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Not true I added some more shares today! Eventually they will render a decision and 1Q21 Earnings tomorrow and Friday as well FOR SURE!
A hedge by MC to appease some of his new bosses, Sherrod Brown and JB and hedge on the Collins ruling?
Rising prices and demand WILL spur builders to add more supply and the pandemic will eventually subside and die out and some home sellers will start listing their homes for sale. Just like "temporary" conservatorships and the nws, few things in life last forever...
This local housing market rose 47% YOY in sales price, probably all those over taxed and over regulated Californians, Washingtonians, et. al., improving their lifestyles.
https://www.krem.com/amp/article/news/local/coeur-dalene-hottest-emerging-housing-market-wall-street-journal/293-2993a3d6-b5c6-4a7f-8e4c-7e20ba206582
"An index that tracks the availability of finished lots fell 9% in the third quarter from a year earlier to a low in data going back to 2015, according to Zonda, a housing-market research firm. The most significantly undersupplied markets in the third quarter included San Diego, Seattle, Nashville, Tenn., Boise, Idaho, and Las Vegas, according to Zonda.
Prices for finished lots rose 11% in the third quarter from a year earlier, according to research and advisory firm Zelman & Associates."
https://www.wsj.com/articles/housing-boom-brings-a-shortage-of-land-to-build-new-homes-11608904980
4/27/2021
FHFA House Price Index Up 0.9 Percent in February; Up 12.2 Percent from Last Year
??Washington, D.C. – House prices rose nationwide in February, up 0.9 percent from the previous month, according to the latest Federal Housing Finance Agency House Price Index (FHFA HPI®). House prices rose 12.2 percent from February 2020 to February 2021. The previously reported 1.0 percent price change for January 2021 remained unchanged.
For the nine census divisions, seasonally adjusted monthly house price changes from January 2021 to February 2021 ranged from +0.3 percent in the Middle Atlantic division to +1.6 percent in the Mountain division. The 12-month changes ranged from +10.5 percent in the West North Central division to +15.4 percent in the Mountain division.
"Annual house price growth acheived a new record high in February" said Dr. Lynn Fisher, FHFA's Deputy Director of the Division of Research and Statistics. "The 12.2 percent gain represents an increase of $35,000 for a median-priced home that sold a year ago at $290,000 in the Enterprises' data."
The FHFA HPI is the nation's only collection of public, freely available house price indexes that measure changes in single-family home values based on data from all 50 states and over 400 American cities that extend back to the mid-1970s. The FHFA HPI incorporates tens of millions of home sales and offers insights about house price fluctuations at the national, census division, state, metro area, county, ZIP code, and census tract levels. FHFA uses a fully transparent methodology based upon a weighted, repeat-sales statistical technique to analyze house price transaction data.
FHFA releases HPI data and reports on a quarterly and monthly basis. The flagship FHFA HPI uses seasonally adjusted, purchase-only data from Fannie Mae and Freddie Mac. Additional indexes use other data including refinances, FHA mortgages, and real property records. All the indexes, including their historic values, and information about future HPI release dates are available on FHFA's website: https://www.fhfa.gov/HPI.
FHFA will release its next HPI report on May 25, 2021 with data for the first quarter of 2021 and monthly data through March 2021. ?
331.5 Million People were counted in the 2020 Census. They need to live somewhere!
https://www.census.gov/newsroom/census-live.html
Population growth from 2010 was 7% which is less than 1%/year.
Fannie Mae Announces Scheduled Release of First Quarter 2021 Financial Results
BY PR Newswire
— 2:00 PM ET 04/26/2021
WASHINGTON, April 26, 2021 /PRNewswire/ -- Fannie Mae ( FNMA
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) today announced plans to report its first quarter 2021 financial results on Friday morning, April 30, 2021, before the opening of U.S. financial markets.
Fannie Mae ( FNMA
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) will host a conference call for the media to discuss the company's results at 8:00 a.m., ET, on April 30, 2021. Other participants may join the conference call in listen-only mode.
The company's first quarter 2021 earnings news release, quarterly report on Form 10-Q, and other supplemental information will be available on the company's Quarterly & Annual Results webpage at fanniemae.com/financialresults. A transcript of the call also will be made available on the page.
CONFERENCE CALL PARTICIPATION DETAILS – Fannie Mae First Quarter 2021 Financial Results
Event day and time
Friday, April 30, 2021
8:00 AM (ET)
Listen-only webcast instructions
https://event.webcasts.com/starthere.jsp?ei=1449813&tp_key=18286208a4
Click on the link above to attend the presentation from your laptop, tablet, or mobile device. Audio will stream through your selected device. If you have difficulty accessing the webcast, please click the "Listen by Phone" button on the webcast player and dial the number provided.
Listen-only phone line instructions
It is not necessary to dial into the audio conference unless you are unable to join the webcast via the URL above.
United States: 888-204-4368
Passcode: 6638904#
About Fannie Mae ( FNMA
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)
Fannie Mae ( FNMA
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) helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of people in America. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit:
fanniemae.com | Twitter | Facebook | LinkedIn | Instagram | YouTube | Blog
Fannie Mae Newsroom
https://www.fanniemae.com/news
From todays WSJ: "There are good economic and fairness reasons for the preferential rate. First, under current tax rules, all gains from investments are fully taxed, but all losses are not fully deductible. Losses can offset gains in any given year, but losses that exceed gains can only be offset against personal income up to $3,000. The preferential rate compensates for this asymmetry.
Second, gains in asset values aren't adjusted for inflation, so investors who hold assets for an extended period pay taxes on increases that are partly illusory. Other parts of the tax code, including the income-tax brackets, are indexed for inflation, but not capital gains that arguably need it the most since assets are often held for decades.
Third, a capital-gains tax is a second tax on corporate income. A neutral revenue code would tax all income only once. But the U.S. also taxes business profits when they are earned, and President Biden wants to raise that tax rate by a third (to 28% from 21%). When a business distributes after-tax income in dividends, or an investor sells the shares that have risen in value due to higher earnings, the income is taxed a second time."
With 70 million plus baby boomers I'm certain that some of the home features we've been discussing will become more popular. An extra room for a home care assistant, barrier free sit down tiled showers, no step single level living, BUT I don't think the below hip height kitchen sink placement will catch on as families with young children don't want their children sticking their hands down the garbage disposer....
I think AARP did a survey one time and I think that a majority of Americans preferred to age in place, as over the years family and friendship networks were developed. On the other hand, the Sun Belt states have plenty of incentives to move, low taxes, lower cost of living, mild winters, gated retirement communities, etc. A few Americans and military retirees go abroad, where budgets get stretched that much farther and amenities more available, but as with everything in life there are tradeoffs. Proximity to their grown children and growing grandchildren also seem to be powerful reasons why retirees live where they do.
Many locales are now allowing "granny flats" in their zoning ordinances, but I'll bet there are very few new and existing homes that have "universal design" in their MLS listing or on Redfin/Zillow.
Of the homes in the HOA, how many are "universal design" or do you have any idea?
It's gotta be difficult for challenged credit home buyers right now in the Orlando area (and just about everywhere). Are you able to find and obtain any listings for sale? Do sellers also want you to find a replacement home?
https://www.google.com/amp/s/www.clickorlando.com/news/local/2021/04/25/whats-next-for-the-housing-market-in-central-florida/%3foutputType=amp
"Standard Base Cabinet Sizes
Height: Typically, standard base cabinets measure 34 1/2" H and 36" H from the floor to the top of the countertop when a countertop is installed. The toe kick portion of the cabinet is 4 1/2" H, the standard door height is 24" H, and the top drawer height is 6" H (equaling 34 1/2" H total). Three-drawer base cabinets have a 6" H top drawer and bottom/middle drawer styles are 12" H with a 4 1/2" H toe kick.
Width: The width of a standard base cabinet will come in multiples of threes between 9 inches and 42 inches. Depending on the use, this size will vary substantially.
Depth: The depth of base cabinets without a countertop is 24 inches. Base cabinets have a standard depth for easy access. When adding a countertop, there is often an overhang that can add another inch or two."
https://kitchencabinetkings.com/kitchen-cabinet-sizes
You would think that shorter cabinets would cost less for a builder, but I bet most cabinet suppliers charge more for non standard sizes and that cuts into builder profits unless the market will pay more through a higher sales price.
Median sales price for a home in CA is $750k...https://sacramento.cbslocal.com/2021/04/24/quite-nuts-right-now-from-happy-to-headache-in-hot-sacramento-housing-market/amp/
If you email this lady at NAHB, maybe she can shed some light on the marketability of the universal design concept and the features builders say are most in demand.
https://www.nahb.org/other/consumer-resources/what-is-universal-design
No I hear you, but how come mainstream builders and over 55 builders haven't embraced it? My experience with builders over the last 3 decades is that they LOVE standardized sizes and are not super wild about all the special deviations couples always want. Kitchens and Baths are always important to buyers and prospective buyers have been conditioned to think a kitchen sink and cabinets should be around hip height and if they walk into the builders model houses and if they are lower and there's room to park the seat of a wheelchair under the kitchen sink, they may go on to the next subdivision on the couples list.
With ALL the retirement communities in Florida, not even one builder has embraced the universal design concept? With the 70 million plus loaded baby boomers retiring at over 10,000/day, this universal design concept sounds like some astute builder should run with it.
I've seen alot of discussions in the last decade or two on the ideal housing for Americans as they enter and live out their golden years. Lower cabinet and sink levels, walk in showers with sitting areas, single level floor plans, lever shaped door knobs, wider door ways to accommodate wheelchairs, etc. Very few houses for sale fit that bill and it seems like those who are aging in place are having contractors come in and make the modifications. My neighbor (in their 70's) and his wife scrapped their old house and had their son, a builder build a new 3 level house with an elevator and incorporated some of the items they wanted. I guess the trick is to build a house that meets your needs and still maintains maximum appeal to the housing market in the event their is an eventual sale.
That's great, country living with the elbow room needed and still close enough for all the amenities a big Metro has to offer! Is it a builder ready lot in a PUD, Planned Unit Development or HOA? Also, will the state eventually tax your retirement income?
Always fun to build a house the way you want and I'm sure it will please your "better half"!
My buddy "retired", although he keeps working part time, has been telling me for years, this is it, I'm done, blah, blah, blah but it must be a combination of it complements his life style and the money as he keeps working a little here and there. He sold his Fairfax house and bought one near the base of the mountains and says he loves it.
"The possibility of a first-time home buyer tax credit of up to $15,000 was part of President Biden's campaign proposal to boost the participation of first-time buyers in the housing market. But the first indication of a new program for first-time buyers is the Down Payment Toward Equity Act of 2021, a draft of legislation published and discussed at a hearing of the House Financial Services Committee on April 14.
The proposed legislation, which differs in several ways from the initial concept of a first-time buyer tax credit, is both narrower and broader than the earlier plans. While the amount that could be available for first-time buyers is as high as $25,000 in this proposal, the program is directed at creating equity in the housing market. To do that, eligible home buyers must be the first generation in their family to own a home.
The National Council of State Housing Agencies (NCSHA) explains the key elements of this plan.
l Borrowers must be first-time home buyers, defined by the federal government as those who have not owned a home in the previous three years.
l Borrowers must meet income limits of 120 percent or less of area-median income of the location where the buyers live or where the home is being purchased. In high-cost housing markets, the income limit is increased to 180 percent of area-median income. In the D.C. region, median family income is $123,100 in 2021.
l Borrowers must be a first-generation home buyer, defined as any person whose parents or guardian never owned a home during the home buyer's lifetime or lost the home to a foreclosure or short sale and do not own a home now. Anyone who lived in foster care also qualifies as a first-generation home buyer.
l Home buyer assistance is available up to $20,000 for eligible borrowers or up to $25,000 if the home buyer qualifies as a socially and economically disadvantaged individual. The economic disadvantage measure is met by income limits on the program. According to the proposed bill, socially disadvantaged individuals are defined as "those who have been subjected to racial or ethnic prejudice or cultural bias because of their identity as a member of a group without regard to their individual qualities." NCSHA's summary says, "Any individual identifying as Black, Hispanic, Asian American, Native American, or any combination thereof will be presumed to meet this definition. Any individual who does not identify as such will have to prove by a preponderance of evidence that they are socially disadvantaged."
l Buyers can fund their purchase with any government-insured FHA or USDA loan or a loan that can be purchased by Freddie Mac or Fannie Mae.
l Home buyer counseling is required to participate in the program.
l The down-payment assistance is a grant that does not need to be repaid if the buyers keep their home for five years. It must be repaid in full if the buyers stop occupying their home less than a year after they buy it. The amount that must be repaid decreases 20 percent each year they live in the home and is completely forgiven after five years in residence.
If the program passes into legislation, it would be administered by state housing finance agencies under the direction of the Department of Housing and Urban Development.
realestate@washpost.com"
"Mortgage delinquencies declined last month as many borrowers used their stimulus checks to catch up on overdue payments. According to data from Black Knight, a mortgage and real estate technology and data provider, the national mortgage delinquency rate fell to 5.02 percent last month from 6 percent in February, a 16.4 percent drop. Such big drops often happen in March because borrowers use their tax refunds on missed mortgage payments. Even so, last month's decline was higher than the usual 10 percent decline in March.
Despite the big drop in delinquencies, 1.9 million mortgage-holders remain at least 90 days past due on payments. That's 1.5 million more than a year ago and five times pre-pandemic levels.
Meanwhile, mortgage applications picked up again after a weeks-long slump. According to the latest data from the Mortgage Bankers Association, the market composite index - a measure of total loan application volume - increased 8.6 percent from a week earlier. The purchase index climbed 6 percent from the previous week, and the refinance index jumped 10 percent. The refinance share of mortgage activity accounted for 60 percent of applications.
"Mortgage rates dropped to their lowest level [in MBA's survey] in nearly two months last week, leading to an increase in total mortgage applications for the first time since late February," said Bob Broeksmit, MBA president and CEO. "Applications to buy a home jumped considerably on a weekly and annual basis."
kathy.orton@washpost.com"
The USSCT last Thursday, in AMC Capital Management v. FTC, was not adverse to ending a federal agency overreach:
"The ruling was a victory for business groups that said that the FTC had turned a limited grant of authority into a weapon that extracted billions of dollars.
It was also a win for businessman and racecar driver Scott Tucker, who is in prison after being convicted on racketeering, wire fraud and money laundering charges, the same behavior at issue in the civil case at the court.
Tucker controlled several payday loan operations that Breyer said collected more than $1.3 billion in deceptive charges from 2008 to 2012.
The case is AMG Capital Management v. FTC.
robert.barnes@washpost.com"
The DaVinci faux slate, I'll bet looks great! Slate is clearly the most expensive roofing material to install, BUT WHO DOESN'T WANT a roof that can last over 100 years! Have you had any problems with the DaVinci faux slate? I did a new build on a property that used a "new and innovative" piping from the Shell Oil Corporation in the 90s, grey colored incoming water lines, that ended up not being so great as they develop pin hole leaks after a number of years aND had to be replaced athe considerable expense.
The eastern panhandle is a popular place to build, when I worked at Fannie Mae in the early 90's, a coworker built their dream home out there and would take the MARC train into work everyday!
That's the problem with land, they ain't making any more of it! Plus it's amazing how the current citizens maximize local zoning ordinances to minimize the amount of housing built around them.
That's right you mentioned that you were going to delay building, btw a metal roof in this area of the country lasts longer than a 25 to 30 year asphalt shingle roof, if you can handle the sound of the rain drops (also I'd use pvc board, azec, or another long lasting product besides wood on the exterior trim so you don't have to replace and paint rotted trim wood every 10 years!)
I use my general contractor for most of the projects that I can't handle on my own, he simply tells me which sub to use, they come out give me an estimate and he charges me a 10% markup and bills me. IT'S WELL WORTH IT I'M PAYING HIM FOR HIS 30+ YEARS EXPERIENCE IN THE INDUSTRY and it's worked well so far!
I'm trying to delay major improvements now since their is such a high demand for all the construction trades as everyone is stuck at home and the supply of new housing has not kept up with demand and obsolescence for over the last decade!
If you ever go down to Nats Park, I've got my shots done and I'll buy you a beer at the bar that is directly behind center field looking at home plate, just send me a message and I can email you!
I. THE GOVERNMENT’S NATIONALIZATION
OF THE COMPANIES WAS NOT A RESCUE,
BUT A PLANNED TAKEOVER BY
TREASURY FOR POLICY REASONS. ..............5
A. Fannie And Freddie Did Not Require
A “Rescue” In 2008.................................5
B. The Conservatorship Of Fannie And
Freddie Stemmed From A Policy
Decision by Treasury. ............................8
C. Treasury And FHFA Used The
Conservatorship To Lay The
Groundwork For The Net Worth
Sweep. ...................................................17
II. A COMBINATION OF TEMPORARY AND
ARTIFICIAL NON-CASH ACCOUNTING
ENTRIES IMPOSED BY FHFA FORCED
THE COMPANIES TO DRAW $187
BILLION IN SENIOR PREFERRED
STOCK FROM TREASURY...........................19
III. THE FEDERAL PARTIES IMPOSED THE
NET WORTH SWEEP IN AUGUST 2012
TO ENSURE THAT INCOME FROM
REVERSALS OF THE COMPANIES’ NON-
CASH ACCOUNTING EXPENSES
WOULD BE TRANSFERRED ENTIRELY
TO TREASURY, PREVENTING THE
COMPANIES FROM REBUILDING THEIR
CAPITAL.........................................................24
CONCLUSION ..........................................................27
TH Amicus Brief filed in Collins.
"Supply challenges have also spilled over to the housing market, where builders are struggling with record lumber prices, threatening to worsen an already acute shortage of previously owned homes available for sale.
A report from the Commerce Department on Friday showed new single-family home sales surged 20.7% to a seasonally adjusted annual rate of 1.021 million units last month, the highest since August 2006.
The sales pace blew past economists' expectations for 886,000 units. The market for new homes is benefiting from the dearth of previously owned home.
"Demand is causing new homes to be bought virtually as soon as they hit the market," said from Robert Frick, corporate economist at Navy Federal Credit Union in Vienna, Virginia.
The data helped to lift stocks on Wall Street. The dollar fell against a basket of currencies. U.S. Treasury prices were lower.
TIGHT INVENTORY
The pandemic is driving demand for bigger and more expensive accommodations as millions of Americans continued to work from home and attend classes remotely. Homebuilders, however, are also grappling with shortages of land and workers.
New home sales are drawn from a sample of houses selected from building permits. Sales soared 66.8% year-on-year in March.
Sales surged in the South, Midwest and Northeast, but fell in the West. They were concentrated in the $200,000-$399,999 price range. Sales below the $200,000 price bracket, the sought-after segment of the market, accounted for only 3% of transactions last month.
The median new house price rose 0.8% from a year earlier to $330,800 in March. The National Association of Realtors reported on Thursday that sales of previously owned homes declined for a second straight month in March, with prices hitting an all-time high as supply remained near record lows.
There were 307,000 new homes on the market last month, unchanged from February. At March's sales pace it would take 3.6 months to clear the supply, down from 4.4 months in February.
"Inventories remain tight and while that should be a positive for home building activity, a lack of availability will likely remain a headwind for sales in the near term," said Rubeela Farooqi, chief U.S. economist at High Frequency Economics in White Plains, New York.
About 74% of homes sold last month were either under construction or yet to be built.
(Reporting by Lucia Mutikani; Editing by Chizu Nomiyama)"
U.S. manufacturing, new homes sales underscore booming economy
BY LUCIA MUTIKANI, REUTERS - 11:53 AM ET 4/23/2021
https://www.bloomberg.com/news/articles/2021-04-23/u-s-new-home-sales-rise-more-than-forecast-after-winter-setback
New Home Sales
Sales of new single-family houses in March 2021 were at a seasonally adjusted annual rate of 1,021,000, according
to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban
Development. This is 20.7 percent (±23.7 percent)* above the revised February rate of 846,000 and is 66.8 percent
(±36.7 percent) above the March 2020 estimate of 612,000.
Sales Price
The median sales price of new houses sold in March 2021 was $330,800. The average sales price was $397,800.
For Sale Inventory and Months’ Supply
The seasonally-adjusted estimate of new houses for sale at the end of March was 307,000. This represents a supply
of 3.6 months at the current sales rate.
The April report is scheduled for release on May 25, 2021. View the full schedule in the Economic Briefing Room:
<www.census.gov/economic-indicators/>. The full text and tables for this release can be found at
<www.census.gov/construction/nrs/>.
You know from reading Seila Law, that Justices Thomas and Gorsuch want to visit overruling Humphreys Executor, if the SCOTUS just wanted to set precedent on finding UnConstitutionally insulated single Directors invalid, they could have done that by granting Cert in Seila Law only.
I believe Justice Alito is a proponent of the Unitary Executive Principle, this is from footnote 1 in a Yale Law Journal:
""When I was in OLC, however, we were known, actually, to read the text of the Constitu-
tion, in particular Article Two, as well as The Federalist Papers. We were strong proponents of
the theory of the unitary executive, that all federal executive power is vested by the Constitu-
tion in the President. And I thought then, and I still think, that this theory best captures the
meaning of the Constitution's text and structure." Administrative Law & Regulation: Presiden-
tial Oversight and the Administrative State, 2 ENGAGE 12 (2001) (participating in panel discus-
sion). In that presentation, Judge Alito preached "the gospel according to OLC," maintain-
ing that "the President has the power and the duty to supervise the way in which
subordinate Executive Branch officials exercise the President's power of carrying federal law
into execution," and pointed out that "[t]he Constitutional Convention rejected the concept
of a plural executive in favor of a unitary executive." Id. When Judge Alito was nominated to
the Supreme Court, his response to the Senate Judiciary Committee's questionnaire listed
that presentation and attached a transcript. Confirmation Hearing on the Nomination of Samu-
el A. Alito, Jr. to Be an Associate Justice of the Supreme Court of the United States: Hearing Before
the S. Comm. on theJudiciary, lo9th Cong. 72 (20o6)."
And:
"Although Justice Alito does not take a particularly expansive view of executive power, he does continue to believe that the President controls that power.
He joined the Chief Justice's opinion for a five-Justice majority in Free Enterprise Fund v. Public Co. Accounting Oversight Board,20 which found unconstitu-
tional the statutory provision limiting the SEC's authority to remove directors
of the Public Company Accounting Oversight Board. Assuming without decid-
ing that the President's authority to remove Commissioners of the SEC is also
limited, the Court concluded that the "dual for-cause limitations" on removal
"contravene[d] the Constitution's separation of powers."21 The Chief Justice's
discussion of the removal restrictions begins by quoting the Vesting Clause of
Article II and then James Madison's statement in the First Congress that "if any
power whatsoever is in its nature Executive, it is the power of appointing, over-
seeing, and controlling those who execute the laws."22 The opinion maintains
that the President must be able to hold subordinate executive officials account-
able.23 Although the Court in Free Enterprise Fund was careful not to disturb
precedents permitting Congress to impose some limits on presidential removal
authority, its opinion contemplates a President who supervises the entire ex-
ecutive.24"
And:
"Again, so much technicality, but technicality in the service of presidential primacy. In Justice Alito's word, "accountability demands that principal officers
be appointed by the President . ... The President, after all, must have 'the gen-
eral administrative control of those executing the laws,' and this principle ap-
plies with special force to those who can 'exercis [e] significant authority' with-
out direct supervision."4 1
And that is the gospel according to OLC.
John Harrison is James Madison Distinguished Professor of Law and Edward F.
Howrey Research Professor, University of Virginia. He previously served as Deputy
Assistant Attorney General, Office of Legal Counsel, United States Department ofJus-
tice, 1991-1993.
Preferred Citation: John Harrison, The Unitary Executive and the Scope of Execu-
tive Power, 126 Yale L.J. F. 374 (2016), www.yalelawjournal.com/forum/the-
unitary-executive-and-the-scope-of-executive-power.Citation:
John Harrison, The Unitary Executive and the Scope of
Executive Power, 126 Yale L.J. F. 374 (2016-2017)
Provided by:
University of Virginia Law Library
Housing Market Reaches Record-High Home Price and Gains in March
Existing-Home Sales Skid 3.7%
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April 22, 2021Media Contact: Quintin Simmons 202-383-1178
NAR Media Contacts
Statistical Release Schedule
Op-Eds & Letters to the Editor
NAR Fact Sheet
Real Estate Facts
Key Highlights
The median existing-home sales price in March rose by a record-breaking annual pace of 17.2% to a historic high of $329,100, with all regions posting double-digit price gains. The median existing-single-family home sales price jumped 18.4% to $334,500, both historic highs.
Existing-home sales fell 3.7% from the prior month to a seasonally-adjusted annual rate of 6.01 million as sales in all major regions declined. From one year ago when home sales first started to fall due to the pandemic, sales are higher by 12.3%.
As of the end of March, housing inventory slightly rose to 1.07 million units, down by 28.2% year-over-year. Properties typically sold in 18 days, a record low.
WASHINGTON (April 22, 2021) – Existing-home sales fell in March, marking two consecutive months of declines, according to the National Association of Realtors®. The month of March saw record-high home prices and gains. While each of the four major U.S. regions experienced month-over-month drops, all four areas welcomed year-over-year gains in home sales.
Total existing-home sales,1 https://www.nar.realtor/existing-home-sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, decreased 3.7% from February to a seasonally-adjusted annual rate of 6.01 million in March. Sales overall climbed year-over-year, up 12.3% from a year ago (5.35 million in March 2020).
"Consumers are facing much higher home prices, rising mortgage rates, and falling affordability, however, buyers are still actively in the market," said Lawrence Yun, NAR's chief economist.
"The sales for March would have been measurably higher, had there been more inventory," he added. "Days-on-market are swift, multiple offers are prevalent, and buyer confidence is rising."
Yun said although mortgage rates have risen a tick, they are still at a favorable level and the economic outlook is promising.
"At least half of the adult population has received a COVID-19 vaccination, according to reports, and recent housing starts and job creation data show encouraging dynamics of more supply and strong demand in the housing sector."
The median existing-home price2 for all housing types in March was $329,100, up 17.2% from March 2020 ($280,700), as prices increased in every region. March's national price jump marks 109 straight months of year-over-year gains.
Realtor.com®'s Market Hotness Index(link is external), measuring time-on-the-market data and listing views per property, revealed that the hottest metro areas in March were Manchester, N.H.; Concord, N.H.; Vallejo, Calif.; Burlington, N.C.; and Springfield, Ohio.
According to Freddie Mac, the average commitment rate(link is external) for a 30-year, conventional, fixed-rate mortgage was 3.08% in March, up from 2.81% in February. The average commitment rate across all of 2020 was 3.11%.
Total housing inventory3 at the end of March amounted to 1.07 million units, up 3.9% from February's inventory and down 28.2% from one year ago (1.49 million). Unsold inventory sits at a 2.1-month supply at the current sales pace, marginally up from February's 2.0-month supply and down from the 3.3-month supply recorded in March 2020. Inventory numbers continue to represent near-historic lows; NAR first began tracking the single-family home supply in 1982.
"Without an increase in supply, the society wealth division will widen with homeowners enjoying sizable equity gains while renters will struggle to become homeowners," Yun said.
Properties typically remained on the market for 18 days in March, down from 20 days in February and from 29 days in March 2020. Eighty-three percent of the homes sold in March 2021 were on the market for less than a month.
First-time buyers were responsible for 32% of sales in March, up from 31% in February and down from 34% in March 2020. NAR's 2020 Profile of Home Buyers and Sellers – released in late 20204 – revealed that the annual share of first-time buyers was 31%.
Individual investors or second-home buyers, who account for many cash sales, purchased 15% of homes in March, down from 17% in February and up from 13% in March 2020. All-cash sales accounted for 23% of transactions in March, up from both 22% in February and from 19% in March 2020.
Distressed sales5 – foreclosures and short sales – represented less than 1% of sales in March, equal to February's percentage but down from 3% in March 2020.
Single-family and Condo/Co-op Sales
Single-family home sales decreased to a seasonally-adjusted annual rate of 5.30 million in March, down 4.3% from 5.54 million in February, and up 10.4% from one year ago. The median existing single-family home price was $334,500 in March, up 18.4% from March 2020.
Existing condominium and co-op sales were recorded at a seasonally-adjusted annual rate of 710,000 units in March, up 1.4% from February and up 29.1% from one year ago. The median existing condo price was $289,000 in March, an increase of 9.6% from a year ago.
"NAR has made it a priority to be at the forefront of the anticipated economic revival," said NAR President Charlie Oppler, a Realtor® from Franklin Lakes, N.J., and the CEO of Prominent Properties Sotheby's International Realty. "We will continue pushing for an increase in housing construction and inventory, with the goal of helping qualified buyers and countless families achieve the American Dream of homeownership."
Regional Breakdown
In comparison to one year ago, median home prices rose in each of the four major regions.
March 2021 saw existing-home sales in the Northeast slip 1.3%, recording an annual rate of 760,000, a 16.9% jump from a year ago. The median price in the Northeast was $364,800, up 21.4% from March 2020.
Existing-home sales in the Midwest declined 2.3% to an annual rate of 1,280,000 in March, a 0.8% rise from a year ago. The median price in the Midwest was $248,200, a 13.5% increase from March 2020.
Existing-home sales in the South dropped 2.9%, recording an annual rate of 2,700,000 in March, up 15.9% from the same time one year ago. The median price in the South was $283,900, a 15.6% climb from a year ago.
Existing-home sales in the West fell 8.0% from the month prior, posting an annual rate of 1,270,000 in March, a 15.5% rise from a year ago. The median price in the West was $493,300, up 16.8% from March 2020.
The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.
# # #
For local information, please contact the local association of Realtors® for data from local multiple listing services (MLS). Local MLS data is the most accurate source of sales and price information in specific areas, although there may be differences in reporting methodology.
NOTE: NAR's Pending Home Sales Index for March is scheduled for release on April 29, and Existing-Home Sales for April will be released May 21; release times are 10:00 a.m. ET.
1 Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings from Multiple Listing Services. Changes in sales trends outside of MLSs are not captured in the monthly series. NAR rebenchmarks home sales periodically using other sources to assess overall home sales trends, including sales not reported by MLSs.
Existing-home sales, based on closings, differ from the U.S. Census Bureau's series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which account for more than 90% of total home sales, are based on a much larger data sample – about 40% of multiple listing service data each month – and typically are not subject to large prior-month revisions.
The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.
Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.
2 The median price is where half sold for more and half sold for less; medians are more typical of market conditions than average prices, which are skewed higher by a relatively small share of upper-end transactions. The only valid comparisons for median prices are with the same period a year earlier due to seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if additional data is received.
The national median condo/co-op price often is higher than the median single-family home price because condos are concentrated in higher-cost housing markets. However, in a given area, single-family homes typically sell for more than condos as seen in NAR's quarterly metro area price reports.
3 Total inventory and month's supply data are available back through 1999, while single-family inventory and month's supply are available back to 1982 (prior to 1999, single-family sales accounted for more than 90% of transactions and condos were measured only on a quarterly basis).
4 Survey results represent owner-occupants and differ from separately reported monthly findings from NAR's Realtors® Confidence Index, which include all types of buyers. Investors are under-represented in the annual study because survey questionnaires are mailed to the addresses of the property purchased and generally are not returned by absentee owners. Results include both new and existing homes.
5 Distressed sales (foreclosures and short sales), days on market, first-time buyers, all-cash transactions and investors are from a monthly survey for the NAR's Realtors® Confidence Index, posted at nar.realtor.
The SCOTUS today in a UNANIMOUS decision, gutted a federal agency's ability to transfer $1.6B from a private corporation to their consumers.
https://www.politico.com/amp/news/2021/04/22/9-0-supreme-court-ruling-guts-ftcs-ability-to-seek-redress-for-consumers-484194
Mortgage Rates Dip Below Three Percent
April 22, 2021
MCLEAN, Va., April 22, 2021 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today
released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year
fixed-rate mortgage (FRM) averaged 2.97 percent.
“The drop in mortgage rates is good news for homeowners who are still looking to take
advantage of the very low rate environment,” said Sam Khater, Freddie Mac’s Chief Economist.
“Freddie Mac research suggests that lower income and minority homeowners have been less
likely to engage in the refinance market. Low and declining mortgage rates provide these
homeowners the opportunity to reduce their monthly payment and improve their financial
position.”
News Facts
30-year fixed-rate mortgage averaged 2.97 percent with an average 0.7
point for the week ending April 22, 2021, down from last week when it
averaged 3.04 percent. A year ago at this time, the 30-year FRM averaged
3.33 percent.
15-year fixed-rate mortgage averaged 2.29 percent with an average 0.6 point, down from last week when it averaged 2.35
percent. A year ago at this time, the 15-year FRM averaged 2.86 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.83 percent with an average 0.3 point, up from
last week when it averaged 2.80 percent. A year ago at this time, the 5-year ARM averaged 3.28 percent.
The PMMS is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent
credit. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage.
Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.
Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in
1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing
finance system for homebuyers, renters, lenders, investors and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s
blog FreddieMac.com/blog.
Bill, didn't the MBA, NAR, AND NAHB lobby and push for the nws or was that a pure political play within the OBama adminstration at the time? Because I thought TH had commented one time that he didn't have alot of sympathy for them since they promoted crushing and destroying the gses' in hopes of the federal government handing out gse chapters like candy at Halloween...
"The secretary of the Treasury in 2008, Henry Paulson, famously referred to conservatorship as a “time-out” in line
with this thinking (see: “Statement by Secretary Henry M. Paulson, Jr.,” https://www.treasury.gov/press-
center/press-releases/pages/hp1129.aspx). We are now in the thirteenth year of conservatorship, which began in
September 2008."
Footnote 3 from Don Laytons paper today.