The Realtor Association of Pioneer Valley reported today that single-family home sales in July were up 30.8 percent compared to the same time last year. The median price rose 3.8 percent from $199,750 last year at this time to $207,250 this year. County reports vary. View the full report.
It is intermission. We have seen the first act of 2015 and many are enjoying the show. Sales have come up every month this year. The median price has been up 3 out of the past 6 months. In June, closed single family sales increased 4.9 percent. The median price was down 1.5 percent to $201,000. Individual counties vary. Read the full report.
Many homeowners and homebuyers are not aware of the true value a Realtor® provides during the course of a real estate transaction. The list here on the home page of the RAPV website is just a baseline of services. Many Realtors® routinely provide a wide variety of additional services that are as varied as the nature of each transaction. Know and share your value.
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The May 2015 housing release issued today by the Massachusetts Association of Realtors shows May single-family home sales down 5.2% over last year. The May single-family median price was down 1.5% at $341,000.
By comparison, May sales in the Pioneer Valley rose 16.2% compared to May 2014. The median price was down 2.2% to $200,470.
At a June 17th news conference Chairwoman of the Federal Reserve, Janet Yellen, was clear about three things.
- Rates will start rising later this year. Both Lawrence Yun, NAR Chief Economist and Eliot Eisenberg, the BowTie Economist, have stated the rise will likely occur in mid-September,
- Rates will rise by 1 percentage point every 12 months for the next three years, which is unusually slow, just half as fast as in past rate-rising cycles, and
- Sustained GDP growth above 2.5 percent/year is not expected soon.
A snow-choked winter has given way to a strong spring for home sales in the Pioneer Valley. Sales of single family homes rose 16.2 percent in May. There were 438 homes sold in May, up from 377 homes sold in May 2014. The median price was down 2.2 percent from $205,000 to $200,470.
The full news release includes separate reports for Hampden, Hampshire and Franklin counties. The numbers by county will vary. View the full report.
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We are happy to report that the Director of the Consumer Financial Protection Bureau (CFPB) announced the Bureau will be implementing a good-faith enforcement grace period when the new Truth in Lending Act and Real Estate Settlement Procedures Act (TRID) regulation goes into effect on August 1. This does not delay implementation. A good-faith ‘open-ended’ grace period does delay enforcement.
The CFPB announced that it would be “sensitive” to companies that make a good-faith effort to comply with the new TRID regulation. This is a welcome development.
The announcement by CFPB is a net win but less than what some Members of Congress requested, which was a hard deadline five-month testing or “grace” period. NAR has been leading the effort to ensure an effective implementation of the TRID regulation. They will continue to have a dialog with Congress and the CFPB as we move toward August 1. It was through RAPV members efforts, and those of thousands of Realtors® from across the country during the Realtor® Legislative Mtgs & Trade Expo a few weeks ago in D.C. that more than 275 U.S. Senators and Representatives signed onto a letter to CFPB Director Richard Cordray to ask for the clarification that was issued yesterday..
Read this helpful article.
For more information on this topic visit NAR’s RESPA page.
The Massachusetts Association of Realtors (MAR) released their April sales report yesterday. MAR President Corinne Fitzgerald comments on inventory levels.
Statewide single family (SF) sales down 5.9 percent
Statewide median price up 2.3 percent to $326,500
Inventory of SF homes down 19.2 percent
Compared to the Pioneer Valley (RAPV)
RAPV sales up 5.8 percent
Median price up 0.4 percent to $185,750
Inventory of SF homes down 8.5 percent
Read Corinne’s comments and view the full MAR report here.
REach is NAR’s growth technology accelerator program. Part of NAR’s Second Century Ventures, REach 2015 introduces truly phenomenal organizations that are innovating both within and beyond the real estate space.
Take a look at the entrpreneurial spirit and energy that this class embodies. 2015 REach products and services.
Sales of single family properties in the Pioneer Valley rose 5.8 percent in April compared to the same time last year. This marks the fifth consecutive month of rising sales. The median price rose 0.4 percent to $185,750. County reports will vary.
For a 5 year history of sales in the Pioneer Valley, visit the web site of the REALTOR Association of Pioneer Valley.
Single family home sales in March were down less than one quarter of a percent as reported today by the Massachusetts Association of Realtors. The report compared to the same time last year. The median price rose 1.9 percent to $320,000. A shortage of homes for sale has been reported across much of the state. Here is a link to the March 2015 housing report.