Realtors Group

The National Assn. of Realtors has revised sharply downward the number of homes it calculated were sold from 2007 to 2010, revealing a much weaker housing market than it had estimated. For 2010 alone, the trade group revised its estimate of home sales 14.6% lower than what it had previously reported — to about 4.2 million homes. Overall, sales and inventory reported by the group were reduced by 14.3% for 2007 through 2010, the association said Wednesday. The group gave several reasons for the revisions, including some sales that had been counted multiple times.

WASHINGTON — The National Assn. of Realtors, a political heavyweight with a million-plus members, has embarked on two initiatives to ensure that when key votes are taken at all levels of government, the Realtors' point of view will be heard loud and clear. As part of a broader consumer outreach strategy, the Realtors group for the first time will engage consumers directly through emails and browser ads that introduce the association as their ally in homeownership. The group also has launched a novel political-campaign school to help elect members to office on the local, state and national levels.

WASHINGTON — The National Assn. of Realtors, a political heavyweight with a million-plus members, has embarked on two initiatives to ensure that when key votes are taken at all levels of government, the Realtors' point of view will be heard loud and clear. As part of a broader consumer outreach strategy, the Realtors group for the first time will engage consumers directly through emails and browser ads that introduce the association as their ally in homeownership. The group also has launched a novel political-campaign school to help elect members to office on the local, state and national levels.

Sales of existing homes slid 1.5% in May compared with April but were up substantially from a year earlier, and property prices climbed, the National Assn. of Realtors said. Last month, resales slipped to a seasonally adjusted annual rate of 4.55 million, down from 4.62 million in April but up 9.6% from May 2011, the group said. The median price soared to $182,600, up 7.9% from a year earlier, marking the third consecutive month with a year-over-year gain — the first trifecta since 2006.

Home prices in California will increase slightly next year as buyers snap up foreclosures and other properties at the market's low end, the California Assn. of Realtors said Wednesday. At the same time, the number of purchases will decline slightly because there will be fewer of these foreclosures available. In its annual forecast, the Realtors group predicted that the median home price in California would rise 3.3% to $280,000 next year. Sales of houses and condominiums, it said, will decrease 2.3% to about 527,500.

Members of the Ventura County Assn. of Realtors held an open house recently to mark the relocation of their headquarters to an office on Solar Drive in Oxnard. But more than simply finalizing a change of residence, the ribbon-cutting put the final touches on a reshaping of the west county real estate community. The Realtors association is the product of a merger, earlier this year, of the Realtors associations of Ventura, Camarillo and Oxnard.

America's historic real estate boom is cresting, and the rate at which home prices appreciate should begin to slow significantly next year, according to the chief economic forecaster for the National Assn. of Realtors. It was the closest yet to an admission by the real estate industry that the bull market for housing may have run its course. "It's the peak of the boom," David Lereah said at the trade group's annual meeting, which ended here Monday. "But we're looking at a soft landing next year.

It's the silver lining of falling home prices: With low interest rates and cheaper housing, the percentage of Californians who could afford to buy a home increased in the third quarter, a real estate group said. The portion of households that could afford a home priced at the statewide median of $292,120 rose to 52%, up from 51% in the previous quarter, according to an index released Thursday by the California Assn. of Realtors. Beth L. Peerce, president of the group, said that one problem potential home buyers could face is tight credit.

California single-family home prices fell 3.2% in October from a year earlier, helping lift sales, the state Association of Realtors said. The median price for an existing, detached house fell to $297,500 from $307,210 a year earlier, the Los Angeles-based group said today in a statement. Prices gained 0.3% from the previous month, the association said. Sales of existing houses climbed 1% in October from a year earlier, the Realtors group said. The state is on pace to record 562,400 sales in 2009, based on the rate of transactions last month.

If there were a silver lining in the high foreclosure rate caused by the sub-prime mess, perhaps it might be that these now-vacant homes could be sold as affordable housing. ("Realtors group finds a silver lining," Feb. 20.) Just as communities require developers to set aside many new units to be sold as below-market housing, so also should communities require banks that foreclose [on properties] to sell the homes at below-market prices with a special emphasis on providing homes to public servants such as teachers, police and firefighters.

The National Assn. of Realtors has revised sharply downward the number of homes it calculated were sold from 2007 to 2010, revealing a much weaker housing market than it had estimated. For 2010 alone, the trade group revised its estimate of home sales 14.6% lower than what it had previously reported — to about 4.2 million homes. Overall, sales and inventory reported by the group were reduced by 14.3% for 2007 through 2010, the association said Wednesday. The group gave several reasons for the revisions, including some sales that had been counted multiple times.

It's the silver lining of falling home prices: With low interest rates and cheaper housing, the percentage of Californians who could afford to buy a home increased in the third quarter, a real estate group said. The portion of households that could afford a home priced at the statewide median of $292,120 rose to 52%, up from 51% in the previous quarter, according to an index released Thursday by the California Assn. of Realtors. Beth L. Peerce, president of the group, said that one problem potential home buyers could face is tight credit.

Sales of previously owned U.S. homes rose in September but remained at subdued levels that did little to undermine the case for additional monetary stimulus next week from the Federal Reserve. Home resales increased for a second straight month, rising 10% from August to an annual rate of 4.53 million units, the National Assn. of Realtors said Monday. Although the increase far exceeded economists' expectations for a 4% rise to a 4.30-million-unit pace, they remained below the 5-million-unit pace normally associated with a healthy market.

If you're still having trouble selling your house, you're not alone. Sales of previously owned homes in January stumbled considerably for the second consecutive month. The National Assn. of Realtors in Washington said Friday that sales fell 7.2%. January sales were the lowest since June but 11.5% higher than in January 2009. Previously owned homes make up the bulk of the nation's buying activity. Economists said that last month's sales drop from December was another sign the market is critically weak and unlikely to recover robustly this year as the potential for more foreclosures looms.

Prices and sales of previously occupied U.S. homes improved during the last three months of last year as low interest rates and a federal tax credit helped push buyers into the market, the National Assn. of Realtors said Thursday. The median price of previously owned single-family homes rose in 67, or 44%, of the 151 metropolitan areas that participated in the group's fourth-quarter survey. Sixteen of the areas posted double-digit increases. In the third quarter, with 153 areas reporting, only 30 showed price increases and 123 were down.

California single-family home prices fell 3.2% in October from a year earlier, helping lift sales, the state Association of Realtors said. The median price for an existing, detached house fell to $297,500 from $307,210 a year earlier, the Los Angeles-based group said today in a statement. Prices gained 0.3% from the previous month, the association said. Sales of existing houses climbed 1% in October from a year earlier, the Realtors group said. The state is on pace to record 562,400 sales in 2009, based on the rate of transactions last month.

Sales of existing single-family houses climbed 82% in the San Fernando Valley in September as median prices fell by 37% from year-earlier levels, the Southland Regional Assn. of Realtors reported last week. Median prices paid for single-family homes fell to $392,500, down from $425,000 in August and $623,700 a year earlier. Median prices in the Valley have now rolled back to July 2003 levels. Realtors in the area believe the jump in sales is the beginning of a recovery for housing.

Sales of existing homes slid 1.5% in May compared with April but were up substantially from a year earlier, and property prices climbed, the National Assn. of Realtors said. Last month, resales slipped to a seasonally adjusted annual rate of 4.55 million, down from 4.62 million in April but up 9.6% from May 2011, the group said. The median price soared to $182,600, up 7.9% from a year earlier, marking the third consecutive month with a year-over-year gain — the first trifecta since 2006.