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There is a surge in new home sales!

by Schuyler Velasco

New home sales surge to six-year high, renewing hope for the market

New home sales jumped an unexpected 18 percent in August, the Commerce Department said Wednesday. Coming off the heels of a disappointing report for existing home sales, the robust new home sales report eased fears that the housing market is headed in the wrong direction. 

By Schuyler Velasco, Staff writer SEPTEMBER 24, 2014


 Larry Downing/Reuters/File

Two days after existing home sales put a damper on hope for the housing market, a dazzling new home sales report has it roaring back.

Sales of new single-family homes surged 18 percent to a 504,000 annualized pace in August, up from a 427,000 pace in July and a 419,000 pace in June, according to data released Wednesday by the Commerce Department. The report surpassed predictions – economist had been expecting about 430,000 annualized.

“Altogether, this is a much stronger report than expected and suggests housing demand has stabilized in recent quarters,” Michael Gapen, US economist with Barclays Research, writes in an e-mailed statement.

Recommended: How skewed is America's income inequality? Take our quiz.

The stock of new homes for sale reached a four-year high, inching up to 203,000 last month, following 201,000 in July and 169,000 in June. But sales were so strong that the months’ supply of homes available fell to 4.8 after holding steady at 5.6 in June and July.

 “Historically, roughly 6 months has been considered ‘normal,' ” Joshua Shapiro, an economist with MFR Inc., writes via e-mailed analysis.

The robust new home sales report comes on the heels of disappointing figures for existing home sales, which make up a significantly larger proportion of the housing market than new homes. Existing homes fell 1.8 percent in August, calling into question whether  housing growth could withstand the pullout of speculative investors and all-cash buyers. Such investors had played a major role in boosting sales.

Still, there was reason for optimism nestled into that lagging report. Families have been wading slowly back into the market over the past year or so: Sales to families increased 2.9 percent in August and 0.5 percent year-over-year, the first such increase since October of last year. In another positive sign, the share of first-time homebuyers is remaining steady, at 29 percent of the market.  Also, the market share of distressed home sales continued to fall, and many analysts argue that the pullout of investors will be good for the long-term health of housing.

New home sales, meanwhile, account for just 9.1 percent of the overall housing market, and tend to be a more volatile measure than existing homes. Still, the strong report combined with other hopeful indicators should help calm fears that housing, which has been on a slow upward trend for much of the year, is reversing course into a decline.

“Given the close relationship between sales and starts of new single family homes the leap in August sales would bode very well for starts if it is sustained,” Mr. Shapiro writes. “It is also in sync with recent very buoyant homebuilder sentiment as measured by the homebuilder survey’s housing market index.”

“However, “ he warns, “with mortgage applications for home purchase at cyclical lows and existing home sales not showing any great signs of life, we definitely would like to see more data on the new home market before concluding that we are ratcheting up to a new level of activity.”

In a separate release, the Mortgage Bankers Association (MBA) reported that mortgage applications fell last week, after a substantial increase the week before. 

 

http://www.csmonitor.com/Business/new-economy/2014/0924/New-home-sales-surge-to-six-year-high-renewing-hope-for-the-market-video

 

88% Of Home Buyers Used A REALTOR® Last Year

by CAR

Why did 88% of home buyers use a Realtor last year? 
Because Realtors have access to more listings so you can easily find the home of your dreams! Then they negotiate the best terms of the sale based on comps so you get the most bang for your buck!

Grand opening this weekend at new westside neighborhood

by Real Team 360

This Saturday and Sunday there will be a grand opening of Paso Robles’ newest neighborhood, Paso Terrace. “Come tour our beautiful furnished model home and experience unparalleled elegance and unsurpassed views,” says Realtor Scott Ehrke.

Located at the northwest corner of city limits, Paso Terrace provides a rural ambiance, yet benefits from full underground city services. The neighborhood consists of just 21 parcels in total, of which 15 are being built for sale – and each providing dramatic views of the city and surrounding countryside.

Paso Terrace homesites range in size from a half-acre to over an acre, providing plenty of space for enjoyment and privacy. The homes range from approximately 2,680 square feet up to 3,478 square feet, with three to five bedrooms, a great room, a study and/or den. Each plan provides the owner with ideal ‘single level living’ arrangements, leaving only guest bedrooms and bath, den/family room and optional wine cellars on the lower level.

All homes will include three car garages, volume ceilings, tankless water heater, dual zone central heating and air, Low-E windows and doors, and other green features such as a conduit for future electrically operated vehicle charger.

Phase 1 homes are now available for sale, with prices starting at $695,000. The grand opening hours are Saturday from 11 a.m. to 4 p.m., and Sunday from noon to 4 p.m.

Paso Terrace is represented by Scott Ehrke and Logan Hill at RE/MAX Parkside Real Estate. For more information or to schedule an appointment, call (805) 296-1995, or visit www.pasoterrace.com.

From buying tips, neighborhood information and agent referrals, social media has become a useful resource for those searching for their new home. 

The Pine Street Promenade project is scheduled to break ground in 2016!

by Paso Robles - Good News

The Pine Street Promenade Project was recently approved in Paso Robles.
The project includes a 121 room boutique hotel with meeting space, spa, and
restaurant; an open air artisan marketplace; a 500-seat performing arts center
and a 5-level parking garage.
This village-within-a-village will also include retail space and of􀏐ices. Its
location in the town center makes it walking distance to restaurants,
shopping & services. It will provide a commercial and pedestrian connection
between the city’s transit station and the central business district surrounding
the downtown park area of Paso Robles.
The Promenade will be built in stages, with each stage bringing jobs to the
community and draws to visitors.
The project is scheduled to break ground as soon as 2016.
For more information, go to www.pinestreetpromenade.com

The Pine Street Promenade Project was recently approved in Paso Robles.

The project includes a 121 room boutique hotel with meeting space, spa, andrestaurant; an open air artisan marketplace; a 500-seat performing arts centerand a 5-level parking garage.

This village-within-a-village will also include retail space and offices. Itslocation in the town center makes it walking distance to restaurants,shopping & services. It will provide a commercial and pedestrian connectionbetween the city’s transit station and the central business district surroundingthe downtown park area of Paso Robles.

The Promenade will be built in stages, with each stage bringing jobs to thecommunity and draws to visitors.

The project is scheduled to break ground as soon as 2016.

For more information, go to www.pinestreetpromenade.com

(Info taken from http://www.prcity.com/government/pdf/GoodNews/GoodNews-PineSt-Promenade.pdf)

Displaying blog entries 1-5 of 5

Contact Information

Real Team 360
RE/MAX Parkside Real Estate - BRE #01421338
1213 Vine Street
Paso Robles CA 93446
Office: (805) 238-1555