Home Sales Increase for First Time in Half a Year
Home Sales Increase for First Time in Half a Year
Home Sales Increase for First Time in Half a Year
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February 23, 2011 (Shirley Allen)
mortgage-celebration-image
According to the RE/MAX National Housing Report, home sales in the 54 markets surveyed increased for the first time in six months. January 2011 sales increased 0.7 percent from January 2010 as the inventory of homes for sale continued a downward trend and is now 5.6 percent lower than last year. Home prices however, were 4.6 percent lower than this time last year.

“We’re very pleased that sales this January are higher than last January, and we’re hopeful that this indicates even higher sales this spring,” said RE/MAX Chief Executive Officer Margaret Kelly. “Although inventories have been steadily shrinking for months, an increase in foreclosure activity could reverse this trend and produce additional pressure on prices.”

Twenty-seven markets, including some that were hardest hit by the housing crisis, experienced exceptional year-to-year growth in home sales: Miami, Florida up 29.5 percent; Tampa, Florida up 21.8 percent; Richmond, Virginia up 20.5 percent; New Orleans, Louisiana up 16.9 percent and Phoenix, Arizona up 16.5 percent.

January prices dropped 6.6 percent from December and 4.6 percent from January 2010, which represents the largest year-to-year drop since May 2010. Still, 17 metro areas experienced a year-to-year increase in sales prices. Some key markets with rising prices include: Jackson, Mississippi up 20.9 percent; Indianapolis, Indiana up 9.4 percent; Pittsburgh, Pennsylvania up 9.1 percent; Tulsa, Oklahoma up 5.9 percent and Washington, D.C. up 3.3 percent.

The average number of days that a home remained on the market, from listing to signed contract, increased to 99 days which was three days longer than December 2010 and eight days longer than January 2010.

Overall inventory was down 3.6 percent from last month and down 5.6 percent from January 2010. The Months Supply of Inventory in January was 10.1, which has remained above nine for six months and above 10 for the last three months. This does not include the “shadow” inventory of homes that are currently in the foreclosure process.

Tags: RE/MAX, national housing report, home sales, home prices, housing crisis

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Helpful Tools
Mortgage
Calculator

Estimate your monthly mortgage payment
Auto Loan
Calculator

Determine how much car you can afford before buying
Learn About
Mortgage Loans

Learn about the different types of home loans
15 Year vs 30 Year
Loan Comparison

Compare 15 year and 30 year mortgage loans
Todays Mortgage
Rates

See today's mortgage rates. Shop, compare and save.

February 23, 2011 (Shirley Allen)
mortgage-celebration-image
According to the RE/MAX National Housing Report, home sales in the 54 markets surveyed increased for the first time in six months. January 2011 sales increased 0.7 percent from January 2010 as the inventory of homes for sale continued a downward trend and is now 5.6 percent lower than last year. Home prices however, were 4.6 percent lower than this time last year.

“We’re very pleased that sales this January are higher than last January, and we’re hopeful that this indicates even higher sales this spring,” said RE/MAX Chief Executive Officer Margaret Kelly. “Although inventories have been steadily shrinking for months, an increase in foreclosure activity could reverse this trend and produce additional pressure on prices.”

Twenty-seven markets, including some that were hardest hit by the housing crisis, experienced exceptional year-to-year growth in home sales: Miami, Florida up 29.5 percent; Tampa, Florida up 21.8 percent; Richmond, Virginia up 20.5 percent; New Orleans, Louisiana up 16.9 percent and Phoenix, Arizona up 16.5 percent.

January prices dropped 6.6 percent from December and 4.6 percent from January 2010, which represents the largest year-to-year drop since May 2010. Still, 17 metro areas experienced a year-to-year increase in sales prices. Some key markets with rising prices include: Jackson, Mississippi up 20.9 percent; Indianapolis, Indiana up 9.4 percent; Pittsburgh, Pennsylvania up 9.1 percent; Tulsa, Oklahoma up 5.9 percent and Washington, D.C. up 3.3 percent.

The average number of days that a home remained on the market, from listing to signed contract, increased to 99 days which was three days longer than December 2010 and eight days longer than January 2010.

Overall inventory was down 3.6 percent from last month and down 5.6 percent from January 2010. The Months Supply of Inventory in January was 10.1, which has remained above nine for six months and above 10 for the last three months. This does not include the “shadow” inventory of homes that are currently in the foreclosure process.

Tags: RE/MAX, national housing report, home sales, home prices, housing crisis

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Helpful Tools

February 23, 2011 (Shirley Allen)
mortgage-celebration-image
According to the RE/MAX National Housing Report, home sales in the 54 markets surveyed increased for the first time in six months. January 2011 sales increased 0.7 percent from January 2010 as the inventory of homes for sale continued a downward trend and is now 5.6 percent lower than last year. Home prices however, were 4.6 percent lower than this time last year.

“We’re very pleased that sales this January are higher than last January, and we’re hopeful that this indicates even higher sales this spring,” said RE/MAX Chief Executive Officer Margaret Kelly. “Although inventories have been steadily shrinking for months, an increase in foreclosure activity could reverse this trend and produce additional pressure on prices.”

Twenty-seven markets, including some that were hardest hit by the housing crisis, experienced exceptional year-to-year growth in home sales: Miami, Florida up 29.5 percent; Tampa, Florida up 21.8 percent; Richmond, Virginia up 20.5 percent; New Orleans, Louisiana up 16.9 percent and Phoenix, Arizona up 16.5 percent.

January prices dropped 6.6 percent from December and 4.6 percent from January 2010, which represents the largest year-to-year drop since May 2010. Still, 17 metro areas experienced a year-to-year increase in sales prices. Some key markets with rising prices include: Jackson, Mississippi up 20.9 percent; Indianapolis, Indiana up 9.4 percent; Pittsburgh, Pennsylvania up 9.1 percent; Tulsa, Oklahoma up 5.9 percent and Washington, D.C. up 3.3 percent.

The average number of days that a home remained on the market, from listing to signed contract, increased to 99 days which was three days longer than December 2010 and eight days longer than January 2010.

Overall inventory was down 3.6 percent from last month and down 5.6 percent from January 2010. The Months Supply of Inventory in January was 10.1, which has remained above nine for six months and above 10 for the last three months. This does not include the “shadow” inventory of homes that are currently in the foreclosure process.

Tags: RE/MAX, national housing report, home sales, home prices, housing crisis

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.