home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map

twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

Real Estate News | Real Estate Statistics
Residential real estate news and coverage of how residential real estate impacts the mortgage industry and residential mortgage-backed securities.


WASHINGTON (November 27, 2001) – Sales of existing single-family homes rose last month, demonstrating the underlying strength of the housing market, according to the National Association of Realtors.

Existing-home sales increased 5.5 percent in October to a seasonally adjusted annual rate* of 5.17 million units from a level of 4.90 million units in September. Last month's sales activity was 2.0 percent above the 5.07-million unit pace in October 2000.

Dr. David Lereah, NAR's chief economist, expected some improvement. "Three weeks after the September 11 attacks, some of our major brokers were reporting that sales had recovered to 95 percent of pre-attack levels. While we have some way to go before we reach record activity again, this demonstrates the strong demand and favorable affordability conditions that exist in today's housing market," he said. "Some of last month's recovery results from transactions that were postponed from September, and sales might ease a little in November, but they should fluctuate in a fairly narrow range through the first quarter of next year," he added.
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 6.62 percent in October, down from 6.82 percent in September; it was 7.80 percent in October 2000. Last month's commitment rate was the lowest since Freddie Mac started tracking its series in 1971.

NAR President Martin Edwards, Jr. said that from a historical perspective, home sales remain strong. "We've had only two years where existing-home sales have hit the five-million mark, and we're well above that for this year," he said. "Going forward, we're looking for an upturn in the spring, with total sales in 2002 essentially matching this year's strong performance." NAR expects 5.19 million existing-home sales this year, the second highest on record, up 1.3 percent from 2000.

The national median existing-home price was $145,300 in October, up 4.8 percent from October 2000 when the median price was $138,600. The median is the midpoint, which is a typical market price where half of the homes sold for more and half sold for less.

Housing inventory levels at the end of October dropped 10.1 percent from September to a total of 1.95 million existing homes available for sale, which represents a 4.5-month supply at the current sales pace.

  • Regionally, existing-home sales in the Northeast rose 10.2 percent in October to a pace of 650,000 units, and were 3.2 percent above October 2000. The median existing-home price in the Northeast was $142,800, up 3.5 percent from a year ago.
  • In the Midwest, homes were reselling at an annual rate of 1.17 million units in October, up 7.3 percent from September, and were 5.4 percent above October 2000. The median price in the Midwest was $124,200, up 3.5 percent from a year ago.
  • The existing-home sales pace in the South rose 6.2 percent in October to an annual rate of 2.05 million units, and were 2.5 percent above October 2000. The median price of an existing home in the South was $136,200, which was 6.7 percent higher than October 2000.

Home resale activity in the West rose 1.6 percent from September to an annual rate of 1.31 million units in October; however, they were 1.5 percent below October 2000. The median existing-home price in the West was $197,200, up 6.4 percent from the same month a year earlier.

*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.

NAR's economic and housing forecast will be released December 5, the next existing-home sales release is scheduled for December 28 at 10:00 a.m. EST.

Statistical data and surveys may be found at http://realtor.org/research.nsf.

The National Association of Realtors, "The Voice for Real Estate," is America's largest trade association, representing about 800,000 members involved in all aspects of the residential and commercial real estate industries.

Walt Molony
[email protected]

hosted by USANow.net

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders