Yuma home sales on the rise contradicting national slowdown

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The National Association of Realtors reported on Wednesday that existing home sales in January fell 3.2% from December, versus the gain economists expected to see.

Sales of previously owned USA homes unexpectedly fell in January to a four-month low, indicating a shortage of available properties is increasingly hindering the real-estate industry, a National Association of Realtors report showed Wednesday. This marks the largest annual decline in sales since August 2014's decrease of 5.5 percent and the slowest sales pace since 5.37 million last September.

Total housing inventory for sale rose 4.1 percent from December but is 9.5 percent lower than a year ago, at 1.52 million existing homes for sale. Unsold inventory represents 3.4 months of supply at the current sales pace. A separate report on January sales of new homes is due out Monday.

"Another month of solid price gains underlines this ongoing trend of strong demand and weak supply", Yun said. It was the largest month-over-month percent increase in the median price of existing homes sold since February 2015.

The metropolitan areas with the fewest days on market and most realtor.com® views in January, according to realtor.com's Market Hotness Index, were San Francisco-Oakland-Hayward, Calif., San Jose-Sunnyvale-Santa Clara, Calif., Vallejo-Fairfield, Calif., Midland, Texas, and Colorado Springs, Colo.

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The average 30-year fixed mortgage rate reached 4.38 percent last week, the highest in almost four years.

Twenty-two percent of existing-home sales in January were all-cash, with 17 percent by individual investors.

"There are a variety of reasons why people buy homes that are completely independent of mortgage rates", Fleming says in First American's monthly Potential Home Sales Model and analysis for January. And LaPorte County saw a 7 percent growth in sales to 76, and a 5.3 percent decline in median price to $112,700.

Single-family home sales declined 3.8 percent to a seasonally adjusted annual rate of 4.76 million in January from 4.95 million in December, and are now 4.8 percent below the 5.00 million pace a year ago.

Properties sold in January typically stayed on the market for 42 days, down from 50 days a year ago. The average sale price for a house was $149,500, up 6.2 percent. However, December inventory was revised downward by about 2,000 units to 1.68 million units (SAAR), and that revision accounts for about 5 percent of the month-over-month increase in on-market inventory.

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