September home sales fall as high prices erase benefit of low rates

Potential homebuyers may be hitting the limit of what they can afford. Pending home sales, a measure of signed contracts on existing homes, fell 2.2 percent in September compared with August, according to the National Association of Realtors.

It was the first monthly decline in 4 months. Analysts had expected a small monthly gain. Pending sales were 20.5 percent higher annually.

The Northeast, which is seeing distinct urban flight from New York City amid the coronavirus pandemic, was the only region to post a gain. Sales were up 2 percent for the month and 27.7 percent annually.

In the Midwest, pending sales fell 3.2 percent monthly but were up 18.5 percent from September 2019.

Pending home sales in the South decreased 3 percent monthly and increased 19.6 percent annually. In the West, sales fell 2.6 percent monthly and were up 19.3 percent from a year ago.

“With persistent low mortgage

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Special Report: Chesapeake couple left high and dry after paying contractor $180,000 of taxpayer money

CHESAPEAKE, Va. (WAVY) – A Chesapeake couple contacted 10 On Your Side because they said their frustrations are at an all-time high. The couple explained that they paid a Virginia Beach contractor federal money to raise their home from flooding, but the work stopped shortly after it started and months later nothing has been done. 

“This is our paradise,” said Joann Thomas.

When Joann and Bobby Thomas moved to Chesapeake 32 years ago, they wanted a place right on the water.

“We had very good times here,” Thomas added.

They chose a home on the Elizabeth River on a street fittingly named Deepwater Drive.

“I used to come home from work and enjoy coming out here,” Thomas said.

Those enjoyable days ended in 1996.  That’s when the flooding started and it has only progressively gotten worse.

“Twice it happened to us when it came through the whole house,” Thomas said.  

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L.A. Homes Prices Hit Record High In September

(iStock)
(iStock)

Limited inventory, low interest rates and coronavirus-fueled demand sent home prices to a record high in September.

For the 7,287 deals that closed last month, the The median sale price was $710,000, according to Zillow data cited by the Los Angeles Daily News.

That was 14.5 percent higher than the September 2019 total and easily broke the $692,750 record set in August.

The number of home sales also reflects a near 20 percent increase year-over-year.

Other Southern California counties saw similar positive home sale activity. The third quarter was the fastest-selling quarter of the last 14 years across the region.

Orange County’s median home sale price increased 9 percent year-over-year to $785,000 — the highest in the region — and the nearly 3,800 deals marked a 30 percent increase year-over-year.

The median sales prices in Riverside and San Bernardino counties were 14 percent and 13 percent higher, respectively, year-over-year.

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Rockford-area home sale prices hit record high – News – Rockford Register Star

ROCKFORD — September was one of the strongest months ever for the region’s residential housing market, according to the Rockford Area Association of Realtors.

There were 503 single-family homes sold in Winnebago, Boone and Ogle counties last month, marking a 10.5% increase compared to September 2019 and the highest sales volume for the month in 15 years.

The average sale price of a home last month was $158,240, a 9% increase compared to September of last year. It’s also the third consecutive month that home prices have hit record-breaking highs.

Single-family homes sold in the area during September were on the market for an average of 31 days. A year ago last month, homes were on the market for an average of 36 days.

“The surging real estate market in Rockford continues to climb,” Rockford Area Association of Realtors CEO Conor Brown said in a news release. “The momentum is

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South Florida’s median home price has hit an all-time high: $425,000 for a house

For the second month in a row, South Florida residential sales are beating out 2019. They’re also driving up prices, bringing the median price for a single-family home in Miami-Dade and Broward counties to $425,000 — the highest ever.

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The total number of home sales was up more than 12% in September 2020 over September 2019 sales in both Miami-Dade County and Broward, according to the Miami Association of Realtors. That follows a similar increase in August — welcome relief after the four-month decline in previous months.

“We are seeing tremendous influx coming in from outside of Miami, and in a way a revaluation from people in Miami. This is the first time that people have spent this much time at home,” said Jessica Adams, global real estate adviser with One Sotheby’s International Realty. Adams focuses on single-family homes in Coconut Grove and Coral Gables.

Miami-Dade

Total residential

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Christie’s NNJ Lists Elegant High Mountain Estate For Sale

This is a paid post contributed by a Patch Community Partner. The views expressed in this post are the author’s own, and the information presented has not been verified by Patch.


Christie’s International Real Estate Northern New Jersey announced today that Janet Evelich-Venetsanos and Karen Haruthunian, Realtor Associates® with the Franklin Lakes Sales Gallery, are representing the sellers in the sale of 1055 High Mountain Road, Franklin Lakes, New Jersey.

Located behind gates and seated majestically on a knoll overlooking the property’s natural beauty in desirable Franklin Lakes, the exquisite brick Georgian Estate offers over 6.5 magnificent acres and more than 18,000 sq. ft. of unparalleled luxury living. Entering the property, one is welcomed by the tree-lined driveway and bridge over a natural river, with views of the scenic waterfall and dam. Once inside, one is welcomed by a grand 20-foot entry foyer, large formal living room featuring 19-foot ceilings

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Grocery prices are down from their COVID-19 summer peaks. But here’s why your food bills are still stubbornly high.

Eva Rosol was stunned during the summer when a rotisserie chicken that she could normally find on sale for $6 suddenly set her back $15.

Rosol, a resident of the Chicago suburb Westmont, Ill., who lost her job as a substitute teacher when COVID-19 shut schools in March, could afford it thanks to the extra $600 per week in unemployment benefits the federal government offered during the first four months of the pandemic. But those extra benefits expired in late July.

Now Rosol, 54, who has a business degree and is seeking a job in sales, receives $108 weekly in unemployment aid. Meanwhile, her husband, who sells advertising for an auto and RV magazine, is making a quarter of what he normally earns.

Rosol has nixed the one night a week they used to eat out, shops the circulars and frequents five different grocery stores to find the lowest prices,

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House prices are at a record high



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© Provided by This Is Money
MailOnline logo

Among all the doom and gloom, there is one industry that seems to be thriving in many parts of the country: the property market.

Average house prices this week reached record highs, according to Rightmove, fuelled by a temporary stamp duty holiday and a so-called ‘race for space’ as increasing numbers of us consider a change of lifestyle. 

So is it time to cash in? Here’s how to prime your home for a sale, and even add value to it.



a close up of a logo: The right time? Average house prices this week reached record highs, according to Rightmove, fuelled by a temporary stamp duty holiday and a so-called 'race for space'


© Provided by This Is Money
The right time? Average house prices this week reached record highs, according to Rightmove, fuelled by a temporary stamp duty holiday and a so-called ‘race for space’

MAXIMISE SPACE

Clearing out the cellar, loft and garage are obvious jobs, but estate agents say the canniest sellers should go much further.

‘This is particularly important in the

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Commercial sublease availability hits record high

Sublease availability in Tampa Bay’s commercial real estate market is at a “historical high,” according to a new quarterly report on the local office space market.



a man holding a football ball: South Africa's goalkeeper Momeeb Josephs during the African Cup of Nations soccer match, Senegal vs South Africa in Kumasi, Ghana on January 31, 2008. The match ended in a 1-1 draw. Senegal failed to qualify for the next round of the competition. Photo by Steeve McMay/Cameleon/ABACAPRESS.COM


© McMay Steeve/ABACA PRESS/Abaca
South Africa’s goalkeeper Momeeb Josephs during the African Cup of Nations soccer match, Senegal vs South Africa in Kumasi, Ghana on January 31, 2008. The match ended in a 1-1 draw. Senegal failed to qualify for the next round of the competition. Photo by Steeve McMay/Cameleon/ABACAPRESS.COM

The commercial real estate services firm JLL reported this week that 1.4 million square feet of space in Hillsborough and Pinellas counties is available for sublease, and nearly half of that has hit the market since March, when the coronavirus pandemic forced companies to send most workers home.

Kyle Koller, JLL’s research director in Florida, said 2020 1/4 u2032s sublease inventory boom rivals that of the dot-com era 20 years ago. But it doesn’t

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Chicago Foreclosure Activity Depressed Despite High Delinquencies

Chicago foreclosure activity remains depressed
due to the pandemic moratorium

Last week ATTOM Data Solutions released their Q3 2020 Foreclosure Market Report in addition to updating their RealtyTrac data. As has been the case for several months now foreclosure activity is pretty much at a standstill as a result of the pandemic induced foreclosure moratorium. This is true both for the city of Chicago and the nation as a whole.

Chicago Foreclosure Activity

Chicago foreclosure activity has declined dramatically since the housing crisis. However, the recent plunge is the result of the moratorium placed on foreclosures in light of the Covid-19 crisis.

The foreclosure market report also provided an update on how fast foreclosures are proceeding. As you can see in the graph below it did tick up a bit in the 3rd quarter and remains at an absurdly high level of 830 days.

Average days to complete a foreclosure

In the absence of natural foreclosure activity the real

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