Are You Still Renting?

The recovery in the housing market continues to pick up steam, as home prices posted the biggest percentage gain in more than two years in the latest reading of the closely followed S&P/Case-Shiller index. If you have been waiting to buy, don't wait much longer.

 

 

 

Lennar orders up 40 percent

Lennar Corp reported a rise in new orders for the fifth straight quarter and said a slow and steady recovery was underway in the housing market.

Lennar, the largest U.S. homebuilder behind D.R. Horton and PulteGroup Inc , also reported second-quarter earnings and revenue ahead of market estimates.

Miami-based Lennar said new orders jumped 40 percent to 4,481 homes. Orders are a key indicator for builders, which do not book revenue until they close on a house.

"We are experiencing net positive price and volume trends in most of our markets," Chief Executive Stuart Miller said.

Margins for the quarter rose to 22.5 percent, up 310 basis points from a year earlier, on a stronger pricing environment. The average sale price of a Lennar home rose to $$250,000 from $245,000 in the same quarter last year.

Home Sales and Selling Prices for May Continue to Rise Across Mi

According to the MLS reports compiled by the Michigan Association of REALTORS®, 11,516 single-family homes were sold in May, 2012, an increase of 18.56% over May, 2011 while the May 2012 average sales price was $111,535, an increase of 9.08% for the same time last year. Close to 30% of the MLSs reported an increase of 40%+ in number of home sales in May, while 22% reported an increase in sales price of 20%+.

Key Statistics:

$100,948 - 2012 average sales price, YTD
47,638 - 2012 single family units sold, YTD
$4.8 billion - 2012 total sales volume, YTD*

Home Sales Heat Up

Temperatures, Average Selling Price, and Home Sales Heat Up Across Michigan

April housing sales continued a positive trend across the state with 72% of the Multiple Listing Services (MLS) reporting increased sales and increased selling prices. Both home sales units and average selling prices for April, 2012 increased over April, 2011. According to the MLS reports compiled by the Michigan Association of REALTORS®, 10,136 single-family homes were sold in April, 2012, an increase of 3.46% over April, 2011 while the April 2012 average sales price was $104,058, an increase of 9.72% for the same time last year.

April was an exceptional month for 13 of Michigan’s MLSs who reported an increase in average sales price of 20%+.

Traverse Area Market Monitor

Home Prices Rise

According to the National Association of Realtors, prices for single-family homes climbed in half of U.S. cities in the first quarter as the real estate market stabilizes.

The median sales price increased from a year earlier in 74 of 146 metropolitan areas measured, the National Association of Realtors said in a report today.

The U.S. housing market is showing signs of bottoming as improving employment and record-low mortgage rates boost demand while inventories of available properties tighten. At the end of March, 2.37 million previously owned homes were available for sale, 22 percent fewer than a year earlier.

Among the bigger leaders, prices rose 19 percent in Grand Rapids, Michigan.