Still no inventory, see why!

New Home Sales Rise as Buyers Run Out of Options in the Resale Market

May 23, 2023

The number is seasonally adjusted, and refers to how many homes would be built over an entire year if builders continue at the same pace every month.

The jump exceeded expectations on Wall Street. Economists had forecast new home sales to fall to 669,000 in April.

Home builders are constructing new homes at the highest level since March 2022.

The data from February was revised significantly. New home sales rose to a revised 656,000 in March, compared with the initial estimate of a 9.6% increase to 683,000.

The new home sales data are volatile month-on-month and are often revised.

Key details: The median sales price of a new home sold in April fell to $420,800 from the month before. Prices have fallen from a peak of $496,800 in October last year. It’s also the first time prices dropped on a year-over-year basis since 2020.

The supply of new homes for sale fell 3.8% between March and April, equating to a 7.6-month supply.

Regionally, the south led new home sales by 17.8%, but was recovering from a sharp drop the previous month.

Overall, sales of new homes are up nearly 12% compared to last year.

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In Escrow. I am so happy my client trusted and believed me when I said I had found a deal!

It was the end of a phase so the builder was ready to negotiate. She is a first time buyer and get:

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a very fancy refrigerator,

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Where Are All the Homes? See the 10 Cities With the Largest Jump in Listings—and 10 With the Biggest Drop

By Evan Wyloge

Aug 15, 2023

Many homebuyers have noticed a change in their local housing markets: fewer “For Sale” signs.

The slim number of homes for sale in the U.S. has tightened further, making navigating the housing market a potentially grueling experience for those considering purchasing a home. In July there were 6.4% fewer listings on Realtor.com® than a year earlier—when the nation was already suffering an extreme shortage of homes for sale.

But the crisis-level inventory shortages aren’t happening everywhere—in fact, there are some markets bucking the trend and seeing an increase in the number of homes going on the market. READ MORE

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LA mansion owners race to

sell as tax looms

A tax on high-end real estate transactions in the city starts on April 1.

BySam Klebanov

March 24, 2023

If you’re in the market for a 12-bedroom near your celebrity crush, now might be the best time to put in an offer. High-end homeowners in Los Angeles are racing to sell their properties before a so-called mansion tax kicks in on April 1.

What’s with the tax?

LA residents voted to pass the additional real estate sales tax on luxury properties last November. Proceeds will go toward expanding the supply of affordable housing in the city and helping people at risk of homelessness.

Sellers will pay a 4% city tax on transactions over $5 million but under $10 million.
Homes that go for $10 million or more will be taxed at 5.5%.
The city expects the measure to raise $672 million for its housing programs.