First time buyers coming back?

From HousingWire:

Existing home sales increase 4 months in a row

It’s no shock that existing home sales increased again this month, marking the fourth consecutive month of increases, according to the National Association of Realtors.

What is new, however, is that these home sales were boosted by a flood of first-time homebuyers entering the market, the largest quantity in four years, in fact.

The Northeast was the only outlier, with a decline in closings in June as sales fell to their lowest overall share since July 2009.

“Sales of existing homes were unexpectedly strong in June, edging up for the fourth consecutive month to a nine-year high and defying expectations for a modest monthly decline,” Zillow Chief Economist Svenja Dudell said. “The gain is even more surprising given a continued shortage of homes available for sale, with inventory down almost 6% compared to the same time a year ago.”

The total existing home sales, completed transactions that include single-family homes, town homes, condominiums and co-ops, increased by 1.1% to a seasonally adjusted annual rate of 5.57 million in June, up from May’s downwardly revised 5.51 million.

Sales are now up 3% from June 2015, and remain at their highest annual pace since February 2007, when sales were at 5.79 million.

“Existing sales rose again last month as more traditional buyers and fewer investors were able to close on a home despite many competitive areas with unrelenting supply and demand imbalances,” NAR Chief Economist Lawrence Yun said. “Sustained job growth as well as this year’s descent in mortgage rates is undoubtedly driving the appetite for home purchases.”

On the other hand, there is a question about whether this pace can continue in the coming months.

“Looking ahead, it’s unclear if this current sales pace can further accelerate as record high stock prices, near-record low mortgage rates and solid job gains face off against a dearth of homes available for sale and lofty home prices that keep advancing,” Yun said.

The median existing home price in June hit $247,000, an increase of 4.8% annually, according to the report. June’s increase marks the 52nd month of annual increases, and even surpassed May’s peak median sales price of $238,900.

“Existing home sales edged out a small gain in June, helped by a rise in first-time buyer numbers,” Capital Economics Property Economist Matthew Pointon said. “But the months’ supply of homes for sale has fallen to its joint-lowest level for 11 years, and the recent drop in mortgage rates following the Brexit result has not given mortgage applications for home purchase a boost.”

“Therefore, it seems unlikely that existing home sales will continue to rise,” Pointon concluded.

This entry was posted in Demographics, Economics, Housing Recovery, National Real Estate. Bookmark the permalink.

81 Responses to First time buyers coming back?

  1. D-FENS says:

    This is absolutely correct. Which is why the design of the US government is not a democracy.

    GOP’s Convention broken (the good one) says:

    July 21, 2016 at 7:22 pm
    @jbarro

    Peter Thiel,

    who will speak at the RNC tonight,

    wrote in 2009 that freedom and democracy are not compatible.

  2. You wouldn’t have thought it was possible, but Hillary is a little drier still today.

  3. I can’t decide if Hillary is the new Dukakis or the new Mondale.

  4. Ottoman says:

    Of course to fvckwits like Theil, freedom is to be dictated by those who can afford it. he spent 10 years and millions plotting Gawker’s downfall for writing that he was gay. Where is Gawker’s freedom to report the truth? As if we needed anymore proof that capitalism is a corrupt system and detrimental to humanity. If Theil had his way there would be no freedoms of the press. Of course, Theil himself wasn’t free enough to actually come out, despite all his money. So Just like all right wingers, he lashes out at free people to assuage his own insecurities.

  5. The Great Pumpkin says:

    My tax bill in 2015. Trust me, I’m paying 18,000. Go do some better research. Zillow is never up to date with tax records.

    2015- $17,713

    The Original NJ ExPat says:
    July 22, 2016 at 7:09 am
    [160] Plumpsky – Your daughter isn’t old enough to go to school and your taxes are under $18,000 (but not much). Your tax bill furnishes you front row seats to the drag races out front and K-12 for other kids.

  6. [5] Lighten up Francis.

  7. [6] Plumpky, I know you’re filled with buyer’s remorse, but honestly (and technically), you’ve never paid $18k taxes in a year, right? And your daughter isn’t in public school, either, right? Just turn up your iPod and you won’t hear the 55mph traffic out front.

  8. BTW, your exact taxes are available at the Monmouth Board, I’m just busting your already flattened pea-balls. Go ahead and round up.

  9. The Great Pumpkin says:

    Get a life.

    Your daughters still having trouble sleeping at night due to all the noise? You know that problem that comes with tiny apartments when the neighbors are fuc!ing and waking up your kids on a nightly basis?

    The Original NJ ExPat says:
    July 22, 2016 at 8:18 am
    [6] Plumpky, I know you’re filled with buyer’s remorse, but honestly (and technically), you’ve never paid $18k taxes in a year, right? And your daughter isn’t in public school, either, right? Just turn up your iPod and you won’t hear the 55mph traffic out front

  10. The Great Pumpkin says:

    If I was paying 17,700 in 2015, you are telling me my taxes didn’t go up in 2016? I think I know wtf I pay. Quit the trolling.

    The Original NJ ExPat says:
    July 22, 2016 at 8:24 am
    BTW, your exact taxes are available at the Monmouth Board, I’m just busting your already flattened pea-balls. Go ahead and round up.

  11. nwnj3 says:

    Thiel was compelling for anyone looking for a non partisan take. He was right on the money about the fake culture wars. Hillary’s so desperate to find a new aggrieved constituency she’s going to be championing s3x offenders and felons next week.

  12. They don’t read your posts, so they’re not affected by your noise. You’re probably also unfamiliar with 1926 pre-war brick construction.

    Your daughters still having trouble sleeping at night due to all the noise? You know that problem that comes with tiny apartments when the neighbors are fuc!ing and waking up your kids on a nightly basis?

  13. GOP's broken (the good one) says:

    @NickTimiraos

    Trump speech shows how GOP belief in limited government
    has been replaced by unlimited ability of government,
    under one man,
    to solve woes.

  14. GOP's broken (the good one) says:

    @NickTimiraos

    I wonder what social conservatives think of this speech.

    When was the last time a GOP nominee didn’t mention abortion.

  15. faint golf clap for the taxes pumpkin pays on his house with highway frontage while having no kids in school. clap. clap.

  16. GOP's broken (the good one) says:

    @TedCruz

    To those listening,
    please don’t stay home in November.

    If you love our country,
    stand and speak and vote your conscience #RNCinCLE 

  17. Ben says:

    I wonder what social conservatives think of this speech.

    When was the last time a GOP nominee didn’t mention abortion.

    Isn’t this something you should be happy about?

  18. We need more abortions. I think you should get a tax credit for abortions. Doesn’t matter if you have 5 or 10 a year, it’d still be a net win.

  19. grim says:

    5 – Very out of character.

    What right does Gawker have to out someone in the way they did?

  20. D-FENS says:

    Alex Jones crashes Young Turks coverage of RNC. Eggs on fight between them and Roger Stone.

    https://twitter.com/_HunterSanders/status/756259685737586690

    Good for a laugh.

  21. I just got this. Pumpkin is traumatized from the Polish poundings he was subjected to as a kid. That’s why he overpaid for his house. Sorry that you were in earshot, at the very least, of the nightly kielbasa delivery.

    Your daughters still having trouble sleeping at night due to all the noise? You know that problem that comes with tiny apartments when the neighbors are fuc!ing and waking up your kids on a nightly basis?

  22. D-FENS says:

    This post is proof that liberal progressives don’t care about gays or their rights. They only care about their votes.

    Ottoman says:
    July 22, 2016 at 8:03 am
    Of course to fvckwits like Theil, freedom is to be dictated by those who can afford it. he spent 10 years and millions plotting Gawker’s downfall for writing that he was gay. Where is Gawker’s freedom to report the truth? As if we needed anymore proof that capitalism is a corrupt system and detrimental to humanity. If Theil had his way there would be no freedoms of the press. Of course, Theil himself wasn’t free enough to actually come out, despite all his money. So Just like all right wingers, he lashes out at free people to assuage his own insecurities.

  23. 1987 Condo says:

    #20..agree..wasn’t it like 20 years ago there was this whole “if I am gay and out then you should be too so I will upend your life and out you based on my own volition”?

    You know..for the common good and all…

  24. Comrade Nom Deplume, the Deplumiest. says:

    [19] expat

    Hell yeah, they should be retroactive. Start with anon and the vile footrest.

    So far, it’s the twitiot, plumpy, and more puke from the Maoist. Did all the thinking people head for the shore early?

  25. Comrade Nom Deplume, the Deplumiest. says:

    [19] expat

    I read that some stoner tainted a Colo towns water supply with THC.

    Years ago, there was an outcry when someone suggested women get Norplant in exchange for welfare checks. I was in favor of dumping birth control chemicals into the Detroit water system.

  26. D-FENS says:

    Tolerance! Journos mock gay Republican Paypal co-founder Peter Thiel’s appearance at #RNCinCLE

    http://twitchy.com/dougp-3137/2016/07/21/tolerance-journos-mock-gay-republican-paypal-co-founder-peter-thiels-appearance-at-rncincle/

    @hale_razor
    Pro-GOP gay Thiel is about to experience same liberal tolerance shown to pro-GOP women and pro-GOP minorities. #gopconvention
    9:34 PM – 21 Jul 2016

  27. No One says:

    Norm Mcdonald did a funny bit about taking pride in being gay:
    https://youtu.be/iX_gUQeZcB8

  28. GOP's broken (the good one) says:

    @vicenews

    Former KKK leader David Duke
    announces Senate run inspired by
    Donald Trump’s campaign

  29. Tywin says:

    Mother of Michael Brown, the thug who robbed a convenience store, physically assaulted the owner when confronted, then attached a police officer, will speak at Hillary’s convention next week.

    http://www.kctv5.com/story/26290847/michael-brown-suspected-of-punching-store-clerk-moments-before-death

    President Trump is essentially a lock.

  30. Libturd questioning the gender of Hillary's Cankle fluid. says:

    “We need more abortions. I think you should get a tax credit for abortions.”

    Call it the unborn child tax credit? I like that. #UBLDM (Unborn Black Lives Don’t Matter)

  31. A Home Buyer says:

    This seems to be happening a lot for a union of Countries which collectively outlawed firearms.

    http://www.nbcnews.com/news/world/shots-fired-munich-shopping-center-german-police-say-n615031

  32. Libturd questioning the gender of Hillary's Cankle fluid. says:

    “Mother of Michael Brown, the thug who robbed a convenience store, physically assaulted the owner when confronted, then attached a police officer, will speak at Hillary’s convention next week.”

    She’ll probably steal the show. It runs in the family.

  33. D-FENS says:

    Citizens are allowed to have guns in Germany with the proper qualifications.

    A Home Buyer says:
    July 22, 2016 at 1:22 pm
    This seems to be happening a lot for a union of Countries which collectively outlawed firearms.

    http://www.nbcnews.com/news/world/shots-fired-munich-shopping-center-german-police-say-n615031

  34. Libturd questioning the gender of Hillary's Cankle fluid. says:

    Hillary can’t remember who she picked for running mate. The email containing the info was accidentally deleted.

    I’ll be here all day folks/

  35. Anon E. Moose, Second Coming of JJ says:

    D-FENS [27];

    D-FENS says:
    July 22, 2016 at 11:27 am
    Tolerance! Journos mock gay Republican Paypal co-founder Peter Thiel’s appearance at #RNCinCLE

    http://twitchy.com/dougp-3137/2016/07/21/tolerance-journos-mock-gay-republican-paypal-co-founder-peter-thiels-appearance-at-rncincle/

    @hale_razor
    Pro-GOP gay Thiel is about to experience same liberal tolerance shown to pro-GOP women and pro-GOP minorities. #gopconvention
    9:34 PM – 21 Jul 2016

    How about this:

    Caitlyn Jenner says it was harder to come out as Republican than transgender

  36. Anon E. Moose, Second Coming of JJ says:

    Tywin [30];

    She probably wears a T-Shirt or button that says “Hands Up! Don’t Shoot!” –#BlackLiesMurder

  37. walking bye says:

    So Chuck Todd is on NBC Today this morning reviewing Trumps speech, and it caught my attention when he said -I don’t know what world Donald Trump is in but these things are not happening to the majority of Americans. I mean maybe some things have happened but only for the last 5 weeks.

    Right on cue Germany mall shooter happens by afternoon.

  38. A Home Buyer says:

    34 – D-FENS

    Sure it is. You just need to:

    Belong to a shooting club for 1 year and practice at least 18 times in that year,
    Get a written letter stating you are qualified in the caliber you practiced with,
    Purchase from a limited range of firearms,
    Prove you own no other firearms of the same category,
    Prove you have no convictions against you that would exclude you from ownership.

    And to do any type of hunting:
    Pass a difficult and lengthy exam which costs $2100 which 60% of applicants fail
    Pay a $150 dollar renewal fee every year.

    And cannot carry it. At all, except on designated hunting grounds.

    But sure. Its practically like getting an American Driver’s Licence. :)

  39. The Great Pumpkin says:

    Well, it’s been a great run of peace since wwII. Over 60 years of peace. We are long overdue for a global conflict and I’m pretty sure trump getting elected will be the nail in the coffin. No doubt he will send us into war with China.

  40. They’re also trying to book Alton Sterling’s dentist.

    Mother of Michael Brown, the thug who robbed a convenience store, physically assaulted the owner when confronted, then attached a police officer, will speak at Hillary’s convention next week.

  41. The Great Pumpkin says:

    How else is he going to get better trade deals, stop Chinese currency manipulation, and bring back manufactoring to this country?

  42. The Great Pumpkin says:

    Does anyone have the slightest clue as to what is Trump’s plan to fix all the things he talked about in his speech? He does a great job of pointing out the problems and claiming he can fix them, but he never ever explains how he is going to do this.

  43. nwnj3 says:

    George Harrison tweeted from the grave? D@mn that’s an amazing platform.

  44. D-FENS says:

    https://www.youtube.com/watch?v=q0-J2pYLCvI

    A Home Buyer says:
    July 22, 2016 at 2:13 pm
    34 – D-FENS

    Sure it is. You just need to:

    Belong to a shooting club for 1 year and practice at least 18 times in that year,
    Get a written letter stating you are qualified in the caliber you practiced with,
    Purchase from a limited range of firearms,
    Prove you own no other firearms of the same category,
    Prove you have no convictions against you that would exclude you from ownership.

    And to do any type of hunting:
    Pass a difficult and lengthy exam which costs $2100 which 60% of applicants fail
    Pay a $150 dollar renewal fee every year.

    And cannot carry it. At all, except on designated hunting grounds.

    But sure. Its practically like getting an American Driver’s Licence. :)

  45. homeboken says:

    The Great Pumpkin 40 says:
    July 22, 2016 at 2:22 pm
    Well, it’s been a great run of peace since wwII. Over 60 years of peace. We are long overdue for a global conflict and I’m pretty sure trump getting elected will be the nail in the coffin. No doubt he will send us into war with China.

    There have no wars since WWII? You once again prove that the world you live in is totally littered with inaccuracies. Vietnam, Korea, Iraq, Terror War (Afghanistan/Iraq) just to name 5.

  46. nwnj3 says:

    According to Hil and the O’man it’s a normal part of life to be subjected to random terrorist attacks.

    It’s bit of a nuisance but should be expected at times. You might be at a club, or mall or watching fireworks and suddently find someone shooting/stabbing you, or trying to run you over or blow you up but there’s not much that we can do about it and instead we should be inviting masses of potential terrorists to resettle here. Because, you know, it’s the progressive liberal thing to do.

  47. Libturd questioning the gender of Hillary's Cankle fluid. says:

    Innocent people are the best to kill. They never fight back.

  48. nwnj3 says:

    Blumpkin has no knowledge of history and therefore no frame of reference to compare current events to, that’s been obvious on many occasions.

  49. The Great Pumpkin says:

    Not trying to put those conflicts down, but they weren’t even wars. Korean War was the only official war and that’s far from a “total war”, which is what I’m referring to. Come on, we kicked the living piss out of those militaries. Just couldn’t win because that would involve killing civilians, which is the type of war I’m referring to.

    homeboken says:
    July 22, 2016 at 2:40 pm
    The Great Pumpkin 40 says:
    July 22, 2016 at 2:22 pm
    Well, it’s been a great run of peace since wwII. Over 60 years of peace. We are long overdue for a global conflict and I’m pretty sure trump getting elected will be the nail in the coffin. No doubt he will send us into war with China.

    There have no wars since WWII? You once again prove that the world you live in is totally littered with inaccuracies. Vietnam, Korea, Iraq, Terror War (Afghanistan/Iraq) just to name 5.

  50. A Home Buyer says:

    45 – D-FENS

    Not much different then what I posted about Germany’s requirements but a very informative and entertaining vid.

    (I’ll confess my original comment about “collectively outlawed” though was factually inaccurate especially when considering only Germany)

  51. Libturd questioning the gender of Hillary's Cankle fluid. says:

    @Obama

    I always go to the mall to see the latest in trendy fall fashions and whatever else ISIS has to offer.

  52. Libturd questioning the gender of Hillary's Cankle fluid. says:

    After reading about the latest incompetent police shooting where the autism aide was hit, I’m finally starting to understand the plight of the African American male. I think I understand the whole #BLM movement a lot better now. So much so that I am going to send a gift to every police chief in our nation.

    http://tinyurl.com/blacklivesmattergift

  53. D-FENS says:

    Jesus Christ Michael, you really do live in a bubble. I am amazed at your willful ignorance more and more each day.

  54. The Great Pumpkin says:

    50- I’m sorry, Korean was wasn’t an actual war either. My mistake.

  55. The Great Pumpkin says:

    I’m ignorant? Congress never declared war in any of those examples. They were all considered “military operations.” They were not official wars. So blast me all you want.

    D-FENS says:
    July 22, 2016 at 3:06 pm
    Jesus Christ Michael, you really do live in a bubble. I am amazed at your willful ignorance more and more each day.

  56. The Great Pumpkin says:

    56- I also think fighting small countries like Vietnam is nothing like fighting a military power like China.

  57. D-FENS says:

    You called post WWII a time of “peace” you said nothing of the technical distinction of congress declaring war.

    I would not call 9/11/01 “peace”

    The Great Pumpkin says:
    July 22, 2016 at 3:11 pm
    I’m ignorant? Congress never declared war in any of those examples. They were all considered “military operations.” They were not official wars. So blast me all you want.

  58. D-FENS says:

    Michael, please head to your local VFW this weekend and tell everyone there how peaceful things are and how lucky everyone there is to have lived during this time of great peace.

  59. The Great Pumpkin says:

    Yes, and I stand by the statement. There will always be some type of skirmish going on, but there has been nothing comparable to WWII since. Real war (total war) involves leveling important cities, rations, millions of deaths, and lots of prayers to end it. We have not been in those kinds of conditions since WWII.

    D-FENS says:
    July 22, 2016 at 3:14 pm
    You called post WWII a time of “peace” you said nothing of the technical distinction of congress declaring war.

    I would not call 9/11/01 “peace”

  60. Libturd questioning the gender of Hillary's Cankle fluid. says:

    Don’t worry Plumps. You’ll get your real war and in YOUR lifetime. This war will be between those who believe in the caliphate and those who do not. If we were smart (which we are not), we would drop the bomb on Mecca now. Instead, thousands of innocent lives will be wasted before we Rock the Casbah. Sharif won’t like it!

  61. The Great Pumpkin says:

    Yup!

    “Trump’s speech identified a few real problems: crumbling infrastructure, failing schools, excessive regulation, increasing safety concerns, high health-care costs. But, as on the campaign trail, he offered almost no details on how he would tackle them. Instead, he just preached doom and gloom.”

    http://www.bloomberg.com/view/articles/2016-07-22/donald-trump-s-disturbing-and-deluded-speech

  62. Comrade Nom Deplume, the Deplumiest. says:

    Knew plumpy couldn’t stay away

  63. Comrade Nom Deplume, the Deplumiest. says:

    Today, Obama pushed back on Trump by pointing out most folks aren’t living in fear.

    He’s right. I don’t live or work near inner cities and other future hotbeds of unrest.

  64. Anon E. Moose, Second Coming of JJ says:

    Plumpy [62];

    Fascinating, coming from the side of the aisle that swooned over “Hope and Change”, and nothing more, twice.

  65. The Great Pumpkin says:

    “In today’s China, however, workers face a more troubled outlook than Mr. Trump suggests. They are losing their jobs because of a slowing domestic economy, rising costs and stiffer foreign competition — including from the United States.

    Presidential candidates “are screaming about yesterday’s problems,” said Jim McGregor, chairman of the consulting firm APCO Worldwide’s Greater China operations. “Manufacturing for export is getting harder and harder” in China.”

    http://mobile.nytimes.com/2016/07/23/business/international/china-jobs-donald-trump.html

  66. Amerigeddon says:

    Show me your papers.

  67. Amerigeddon says:

    Give war a chance.

  68. Amerigeddon says:

    Don’t feed the troll, folks. And have a great weekend!

  69. Amerigeddon says:

    …and get ready to watch what a real voting bloc looks like.

    Nobody does neurosis and dependency like the entitlement classes.

  70. Amerigeddon says:

    Your papers, please?

  71. Amerigeddon says:

    Watch the entitlement set shit all over the place and leave it for my kids to clean up.

  72. libturd still chopping says:

    I’m going to start the American hipster party. It can’t lose.

  73. libturd still chopping says:

    If elected, They’ll be a flower in every beard.

  74. 3b says:

    62 has Hillary offered any real solutions??

  75. libturd still chopping says:

    Hillary’s waiting first to see who contributes the most to her foundation. Then she’ll decide her policy. Boy that veep pick is really gonna get us anti-establishment guys to join her ranks.

  76. The Great Pumpkin says:

    75- Absolutely not.

  77. 3b says:

    Voting for Hillary is as repugnant and in some respects more repugnant than voting for trump. Kaine? Seriously?? Bernie supporters betrayed again!

  78. Fabius Maximus says:

    There are lots of Vinaigrette’s coming out that give an indication of what President Trump would look like.
    http://www.vox.com/2016/7/21/12245562/donald-trump-new-york-times-interview-full-transcript
    I don’t think Lazy is the right word. I think its that he is at a point where he has no chance to get up to speed on a lot of issues and develop credible answers. We saw the same with Sarah Palin. The difference is that when Palin was asked a question on something like foreign policy doctrine, she was a deer in the headlights, Trump works the interviewer until they move on and avoids answering.

    Now this one makes more sense.
    http://www.vanityfair.com/news/2016/07/john-kasich-donald-trump-vice-president
    I think T wants the label and the trappings of the Oval Office, but will leave the heavy lifting to others.

    Overall, the debates are going to be fun.

  79. 3b says:

    80 hill has no solutions either. She will be more refined than trump but still no answers. Just more b s like the guy she hopes to replace.

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