Tag Archives: Bedford Hills Homes for Sale

Bedford Hills Homes for Sale

Pending sales up 6% | Bedford Hills Real Estate

Strong demand pushed home prices up 14% from a year earlier.

Strong home buying demand continued through the end of August, with pending sales up 6% from a year earlier, even as new listings of homes for sale fell 7% from 2020 levels. Measures of competition, such as the share of homes sold above list price and the number of homes sold in two weeks, are continuing to soften. Still, home prices remain high, up 14% from the same time a year ago.

“More homes were listed this summer, but they were quickly snatched up by home buyers even as bidding wars have become more rare,” said Redfin Lead Economist Taylor Marr. “The market hasn’t cooled off any further than it usually does this time of year, and we expect home buying demand to remain strong through the fall.”

Key housing market takeaways for 400+ U.S. metro areas:

Unless otherwise noted, the data in this report covers the four-week period ending September 5. Redfin’s housing market data goes back through 2012.

Data based on homes listed and/or sold during the period:

  • The median home-sale price increased 14% year over year to $358,250.
  • Asking prices of newly listed homes were up 10% from the same time a year ago to a median of $353,500, on par with where asking prices were in late April. This was down 2% from the all-time high set during the four-week period ending June 27.
  • Pending home sales were up 6% year over year, but down 9% from their 2021 peak hit during the four-week period ending May 30.
  • New listings of homes for sale were down 7% from a year earlier. The number of homes being listed is in a typical seasonal decline, down 16% from the 2021 peak reached during the four-week period ending June 27.
  • Active listings (the number of homes listed for sale at any point during the period) fell 23% from 2020. Active listings were up 14% from their 2021 low set during the four-week period ending March 7, but have declined 3% from their 2021 peak hit during the four-week period ending August 8.
  • 47% of homes that went under contract had an accepted offer within the first two weeks on the market, above the 43% rate of a year earlier, but down 9 percentage points from the 2021 peak set during the four-week period ending March 28.
  • 34% of homes that went under contract had an accepted offer within one week of hitting the market, up from 31% during the same period a year earlier, but down 9 percentage points from the 2021 peak reached during the four-week period ending March 28.
  • Homes that sold were on the market for a median of 19 days, up from the all-time low of 15 days seen in late June and July, and down from 33 days a year earlier.
  • 50% of homes sold above list price, up from 33% a year earlier. This measure has been falling since the four-week period ending July 11, when it peaked at 55%.
  • On average, 4.9% of homes for sale each week had a price drop, up 0.8 percentage points from the same time in 2020, and the highest level since the four-week period ending October 13, 2019.
  • The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, decreased to 101.4%. In other words, the average home sold for 1.4% above its asking price. This measure was down 0.9 percentage points from its peak hit during the four-week period ending July 11 and up 2.1 percentage points from a year earlier.

Other leading indicators of homebuying activity:

Refer to our metrics definition page for explanations of all the metrics used in this report.

Home Sale Prices Up 14% From 2020
Asking Prices on New Listings Up 10% From 2020
Pending Sales Up 6% From 2020
New Listings of Homes Down 7% From 2020
Active Listings of Homes For Sale Down 23% From 2020
47% of Pending Sales Under Contract Within Two Weeks
34% of Pending Sales Under Contract Within One Week
Days on Market Inches Up
Over Half of Homes Sold Above List Price
5% of Listings Had Price Drops
Sale-to-List Price Ratio Drops Further Below 102%
Redfin Homebuyer Demand Index Up 19% From 2020

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redfin.com/news/housing-market

Bedford Hills Nor’easter update

Storm Update – Warming Centers
            Our thanks to the Bedford Hills Fire Department and the Katonah Fire Department for opening their facilities (2d floor of each fire house) as a warming center up to 10 PM tonight.   We ask that you take extra care in driving over there as there are downed trees and wires throughout town.
The forecast for strong wind gusts have proved correct with resulting downed trees and wires in several areas in Town.   There are outages for approximately 1700 NYSEG customers and 100 Con Edison customers.  We have been working with NYSEG and Con Edison to expedite making conditions safe (de-energized lines to allow removal of downed trees/limbs).  NYSEG’s press release (click here) describes the protocol.  Our Highway Department, of course, is working to ensure safe passage on the roads.
Be safe – do not approach any downed wires.  To report power outages, downed lines, utility poles or damaged equipment, for NYSEG call 800-572-1131 or online at nyseg.com/outage and for Con Edison 800-752-6633 (electric) https://apps.coned.com/cemyaccount/CSOL/ReportOutage.aspx?lang=eng and 914-921-3720 (gas).  Call Bedford Police at 241-3111 or Bedford Highway at 666-7669 to report downed wires or trees blocking roads. We also have been coordinately closely with NYSEG and Con Edison should power outages occur and they activate their storm damage assessment reporting systems.  Our objective is to respond quickly and effectively to the situation.
Also, please do not hesitate to contact me  at  supervisor@bedfordny.gov or call me at 666-6530.

Pulte net income up in Q3 | Bedford Hills Real Estate

PulteGroup, Inc., Atlanta (NYSE:PHM) on Tuesday reported net income of $178 million, or $0.58 per share. for its third quarter ended September 30, 2017. The gain, which included an insurance related charge of $5 million, compared with net income of $128 million, or $0.37 per share in the prior-year quarter. Earnings per share missed analyst expectations of a gain of $0.59.

Home sale revenues for the third quarter increased 9% over the prior year to $2.1 billion. Higher revenues for the period were driven by a 2% increase in deliveries to 5,151 homes, combined with a 7%, or $25,000, increase in average sales price to $399,000.

Home sale gross margin for the third quarter was 23.9%, down 80 basis points from the prior year, but is up 50 basis points from the second quarter 2017 adjusted gross margin of 23.4%. Home building SG&A expense for the quarter of $237 million, or 11.6% of home sale revenues, included a $5 million charge associated with the resolution of certain insurance matters. Prior year SG&A of $251 million, or 13.3% of home sale revenues, included approximately $12 million of charges for certain restructuring costs and shareholder activities.

Net new orders for the third quarter increased 11% to 5,300 homes, while the value of new orders increased 23% over the prior year to $2.3 billion. The company operated out of 778 communities for the third quarter, which is up 10% over the third quarter of 2016.

Ending backlog for the quarter was up 15% over the prior year to 10,823 homes, as backlog value gained 26% to $4.7 billion. The average price of homes in backlog increased 10% over the prior year to $431,000, which is a 10 year high for the company.

The company’s financial services operations reported third quarter pretax income of $18 million compared with $21 million in 2016. The decrease in pretax income for the period was primarily the result of a more competitive operating environment which impacted pricing during the period. Mortgage capture rate for the quarter was 80%, compared with 81% in the prior year.

“We continue to be extremely pleased with the strength of homebuyer demand and the sustained course of the housing recovery,” said Ryan Marshall, President and CEO of PulteGroup. “Despite the disruptions caused by Hurricanes Harvey and Irma, our 11% increase in year-over-year orders for the quarter points to the health of the market, while the 15% increase in our backlog puts us in an excellent position to deliver strong fourth quarter and full-year financial results.”

“Fueled by growing demand among first-time buyers and supported by a strong economy, high employment, and historically low interest rates, U.S. new home sales for 2017 are expected to grow a healthy 5% to 10% over last year,” added Marshall. “We remain optimistic about the strength of future housing demand, as the current housing cycle moves into its seventh year of growth.”

 

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http://www.builderonline.com/money/profits/pulte-net-income-up-in-q3_o?utm_source=newsletter&utm_content=Press%20Release&utm_medium=email&utm_campaign=BP_102417%20(1)&he=bd1fdc24fd8e2adb3989dffba484790dcdb46483

Share of Past Due Mortgages Drop Significantly | Bedford Hills Real Estate

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Information released by the Mortgage Bankers’ Association (MBA) indicates that the share of all 1-4 family mortgage loans past due has returned to a level of normality. According to the MBA’s National Delinquency Survey, the share of all 1-4 family mortgages considered past due fell by 14 basis points to 4.52 percent as indicated in the new report. One year ago 4.99 percent of loans were considered past due.

The current share of loans past due has fallen significantly from its recession-related peak of 10.1 percent in 2010. Moreover, the current share of past due mortgages is below the average percentage between 1980, the beginning of the series, and 2006, 4.8 percent. Additionally, the average between 1987 and 2006 was 4.6 percent.

presentation1

Deeper analysis finds that the underlying composition of mortgages past due has improved, but has not fully recovered. Mortgages considered past due include those that are 30-59 days past due, 60-89 days late, and 90 or more days delinquent. It excludes mortgages that have entered foreclosure.

The figure below presents the distribution of mortgages past due by the 3 categories of lateness. Currently, about half of past due mortgages, 52 percent, are 30-59 days past due, 17 percent are 60-89 days past due, while 31 percent are 90 or more days delinquent. The present composition is better than the distribution at the peak in 2010, when mortgages 90 or more days past due accounted for half, 50 percent, of all past due mortgages.

However, the composition of past due mortgages on average between 1980 and 2006 was even more concentrated in the 30-59 day late category. On average, over the 1980-2006 period, mortgages 30-59 days past due accounted 67 percent of all past due mortgages while mortgages 90 or more days past due represented 16 percent. Also at 16 percent, the share of mortgages 60-89 days past due between 1980 and 2006 is similar to its current percentage of 17 percent.

presentation2

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http://eyeonhousing.org/2016/11/share-of-past-due-mortgages-reaches-post-recession-low/

Mortgage rates average 3.54% | Bedford Hills Real Estate

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Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates increasing to their highest level since late June.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.54 percent with an average 0.5 point for the week ending November 3, 2016, up from last week when it averaged 3.47 percent. A year ago at this time, the 30-year FRM averaged 3.87 percent.
  • 15-year FRM this week averaged 2.84 percent with an average 0.5 point, up from last week when they averaged 2.78 percent. A year ago at this time, the 15-year FRM averaged 3.09 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.87 with an average 0.4 point, up from last week when it averaged 2.84 percent. A year ago, the 5-year ARM averaged 2.96 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quote
Attributed to Sean Becketti, chief economist, Freddie Mac.

“A jump last week in the PCE — the price index tracked most closely by the Fed — raised the prospect that inflation might not be completely dead after all. Investors reacted by driving the yield on the 10-year Treasury to its highest point since June. The 30-year mortgage rate jumped 7 basis points to 3.54 percent, the largest 1-week increase in over six months.”

Mortgage rates average 3.41% | Bedford Hills Real Estate

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Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates dropping further to new 2016 lows in the wake of the Brexit vote. At 3.41 percent, the 30-year fixed-rate mortgage is just 10 basis points from its November 2012 all-time record low of 3.31 percent.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.41 percent with an average 0.5 point for the week ending July 7, 2016, down from last week when it averaged 3.48 percent. A year ago at this time, the 30-year FRM averaged 4.04 percent.
  • 15-year FRM this week averaged 2.74 percent with an average 0.4 point, down from last week when it averaged 2.78 percent. A year ago at this time, the 15-year FRM averaged 3.20 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.68 percent this week with an average 0.5 point, down from last week when it averaged 2.70 percent. A year ago, the 5-year ARM averaged 2.93.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quote
Attributed to Sean Becketti, chief economist, Freddie Mac.

“Continuing fallout from the Brexit vote drove Treasury yields lower again this week. The 30-year fixed-rate mortgage followed Treasury yields, falling 7 basis points to 3.41 percent in this week’s survey. Mortgage rates have now dropped 15 basis points over the past two weeks, leaving them only 10 basis points above the all-time low.”

CHICAGO HOME SALES JUMP TO 9-YEAR HIGH | Bedford Hills Real Estate

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The city that used to be second is staging something of a comeback, at least as far as home sales are concerned.

Chicagonow.com reports this: After a weak March and several other months of languishing sales activity the Chicago real estate market came roaring back in April with the highest home sales in 9 years and the largest year over year gain in 9 months. Check out the graph below to see these numbers in their historic context. All the April data points are flagged in red and the blue line is a 12 month moving average. However, that blue line is still not quite flashing an upward trend again.

April Chicago home sales were up a whopping 10.1% over last year but when the Illinois Association of Realtors announces the official numbers in a little less than 2 weeks they are going to report it as a 7.9% increase.

 

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http://www.builderonline.com/newsletter/chicago-home-sales-jump-to-9-year-high_c

CoreLogic: Home prices maintain pace, increase 6.3% | Bedford Hills Real Estate

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Home prices nationwide, including distressed sales, posted similar results to last month, increasing year-over-year by 6.3% in December 2015 compared with December 2014, according to the most recent report from housing data and analytics provider, CoreLogic.

On a monthly basis, home prices are up 0.8% in December 2015 compared to November 2015.

The below chart shows the home price index going back to 2002.

Click to enlarge

home prices

(Source: CoreLogic)

“Nationally, home prices have been rising at a 5% to 6% annual rate for more than a year,” said Frank Nothaft, chief economist for CoreLogic.

“However, local-market growth can vary substantially from that. Some metropolitan areas have had double-digit appreciation, such as Denver and Naples, Florida, while others have had price declines, like New Orleans and Rochester, New York,” said Nothaft.

Looking ahead, CoreLogic’s HPI Forecast predicts that home prices will increase by 5.4% on a year-over-year basis from December 2015 to December 2016, and on a month-over-month basis home prices are expected to increase 0.2% from December 2015 to January 2016

 

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CoreLogic: Home prices maintain pace, increase 6.3%

U.S. housing market continuing to slowly stabilize | Bedford Hills Real Estate

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Freddie Mac (OTCQB: FMCC) today released its updated Multi-Indicator Market Index® (MiMi®) showing the U.S. housing market continuing to slowly stabilize with one additional state, Rhode Island, and four additional metro areas entering their outer range of stable housing activity: Philadelphia and Harrisburg, Pennsylvania; Phoenix, Arizona; and Albany, New York.

The national MiMi value stands at 81, indicating a housing market that is on its outer range of stable housing activity, while showing an improvement of +0.93% from June to July and a three-month improvement of +2.99%. On a year-over-year basis, the national MiMi value has improved +6.17%. Since its all-time low in October 2010, the national MiMi has rebounded 37%, but remains significantly off from its high of 121.7.

News Facts:

  • Twenty-nine of the 50 states plus the District of Columbia have MiMi values in a stable range, with the District of Columbia (103), North Dakota (97), Montana (93.7), Hawaii (93.5), and California and Utah tied at (90) and ranking in the top five.
  • Forty-six of the 100 metro areas have MiMi values in a stable range, with Fresno (98.9), Austin (96.4), Honolulu (94.1), and Salt Lake City and Los Angeles tied at (92.9) and ranking in the top five.
  • The most improving states month-over-month were Florida (+2.00%), Colorado (+1.99%), New Jersey (+1.83%), Connecticut (+1.80%) and Nevada (+1.48%). On a year-over-year basis, the most improving states were Florida (+14.35%), Oregon (+13.45%), Nevada (12.18%), Colorado (+11.65%), and Washington (+10.18%).
  • The most improving metro areas month-over-month were Orlando, FL (+2.60%), Greenville, SC (+2.55%), Cape Coral, FL (+2.51%), Tampa, FL (+2.19%) and Jacksonville, FL (+2.12%). On a year-over-year basis, the most improving metro areas were Orlando, FL (+18.27%), Cape Coral, FL (+17.75%), Tampa, FL (+15.99%), Palm Bay, FL (+14.98%) and North Port, FL (+14.77%).
  • In July, 49 of the 50 states and all of the top 100 metros were showing an improving three month trend. The same time last year, 20 of the 50 states plus the District of Columbia, and 59 of the top 100 metro areas were showing an improving three-month trend.

Quote attributable to Freddie Mac Deputy Chief Economist Len Kiefer:

“Nationally, all MiMi indicators are heading in the right direction for the second consecutive month and improving more than 6 percent from the same time last year. Florida has some of the most improving housing markets in the country, largely a reflection of more borrowers becoming current on their mortgage payments as the local employment picture improves and house prices rebound. The one area of the country that has been slow to respond has been the Northeast. However, we’ve started to see these housing markets turn around, especially in Pennsylvania, Connecticut, New Hampshire, Vermont and Maine. While many of the locals markets in the Northeast are still weak, they’re steadily trending in the right direction and their pace of improvement is accelerating. Overall, the West remains especially strong, with many markets posting double-digit growth in their MiMi purchase applications indicator compared to a year ago and helping to keep the country on pace for the best year of home sales since 2007.”

Pending Home Sales Dip in June | Bedford Hills Real Estate

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After five consecutive months of increases, pending home sales slipped in June but remained near May’s level, which was the highest in over nine years, according to the National Association of Realtors®. Modest gains in the Northeast and West were offset by larger declines in the Midwest and South.

The Pending Home Sales Index,* a forward-looking indicator based on contract signings, fell 1.8 percent to 110.3 in June but is still 8.2 percent above June 2014 (101.9). Despite last month’s decline, the index is the third highest reading of 2015 and has now increased year-over-year for ten consecutive months.

Lawrence Yun, NAR chief economist, says although pending sales decreased in June, the overall trend in recent months supports a solid pace of home sales this summer. “Competition for existing houses on the market remained stiff last month, as low inventories in many markets reduced choices and pushed prices above some buyers’ comfort level,” he said. “The demand is there for more sales, but the determining factor will be whether or not some of these buyers decide to hold off even longer until supply improves and price growth slows.”

According to Yun, existing-home sales are up considerably compared to a year ago despite the share of first-time buyers only modestly improving1. The reason is that the boost in sales is mostly coming from pent-up sellers realizing their equity gains from recent years.

“Strong price appreciation and an improving economy is finally giving some homeowners the incentive and financial capability to sell and trade up or down,” adds Yun. “Unfortunately, because nearly all of these sellers are likely buying another home, there isn’t a net increase in inventory. A combination of homebuilders ramping up construction and even more homeowners listing their properties on the market is needed to tame price growth and give all buyers more options.”

The PHSI in the Northeast inched 0.4 percent to 94.3 in June, and is now 12.0 percent above a year ago. In the Midwest the index declined 3.0 percent to 108.1 in June, but is still 5.0 percent above June 2014.

Pending home sales in the South also decreased 3.0 percent to an index of 123.5 in June but are still 7.8 percent above last June. The index in the West increased 0.5 percent in June to 104.4, and is now 10.4 percent above a year ago.

The national median existing-home price for all housing types in 2015 is expected to increase around 6.5 percent to $221,900, which would match the record high set in 2006. Total existing-home sales this year are forecast to increase 6.6 percent to around 5.27 million, about 25 percent below the prior peak set in 2005 (7.08 million).

 

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http://www.realtor.org/news-releases/2015/07/pending-home-sales-dip-in-june