Knoxville Home Resales Boom Into The End Of The Tax Credit And Around The Country
April 28th, 2010 categories: Buyers, Existing Home Sales, Home Values, Homebuyer Tax Credit, Market Trends, Pending Home Sales, Statistics
Existing Home Sales rose in March, as expected. U.S. home buyers closed on 7 percent more homes as compared to February.
Furthermore, versus March 2009 — a month many people equate to the low point of the U.S. economy — sales volume was up 16 percent.
“Existing home sale” is the technical term for a home resale; a home previously inhabited by a person. It’s the opposite of a “new home sale” which is a sale of a newly-constructed home.
Existing Homes Data is tracked by the National Association of Realtors® and a closer look at the March data reveals some other interesting notes:
- Year-over-year sales are higher for the 9th straight month
- Real estate investors represented 19 percent of all homes purchased
- First-time home buyers account for 44 percent of all buyers
Also worth noting is that the supply of available homes is down on a broader basis. At the current rate of sales, the existing home inventory will be exhausted in 8 months.
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As The Supply Of New Knoxville Homes Grows, So Does The Opportunity For A “Good Deal”
February 25th, 2010 categories: Existing Home Sales, Home Price Index, Housing Starts, Market Trends, Mortgage Rates, New Home Sales, Sellers, Statistics
Knoxville New Home Buyers Don’t Miss Your Best Buying Opportunity Ever
The housing recovery showed particular weakness in the Knoxville New Homes Sales category last month — good news for Knoxville TN homebuyers in in the Knoxville Real Estate Market and around the country.
A “new home” is a home for which there’s no previous owner.
New Home Sales fell 11 percent from the month prior and posted the fewest units sold in a month since 1963 — the year the government first started tracking New Home Sales data.
Right now, there are roughly 234,000 new homes for sale nationwide and, at the current sales pace, it would take 9.1 months to sell them all. This is nearly 2 months longer than at October 2009’s pace.
The reasons for the spike in supply are varied:
- The original home buyer tax credit expired in November
- Weather conditions were awful in most of the country in January
- Weak employment and consumer confidence continue to hinder big ticket sales
Now, these might be less-than-optimal developments for the economy as a whole, but for buyers of new homes, it’s a welcome turn of events. Home prices are based on supply and demand, after all.
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