Tag Archives: Katonah NY Real Estate

Katonah NY Real Estate

Existing home sales down 5.8%, Median price up 13.1% | Katonah Real Estate

Key Highlights

  • Existing-home sales rose 0.8% in October from September to a seasonally adjusted annual rate of 6.34 million, sustaining the growth in sales in the prior month.
  • The median existing-home sales price increased 13.1% year-over-year to $353,900.
  • From one year ago, the inventory of unsold homes decreased 12% to 1.25 million – equivalent to 2.4 months of the monthly sales pace.

Existing-home sales increased in October, marking two straight months of growth, according to the National Association of Realtors®. Two of the four major U.S. regions saw month-over-month sales climb, one region reported a drop and the fourth area held steady in October. On a year-over-year basis, each region witnessed sales decrease.

Total existing-home sales,[i] https://www.nar.realtor/existing-home-sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 0.8% from September to a seasonally adjusted annual rate of 6.34 million in October. Sales fell 5.8% from a year ago (6.73 million in October 2020).

“Home sales remain resilient, despite low inventory and increasing affordability challenges,” said Lawrence Yun, NAR’s chief economist. “Inflationary pressures, such as fast-rising rents and increasing consumer prices, may have some prospective buyers seeking the protection of a fixed, consistent mortgage payment.”

Total housing inventory[ii] at the end of October amounted to 1.25 million units, down 0.8% from September and down 12.0% from one year ago (1.42 million). Unsold inventory sits at a 2.4-month supply at the current sales pace, equal to September’s supply, and down from 2.5 months in October 2020.

The median existing-home price[iii] for all housing types in October was $353,900, up 13.1% from October 2020 ($313,000), as prices climbed in each region. This marks 116 straight months of year-over-year increases, the longest-running streak on record.

“Among some of the workforce, there is an ongoing trend of flexibility to work anywhere, and this has contributed to an increase in sales in some parts of the country,” said Yun. “Record-high stock markets and all-time high home prices have worked to significantly raise total consumer wealth and, when coupled with extended remote work flexibility, elevated housing demand in vacation regions.”

Properties typically remained on the market for 18 days in October, up from 17 days in September and down from 21 days in October 2020. Eighty-two percent of homes sold in October 2021 were on the market for less than a month.

In October, first-time buyers were responsible for 29% of sales, up from 28% in September and down from 32% in October 2020. NAR’s 2021 Profile of Home Buyers and Sellers – released earlier this month[iv] – reported that the annual share of first-time buyers was 34%.

Individual investors or second-home buyers, who make up many cash sales, purchased 17% of homes in October, up from both 13% in September and from 14% in October 2020. All-cash sales accounted for 24% of transactions in October, up from both 23% in September and from 19% in October 2020.

Distressed sales[v] – foreclosures and short sales – represented less than 1% of sales in October, equal to the percentage seen a month prior and equal to October 2020.

According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage was 3.07 in October, up from 2.90% in September. The average commitment rate across all of 2020 was 3.11%.

Single-family and Condo/Co-op Sales

Single-family home sales rose to a seasonally adjusted annual rate of 5.66 million in October, up 1.3% from 5.59 million in September and down 5.8% from one year ago. The median existing single-family home price was $360,800 in October, up 13.5% from October 2020.

Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 680,000 units in October, down 2.9% from 700,000 in September and down 5.6% from one year ago. The median existing condo price was $296,700 in October, an annual increase of 8.7%.

“At a time when mortgage rates are still low, buying and securing a home is a wise investment,” said NAR President Leslie Rouda Smith, a Realtor® from Plano, Texas, and a broker associate at Dave Perry-Miller Real Estate in Dallas. “NAR will strive to make homeownership obtainable for all who want to pursue one of the key components of the American Dream.”

Regional Breakdown

Existing-home sales in the Northeast fell 2.6% in October, registering an annual rate of 750,000, a 13.8% decline from October 2020. The median price in the Northeast was $379,100, up 6.4% from one year ago.

Existing-home sales in the Midwest rose 4.2% to an annual rate of 1,500,000 in October, a 6.3% decrease from a year ago. The median price in the Midwest was $259,800, a 7.8% jump from October 2020.

Existing-home sales in the South increased 0.4% in October, posting an annual rate of 2,780,000, a 3.5% drop from one year ago. The median price in the South was $315,500, a 16.1% climb from one year prior.

Existing-home sales in the West neither rose nor fell from the prior month’s level, registering an annual rate of 1,310,000 in October, down 5.1% from one year ago. The median price in the West was $507,200, up 7.7% from October 2020.

The National Association of Realtors® is America’s largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.

# # #

For local information, please contact the local association of Realtors® for data from local multiple listing services (MLS). Local MLS data is the most accurate source of sales and price information in specific areas, although there may be differences in reporting methodology.

NOTE: NAR’s Pending Home Sales Index for October is scheduled for release on November 29, and Existing-Home Sales for November will be released December 22; release times are 10:00 a.m. ET.

Information about NAR is available at www.nar.realtor. This and other news releases are posted on the NAR Newsroom at www.nar.realtor/newsroom. Statistical data in this release, as well as other tables and surveys, are posted in the “Research and Statistics” tab.


[i] Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings from Multiple Listing Services. Changes in sales trends outside of MLSs are not captured in the monthly series. NAR rebenchmarks home sales periodically using other sources to assess overall home sales trends, including sales not reported by MLSs.

Existing-home sales, based on closings, differ from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which account for more than 90% of total home sales, are based on a much larger data sample – about 40% of multiple listing service data each month – and typically are not subject to large prior-month revisions.

The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.

Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.

[ii] Total inventory and month’s supply data are available back through 1999, while single-family inventory and month’s supply are available back to 1982 (prior to 1999, single-family sales accounted for more than 90% of transactions and condos were measured only on a quarterly basis).

[iii] The median price is where half sold for more and half sold for less; medians are more typical of market conditions than average prices, which are skewed higher by a relatively small share of upper-end transactions. The only valid comparisons for median prices are with the same period a year earlier due to seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if additional data is received.

The national median condo/co-op price often is higher than the median single-family home price because condos are concentrated in higher-cost housing markets. However, in a given area, single-family homes typically sell for more than condos as seen in NAR’s quarterly metro area price reports.

[iv] Survey results represent owner-occupants and differ from separately reported monthly findings from NAR’s Realtors® Confidence Index, which include all types of buyers. Investors are under-represented in the annual study because survey questionnaires are mailed to the addresses of the property purchased and generally are not returned by absentee owners. Results include both new and existing homes.

[v] Distressed sales (foreclosures and short sales), days on market, first-time buyers, all-cash transactions and investors are from a monthly survey for the NAR’s Realtors® Confidence Index, posted at nar.realtor.

read more…

nar.realtor.com

Wind Farm a Health Nuisance | Katonah Real Estate

Property in France

A Belgian couple living in the department of Tarn have won €128,000 in damages due to a wind farm near their property.

As we have previously reported on these pages, wind farms are a hotly contested topic in France.

In legal cases each year, the courts often rule in favour of opponents, normally on grounds of protection of the environment or historically important buildings.

Less common are victories by complainants on grounds of nuisance from the wind farm, but in a landmark decision in the court of appeal sitting in Toulouse, a Belgian couple have won €128,000 damages on that basis.

The story began in 2004, when the couple purchased an old farmstead in the village of Fontrieu, located in the natural park of Haut-Languedoc.

The couple restored the property, in the process converting 3 farm buildings into gites.

In 2008/9, a wind farm comprising 6 turbines each 58 metres high was installed on land belonging to the local council, with the nearest turbine 700 metres and the furthest at 1300 metres from their property. The minimal legal distance of a turbine from a residential property is 500 metres.

At the time, the couple made no objections against the new development, and until 2013, the couple obtained relief from the sight and noise of the turbines by a wood located between them and the wind farm.

However, following loss of the woodland through felling that year, the couple began to suffer from a range of health problems, which they considered emanated from the noise created by the turbines. The main symptoms were headaches, dizziness, fatigue, tachycardia, and tinnitus.

The couple stated that the lighting of the wind farm was particularly intense: “The wind turbines emit a flash every two seconds. We were forced to illuminate outside to mitigate the effect of the flashes. In addition, they produce a continuous noise equivalent to that of a washing machine. “

The white flashes of light made them “feel like they were in a permanent thunderstorm. It was a really terrifying visual and auditory assault which was even more unbearable at night,” they stated.

The impact of the disturbance from the turbines on their health became so serious that in 2015, on the advice of their doctor, they vacated their farmstead and relocated to a rental property 17 kms away. Within months of doing so their symptoms had disappeared completely.

The couple made complaints to the wind farm operator without success, and those to the local and departmental councils similarly fell on deaf ears.

As a result, in 2015 they brought a legal action against the wind farm operator, but the local tribunal in Castres rejected their complaint, ruling that the noise and visual intrusion from the wind farm was not so abnormal as to constitute a neighbour nuisance (trouble anormal de voisinage).

The couple appealed the ruling to the court of appeal in Toulouse, who in July found in their favour.

During the proceedings the court heard from a range of experts, with those from the wind farm company stating that it could not be established that there was a causal link between infrasound from the turbines and disorders often invoked by the applicants. They considered that the couple may have been under stress caused by the sight of the wind turbines after the woodland was cut down.

Expert witnesses to the court who had reviewed the scientific literature on the health effects of low sound frequencies and infrasound due to wind turbines concluded that there was an illness known as ‘wind farm syndrome’. The symptoms are very diverse, including general (fatigue, nausea), neurological (headache, tinnitus) or psychological (stress, anxiety), among others. They considered the couple were indeed victims of this syndrome.

The court awarded the couple €128,000, made of up damages caused to their health and to the loss of value to their property. As the period to make an appeal has now passed, the ruling is a final one.

In their report, the court expert interestingly pointed out that although the law relating to the installation of wind farms requires the installation not to be the source of airborne or ground noise, giving maximum noise levels, it does not take into account either very low frequencies or infrasound.

Emmanuel Forichon on behalf of the regional campaign group Toutes Nos Énergies, who supported the couple in their action, stated: “These wind turbines allegedly complied with regulatory noise standards: proof if there were any that these standards need to be reviewed.”

The avocat for the couple Alice Terrace stated: “To my knowledge, this case has no precedent”. However, she cautioned that it could not be universally applied. “But be careful,” she stated, “This wind farm causes an abnormal nuisance in its configuration, but each case is particular and must be examined on its merits.”

read more….

https://www.french-property.com/news/french_property/wind_farm_a_health_nuisance?utm_source=newsletter&utm_medium=email&utm_campaign=News%3A+Wind+Farm+a+Health+Nuisance

Residential construction costs up 12% in 2021 | Katonah Real Estate

Prices paid for goods used in residential construction ex-energy decreased 0.7% in August (not seasonally adjusted), according to the latest Producer Price Index (PPI) report released by the Bureau of Labor Statistics. The decrease was largely driven by a decline in lumber and wood products prices and was the first monthly decline since the start of the last recession.  The price index of services inputs to residential construction also decreased in August as smaller gross profit margins of building materials retailers outweighed increases in the prices of freight transportation and other services.

Despite the monthly decline, building materials prices remain 12.3% higher than they were at the beginning of 2021.  Prices increased 2.1% over the same period in 2020.  Similarly, the price of services inputs to residential construction increased 6.6% from January to August 2020 but has already climbed 12.5% thus far in 2021.

Softwood Lumber

The PPI for softwood lumber (seasonally adjusted) decreased 27.7% in August and has declined 49.0% since May. The steep two-month decrease comes on the heels of an unexpectedly mild 0.7% decline in June that was largely the result of PPI methodology.  The PPI of most durable goods for a given month is largely based on prices paid for goods shipped in the survey month. This can result in lags relative to cash market prices during periods of long lead times.

Although the direction of the index value change is encouraging, the continued volatility is not.  Price volatility remains at an all-time high for a 12-month period.

Ready-Mix Concrete

Prices paid for ready-mix concrete (RMC) rose 1.6% in August.  The index for RMC has risen 5.1% over the past 12 months and 4.7% YTD—the largest year-to-date increase in August since 2006.

Prices rose in every region with the largest increase occurring in the Northeast (+2.9%).  Prices in the Midwest, West, and South increased by 1.9%, 1.7%, and 1.2%, respectively.

 Gypsum Products

The PPI for gypsum products increased 0.5% in August.  The index has increased 14.9% YTD and 22.7% over the past 12 months—the largest such increases since 2004 and 2006, respectively.

Steel Products

Steel mill products prices climbed 5.1% in August following a 10.8% increase in August.  Prices have nearly doubled in 2021, accounting for nearly all of the 111.6% increase since January 2020.

The monthly change in the steel mill products PPI increased by more than 10% only three times (in 1947, 1948, and 2008) over the 80-year period ending in 2020.  Monthly increases have exceeded that mark four times in 2021.

Services

The price of services used as inputs to residential construction decreased 5.7% in August.  The monthly decline was entirely driven by a 7.8% drop in the prices for trade services, the index for which accounts for roughly two-thirds of the PPI for “inputs to residential construction, services.”

The trade services PPI measures changes in the nominal gross margins for goods sold by retailers and wholesalers.  Unsurprisingly, hardware and building materials retailers make up the majority (56.4%) of trade services included as residential construction inputs. The PPI for building materials retailers decreased 11.6% in August while nominal gross margins for building materials wholesalers increased 5.7%.

The price indices for transportation and warehousing and services less trade, warehousing, and transportation increased 0.9% and 0.2%, respectively.  The price of truck transportation of freight increased 0.9% in August and has advanced 9.5% YTD.  Water transportation prices increased 1.3% over the month and have increased 9.0% YTD.

Other Building Materials

The chart below shows the 12-month and year-to-date price changes of other price indices relevant to the residential construction industry.

As Congress continues to work on an infrastructure package, the Construction Materials index is particularly salient.  This index, which has increased 23.9% year-to-date and 32.1% over the past 12 months, is much more heavily weighted with products used in large amounts in the production of “traditional” infrastructure (e.g., roads, bridges, rail).

read more…

eyeonhousing.org

Lumber prices drop 41% from mid May 2021 peak | Katonah Real Estate

After peaking at around $1,700 per thousand board feet in mid-May, lumber prices sank below $1,000 per thousand board feet this week for the first time since late March, according to Random Lengths. Since falling by approximately 23% between September 2020 and November 2020, lumber prices surged into 2021, reaching record levels beginning in March.

Rising prices became a top concern across the construction industry, with numerous industry associations, including the National Association of Home Builders (NAHB) and the National Lumber and Building Material Dealers Association (NLBMDA), pushing government officials to prioritize the issue. The NAHB estimated the significant spike in softwood lumber prices between April 2020 and April 2021 added nearly $36,000 to the price of an average new single-family home and approximately $13,000 to the market value of an average new multifamily home. In addition to the risk the price increases, and related supply-side issues, posed to construction firms, the NAHB estimated the increase in average home prices priced out more than 5.5 million households.

Even as lumber prices soared in May, analysts at BMO Capital Markets projected lumber prices would drop by the second half of the year and return to more typical levels in 2022. The bank cited affordability concerns as the chief reason for expected lumber price reliefs.

“Household wallets are not unlimited and at some point, demand could shrink amid a reluctance to shell out extra dough for the same studs and sheathing,” BMO Capital Markets forecast in May.

Beyond affordability, expanding supply has also contributed to lumber’s recent price decline. U.S. lumber production has increased 5% in the past 12 months, with another 5% increase expected, according to Domain Timber Advisors via Bloomberg.

While prices have begun to decrease, and are trading roughly 40% below their mid-May peak, lumber prices are still up 175% on a year-over-year (YOY) basis, according Business Insider. Analysts project prices will remain “above trend” in the short-term future, despite the recent rapid decline. Speaking with CNBC, Sherwood Lumber COO Kyle Little said while relief is expected over the next six to 12 months, the prices seen will still be “much, much higher than prices we’ve experienced in the recent past.”

While the past week has seen a reprieve on lumber prices, supply-side shortages continue to significantly affect the construction industry. A recent report from the NAHB found the shortage of materials was more widespread than any other period since the association began tracking the issue in the 1990s. The NAHB’s May Housing Market Index (HMI) survey in May 2021 found approximately 90% of builders who buy framing lumber, plywood, and OSB reported shortages. However, shortage issues for builders extend beyond lumber, as sourcing appliances and windows and doors are issues plaguing around 90% of builders, according to the NAHB. A recent survey of the JLC readership also found windows and doors had long wait times, ranging from from about 2-3 weeks to as many as 17 weeks for some readers. Lighting, electrical and plumbing fixtures, cabinets, and appliances were among the other items the JLC readers reported had long lead times.

read more…

jlconline.com/business/

Housing production falls due to rising material costs | Katonah Real Estate

Housing production fell in April due to the increased costs of building materials that have priced out potential home buyers. Overall housing starts decreased 9.5% to a seasonally adjusted annual rate of 1.57 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.

The April reading of 1.57 million starts is the number of housing units builders would begin if development kept this pace for the next 12 months. Within this overall number, single-family starts decreased 13.4% to a 1.09 million seasonally adjusted annual rate. The multifamily sector, which includes apartment buildings and condos, increased 0.8% to a 482,000 pace.

“Housing starts and permits posted a monthly decline in April, as escalating prices for lumber and other building materials price out some home buyers from an otherwise hot housing market,” said NAHB Chairman Chuck Fowke. “Policymakers need to prioritize the U.S. supply chain for items like building materials to ensure builders can add the additional inventory the housing market desperately needs.”

“The decline in single-family permits indicates that builders are slowing construction activity as costs rise,” said NAHB Chief Economist Robert Dietz. “While housing starts were strong at the beginning of the year, due to home builders constructing homes that were sold pre-construction, higher costs and limited availability of building materials have now paused some projects.”

Overall permits increased 0.3% to a 1.76 million unit annualized rate in April. Single-family permits decreased 3.8% to a 1.15 million unit rate. Multifamily permits increased 8.9% to a 611,000 pace.

Looking at regional permit data compared to the previous month, permits are 8.4% higher in the Northeast, 9.9% lower in the Midwest, 3.9% higher in the South and 4.1% lower in the West.

The number of single-family homes permitted but not started construction continued to increase in April, rising to 131,000 units. This is 47% higher than a year ago, as building material cost increases and delays slow some home building.

read more…

eyeonhousing.org

Case Shiller reports home prices up 11.1% | Katonah Real Estate

S&P Dow Jones Indices (S&P DJI) today released the latest results for the S&P CoreLogic Case-Shiller Indices, the leading measure of U.S. home prices. Data released today for January 2021 show that home prices continue to increase across the U.S. More than 27 years of history are available for the data series, and can be accessed in full by going to https://www.spglobal.com/spdji/.

Please note that transaction records for December 2020 for Wayne County, MI, are now available. Due to delays at the local recording office caused by the COVID-19 pandemic, S&P DJI and CoreLogic were previously unable to generate a valid December 2020 update for the Detroit S&P CoreLogic Case-Shiller Indices.

YEAR-OVER-YEAR 

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported an 11.2% annual gain in January, up from 10.4% in the previous month. The 10-City Composite annual increase came in at 10.9%, up from 9.9% in the previous month. The 20-City Composite posted an 11.1% year-over-year gain, up from 10.2% in the previous month.

Phoenix, Seattle, and San Diego continued to report the highest year-over-year gains among the 20 cities in January. Phoenix led the way with a 15.8% year-over-year price increase, followed by Seattle with a 14.3% increase and San Diego with a 14.2% increase. All 20 cities reported higher price increases in the year ending January 2021 versus the year ending December 2020. 

MONTH-OVER-MONTH

Before seasonal adjustment, the U.S. National Index posted a 0.8% month-over-month increase, while the 10-City and 20-City Composites both posted increases of 0.8% and 0.9% respectively in January. After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 1.2%, and the 10-City and 20-City Composites both posted increases of 1.2% as well. In January, 19 of 20 cities reported increases before seasonal adjustment, and all 20 cities reported increases after seasonal adjustment.

ANALYSIS

“The strong price gains that we observed in the last half of 2020 continued into the first month of the new year. In January 2021, the National Composite Index rose by 11.2% compared to its year-ago levels,” says Craig J. Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P DJI. “The trend of accelerating prices that began in June 2020 has now reached its eighth month and is also reflected in the 10- and 20-City Composites (up 10.9% and 11.1%, respectively). The market’s strength is broadly-based: all 20 cities rose, and all 20 cities gained more in the 12 months ended in January 2021 than they had gained in the 12 months ended in December 2020.

“January’s performance is particularly impressive in historical context. The National Composite’s 11.2% gain is the highest recorded since February 2006, just one month shy of 15 years ago. In more than 30 years of S&P CoreLogic Case-Shiller data, January’s year-over-year change is comfortably in the top decile. That strength is reflected across all 20 cities. January’s price gains in every city are above that city’s median level, and rank in the top quartile of all reports in 18 cities.

“January’s data remain consistent with the view that COVID has encouraged potential buyers to move from urban apartments to suburban homes. This demand may represent buyers who accelerated purchases that would have happened anyway over the next several years. Alternatively, there may have been a secular change in preferences, leading to a shift in the demand curve for housing. Future data will be required to analyze this question.

“Phoenix’s 15.8% increase led all cities for the 20th consecutive month, with Seattle (+14.3%) and San Diego (+14.2%) close behind. Although prices were strongest in the West (+11.7%), gains were impressive in every region.”

SUPPORTING DATA

Table 1 below shows the housing boom/bust peaks and troughs for the three composites along with the current levels and percentage changes from the peaks and troughs.

2006 Peak2012 TroughCurrent
 Index Level Date Level DateFrom Peak
(%)
 LevelFrom Trough
(%)
From Peak
(%)
National184.61Jul-06133.99Feb-12-27.4%236.3176.4%28.0%
20-City206.52Jul-06134.07Mar-12-35.1%242.9881.2%17.7%
10-City226.29Jun-06146.45Mar-12-35.3%256.5075.1%13.4%

Table 2 below summarizes the results for January 2021. The S&P CoreLogic Case-Shiller Indices could be revised for the prior 24 months, based on the receipt of additional source data.

January 2021January ’21/December ’20December/November1-Year
Metropolitan AreaLevelChange (%)Change (%)Change (%)
Atlanta169.960.8%0.9%9.6%
Boston252.270.8%0.8%12.7%
Charlotte185.620.7%0.6%11.0%
Chicago154.890.5%0.3%8.9%
Cleveland141.28-0.1%1.0%11.7%
Dallas210.820.8%0.9%9.2%
Denver246.051.0%0.9%10.0%
Detroit141.290.6%0.7%11.0%
Las Vegas212.600.9%1.1%8.5%
Los Angeles321.041.0%0.8%10.8%
Miami273.121.2%1.2%10.4%
Minneapolis196.900.1%0.4%10.7%
New York225.850.9%1.4%11.3%
Phoenix231.751.5%1.2%15.8%
Portland267.271.1%0.5%10.6%
San Diego301.721.4%0.7%14.2%
San Francisco291.040.2%0.2%9.5%
Seattle292.961.4%0.9%14.3%
Tampa251.701.1%1.2%11.9%
Washington260.210.8%0.9%10.7%
Composite-10256.500.8%0.9%10.9%
Composite-20242.980.9%0.9%11.1%
U.S. National236.310.8%0.9%11.2%
Sources: S&P Dow Jones Indices and CoreLogic
Data through January 2021

Table 3 below shows a summary of the monthly changes using the seasonally adjusted (SA) and non-seasonally adjusted (NSA) data. Since its launch in early 2006, the S&P CoreLogic Case-Shiller Indices have published, and the markets have followed and reported on, the non-seasonally adjusted data set used in the headline indices. For analytical purposes, S&P Dow Jones Indices publishes a seasonally adjusted data set covered in the headline indices, as well as for the 17 of 20 markets with tiered price indices and the five condo markets that are tracked.

January ’21/December ’20 Change (%)December/November Change (%)
Metropolitan AreaNSASANSASA
Atlanta0.8%1.2%0.9%1.3%
Boston0.8%1.4%0.8%1.4%
Charlotte0.7%1.1%0.6%1.1%
Chicago0.5%0.9%0.3%1.0%
Cleveland-0.1%0.7%1.0%1.6%
Dallas0.8%1.0%0.9%1.3%
Denver1.0%1.1%0.9%1.3%
Detroit0.6%1.2%0.7%1.3%
Las Vegas0.9%1.3%1.1%1.4%
Los Angeles1.0%1.1%0.8%1.1%
Miami1.2%1.3%1.2%1.5%
Minneapolis0.1%0.8%0.4%1.2%
New York0.9%1.2%1.4%1.5%
Phoenix1.5%1.9%1.2%1.5%
Portland1.1%1.2%0.5%1.0%
San Diego1.4%1.4%0.7%1.3%
San Francisco0.2%1.0%0.2%0.9%
Seattle1.4%1.5%0.9%1.5%
Tampa1.1%1.3%1.2%1.5%
Washington0.8%1.2%0.9%1.3%
Composite-100.8%1.2%0.9%1.3%
Composite-200.9%1.2%0.9%1.3%
U.S. National0.8%1.2%0.9%1.3%
Sources: S&P Dow Jones Indices and CoreLogic
Data through January 2021

For more information about S&P Dow Jones Indices, please visit https://www.spglobal.com/spdji/.

NAR reports 16% increase in pending sales | Katonah Real Estate

After reaching a record high in August, pending home sales slid for the third consecutive month, as fast-rising home prices and low inventory started to impede the housing market. Higher interest rates this week will present an additional challenge in future data.

The Pending Home Sales Index (PHSI), reported by the National Association of Realtors (NAR), is a forward-looking indicator based on signed contracts. The PHSI fell 2.6% from 129.1 in October to 125.7 in November, the highest level for November. However, on a year-over-year basis, sales were still 16.4% higher than a year ago.

All four regions saw a decline in month-over-month contract activity, ranging from 1.1% in the South to 4.7% in the West. On a year-over-year basis, all four regions saw double-digit year-over-year growths, ranging from 10.4% in the West to 21.3% in the South.

Despite the declines in these three months, pending home sales still outperformed this year and housing demand remained strong due to recent, low mortgage rates. However, rising home prices driven by record-low inventory may hurt affordability, especially first-time buyers. More listings and home construction are needed to meet this rising demand.

read more…

eyeonhousing.org

U.S. Justice Department, NAR Agree to Settle Antitrust Case | Katonah Real Estate

On Thursday (Nov. 19), the U.S. Department of Justice announced the filing and proposed settlement of an antitrust case against the National Association of Realtors that alleged the association established and enforced illegal restraints on the ways Realtors compete.

With the case filing, the Antitrust Division simultaneously filed a proposed settlement that requires NAR to repeal and modify its rules to provide greater transparency to home buyers about the commissions of brokers representing home buyers (buyer brokers), cease misrepresenting that buyer broker services are free, eliminate rules that prohibit filtering multiple listing services (MLS) listings based on the level of buyer broker commissions, and change its rules and policy which limit access to lockboxes to only NAR-affiliated real estate brokers. If approved, the settlement will enhance competition in the real estate market, resulting in more choice and better service for consumers, according to the U.S. Department of Justice.

The National Association of Realtors announced on its website on Thursday that NAR had reached an agreement with the U.S. Department of Justice to develop rules that more explicitly state what is already the spirit and intent of NAR’s Code of Ethics and MLS policies regarding providing information about commissions and MLS participation.

The announcement authored by NAR General Counsel Katie Johnson in the Realtor Magazine section of the association’s website, stated, “Our rules and policies have long been recognized for creating a competitive and efficient market that benefits home buyers and sellers. This agreement resolves the DOJ’s questions about the multiple listing service (MLS) and commissions and enables NAR to remain focused on supporting our members as they preserve, protect, and advance the American dream of homeownership,” NAR

NAR 2021 President Charlie Oppler said in a videotaped statement, “We want to be absolutely clear that while NAR disagrees with the characterization of our rules and policies and NAR admits no liability, wrongdoing or truth of any allegations by the DOJ, NAR has agreed to make certain changes to its rules to address the questions raised by the DOJ.”

NAR’s Johnson, who also serves as the association’s Chief Member Experience Officer, stated that although the exact language of the settlement agreement is still being finalized for NAR’s rule changes, most of the changes seek to more explicitly state what is already the spirit and intent of NAR’s Code of Ethics and MLS policies regarding providing information about commissions and MLS participation.

“Buying a home is one of life’s biggest and most important financial decisions,” said Assistant Attorney General Makan Delrahim of the Justice Department’s Antitrust Division. “Home buyers and sellers should be aware of all the broker fees they are paying. Today’s settlement prevents traditional brokers from impeding competition—including by internet-based methods of home buying and selling—by providing greater transparency to consumers about broker fees. This will increase price competition among brokers and lead to better quality of services for American home buyers and sellers.”

NAR General Counsel Katie Johnson

According to the complaint, NAR’s anticompetitive rules, policies, and practices include: (i) prohibiting MLSs that are affiliated with NAR from disclosing to prospective buyers the commission that the buyer broker will earn; (ii) allowing buyer brokers to misrepresent to buyers that a buyer broker’s services are free; (iii) enabling buyer brokers to filter MLS listings based on the level of buyer broker commissions offered; and (iv) limiting access to the lockboxes that provide licensed brokers with access to homes for sale to brokers who work for a NAR-affiliated MLS. These NAR rules, policies, practices have been widely adopted by NAR-affiliated MLSs resulting in decreased competition among real estate brokers, the DOJ charged.

NAR General Counsel Johnson went on to state on the NAR website that in accordance with the MLS system’s long-standing focus on creating an efficient, transparent marketplace for home buyers and sellers, the amount of compensation offered to buyers’ agents for each MLS listing will be made publicly available. Publicly accessible MLS data feeds will include offers of compensation, and buyers’ agents will have an affirmative obligation to provide such information to their clients for homes of interest.

“Relatedly, the rule changes re-affirm that MLSs and brokerages, as always, must provide consumers all properties that fit their criteria regardless of compensation offered or the name of the listing brokerage,” NAR’s Johnson wrote.

She also noted that there will be a rule enacted that will more definitively stated that buyers’ agents cannot represent their services as free to clients.

Finally, with the seller’s prior approval, a licensed real estate agent will have access to the lockboxes of properties listed on an MLS even if the agent does not subscribe to the MLS, NAR added.

NAR will work with the DOJ to agree on exact rule changes within 45 days; then the Board of Directors will then have to approve the new rules. The court overseeing the settlement must formally approve it.

“In entering this agreement with the DOJ, NAR disagrees with the DOJ’s characterization of our rules and policies, and NAR admits no liability, wrongdoing, or truth of any allegations by the DOJ. The agreement does not subject NAR to any fines or payments,” NAR’s Johnson stated.

She continued, “We’re proud to be associated with the MLS system that puts consumers first and benefits home buyers, sellers, and small-business brokerages—and is constantly building upon these principles. This agreement furthers NAR’s and the MLS system’s goal of creating an efficient marketplace that fosters cooperation between brokers for the benefit of consumers.”

The proposed settlement will be published in the Federal Register as required by the Antitrust Procedures and Penalties Act. Any person may submit written comments regarding the proposed final judgment within 60 days of its publications to Chief, Office of Decree Enforcement and Compliance, Antitrust Division, U.S. Department of Justice, 950 Pennsylvania Ave., N.W., Washington, DC 20530. At the conclusion of the 60-day comment period, the court may enter the proposed final judgment upon a finding that it serves the public interest.

read more…

realestateindepth.com/residential

Existing home sales jump 20.9% | Katonah Real Estate

Boosted by historically low mortgage rates, existing home sales, as reported by the National Association of Realtors (NAR), rose for a fourth consecutive month in September and reached its highest level in more than 14 ½ years.

Total existing home sales, including single-family homes, townhomes, condominiums and co-ops, increased 9.4% to a seasonally adjusted annual rate of 6.54 million in September, the highest level since May 2006. On a year-over-year basis, sales were 20.9% higher than a year ago.

The first-time buyer share decreased to 31% in September from 33% both last month and a year ago. However, price gains threaten this share in the future. The September inventory level fell to 1.47 million units from 1.49 million units in August and is down from 1.82 million units a year ago.

At the current sales rate, the September unsold inventory represents a 2.7-month supply, down from 3.0-month in August and 4.0-month a year ago. This low level supply of resale homes is good news for home construction.

Homes stayed on the market for an average of just 21 days in September, an all-time low, down from 22 days last month and 32 days a year ago. In September, 71% of homes sold were on the market for less than a month.

The September all-cash sales share was 18% of transactions, unchanged from last month but up from 17% a year ago.

Tight supply continues to push up home prices. The September median sales price of all existing homes was $311,800, up 14.8% from a year ago, representing the 103rd consecutive month of year-over-year increases. The median existing condominium/co-op price of $272,700 in September was up 9.9% from a year ago.

Regionally, all four regions saw month-over-month gains for existing home sales in September, ranging from 7.1% in the Midwest to 16.2% in the Northeast.  On a year-over-year basis, sales grew in all four regions as well, with the Northeast seeing the greatest gain (22.9%).

Though sales have flourished and demand remains strong due to low mortgage rates, the imbalance between housing supply and demand could hamper future sales. Low inventory will not only continue to drive up home prices but also hurt affordability and homeownership attainment. Though housing starts remain at solid pace, more listings and home construction are still needed to meet this rising demand.

read more…

eyeonhousing.org

New national eviction moratorium comes from unlikeliest of places: What you need to know | Katonah Real Estate

The CDC issues a nationwide ban on evictions through Dec. 31, but tenants who are behind on rent must advocate for themselves. We explain.

moving out evictions removals luggage
The CDC’s new eviction moratorium is meant, in part, to curb homelessness, which could lead to more COVID-19 cases.Mint Images/Getty Images

A national eviction moratorium is back in effect, this time with far broader protections than the now-defunct eviction ban established by the CARES Act. While the previous law only covered certain types of properties, the new moratorium effectively protects everyone living in one of the nation’s 43 million rental households, regardless of where they reside.

But the new ban on evictions, which went into effect Sept. 1 and is set to expire Dec. 31, didn’t come from Congress or the Department of Housing and Urban Development. Instead, it was issued by the Centers for Disease Control and Prevention, using authority granted to the federal government in a 1944 public health law. To that end, the stated purpose of the order is to keep people out of homeless shelters or other crowded living conditions that could worsen the spread of COVID-19.

Unlike previous federal measures, the CDC’s real estate leads order requires tenants who fall behind on rent to submit a declaration to their landlord that states they’ve lost income due to the coronavirus pandemic and have made an effort to look for financial assistance, as well as a few other conditions.

We’ll dig into this new eviction moratorium to unpack who is covered, what might not be covered and what you need to do now if you’re worried about getting evicted. Plus we’ll take a look at what other resources and options are available to help you stay in your home. We update this story frequently.

jessica-dolcourt-troll-ihate-promo-crop-center
If you’re worried about making rent, you aren’t alone. Josh Miller/CNET

What does the new eviction ban do (and not do)?

The CDC’s new order halts evictions across the US for anyone who has lost income due to the coronavirus pandemic and has fallen behind on rent. It doesn’t prohibit late fees, nor does it let tenants off the hook for back rent they owe. It also doesn’t establish any kind of financial fund to help renters get caught up — a safeguard some have say is critical to preventing a massive wave of evictions when the ban lifts.

The order only halts evictions for not paying rent. Lease violations for other infractions — criminal conduct, becoming a nuisance, etc. — are still enforceable with eviction. And it only protects renters earning less than $99,000 per year ($198,000 for joint filers).

The order requires renters facing eviction to fill out an as-yet unreleased government form attesting to several things: The tenant has lost income due to the pandemic, is currently unable to pay full rent, has made an effort to pay as much as possible, has sought financial help where available and would likely end up homeless or otherwise forced to live in crowded quarters if evicted.

money-cash-dollar-economy-recession-2924
It’s still unclear how much cash Congress plans to put in American’s pockets with a second stimulus bill.Angela Lang/CNET

CDC’s order doesn’t change state laws 

Any state-level eviction bans still in effect will remain in place as they are as broad or broader than that established by the CDC. To help you find out the status of eviction protection in your state, legal services site Nolo.com maintains an updated list of state eviction provisions.

Ask your landlord for a reduction or extension

In almost all instances it’s probably best to work out an arrangement with your landlord or leasing agency, if at all possible. Although some landlords have reportedly reacted to the pandemic by putting even more pressure on tenants to pay upother landlords have risen to the occasion, some going so far as to stop collecting rent payments for a period of time. 

It may be worth approaching your landlord to see if you can pay less rent in the coming months, or spread payments for the next couple of months’ rent out over the next year. Just be wary of landlords who make excessive demands. For example, some have asked tenants to turn over their $1,200 stimulus check or any money received from charity as a condition for not filing an eviction order. Don’t agree to unreasonable conditions or terms you won’t be able to meet, especially if your city or state has enacted protections against such arrangements. 

calculate-calculator-amount-of-stimulus-check-2020-cash-money-phone-007
Although almost all Washington lawmakers agree there should be another round of direct payments (aka “stimulus checks”), Congress has yet to pass a bill authorizing the payments.Sarah Tew/CNET

What you can do if you’re facing financial hardship right now

If you’re in need of immediate shelter or emergency housing, the federal Department of Housing and Urban Development maintains a state-by-state list of housing organizations in your area. Select your state from the drop-down menu for a list of resources near you.

In response to the coronavirus pandemic, many states and cities have expanded their available financial assistance for those who are struggling to pay rent. To see what programs might be available near you, select your state on this interactive map maintained by the National Low Income Housing Association.

Nonprofit 211.org connects those in need of help with essential community services in their area and has a specific portal for pandemic assistance. If you’re having trouble with your food budget or paying your housing bills, you can use 211.org’s online search tool or dial 211 on your phone to talk to someone who can try to help.

JustShelter.org is a nonprofit that puts tenants facing eviction in touch with local organizations that can help them to remain in their homes or, in worst-case scenarios, find emergency housing. 

The online legal services chatbot at DoNotPay.com has a coronavirus financial relief tool that it says will identify which of the laws, ordinances and measures covering rent and evictions apply to you based on your location. 

If you’re seriously delinquent or know you will be soon, you may want to consult a lawyer to better understand how laws in your area apply to your situation. Legal Aid provides attorneys free of charge to qualified clients who need help with civil matters such as evictions. You can locate the nearest Legal Aid office using this search tool

Finally, if you can no longer afford rent on your current home, relocation might be an option. Average rental prices have declined across the US since February, according to an August report by Zillow. Apps like ZillowTrulia and Zumper can help you find something more affordable. Just be aware that you may still be held responsible for any back rent you currently owe as well as any rent that accrues between now and the end of your lease (if you have one), whether or not you vacate.

read more…

https://www.cnet.com/personal-finance/national-eviction-moratorium-comes-from-the-unlikeliest-of-places-what-you-need-to-know/