Tag Archives: Waccabuc NY Homes

Garages in New Homes: 2015 Data | Waccabuc Real Estate

A majority of new homes that completed construction in 2015 included two-car garages, according to NAHB analysis of Census Bureau Survey of Construction data.

For new single-family completions in 2015, 61% of homes offered a two-car garage. Another 24% of homes possessed a garage large enough to hold three or more cars. Just 6% of newly-built homes had a one-car garage, and only 1% possessed a carport. Another 9% of new homes had no garage or carport.


Over the last two decades, there has been a shift in parking options. As home size has grown, the share of homes with a three or more car garage has grown as well. In 1992, 11% of homes had a garage for three or more cars. That share rose to a peak of 20% in 2005, before falling to 16% in 2010.

In contrast, the market share of homes with no garage or carport has been on the decline. In 1992, 15% of new single-family homes had no parking facility. That share fell to 8% in 2005, before rising slightly to 13% in 2010.

There are also clear regional differences for parking options in new homes. In the Northeast, no garage or carport is available in 18% of homes, the highest such share. In the West, that is true in only 3% of homes, the lowest Census region. The Midwest had the highest share of three or more car garages, at 42% of new homes. The Northeast had the lowest market share of three-plus car garages, with just 12% homes completed. The Northeast in contrast leads the share in one-car garages, with 16% of completed single-family homes.


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#Mortgage rates down slightly | Waccabuc Real Estate

Like the rest of us suffering through August’s oppressive heat, mortgage rates have been disinclined to move much.

There just hasn’t been enough positive or negative economic data recently to have an effect on rates. Even the Federal Reserve minutes, which were released Wednesday, provided no clear signal. They showed the central bank remains divided on when to raise interest rates again.

Without much guidance, home loan rates have been listless. Since late June, the 30-year fixed-rate average — the most popular mortgage product — has been stuck between a high of 3.48 percent and a low of 3.41 percent.

In its most recent monthly outlook, which was released earlier this week, Freddie Mac projected mortgage rates would remain below 4 percent not only for the rest of this year but also next year. The government-backed mortgage-backer revised its 2017 forecast for the 30-year fixed rate to 3.7 percent.

Bankrate.com, which puts out a weekly mortgage rates trend index, found that three-quarters of the experts it surveyed believe rates will remain relatively unchanged in the next week, moving no more than plus or minus two basis points (a basis point is 0.01 percentage point) in the next week.
According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average slipped to 3.43 percent with an average 0.5 point. (Points are fees paid to a lender equal to 1 percent of the loan amount.) It was 3.45 percent a week ago and 3.93 percent a year ago. The 30-year fixed rate has remained below 3.5 percent the past two months.

The 15-year fixed-rate average fell to 2.74 percent with an average 0.5 point. It was 2.76 percent a week ago and 3.15 percent a year ago.

The five-year adjustable rate average crept up to 2.76 percent with an average 0.4 point. It was 2.74 percent a week ago and 2.94 percent a year ago.

“For eight consecutive weeks mortgage rates have ranged between 3.41 and 3.48 percent,” Sean Becketti, Freddie Mac chief economist, said in a statement. “Inflation is not adding any upward pressure on interest rates as the Bureau of Labor Statistics reported that the Consumer Price Index was unchanged in July.”

Meanwhile, mortgage applications were lower this week, according to the latest data from the Mortgage Bankers Association.

The market composite index — a measure of total loan application volume — fell 4 percent from the previous week. The refinance index decreased 4 percent, while the purchase index dropped 4 percent.
The refinance share of mortgage activity accounted for 62.6 percent of all applications.

“Application volume dropped across the board for both refinance and purchase loans last week, despite little change in rates,” said Mike Fratantoni, MBA chief economist. “Refinance volume continues to tail off its recent highs as markets return to normal post Brexit. As for home purchases, the strong job market and still very low rates continue to support volume almost 10 percent higher than this time last year, despite last week’s dip.”


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Texas real estate market sizzles | Waccabuc Real Estate

1122 Gunter St 78702 East Austin house front 2015

The median home price in Texas grew to $215,000, an all-time high for the state’s housing market. 

The housing market in Texas is as hot as this summer heat. The latest quarterly housing report from Texas Association of Realtors (TAR) shows home sales have continued to increase across the Lone Star State for the hottest season to date.

Looking at the second quarter of 2016, the median home price in Texas grew to $215,000, a 7.5 percent increase from Q2 2015, and an all-time high for the state. In addition, active listings rose by 4.1 percent, while the number of closed sales hit 91,418 (up 4.4 percent) — the highest volume of Texas home sales ever.

“The last few months have been one of the strongest starts to the summer selling season in the history of Texas real estate,” says Leslie Rouda Smith, chairman of the Texas Association of Realtors, in a release.

“Texas homes of all types and price classes are in high demand. This is especially true for homes priced under $200,000, which are often preferred by first-time homebuyers but also in shortest supply across the state.”

Statewide, 45 percent of homes on the market during Q2 were affordably priced at less than $200,000. Forty-seven percent fell in the $200,000-$499,999 range and 8 percent were $500,000 or more.

In the Austin metro area, the median home price increased by 6.6 percent year-over-year, to $286,700. Active listings grew by 5.1 percent and closed sales grew by 8 percent. While these surges are making sellers happy, it’s becoming increasingly difficult for Austinites to find affordable properties.

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Demand for home loans increasing | Waccabuc Real Estate

Even before Brexit hit, mortgage rates were at historical lows, igniting a surge in demand for home equity loans this year.

According to new results from the American Bankers Association’s Consumer Credit Delinquency Bulletin, consumers are handling the loan responsibility well, with home-related delinquencies down in two out of three categories compared to the previous quarter.

“As the housing market continues its slow and steady recovery, consumers have more valuable equity at stake, which makes their loan payments even more of a top priority,” said James Chessen, ABA’s chief economist.

“Growing equity also makes new home equity loans a viable option for qualified home owners. The market for home equity loans and lines will likely continue to grow as a larger pool of qualified borrowers looks to take advantage of low rates to make property improvements or pay off higher-interest debt,” he continued.

Home equity line delinquencies dropped 3 basis points to 1.15% of all accounts. Meanwhile, home equity loan delinquencies increased 6 basis points to 2.74% of all accounts after falling 23 basis points in the previous quarter.

It’s important to note that the first quarter marks the first time since 2008 that both home equity loan and line delinquencies are at or below their 15-year averages.

As far as the third category, property improvement loan delinquencies fell 3 basis points to 0.89% of all accounts.

For background, Bankrate explains that there are two types of home equity loans: term, or closed-end loans, and lines of credit.

A home equity loan comes in one-time lump sum that is paid off over a set amount of time, with a fixed interest rate and the same payments each month.

On the other hand, a HELOC is more comparable to a credit card.

At the start of this year, Black Knight reported that HELOCs started to surge in 2015 and was only predicted to maintain its upward trajectory into 2016.

At the time, Black Knight Data and Analytics Senior Vice President Ben Graboske said, “In total, we’re looking at over 37 million borrowers with current CLTVs below 80% that have an average of $112,000 equity available to tap in their homes, an increase of 3.1 million from just a year ago.”

The growing potential of borrowers who could capitalize on low interest rates paired with lenders trying to find new sources of business created a new surge in home equity loans.

After the financial crisis, home equity lines of credit fell to the wayside as lenders scaled back on giving out second liens and many cut existing credit lines to avoid new defaults, an article in The Wall Street Journal by Annamaria Andriotis said.

But this all started to change due to increasing property values, the growing number of homeowners who have equity available for withdrawal and lenders needing to offset faltering mortgage originations.


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Used home sales | Waccabuc Real Estate

Existing Home Sales in the United States is expected to be 5569.18 Thousand by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Existing Home Sales in the United States to stand at 5438.60 in 12 months time. In the long-term, the United States Existing Home Sales is projected to trend around 5182.05 Thousand in 2020, according to our econometric models.

United States Existing Home Sales


Forecast Actual Q2/16 Q3/16 Q4/16 Q1/17 2020 Unit
Existing Home Sales 5530 5569 5472 5453 5439 5182 Thousand
United States Existing Home Sales Forecasts are projected using an autoregressive integrated moving average (ARIMA) model calibrated using our analysts expectations. We model the past behaviour of United States Existing Home Sales using vast amounts of historical data and we adjust the coefficients of the econometric model by taking into account our analysts assessments and future expectations. The forecast for – United States Existing Home Sales – was last predicted on Wednesday, June 22, 2016.
United States Housing Last Q2/16 Q3/16 Q4/16 Q1/17 2020
Building Permits 1138 1140 1152 1161 1171 1250
Housing Starts 1164 1164 1175 1184 1193 1213
New Home Sales 619 531 475 517 510 590
Pending Home Sales 4.6 3.38 2.9 2.3 1.99 1.42
Existing Home Sales 5530 5569 5472 5453 5439 5182
Construction Spending -1.8 0.2 0.4 0.3 0.3 -0.9
Housing Index 0.2 0.45 0.43 0.41 0.4 0.31
Nahb Housing Market Index 60 58 59.79 59.1 58.6 53.76
Mortgage Rate 3.76 4.9 5.1 3.85 3.9 6.5
Mortgage Applications 2.9 0.02 0.49 0.5 0.5 0.5
Home Ownership Rate 63.5 63.52 63.53 63.53 63.53 63.53
Case Shiller Home Price Index 184 192 195 196 196 174

Douglas Elliman lead broker in Manhattan | Waccabuc Real Estate

New York brokers love to win, and only the most talented and dedicated hustlers thrive. The firms that employ them are no different, fighting borough-by-borough, neighborhood-by-neighborhood, building-by-building and unit-by-unit in hopes of locking down as many of the listings as possible, and crushing their competition.

The Real Deal compared top brokerages citywide in its May issue, but those results tell only part of story. To get the view from the trenches, TRD drove into active sales listing data — both resales and new development — from On-Line Residential to determine which brokerages were winning which Manhattan neighborhoods.

Douglas Elliman, by far the city’s largest brokerage with over 2,000 agents in Manhattan, fully topped the charts in six of the seven neighborhoods TRD analyzed (those with the largest number of total sales listings). It dominated some – for example Tribeca, where it had a striking 42 percent market share – but just squeaked by in others, such as the Upper East Side, where it beat rival Corcoran Group / Corcoran Sunshine by just five listings of a total 1,150, or about 0.3 percent of the submarket.

The two Corcoran firms, with a combined 1,100 agents in Manhattan — had a strong showing on the Upper West Side – the second largest neighborhood by listings, with 601 – where it had a solid 24 percent market share on 146 total listings, compared to a 17 percent share on 103 listings for Elliman.

brokerages by nabe

Elsewhere though, the Corcoran brokerages were mostly forced to settle for second place. Only in Hell’s Kitchen did a third firm break into the top two slots. River to River Realty, which is based in the neighborhood, had 47 listings, or 19 percent of the submarket.

Still, the firm put up a stiff challenge to Elliman overall, considering its far lower agent count. Corcoran – which does more new development business than its rival, and also has a stronger presence in Brooklyn – also performed better in neighborhoods with more total listings, while Elliman dominated less active areas.

The competition for third place highlighted a more diverse set of players, with seven different firms appearing in each of the seven third place slots. Brown Harris Stevens and Halstead Property showed in the largest two neighborhoods by listings, the Upper East and Upper West Sides, with market shares of 12 percent and 10 percent, respectively.


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Home Sales Finish Year Up | Waccabuc Real Estate

New homes sales were up 10.8% in December to 544,000 on a seasonally-adjusted annual basis (SAAR) and finished 2015 just past half million (501,000) for the best year since 2007. The increase in signed contracts to purchase a new home comes as mortgage rates remain very low by historic standards and the US economy continues to gain strength.
Sales were up in every census region although nominally in the South by 0.4%, to 273,000. In other regions, the Northeast was up 21% to 29,000 (SAAR), the Midwest up 32% to 75,000 and the West up 21% to 167,000. For the year, the Northeast was down 12% to 24,000 new homes sales, which is the worse year since 2011. Other regions performed much better with the Midwest up 3.2% to 60,000, the best year since 2008; the South was up 17.6% to 285,000, the best year since 2007; and the West was up 20.5% to 130,000, the best year since 2007.

New Home Sales

Inventories continue to build even in the face of labor and lot shortages. December’s unsold inventory increased 2.6 to 237,000, the highest since October 2009. Even with the increase in sales, the months’ supply fell to 5.2 months.
The median sales price fell 4.3% to $288,900 due primarily to a decline in sales over $750,000 and an increase in sales between $200,000 and $300,000. The trend suggests more first time home buyers are entering the market.
The shares of signed contracts that are still under construction or not yet started have climbed back to near the same levels has the early 2000s as builders switch from selling off left over inventory to selling from the stock of homes under construction or planned but not yet started.

Stage of Construction for New Homes Sold


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Existing home sales down 10.5% in November | Waccabuc Real Estate

Sales of existing homes fell short of expectations in November, hitting the slowest sales pace in 19 months after new mortgage rules hit the market, realtors said.

Existing home sales fell 10.5 percent to 4.76 million homes in November, the National Association of Realtors said Tuesday.

Analysts polled by Thomson Reuters expected to see existing home sales in November hit 5.35 million units, about the same as the 5.36 million the previous month.

The sales represent a 3.8 percent year-on-year decline for the indicator, a barometer of the American real estate market.

The Midwest led declining sales, seeing a 16.4 percent drop in sales of existing homes, followed by the West at 13.9 percent and the Northeast at 9.2 percent.

The median home prices was $220,300, up 6.3 percent from this time last year. Inventories are currently at 5.1 month supply of homes, tighter that the 6 months considered balanced.


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#Hamptons real estate prices up, sales slow | #Waccabuc Real Estate

Real estate prices continued to climb in the third quarter of 2015, but sales pace slowed and inventory is more difficult to come by, when compared with the third quarter of 2014, which was a banner season for real estate on the East End.

According to The Corcoran Group’s quarterly Corcoran Report, “the volatility of financial markets world-wide resulted in fewer closed transactions this quarter.”

On the South Fork, according to Corcoran, sales activity and sales volume declined by 16 percent and 13 percent, respectively, compared to the third quarter of 2014. Only East Hampton Village, Southampton and Shelter Island reported more sales than last year.

The Corcoran Group reported that the average sale price on the South Fork increased 3 percent, while the median price rose 6 percent, versus the same quarter a year ago.

Nine sales over $5 million in East Hampton Village skewed the median price there up 70 percent over the third quarter of 2014.

Though recent quarters have shown a good deal of activity in the under-$500,000 range, where such properties can even be found on the South Fork, that share of the market shrank in the third quarter both east and west of the Shinnecock Canal.

East of the canal, under-$500,000 sales shrunk to just 8 percent of the market, from 14 percent in the third quarter of 2014, while the market share of houses under $500,000 west of the canal shrank from 41 percent in the third quarter of 2014 to 38 percent in the third quarter of this year.

On the North Fork, the Corcoran Group reported the number of sales and sales volume decreased 11 percent and 17 percent, respectively, over the third quarter of 2014. They reported the median sales price increased 1 percent, but the average sales price decreased 8 percent.

On the North Fork, they reported the $500,000 to $750,000 market range grew from 23 percent to 31 percent of sales, while market shares above and below those ranges declined by 4 percent.

The Corcoran Group also reported that the total inventory of residential properties for sale on both forks declined by 383 housing units from the third quarter of 2014.

With a limited amount of vacant land available for sale on the East End, the number of vacant land sales decreased quarter-over-quarter by 32 percent on the South Fork and 29 percent on the North Fork.

In commercial markets however, The Corcoran Group saw quite a bit of activity on the North Fork, with the number of sales increasing 67 percent. The number of South Fork commercial sales declined 37 percent over the same period.

Douglas Elliman Real Estate’s Elliman Report also showed a market slow-down on the South Fork when compared with the same quarter in 2014, though they did report greater gains in prices.

Douglas Elliman reported 507 sales on the South Fork in the third quarter, 20 percent below the same quarter in 2014 but 11 percent above the decade quarterly average of 457 sales.

The market share of sales below $12 million fell to 49.5 percent, its lowest point in the past four years, with 44 percent of sales between $1 million and $5 million.

According to Douglas Elliman, listing inventory on the South Fork was unchanged over the third quarter of 2015, with 1,710 houses on the market this quarter. The listing discount, or the difference between the last listing price and the sales price, declined to 10.2 percent from 12 percent in the same quarter last year.

Median sales price rose to $950,000, up 9.8 percent over the same quarter last year, the fourth highest level reported in the past decade.  The average number of days on the market fell 6.4 percent to 161.

Douglas Elliman reported that North Fork housing prices also skewed higher, with the median sales price jumping 16.1 percent to $516,250, the second highest median price in the past seven years. Only the second quarter of 2015 saw higher prices on the North Fork, and the year-over-year increase was the sixth consecutive quarterly increase.


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U.S. new homes sales near one-year low | Waccabuc Real Estate

New U.S. single-family home sales fell to near a one-year low in September after two straight months of gains, but a jump in prices suggested that housing remained on solid ground.

The Commerce Department said on Monday sales dropped 11.5percent to a seasonally adjusted annual rate of 468,000 units, the lowest level since November 2014. August’s sales pace was revised down to 529,000 units from the previously reported 552,000 units.

The moderation in new home sales is at odds with other housing reports that have painted a bullish picture of the sector. New home sales, which account for 7.8 percent of the housing market, tend to be volatile on a month-to-month basis because they are drawn from a small sample.

“The September report does little to alter our view that the housing market is continuing to recover. We view the new home sales data as unreliable and many other more reliable housing indicators have been sending upbeat signals lately,” said Daniel Silver, an economist at JPMorgan.

September data on existing home sales, homebuilder confidence and housing starts have been fairly strong.


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