Home prices accelerate nationally as owners stay longer

Home prices are on the rise, and homeowners are opting to stay in their homes longer (Credit: iStock)

Home prices are on the rise, and homeowners are opting to stay in their homes longer (Credit: iStock)

The pace of rising home prices quickened in September and existing home sales ticked up 1.9 percent.

Average home prices in cities across the nation rose 3.2 percent compared with the same period in the previous year, the Wall Street Journal reported. The year-over-year rise in August had been 3.1 percent.

The gains mark a two-month departure from a long period of slowing growth in home prices.

The gains were more moderate — just 2.1 percent — in the large urban areas tracked by the composite S&P CoreLogic Case-Shiller U.S. National Home Price Index.

A separate report released last week by the Federal Housing Finance Agency echoed those findings, while the National Association of Realtors said existing home sales increased by 1.9 percent in October.

Homeowners are choosing to stay in their homes longer, in part because of a dearth of affordable options and tax abatements for older homeowners, according to a Redfin study, the Washington Post reported. Owners in homes where walkable amenities are available are also less likely to move, and houses with higher walkability scores sell faster, the study found.

The number of homes for sale in Washington, D.C., has fallen 38.1 percent since 2010, while the median sale price surged 36.7 percent to $410,000 from $299,900. Washington-area homeowners are also sticking around more — remaining in their homes for a median of 13 years, compared with just nine in 2010.

[WSJ, WaPo] — Georgia Kromrei

South Florida home sales choppy in October

South Florida’s housing market was a mixed bag in October

South Florida’s housing market was a mixed bag in October

October was a rough month for home sales in South Florida.

Single-family home sales rose in Miami-Dade and Broward counties in October, but fell in Palm Beach County, and condo sales declined across the region, according to newly released figures from the Miami Association of Realtors.

The October results follow a strong third quarter, when sales rose across the tri-county region, with the exception of condo sales in Palm Beach County. The third quarter figures reflected a strong September, when sales in Miami-Dade and Broward counties climbed by double digits.

Miami-Dade

In October, total sales in Miami-Dade County rose 3.1 percent, year over year, to 2,355. Single-family home sales jumped 6.8 percent to 1,146. Condo sales declined marginally by 0.2 percent to 1,209.

Meanwhile, luxury sales of over $1 million climbed 13.8 percent in October, year over year, to 140. Luxury single-family sales surged 16.7 percent to 77, while luxury condo sales rose 10.5 percent to 63.

As a result, single-family sales dollar volume jumped 7.7 percent to $563.1 million, while condo sales dollar volume rose 8.1 percent, to $460.7 million.

The median price for single-family homes increased 6.8 percent to $365,000, while the median price for condos rose 5.1 percent to $247,000.

Broward

In Broward County, total sales decreased 5.9 percent, year-over-year to 2,632, due to a lack of inventory at lower prices, according to the Miami Association of Realtors. Single-family home sales increased 1.7 percent to 1,344 sales. Condo sales fell 12.8 percent to 1,288.

Single-family dollar volume was up 3.6 percent to $611.6 million. Condo sales dollar volume plummeted 16.9 percent to $272.9 million.

The median price for a single-family home increased to $362,000, a 2 percent jump; and the median price for a condo increased 7 percent, to $168,000.

Palm Beach

Total Palm Beach County sales fell 4.8 percent to 2,412. Single-family home sales declined 6.2 percent to 1,369, while condo sales dropped 2.9 percent to 1,043.

Dollar volume also plummeted, down 10.8 percent for single-family homes, to $790.3 million, and down 0.3 percent for condos, to $284 million.

The median price for single-family homes rose 3.3 percent to $359,000, while the median price for condos decreased 7 percent to $172,000.

South Florida home sales rise in Q3

South Florida’s housing market had a good Q3 as home sales rose (Credit: iStock)

South Florida’s housing market had a good Q3 as home sales rose (Credit: iStock)

Home sales, dollar volume and median prices rose across South Florida in the third quarter, driven by an influx of buyers from high-tax states and declining mortgage rates. The one down note was condo sales in Palm Beach County, which dipped 1.8 percent in the same year-over-year comparison.

The numbers from the Miami Association of Realtors reflect a strong September, when sales in Miami-Dade and Broward counties climbed by double digits. July was also solid, as sales dollar volume soared, particularly in Palm Beach County. August proved to be a slow month, with a drop in closings across the region.

Miami-Dade

Sales of single-family homes and condos increased in the third quarter in Miami-Dade County.

Total sales rose 4.6 percent, year over year, to 7,104. Single-family home sales jumped 7.5 percent to 3,514. Condo sales inched up 1.9 percent to 3,590.

Single-family sales dollar volume climbed by 13.4 percent to $2 billion, while condo sales volume remained flat at $1.3 billion.

The median price for single-family homes increased 2.8 percent to $370,000, while the median price for condos rose 4.3 percent to $245,000.

Broward

In Broward County, single-family home sales rose 4 percent in the third quarter, year over year, to 4,299 sales. Condo sales jumped 6.4 percent to 4,383.

Single-family and condo dollar volume also grew, up 7.7 percent to $2 billion, and up 6.6 percent to $951 million, respectively.

The median price for a single-family home increased to $370,000, a 4.2 percent jump, and the median price for a condo increased 4.8 percent, to $173,000.

Palm Beach

Total Palm Beach home sales rose 3.8 percent, to 8,046. Single-family home sales jumped 8.3 percent, year over year, to 4,697. Condo sales fell, however, by 1.8 percent, to 3,349.

Dollar volume soared by 19.6 percent for single-family homes, to $2.6 billion. For condos, dollar volume climbed by 16.5 percent to $1 billion.

The median price for single-family homes rose 2.9 percent to $345,000, while the median price for condos increased 3.4 percent to $185,000.

Here’s how much it will cost you to sell your home on an iBuying site.

Here’s how much it will cost you to sell your home on an iBuying site.

The increased costs may be worth it to some sellers, study says

August 09, 2019 02:38PM
Gary Keller of Keller Williams (Credit: iStock and Wikipedia)

Gary Keller of Keller Williams (Credit: iStock and Wikipedia)

Real estate companies from Zillow Group to Keller Williams have jumped on the nascent iBuying craze. But what’s the cost to home sellers who sell their homes with these services?

An extra 13 to 15 percent.

That’s according to a new study from data firm Collateral Analytics, which aimed to put a price tag on the cost of using iBuying platforms, which allow buyers to purchase homes instantly online, Inman reported.

However, if selling a home with an iBuying company may tack on extra fees compared to traditional brokerages, among other costs, the service may be worth it. “For some sellers, needing to move or requiring quick extraction of equity, this is certainly worthwhile, but what percentage of the market will want this service remains to be seen,” the study concluded.

Demand for the service is a question playing out in real time, as traditional brokerages like Keller Williams work to launch their own iBuying platforms in an effort to cash in on the craze, pioneered by startup Opendoor.

In the second quarter, Zillow’s revenues ballooned 84 percent to almost $600 million, thanks in part to the launch last year of its iBuying program, Zillow Offers. But the new product also had a cost for Zillow, which saw its losses come in at $72 million in the second quarter, versus $3 million in 2018.

Instant homebuying also has some risks, the study found. These include vacant properties becoming more susceptible to break-ins and the portals’ valuation models overvaluing properties owned by more informed sellers. [Inman] — Mary Diduch 

Rough quarter: Resi sales fall in Broward, increase slightly in Miami-Dade

Total sales volume fell in Miami-Dade and Broward

(Credit: iStock)

(Credit: iStock)

It was a rough quarter for residential sales in Miami-Dade and Broward County.

Sales either fell or rose marginally in the second quarter, year-over-year, according to the Miami Association of Realtors. Home prices kept rising, but at a slower pace than before.

Miami-Dade
Total residential sales in Miami-Dade increased ever so slightly, up 0.6 percent, year-over-year, to 7,861. Single-family home sales rose 1.8 percent to 3,854, and condo sales declined 0.6 percent to 4,007.

Residential sales volume totaled $3.6 billion in the second quarter. Both single-family home sales volume and condo sales volumed fell year-over-year.

The median price of single-family homes in Miami-Dade increased 2.9 percent to $360,000. The median condo price increased 2.5 percent year-over-year to $247,000.

Broward County
Single-family home sales rose by 2.7 percent year-over-year, to 4,666 closings, while condo sales declined by nearly 6 percent to 4,805 sales. Total residential sales came out to 9,471, a 1.8 percent drop year-over-year.

Total sales volume in the second quarter totaled $3.3 billion.

The median price for single-family homes increased to $365,000, up 1.6 percent. Condo prices rose as well, up 3.26 percent to $175,000 year-over-year.

April resi sales flat in Palm Beach, up slightly in Miami and Broward

Price growth is slowing across three counties

Miami skyline (Credit: iStock)

Miami skyline (Credit: iStock)

Miami-Dade

After a rough first quarter, residential sales in Miami-Dade increased slightly in April, up 1.1 percent year-over-year to 2,629 closings. The total sales volume in April was $1.23 billion, compared to $1.19 billion a year earlier.

Single-family home sales rose nearly 4 percent to 1,265, while condo sales decreased by 1.4 percent to 1,364, according to the Miami Association of Realtors. In March, condo sales rose sharply, up 18 percent year-over-year.

Prices increased as well, up 3.2 percent in April for single-family homes to $356,000, and up 2.8 percent to $248,000 for condos.

Broward

Residential closings rose in Broward as well, increasing by 4.4 percent year-over-year to 3,141 sales. That’s thanks to an 11.8 percent jump in single-family home sales, up to 1,541 closings. Condo sales in Broward fell by nearly 2 percent to 1,600 closings.

The total sales volume passed the $1 billion mark, totaling $1.1 billion in April, up from nearly $987 million.

Despite the jump in single-family home sales, the median price of a house rose only 1.3 percent to $360,000. The median price of condos increased by 5.3 percent to $170,000.

Palm Beach

Residential sales were essentially flat year-over-year in Palm Beach County, increasing by 0.03 percent or one sale. Single-family home sales rose to 1,714 closings, up 1.4 percent. Condo sales fell by 1.6 percent to 1,384.

Sales volume also remained flat at $1.4 billion, as did the median price of single-family homes, which was $350,000 in April. Condo prices increased slightly, by 1.8 percent, to $185,000.

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Minto opens Westlake project to the public

Minto Communities held a ribbon-cutting ceremony at Westlake’s grand opening.
The grand opening on Saturday for Westlake in Palm Beach County attracted hundreds of people, including some who bought homes at the 3,800-acre development. Minto Communities, the developer, opened the development’s sales center to the public along with six model homes at The Hammocks, the first neighborhood at Westlake.
Mike Belmont, president of Minto Communities USA, told the Palm Beach Post that the company sold about 20 homes Saturday. Prices start at $276,990 for homes with the Sage-model floor plan. In addition to thousands of homes, the master-planned Westlake development eventually will have 2.2 million square feet of non-residential properties, including restaurants, retail stores and schools. [Palm Beach Post] – Mike Seemuth

Source: The Real Deal Miami