Boosted by a greater share of sales to first time buyers not seen in nearly four years, existing home sales in the United States maintained their upward trend in June and increased for the fourth month in a row.
Only the Northeast of the nation saw a decline in sales in June and sales to investors fell to their lowest overall share since July 2009, according to the latest monthly index from the National Association of Realtors (NAR).
Existing home sales were up 1.1% to a seasonally adjusted annual rate of 5.57 million in June from a downwardly revised 5.51 million in May. After last month's gain, sales are now up 3% from June 2015 and remain at their highest annual pace since February 2007.
Housing market growth in the United States is holding steady with a rise of 0.6% quarter on quarter, according to the latest real estate analysis report.
The annual spring housing boom has been beneficial to most regions across the nation, with most markets outside of the Northeast seeing a small bump in quarter on quarter growth in the last month.
The data from real estate firm Clear Capital also shows that in the West quarterly growth has increased by 0.2% to 1.3%, while quarterly growth in the South and Midwest have increased to a modest 0.8% and 0.3% respectively.
Office leasing activity in Manhattan remains strong but tell-tale signs - such as rising landlord concessions and companies that renew contracts rather than take new space - indicate a market in correction, realtor Cushman & Wakefield said Tuesday.
Thousands of energy industry employees have lost jobs and companies have slashed their capital budgets during the steep slide in crude prices.
The volume of property sold to overseas buyers in the United States has declined slightly but Chinese people are buying more real estate, exceeding the amount of other top international buyers.
Research from the National Association of Realtors suggest that waning economic growth in many countries and higher home prices along with a strengthening US dollar was responsible for the slight overall fall.
However, the data, covering sales to overseas buyers between April 2015 and March 2016, reveals a significant fall in buying from non-resident foreigners. Sales to overseas buyers amounted to $102.6 billion of residential property, a 1.3% decline from the $103.9 billion of property purchased in the previous year’s survey.
Asking and effective rents growth for shopping centers decreased compared with the previous quarter, Reis said in a report on Wednesday.
Property in south Florida continues to be popular with buyers from South America topping the list for people from overseas searching for real estate, the latest research shows.
Colombia has been the top country of origin for five months in a row and four out of the top five countries are in South America, according to the data from the Miami Association of Realtors.
In second place is Venezuela, then Argentina with Israel in fourth place and Brazil in fifth.
Georgia registered the most searches of Miami real estate among American states.
Entry level home values in the United States for properties popular with first time buyers have increased by 8% in the last year, twice as fast as top tier home prices, new research shows.
It means that first time byers are facing stiff competition and buyers looking for more expensive homes have more choice, according to the data from the latest real estate market report from property firm Zillow.
The data also shows that the number of expensive homes for sale has dropped slightly, but there are far fewer entry level homes on the market with supply in this sector down by 9% year on year.
A full-floor penthouse at the Walker Tower, a 24-story Art Deco condominium conversion in Chelsea, where a record-breaking sale took place more than two years ago, sold in a private deal for $45,000,000, according to city records, and was the week’s most expensive closed transaction.
U.S construction spending fell for a second month in May, with weakness hitting all areas of building.
Construction spending declined 0.8 percent in May following a 2 percent tumble in April, the Commerce Department reported Friday. The April figure had been the biggest monthly setback in five years.
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