NAR: U.S. home sales down 6.4% in Dec.

WASHINGTON – Jan. 22, 2019 – After two consecutive months of increases, existing-home sales declined in the month of December, according to the National Association of Realtors®(NAR). None of the four major U.S. regions saw a gain in sales activity last month.

Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, decreased 6.4 percent from November to a seasonally adjusted rate of 4.99 million in December. Sales are now down 10.3 percent from a year ago (5.56 million in December 2017).

Lawrence Yun, NAR's chief economist, says current housing numbers are partly a result of higher interest rates.

"The housing market is obviously very sensitive to mortgage rates," Yun says. "Softer sales in December reflected consumer search processes and contract signing activity in previous months when mortgage rates were higher than today. Now, with mortgage rates lower, some revival in home sales is expected going into spring."

The median existing-home price for all housing types in December was $253,600, up 2.9 percent from December 2017 ($246,500). December's price increase marks the 82nd straight month of year-over-year gains.

Total housing inventory at the end of December decreased to 1.55 million, down from 1.74 million existing homes available for sale in November, but that's a year-to-year inventor increase from 1.46 million.

Unsold inventory is at a 3.7-month supply at the current sales pace, down from 3.9 last month and up from 3.2 months a year ago.

Homes also stayed on the market a bit longer before securing a contract. They typically stayed on the market for 46 days in December, up from 42 days in November and 40 days a year ago. However, 39 percent of homes sold in December were on the market for less than a month.

"Several consecutive months of rising inventory is a positive development for consumers and could lead to slower home price appreciation," says Yun. "But there is still a lack of adequate inventory on the lower-priced points and too many in upper-priced points."

According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage decreased to 4.64 percent in December from 4.87 percent in November. The average commitment rate for all of 2017 was 3.99 percent.

"The partial shutdown of the federal government has not had a significant effect on December closings, but the uncertainty of a shutdown has the potential to harm the market," says NAR President John Smaby. "Once the government is fully reopened, I am hopeful that housing transactions will increase."

First-time buyers were responsible for 32 percent of sales in December, down from November (33 percent), but the same year-to-year.

All-cash sales accounted for 22 percent of transactions in December, up from November and a year ago (21 and 20 percent, respectively). Individual investors, who account for many cash sales, purchased 13 percent of homes in December, which is unchanged from November but down year-to-year (16 percent).

Distressed sales – foreclosures and short sales – represented 2 percent of sales in December, unchanged from 2 percent last month and down from 5 percent a year ago.

Single-family and condo/co-op sales
Single-family home sales were at a seasonally adjusted annual rate of 4.45 million in December, down from 4.71 million in November, and 10.1 percent below the 4.95 million sales pace one year earlier. The median existing single-family home price was $255,200 in December, up 2.9 percent from December 2017.

Existing condominium and co-op sales were at a seasonally adjusted annual rate of 540,000 units in December, down 12.9 percent from last month and down 11.5 percent from a year ago. The median existing condo price was $240,600 in December, which is up 2.3 percent from a year ago.

Regional breakdownDecember existing-home sales in the Northeast decreased 6.8 percent to an annual rate of 690,000 and also 6.8 percent below a year ago. The median price in the Northeast was $283,400, which is up 8.2 percent from December 2017.

In the Midwest, existing-home sales fell 11.2 percent from last month to an annual rate of 1.19 million in December, down 10.5 percent overall from a year ago. The median price in the Midwest was $191,300, unchanged from last year.

Existing-home sales in the South dropped 5.4 percent to an annual rate of 2.09 million in December, down 8.7 percent from last year. The median price in the South was $224,300, up 2.5 percent from a year ago.

Existing-home sales in the West dipped 1.9 percent to an annual rate of 1.02 million in December, and 15 percent below a year ago. The median price in the West was $374,400, up 0.2 percent from December 2017.

© 2019 Florida Realtors®

​

March 2015 Palm Coast - Flagler County Saltwater Canal Homes Sales Report

March 2015 Palm Coast - Flagler County Saltwater Canal Homes Sales Report

It's spring, and just like the weather, this real estate market is heating up!  In the month of March, a total of 18 saltwater canal homes have sold in Palm Coast and Flagler Beach.  The average sales price for this months Saltwater Canal Homes was $348,000 while the average days on market was 96 days.  The top sale of the month was 80 Club House Drive, selling at $645,000.  80 Club House Drive is located in the Palm Harbor neighborhood of Palm Coast.  The deal of the month was 11 Cherry Court, also located in Palm Harbor.  11 Cherry Court is a 2/2 and sold for $159,000. 

Here's a break down of the market activity for homes on the Saltwater Canal in Palm Coast - Flagler County.

Palm Coast Saltwater Canal Homes Sales Report

2 Flametree Ct - $440,000

22 Fanwood Ct - $280,000

80 Club House Dr - $645,000

16 Chickasaw Ct - $425,000

13 Coleridge Ct - $225,000

37 Comanche Ct - $250,000

36 Cleveland Ct - $262,000

11 Cherry Ct - $159,000

22 Cottagegate Ct - $352,500

2 Clement Ct - $240,000

9 Colonia Ct - $287,000

55 Comanche Ct - $372,500

31 Farraday Ln - $230,000

12 Crazy Horse Ct - $455,000

Sanctuary Saltwater Canal Homes Sales Report

26 Old Oak Dr S - $631,000

Flagler Beach Saltwater Canal Homes Sales Report

304 12th St. N - $275,000

167 Lantana Ave - $290,000

276 Ocean Palm Dr - $445,000

Thanks for checking out this Sales Report for the Saltwater Canal Homes in Flagler County.  All information is believed to be true and accurate, but not guaranteed.  The source for the information is from the Flagler County MLS.  This is not intended to be a estimate of any ones home value.  To get a Free Home Valuation and find out your homes value, contact the Saltwater Canal Homes Team of Flagler County.

Bobby Keith - 386-793-1426

Subscribe to our blog for updates on the area.

February 2015 Palm Coast - Flagler Beach Saltwater Canal Homes Sales Report

February 2015 Saltwater Canal Homes Sales Report Flagler County

     A total of 9 homes were sold in February 2015 in the Saltwater Canal - Intracoatal Waterway areas of Flagler County.  The average sales price for this month for Saltwater Canal Homes (total of 8) was $400,313, while the average days on market was 118 days.  The top sale of the month for Saltwater Canal homes in Flagler County was 3 Caitlin Ct in Palm Coast selling for $805,000.  The deal of the month was 7 Cedar Hollow Ct. in Palm Coast, selling at $245,000.  Here's the break down of the market activity for homes on the Saltwater Canal in Palm Coast - Flagler County.

Palm Coast Saltwater Canal Homes Sales Report

13 Carlson Ln - $389,000

20 Clearview Ct N - $249,000

7 Cedar Hollow Ct - $245,000

27 Cherrytree Ct - $390,000

4 Chelsea Ct - $340,000

The Sanctuary

3 Caitlin Ct - $805,000

Flagler Beach Saltwater Canal Homes Sales Report

2308 Flagler Ave S - $254,500

557 10th N Street - $530,000

ICW Homes Sales Report

208 Palm Circle - $620,000

     Thanks for checking out the Monthly Saltwater Canal Home Sales Report for Flagler County.  This is not meant to be an estimate of your home, for a Free Home Valuation of your home call Bobby Keith at 386-793-1426.

Subscribe to our blog for updates on the area.