s choice.

This month we have given to:

The Church at Midtown

The Church at Battle Creek

First Baptist Church in Catoosa

Big Brothers & Sisters

Pet Adoption League (2)

Make a Wish Foundation

Tamboa Buddhist Temple

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Paul Wheeler at Breakthrough 2013

We, at Accent Realtors, would like to extend a huge thanks to Cadey and Alex Charfen for having us at Breakthrough 2013! We all had an amazing time and are so grateful for the opportunity. Paul had a wonderful time speaking at the conference; it was such an honor to be there. We hope to be at next year’s Breakthrough! Check out this video from Alex and Cadey Charfen: http://youtu.be/LC76K6x2fg8

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U.S. Home Prices on the Rise

Home prices continue to climb on the national housing market, according to the most recent reports.

Real estate data specialist RealtyTrac recently revealed that property prices across the country are up 5 percent year-over-year.

Meanwhile, home sales are up 8 percent.

And the news just keeps getting better for national home sellers!

More Information on Recent National Housing Market Activity

RealtyTrac recently released a report that offered some encouraging figures for interested home sellers:

  • The national median sales price was $168,000 in June, up 3 percent from the month before.
  • Existing home prices in the country have increased by 13.5 percent in the last 12 months.
  • The median price of a distressed sale (or a property in foreclosure or bank owned) was $120,000, about 24 percent below the median price of a non-distressed home.
  • Those markets that saw sales increase in June tended to be those states where there was a lingering distressed home inventory.
  • Meanwhile, those markets that saw sales decrease tended to be those in which the majority of the distressed home inventory had already been absorbed.
  • Cash-only home purchases accounted for 30 percent of all sales in June, down from 31 percent of all sales in May.
  • Metropolitan areas with the highest percentages of cash sales were: Cape Coral-Fort Myers in Florida (70 percent), Miami (64 percent), Las Vegas (62 percent), Sarasota in Florida (59 percent) Tampa (58 percent) and Detroit (56 percent).
  • Sale of bank-owned properties made up 9 percent of all residential sales in June, down from 10 percent in May 2013.
  • Those top metro areas where bank-owned sales accounted for higher percentages of total sales were Detroit (24 percent), Modesto, California (24 percent), Stockton in California (24 percent), Las Vegas (22 percent) and Akron, Ohio (21 percent).
  • Short sales accounted for 14 percent of all residential sales in June, up from 8 percent in June 2012. Although it was also down from 15 percent in May 2013. Those states with the highest percentage of short sales in June were Nevada (30 percent), Florida (29 percent), Maryland (21 percent), Tennessee (19 percent), and Arizona (19 percent).
  • Those metro areas with annual increases in median prices of 20 percent or more were: Sacramento (35 percent), San Francisco (30 percent), Los Angeles (27 percent), Las Vegas (26 percent) and Phoenix (25 percent).
  • Those states with the largest distressed sale discount were Ohio (58 percent), Michigan (48 percent), Illinois (47 percent), Massachusetts (46 percent) and Wisconsin (45 percent).

Keeping Our Eye on National Housing Market Trends

Just consider us your real estate market experts!

As more develops on the market, we’ll keep you posted on those trends and how they may affect home sellers.

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Real Estate Market Showing Signs of Improvement – New Home Construction is Up

More home builders are committing to projects across the nation, according to a recent Associated Press article.

In May, home builders applied for permits to build single-family homes at the fastest rate in five years.

This is a crucial improvement for the real estate market because it will help increase the available inventory of homes for sale, which has fallen short of the demand for such homes in recent months.

National Real Estate Trends

Here’s what every prospective home buyer and seller should know about the recent trends in home construction:

  • The rate of homes started increased 6.8 percent in May, to a seasonally adjusted annual rate of 914,000.
  • The increase in May helped to offset the 14.8 percent decline in home starts in April.
  • During the month of May, construction increased in the single-family homes sector as well as for apartments and condominiums.
  • The seasonally adjusted annual rate for the number of applications for single-family home building permits increased by 1.3 percent, to 622,000.
  • That figure is the highest it’s been since May 2008.
  • However, when you consider all permits, that figure actually dropped by 3.1 percent, or to a seasonally adjusted rate of 974,000. This was mostly because of the more volatile apartment permit sector.
  • When broken down by specific region, housing starts in the South increased by 17.8 percent in May.
  • Housing starts increased by 5.7 percent in the West.
  • Conversely, housing starts in the Midwest and Northeast actually fell, by 13.7 and 9 percent, respectively.
  • New-home construction has increased 28.6 percent since May 2012.

Experts say that housing is the strongest part of the economy in terms of growth.

They also pointed to an increase in consumer prices as evidence that the housing market is mildly benefiting all sectors of the economy.

For instance, the Labor Department reported that consumer prices increased slightly in May.

The Consumer Price Index increased by a seasonally adjusted 0.1 percent between April and May. Over the last 12 months, prices have increased 1.4 percent.

Your Local Real Estate Experts

Check back here soon for more valuable insight on the current state of the national housing market and how it is affecting other areas of the economy.

You’ll also discover how such trends are likely to affect you as a home buyer or seller.

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Real Estate Recovery

Some of our team members and I just returned from a fantastic real estate conference in Phoenix called Breakthrough 2013. Having been through a down market for the last several years in real estate, the overall theme of the conference was on recovery. It was so refreshing. Since 2007 we have had to adjust, adapt, streamline and make everything more efficient to stay profitable. We lost hundreds of Realtors in our Tulsa real estate market and even lost a few of our big name, long standing real estate companies to buy outs. But now, with our low interest rates, shrinking inventory, recovering economy and buyer pool size, we are finally seeing the first signs of recovery. So what did they really tell us in Phoenix? They reminded us of the value of relationships. They reminded us that great communication is more important than ever. 90% of all communication is still offline. They reminded us not to take life too seriously and that laughter is still the best medicine and last but not least, they reminded us to not let the pain or challenges of the past blind us from the promise of tomorrow.

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Vendors We Love: Preferred Carpet Care, Inc.

Out of the many vendors we, at Accent Realtors, use, one of our favorites is Preferred Carpet Care, Inc. After being in business for over 21 years, these vendors know their stuff! They provide all kinds of carpet services such as a simple carpet cleaning or even a full carpet repair. At Preferred Carpet Care, Inc. the workers pledge to deliver actual, realistic and expected results without any false promises. This company is trustworthy and always does their best to impress their clients. They have never let us down! With an experienced staff who uses only the best cleaning agents and equipment, they ensure the best clean possible for your carpet! Specializing in residential, multi-family and commercial spaces all over Tulsa, this crew has a service for you! For more information call: 918-451-5957 or visit them on their website: http://www.preferredcarpetcareinc.org/

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Existing Home Sales Show Significant Gains Year-Over-Year

National homes for saleThe National Association of Realtors recently released some data that is sure to be encouraging for anyone thinking about selling a home.

Evidently, existing home sales increased for the second month in a row in May to a level that is significantly higher than last year.

What’s more, median home sales prices saw double-digit year-over-year increases.

All of this suggests that the national housing market is indeed rebounding.

Overview of the Recent Report from the National Association of Realtors

Here are some more highlights from the recent report:

  • Sales of existing homes (which include single-family, town homes, condos and co-ops) increased 4.2 percent to a seasonally adjusted rate of 5.18 million.
  • In April, that figure was 4.97 million.
  • What’s more, sales of existing homes were 12.9 percent higher than the 4.59 million-unit pace that the nation saw in May 2012.
  • Sales of existing homes have reached their highest levels since November 2009.
  • In November 2009,  a lot of buyers were taking advantage of the tax stimulus program. Thus, the market jumped to 5.44 million
  • Existing home sales have shown year-over-year increases for the last 23 months.
  • Meanwhile, the national median price has seen year-over-year increases for the last 15 months.
  • The total housing inventory at the end of May jumped 3.3 percent to 2.22 million existing homes for sale, which represents a 5.1-month supply.
  • A year ago, the total supply of existing homes for sale was 6.5 months.
  • In May, the median home sales price for existing homes was $208,000, up 15.4 percent from May 2012.
  • For the last six months, the median existing home price has seen double-digit increases.
  • Meanwhile, the total number of distressed homes hasn’t changed since April, representing about 18 percent of May sales.
  •  Still, that’s the lowest supply of distressed homes on the market since October 2008.

Analysts say that because of the high demand for homes, buyers across the country can expect a limited supply of available homes for sale for the rest of 2013.

The only likely remedy for the housing shortage is an increase in new home construction by 50 percent, experts say.

Experts also noted that the average commitment rate for a 30-year, conventional, fixed-rate mortgage increased from 3.45 percent to 3.54 percent between April and May.

In May 2012, that rate was 3.8 percent.

National Real Estate Trends that Affect You

The type of housing market environment we’re seeing right now is nearly opposite of what we saw during the housing boom.

Just six years ago, there was plenty of overbuilding going on all across the nation.

Today’s housing market is marked by a great shortage of homes for sale.

Pair that with a lot of pent-up home buyer demand as well as a 29 percent increase in buyer traffic and you have favorable conditions for home sellers across the country.

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Vendors We Love: Carpet Direct

We at Accent Realtors use many vendors to improve our properties. This week, the vendor we love is Carpet Direct, an amazing flooring company who never fails to please! Mike Miles, of Carpet Direct, has been in the carpet and flooring business for nine years and we, at Accent Realtor’s, have been using his services for seven of those years! This is a company who knows their trade and delivers top-notch service every time! Mike Miles is a trusted vendor who has a great work ethic and enjoys what he does. The products that Mike, at Carpet Direct, offers include carpet, wood, tile, and vinyl flooring. The workers at Carpet Direct make their flooring affordable by selling name brand, quality floor coverings directly to you at savings of 30-50%. For more information regarding Carpet Direct, you can find them at http://www.carpetdirect.com/, their twitter account @CarpetDirectLLC, or their Carpet Direct page on Facebook!