Investors’ pullback trims August home sales | Bedford Hills Real Estate

 

Existing-home sales slipped 1.8% in August, breaking a four-month string of gains as some investor buyers left the market, the National Association of Realtors said Monday.

Sales dropped to a seasonally adjusted annual rate of 5.05 million in August, the National Association of Realtors said Monday. That’s down from 5.14 million in July — which was revised slightly lower than previously estimated — and a 5.33 million rate in August 2013.

Economists had expected a 5.18 million pace, according to the median forecast in Action Economics’ survey.

It has been 10 months since the annualized sales rate was higher on a year over year basis.

“There was a marked decline in all-cash sales from investors” last month, said Lawrence Yun, chief economist of the Realtors association. “On the positive side, first-time buyers have a better chance of purchasing a home now that bidding wars are receding and supply constraints have significantly eased in many parts of the country.”

Investors have provided much of the demand in the housing market for the past few years as they snapped up foreclosed properties at distressed prices and turned them into rentals. But their interest has cooled as the supply of foreclosures has receded and prices of other properties have risen.

All-cash sales were 23% of transactions in August, dropping for the second consecutive month to its lowest share since December 2009, the NAR said. Individual investors bought 12% of homes in August, down from 16% in July and 17% in August 2013. Sixty-four percent of investors paid cash in August.

 

 

read more….

 

http://www.usatoday.com/story/money/business/2014/09/22/august-existing-home-sales/16016439/

 

Robert Paul

Robert is a realtor in Bedford NY. He has been successfully working with buyers and sellers for years. His local area of expertise includes Bedford, Pound Ridge, Armonk, Lewisboro, Chappaqua and Katonah. When you have a local real estate question please call 914-325-5758.

Recent Posts

Out of Sevice with brain injury since November.

Just back out of hospital in early March for home recovery. Therapist coming today.

2 years ago

Existing home sales down 28% | Katonah Real Estate

Sales fell 5.9% from September and 28.4% from one year ago.

2 years ago

Single-Family Housing Contraction Continues | Bedford Hills Real Estate

Housing starts decreased 4.2% to a seasonally adjusted annual rate of 1.43 million units in…

2 years ago

Closed Median Sale Price in Hudson Valley/NYC Markets Declined by 2.50% in October | Bedford Real Estate

OneKey MLS reported a regional closed median sale price of $585,000, representing a 2.50% decrease…

2 years ago

Building Materials Prices Decline for Second Consecutive Month | Pound Ridge Real Estate

The prices of building materials decreased 0.2% in October

2 years ago

Mortgage rates drop with inflation drop | Bedford Corners Real Estate

Mortgage rates went from 7.37% yesterday to 6.67% as of this writing.

2 years ago

This website uses cookies.