Existing home sales post unexpected February gains

Exactly what I have been saying all along


This quote sums it up.

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'Weather conditions across much of the country were unseasonably mild in January and likely were a factor in higher levels of buyer activity, which boosted sales that closed in February,' said David Lereah, chief economist for the Realtors.

The Realtors have been forecasting that sales of previously owned homes would fall by about 5 percent this year compared to last year's record pace. But Lereah said he may have to revise that forecast given the unexpected strength in February.

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Nice weather means more Real Estate sales overall. This is exactly why I have been saying that once the spring hits with the nice weather and families looking to move in between school sessions... you will see prices slowly going up again (slowly... but you will see something).

Bad news for buyers...

Hang in there ladies..

this article is not about NY- NY isn't even mentioned

it's an AP story out of Washington


and then there is this quote....
Analysts said the weather-related boost was likely to be short-lived with sales expected to slow again in coming months as rising mortgage rates further cool the housing market which has posted record sales levels for five straight years.

let's not start this debate again- it's old- everyone has there own opinion and is doing what's best for me

Here is another article


The author of this article thinks the gains will be short lived due to rising interest rates... but I don't buy it. Mainly because I don't see the national average going too far past 6% until later in the year (after the hot season is over).

Nicer weather means more buyers out there to look at hosues. February's numbers (typically a SLOW time - but was hot due to the weather)... prove this point.


We'll see what happens.

Here is a great article for people that are either in contract... or have recently bought and are 'scared of the bubble'.

Bubble do's and don'ts

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Posted by Beth1210

this article is not about NY- NY isn't even mentioned

it's an AP story out of Washington


and then there is this quote....
Analysts said the weather-related boost was likely to be short-lived with sales expected to slow again in coming months as rising mortgage rates further cool the housing market which has posted record sales levels for five straight years.

let's not start this debate again- it's old- everyone has there own opinion and is doing what's best for me

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Who's starting a debate? I merely posted an article that was published today. Where did I say in my first post that this was 'only the Long Island market'.

I will say one thing... while Long Island wasn't directly mentioned... this quote is rather interesting.

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By region of the country, sales rose by 19.2 percent in the Northeast and were up 11.1 percent in the Midwest and 5.1 percent in the West in February. Only the South showed weakness last month with sales there dropping by 2.5 percent from the January pace.

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I wonder what they consider as 'The South'.

I read the article - and the first thing I thought of was that it was for the entire country. Not everywhere in the country are they having the appreciation of houses like LI has seen over the past few years.

I guess we'll see what happens when it happens! Until then, my crystal ball will guide my house buying process!

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Posted by DjPiLL

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By region of the country, sales rose by 19.2 percent in the Northeast and were up 11.1 percent in the Midwest and 5.1 percent in the West in February. Only the South showed weakness last month with sales there dropping by 2.5 percent from the January pace.

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I wonder what they consider as 'The South'.

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'The South' is that...the southern states (NC, SC, GA, FL, MS, TN, etc.). I know for a fact that construction was down and sales were down to since most people relocating do so in the summer. But that's fine because there's a steady appreciation of at least 4% and I benefitted from the slow market.

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Posted by Meaghan729

Not everywhere in the country are they having the appreciation of houses like LI has seen over the past few years.

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Actually... there were 95 other metro cities in the entire country that had more appreciation than Long Island. I think a lot of people over exaggerate the LI boom. Yes the boom was good for LI, but it was even better for people who owned in other places.

Linketh


Like I said last week... Florida market is probably the hottest market in the entire country. I never knew so many people were flocking to Arizona.



Here is a quick list of some best and worst in appreciation:



1. Phoenix, AZ
2. Naples, FL
3. Cape Coral, FL
4. St. George, UT
5. Prescott, AZ
6. Lakeland, FL

.
.
.

270. Detroit, MI
271. Lafayette, IN
272. Greeley, CO
273. Sioux City, IA
274. Bay City, MI
275. Burlington, NC

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Posted by SomethingBlu

'The South' is that...the southern states (NC, SC, GA, FL, MS, TN, etc.).

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Don't include Florida in that list. See above post.

well, a 93% appreciation over 5 years on already ridiculously expensive housing is huge in my mind -

My sister lives in Richmond, VA, which was ranked #76 (higher than nassau-suffolk), with a 59% appreciation over 5 years, and her 4 bedroom colonial cost $150K.

New Home Sales Plummet in February
Friday March 24, 10:07 am ET
By Martin Crutsinger, AP Economics Writer
New Home Sales Plummet in February by Largest Amount in Nearly Nine Years


WASHINGTON (AP) -- Sales of new homes plunged by the largest amount in nearly nine years in February while the median price of a new home dropped for the fourth straight month, providing fresh evidence that the nation's once-booming housing market is cooling off.
The Commerce Department reported that sales of new single-family homes dropped by 10.5 percent last month to a seasonally adjusted annual sales pace of 1.08 million homes. It was the second straight monthly decline and was much bigger than the small 2 percent dip that Wall Street was expecting.

The drop in new home sales followed news Thursday that sales of previously owned homes actually rose by a stronger-than-expected 5.2 percent last month following five straight monthly declines. Analysts said the trend in both reports pointed to a slowing housing market after five record-setting years

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Posted by JuneGroom05

New Home Sales Plummet in February
Friday March 24, 10:07 am ET
By Martin Crutsinger, AP Economics Writer
New Home Sales Plummet in February by Largest Amount in Nearly Nine Years


WASHINGTON (AP) -- Sales of new homes plunged by the largest amount in nearly nine years in February while the median price of a new home dropped for the fourth straight month, providing fresh evidence that the nation's once-booming housing market is cooling off.
The Commerce Department reported that sales of new single-family homes dropped by 10.5 percent last month to a seasonally adjusted annual sales pace of 1.08 million homes. It was the second straight monthly decline and was much bigger than the small 2 percent dip that Wall Street was expecting.

The drop in new home sales followed news Thursday that sales of previously owned homes actually rose by a stronger-than-expected 5.2 percent last month following five straight monthly declines. Analysts said the trend in both reports pointed to a slowing housing market after five record-setting years

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This is true...and new construction has slowed too, hence my post above. Florida will not come off the list... There are parts that are not growing...but waterfront will always be hot.

God can't make more water!