hu Mississauga Real Estate, Homes, TREB & MLS Blog by Mark Argentino

Thursday, July 10, 2008

RBC reports that markets have changed across country

Tide turns in 2008

Last year, major markets delivered a sixth consecutive year of 10% house price gains, sales-to-listings ratios held firmly in seller’s

territory, and housing starts held above 220,000 units for a fourth year running as excess demand in the resale market spilled over into

the new home market. But, housing markets are now on a clear cooling path.

Calgary and Edmonton have moved from chart-toppers to bottom-of-the heap in only a matter of months on a range of key housing

market indicators, including house prices and sales.

Regina and Saskatoon continue to clock year-over-year price gains that are several multiples above the pace of their local wage

growth. This lends evidence that current momentum is unsustainable,. with a similar fate to Alberta’s likely for both of these cities in a

year’s time.

Many of the middle-of-the-pack markets — like Toronto, Ottawa and Montreal — are maintaining their slow and steady cruising

speed. House prices across much of central and eastern Canada are growing between 5% and 10% year-over-year.

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987

(
BUS 905-828-3434
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FAX 905-828-2829 ÈCELL 416-520-1577
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Thursday, May 15, 2008

CMHC predicting Terms of trade advantage to help Canada outperform the U.S. economy

Terms of trade advantage to help Canada outperform the U.S. economy

Canada's economy will slow but will slightly outperform the U.S. economy, with support coming from high prices for Canadian natural resource exports.

Domestic demand will slow modestly due to credit tightening.

Canada's trade sector will act as a significant drag on Canada's economy this year and next.

The core inflation rate is expected to remain below 2% this year, with the all-items CPI likely to drop to 1% mid-year.

We are calling for the Bank of Canada to lower the overnight rate to 2.75% to mitigate downside risks to the growth outlook coming from a weakening U.S. economy, tight credit conditions and a strong Canadian dollar.

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Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987

( BUS 905-828-3434
mark@mississauga4sale.com
8 Website : Mississauga4Sale.com

Homes for Sale

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Monday, February 18, 2008

Mortgage Interest Rates 2008 Forecast and last year summary

Mortgage Interest Rates 2008 Forecast and last year summary


Mortgage rates increased by about 100 basis points between the start and the end of 2007. The sub-prime mortgage loan crisis in the U.S. has continued to rock financial markets resulting in liquidity issues which have increased the costs of funding mortgages.

Equity and financial markets have experienced additional upheaval as many analysts and investors speculate on the possibility of the U.S. slipping into a recession. The ensuing flight to quality in financial markets has resulted in lower yields on government bonds, but has not had a large impact on posted mortgage rates.

The potential drag on Canadian GDP growth due to a potential U.S. economic slowdown, coupled with the tightening on Canadian credit conditions, and the high value of the Canadian dollar will cause minor fluctuations in mortgage rates through 2008.

Mortgage rates are expected to remain within 25-75 basis points of their current levels in 2008 and then stabilize throughout 2009.

The one year posted mortgage rate is forecast to be in the 6.75-7.50 per cent range, while three and five year posted mortgage rates are forecast to be in the 7.00-7.75 per cent range in 2008.
Source: CMHC 2008 Canadian Housing Observer First Quarter


Friendly Ponds
Building a network is not just about business. New acquaintances can often become friends for life, even though you initially connected because of a business association. The best way to build a network of depth, breadth and reach comes from Dale Carnegie: "You can make more friends in two months by becoming interested in other people than you can in two years by trying to get other people interested in you." So, how many new friends did you make this year?
Source: Darcy Rezac's Tip of the Week at workthepond.com

Did you know that in 2005, 1.1 million households in Canada owned second homes, vacation homes or cottages? This represents a growth of approximately 200,000 households since 1999. Baby boomers were responsible for much of the increase; households with maintainers aged 45 to 64 accounted for almost three quarters of the total increase in households owning secondary homes. Source: 2008 Canadian Housing Observer

Knowing your Markets
One of the more difficult challenges in growing your business is knowing where your next sale is coming from. That is why it is very important to have an in-depth understanding of the resale market in which you work. The following summary table provides you with a quick overview of resale activity in Canada's largest markets

(you can also visit http://www.cmhc.ca/en/inpr/homain/index.cfm for more information):


MLS® Statistics for Select Canadian Markets

Sales

Average Price

2006

2007

up/dwn

2006

2007

up/dwn

Calgary

33,027

32,176

-2.6%

$348,004

$413,139

18.7%

Edmonton

21,984

20,427

-7.1%

$251,169

$337,428

34.3%

Vancouver

36,479

38,978

6.9%

$509,802

$568,588

11.5%

Ottawa-Crltn

14,003

14,739

5.3%

$256,447

$272,395

6.2%

Toronto

84,842

95,164

12.2%

$350,616

$376,873

7.5%

Montréal

50,106

56,151

12.1%

$216,100

$230,147

6.5%

Halifax

6,462

7,261

12.4%

$202,565

$215,055

6.2%

Source: Canadian Real Estate Association (CREA), CMHC



Current Mortgage Interest Rates

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Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987

( BUS 905-828-3434
›mark@mississauga4sale.com
8 Website : Mississauga4Sale.com

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Monday, January 28, 2008

Outlook for Housing Starts Continues to Look good!

The outlook for the housing market continues to be very upbeat for the near term.

Housing Starts:
2007: 227,500
2008: 214,300
Resales:

2007: 521,100
2008: 500,800

Housing starts will remain above the 200,000 unit threshold for a seventh consecutive year in 2008, a feat last accomplished in the 1971-1978 period.

Over the long term it is expected that residential construction will gradually decline as factors that drive housing become less stimulative reaching approximately 198,425 units by 2011. Despite this downward movement, the level of activity will remain well above the average annual level of about 150,000 housing starts observed during the 1990s.

The outlook for Canadian GDP growth remains positive over the medium term. The economy will continue to operate close to its capacity and expand at about 3 per cent from 2008 to 2011.

Employment growth is expected to be constrained over this time frame since a record number of Canadians are presently employed. Employment growth will average 1.3 per cent annually over the 2008 to 2011 period. At this pace, the unemployment rate is expected to creep up toward 6.5 per cent range by 2011.

Inflation will remain modest at about 2 per cent per year over the medium term. As a result, both short and long term interest rates will be fairly stable going forward. Longer term mortgage rates, such as the 5 year fixed rate, will stay low and should increase by 50 to 75 basis points between 2008 and 2011.

Population growth is a key driver of housing demand over the longer term and a major contributor to population growth is immigration. More than 216,000 immigrants arrived in Canada in 2006. Looking ahead, continuing tight labour market conditions will provide an attractive environment that will continue to draw large numbers of immigrants to Canada. As a result, net migration is forecast to rise steadily through 2011.

This rise will boost population growth and household formation, which in turn will support strong levels of housing starts through 2011.


Ontario, Quebec and British Columbia will continue to attract most of the new immigrants settling in Canada.
Source: CMHC Housing Market Outlook Canada Edition 4Q2007


Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website. Homes for Sale

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987

( BUS 905-828-3434
2
FAX 905-828-2829 ÈCELL 416-520-1577
›
E-MAIL : mark@mississauga4sale.com
8 Website : Mississauga4Sale.com




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Thursday, January 24, 2008

Comments on Canada's Economy from RBC

The Canadian economy still robust

Canada's economy grew at a 2.9% annual rate in the third quarter, only moderately slower than the 3.8% second-quarter pace and first-quarter 3.5% increase. The strength in the third quarter came from the domestic economy, which has been the mainstay of Canada's economic growth during the past several years.

Job growth beat expectations once again in November, with 42,600 jobs created, trouncing forecasts for an 8,000 job gain. The job market has generated 388,200 new jobs so far this year and the pace of wage gains has accelerated strongly from the tepid 2.3% average increase in the first quarter to the 4.2% average pace in October-November.

Retail sales fell 0.2% in September for the third time in the past four months,largely driven by a 1.3% drop in sales by new car dealers. The decline in real retailsales and the only modest increase in manufacturing shipments in September pointto moderating GDP growth in the month.

Housing starts were essentially unchanged in November, coming in at a 227,900 annualized pace compared to 227,600 in October. The average level of housing starts activity year-to-date has been the highest since 2004. Our forecast assumes that starts will trend lower, eventually averaging a little above 200,000 in 2008.

The merchandise trade surplus widened to $3.3 billion in October as exports inched lower by 0.5% and imports dropped 2%. After shaving 4.8 percentage points from third-quarter economic growth, drag from the trade sector and slower domestic demand will slow GDP growth again in the fourth quarter.

Canada's core inflation rate moved to its lowest level since April 2006 in November, and held below the 2% target for the second month running. The all-items inflation rate will likely remain above the Bank of Canada's 2% target in the near-term, but continued discounting by Canadian retailers will keep the core rate below the 2% target.

Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website. Homes for Sale

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987

( BUS 905-828-3434
2
FAX 905-828-2829 ÈCELL 416-520-1577
›
E-MAIL : mark@mississauga4sale.com
8 Website : Mississauga4Sale.com


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Friday, January 18, 2008

RBC reporting Canadian Economy still expanding, but the pace likely to slow


RBC is reporting that the Canadian Economy still expanding, but the pace likely to slow


The economy grew at a 0.2% pace in October and at a 1.4% annualized pace compared to the 2.9% average of the third quarter, setting up for a more moderate quarter for growth following nine months of robust expansion.


Despite the slowdown in job growth in December, Canada's job market pumped out 370,000 new jobs in 2007 and the unemployment rate finished the year near its lowest level in 33 years. The 2007 job increase pushed the number of job created since 2002 above two-million and 82% of those jobs were full-time positions.


Retail activity started the fourth quarter on a firm note, rising 0.1% in October, stronger than market forecasts for a 0.4% decline. The strong labour market and firm wage growth will likely support retail activity as the fourth quarter progresses.


Housing starts slowed to a 187,500 seasonally adjusted annual rate in December from an upwardly revised 233,300 pace in November. Starts were 229,600 in 2007, a 1% gain over 2006. The housing market may cool a bit in 2008 we forecast starts of 210,000 units in the year.


The merchandise trade surplus was larger than expected in November, rising to $3.7 billion. But, with a strong Canadian dollar boosting imports and a sharply slower U.S. economy dampening demand for Canadian exports, we expect the drag coming from the trade sector to be even greater in 2008 than in 2007 and that the economy will grow at a more modest 2.1%.


Canada's core inflation rate moved to its lowest level since April 2006 in November, and held below the 2% target for the second month running. The all-items inflation rate will likely remain above the Bank of Canada's 2% target in the near-term, but continued discounting by Canadian retailers will keep the core rate below the 2% target.



Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website. Homes for Sale


Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,


Mark


A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987

( BUS 905-828-3434
2
FAX 905-828-2829 ÈCELL 416-520-1577
›
E-MAIL : mark@mississauga4sale.com
8 Website : Mississauga4Sale.com


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Saturday, January 12, 2008

Real Estate Market Update from New Home Building Permit Perspective

Building Permits: From Boom to Gloom?

We don't normally write about a drop in Canadian building permits, even one like the 9.9% setback in November. However, given the suddenly heightened sensitivity over every twitch in the economy, today's decline is worth looking at, especially given the fact that it follows hard on the heels of a 19.6% drop in December housing starts and last week's 12.8 point plunge in the Ivey PMI for the same month. Is this trio of steep sags in admittedly third-tier economic indicators an ominous warning for the Canadian economy? In two words…probably not. While there is plenty to be concerned about on the outlook primarily the softening U.S. economy this sudden run of weak data in very volatile series is likely noise.

Putting it in perspective, building permits in the first 11 months of 2007 were up a hefty 12.4% from year-ago levels even with the November decline. And, keep in mind that the drop in November followed a 7.3% pop in the prior month. The latest setback was concentrated in the non-residential sector, which had been particularly frothy earlier last year (up 15.5% so far in 2007). Residential permits were also off 5% m/m, but were up by a surprisingly sprightly 10.5% year-to-date. (Contrast that with the 25% y/y plunge in U.S. building permits in the same period.)

Most provinces saw declines in November, led by Alberta (-13.8%) and B.C. (-20.0%). However, the top of last year's leaderboard was still crowded with western provinces. Permits in Saskatchewan were up 33.9% last year, with Alberta (15.2%) next in line. Notably, Ontario was in third spot, thanks to a strong 26% rise in non-residential activity.

In a separate release, new home prices were a touch firmer than expected in November, rising 0.5% m/m. This held the annual trend steady at 6.1%. In a sign of just how far-flung home price pressures are in Canada, the two biggest monthly increases were posted in Halifax and Quebec City. In contrast, new prices dipped again in Calgary, where annual price increases of 5% are now below the national average.


The Bottom Line: The Canadian building industry appears to be in the first stages of losing some momentum after a blow-out year in 2007. That's still a far cry from the deepening housing descent in clear view south of the border. In fact, given widespread talk of labour shortages in the Canadian industry, some cooling in the sector in 2008 may not be such a bad thing.

Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website. Homes for Sale

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
2
FAX 905-828-2829 ÈCELL 416-520-1577
›
E-MAIL : mark@mississauga4sale.com
8 Website : Mississauga4Sale.com

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Tuesday, December 11, 2007

Canadian Housing Starts still high -- November 2007


Canadian Housing Starts Steady


New housing construction showed no signs of letting up in November. Housing starts, at an annualized rate of 227,900, were virtually unchanged from October and roughly in line with both market expectations and the pace in the last 12 months. Activity on the single-detached side bounced to its strongest level since March 2006, more than retracing some softness in October. The multi-units side continued to digest a 29-year-high spike in September and fell for the second straight month.


On a provincial basis, activity cooled in six provinces in November with the biggest declines in Quebec, Nova Scotia and Manitoba. Hefty gains in Ontario and B.C., however, heated things just enough to keep the overall temperature steady. In recent months, momentum has shifted from Alberta to B.C. as Western Canada's housing construction hotspot. In Central Canada, Ontario has regained leadership (notwithstanding a multi-unit surge in September), while Newfoundland & Labrador is the key engine in Atlantic Canada.


The Bottom Line: Despite earlier concerns about the potential impact of the financial market storm on Canadian housing demand, home building remains a pillar of strength in the Canadian economy. With strong job creation and favourable interest rates still providing support, residential construction is carrying good momentum into 2008.


read more about GTA Property Trends


Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website. Homes for Sale


Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,


Mark



A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987

( BUS 905-828-3434
2
FAX 905-828-2829 ÈCELL 416-520-1577
›
E-MAIL : mark@mississauga4sale.com
8 Website : Mississauga4Sale.com



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Monday, November 19, 2007

Average house prices anticipated to rise by 9.5 per cent nationally


Average house prices anticipated to rise by 9.5 per cent nationally

(NC)-A booming start to 2007 and solid price appreciations in all areas of the country have paved the way for a promising outlook for the Canadian housing market. The strong economy has fuelled consumer confidence, driving demand across the country.


"The momentum from the year's extraordinary start spilled into the second quarter, compounding typically busy spring market activity and stimulating solid price appreciations in almost all regions of the country. These conditions will certainly be an impetus characterizing Canada's real estate market through to year's end," said Phil Soper, president and chief executive officer, Royal LePage Real Estate Services.


These healthy and robust conditions are anticipated to prevail throughout the year as all Canadian regions are expected to experience a rise in average house prices with double-digit gains forecasted for Edmonton, Calgary, Winnipeg and Regina in 2007. In addition, modest mid-single digit increases are expected for Central and Atlantic Canada.


The national average house price is forecast to rise by 9.5 per cent this year, passing the $300,000 mark for the first time, to $303,300. Home sale transactions are also projected to rise by eight per cent to 522,306 unit sales by the end of 2007.


What's happening in your market? http://www.mississauga4sale.com/TREBprice.htm


City Anticipated Price Change in 2007

Halifax 4.6% +
Montreal 6.0% +
Ottawa 6.2% +
Toronto 5.0% +
Winnipeg 11.9% +
Regina 13.8% +
Calgary 35.0% +
Edmonton 39.5% +
Vancouver 12.0% +

Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website. Homes for Sale


Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,


Mark



A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987

( BUS 905-828-3434
2
FAX 905-828-2829 ÈCELL 416-520-1577
›
E-MAIL : mark@mississauga4sale.com
8 Website : Mississauga4Sale.com



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Sunday, September 09, 2007

August Sets New Record, Breaks 8,000 Sales

Toronto Real Estate Board (TREB) Average Prices and Graph

August Sets New Record, Breaks 8,000 Sales

TORONTO - Thursday, September 6, 2007 -- August 2007 became the fifth record-setting month in a row, with 8,059 sales reported by TREB Members throughout the Greater Toronto Area, TREB President Donald Bentley announced today. "This figure is up 15 per cent over August of last year, and up seven per cent over the 7,498 sales recorded during the same month in 2005, which was the previous "best ever" performance for the month of August," said the President. "Summer of 2007 has been hands-down the most active holiday season for the resale market in the history of the Toronto Real Estate Board."

While sales roared ahead, prices remained affordable in August, with a recorded average of $361,890. This figure is up seven per cent over the $338,192 recorded during August of 2006. "While the last decade has seen five record breaking years, and a good possibility of a sixth in 2007, year-over-year prices increases have remained in the single digits. This kind of activity is sustainable for a long time."

Breaking down the total, 3,057sales were reported in TREB's 28 West districts and averaged $343,493; 1,444 sales were reported in the 14 Central districts and averaged $453,718; 1,653 sales were reported in the 23 North districts and averaged $403,539; and 1,905 sales were reported in TREB's 21 East districts and averaged $285,665.

Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website. Homes for Sale

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
2
FAX 905-828-2829 ÈCELL 416-520-1577
›
E-MAIL : mark@mississauga4sale.com
8 Website : Mississauga4Sale.com

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Tuesday, August 28, 2007

US Price Trends Improve, Existing-Home Sales Lag


Price Trends Improve, Existing-Home Sales Lag
During the second quarter, home prices improved in the majority of U.S. metro areas, but sales activity remained below year-ago levels in most states, according to research by the NATIONAL ASSOCIATION OF REALTORS®.

Price increases were apparent in 97 of the 149 metropolitan statistical areas surveyed by NAR. That compares with just 83 metro areas that had price increases in the first quarter of 2007, and 68 areas in the fourth quarter of 2006.

"Although home prices are relatively flat, more metro areas are showing price gains since bottoming-out in the fourth quarter of 2006," says Lawrence Yun, NAR senior economist. "Recent mortgage disruptions will hold back sales temporarily, but the fundamental momentum clearly suggests stabilizing price trends in many local markets."

The national median existing single-family home price was $223,800 in the second quarter, down 1.5 percent from the year-earlier period, when the median price was $227,100. The median is a typical market price where half of the homes sold for more and half sold for less, but there has been a downward skew in the national comparison because sales have declined in many high-cost areas and risen in some lower cost markets.

NAR President Pat V. Combs says homes continue to be good investments, especially since typical owners stay in their home for six years. "While local conditions vary greatly, a typical owner who bought six years ago is seeing a 45 percent increase in the value of their home," she says.

An analysis of all available data over the past six years shows almost every market experienced price gains from the second quarter of 2001 to the second quarter of this year.

Sales Pace Down 11% Nationally

Total state existing-home sales, including single-family and condo, were at a seasonally adjusted annual rate of 5.91 million units in the second quarter, down 10.8 percent from a 6.63 million-unit pace in the second quarter of 2006.

Six states showed increases in the sales pace from a year ago; one was unchanged and complete data for two states were not available.

According to Freddie Mac, the national average commitment rate on a 30-year conventional fixed-rate mortgage was 6.37 percent in the second quarter, up from 6.22 percent in the first quarter; the rate was 6.6 percent in the second quarter of 2006.

Most, Least Affordable Areas in the U.S.

During the second quarter, median single-family home prices ranged from a very affordable $71,700 in Elmira, N.Y., to 12 times that amount in the San Jose-Sunnyvale-Santa Clara area of California, where the median price was $865,000.

The second most expensive area was San Francisco-Oakland-Fremont, at $846,800, followed by the Anaheim-Santa Ana-Irvine area (Orange County, Calif.), at $727,000.

In addition to Elmira, other affordable markets include the Youngstown-Warren-Boardman area of Ohio and Pennsylvania, at $76,700, and the Saginaw-Saginaw Township North area of Michigan, with a second-quarter median price of $86,900.

The biggest price gains were found in the Salt Lake City area, where the median price of $233,100 rose 21.9 percent from a year ago. Next was Binghamton, N.Y., at $111,200, up 19.8 percent from the second quarter of 2006, followed by Salem, Ore., where the second quarter median price rose 16.7 percent to $227,900. Most of the metros with price declines were modest, although four areas experienced double-digit drops.

The best total sales performance was in Wyoming, where existing-home sales rose 10.8 percent from the second quarter of 2006. In Iowa, the second-quarter sales pace rose 4.1 percent from a year ago, while North Dakota experienced the third strongest gain, up 2.9 percent. Oklahoma, Indiana, and Nebraska also posted annual sales gains.

A Closer Look at Regional Sales, Price Data

Northeast: Existing-home sales fell 6.8 percent to an annual pace of 1.05 million units in the second quarter from the same period a year ago. The median existing single-family home price rose 0.7 percent to $298,000 in the second quarter from the same period 2006.

After Binghamton, N.Y., the strongest price increase in the Northeast was in the Allentown-Bethlehem-Easton area of Pennsylvania and New Jersey, with a median price of $274,500, up 12.8 percent from the second quarter of last year, followed by the Reading, Penn., area, at $157,800, up 11.2 percent, and Glenn Falls, N.Y., which rose 10.7 percent to $175,500.

Midwest: Existing-home sales dropped 8.4 percent to a 1.39 million-unit annual level in the second quarter compared with a year ago. The median existing single-family home price was $163,500, down 2.2 percent from the second quarter of 2006.

The strongest metro price increase in the Midwest was Bismarck, N.D., area where the median price of $151,400 was 9.2 percent higher than a year ago. Next was Gary-Hammond, Ind., at $137,800, up 7.3 percent from the second quarter of 2006, and Bloomington-Normal, Ill., at $161,500, up 7 percent.

South: Existing-home sales in the South were at an annual rate of 2.31 million units in the second quarter, down 10.7 percent from the second quarter of 2006. The median existing single-family home price was $185,000 in the second quarter, which is 1.6 percent below a year earlier.

The strongest price increase in the South was in the Beaumont-Port Arthur area of Texas, at $127,700, up 11.8 percent from a year ago, followed by the Cumberland area of Maryland and West Virginia, with a 9.3 percent gain to $109,300, and Raleigh-Cary, N.C., at $225,100, up 8.4 percent.

West: The existing-home sales pace of 1.16 million units was down16.9 percent from the second quarter of 2006. The median existing single-family home price was $349,400 in the second quarter, down 0.4 percent from a year ago.

After Salt Lake City and Salem, the strongest metro price increase in the West was in Farmington, N.M., at $201,900, up 14.0 percent from a year ago, followed by the Spokane, Wash., area, at $197,700, up 10.4 percent from the second quarter of 2006.

What's Happening With Condos?

In the condo sector, metro area condominium and cooperative prices – covering changes in 55 metro areas – show the national median existing condo price was $226,800 in the second quarter, up 1 percent from $224,500 in the second quarter of 2006. Thirty-seven metros showed annual increases in the median condo price, including seven areas with double-digit gains; one was unchanged and 17 areas had price declines.

The strongest condo price gains were in the Salt Lake City area, where the second quarter price of $162,200 rose 25.2 percent from a year earlier, followed by Reno-Sparks, Nev., at $220,500, up 17 percent, and the Austin-Round Rock area of Texas, where the median condo price of $172,100 rose 14.9 percent from the second quarter of 2006.

Metro area median existing-condo prices in the second quarter ranged from $116,400 in Greensboro-High Point, N.C., to $608,700 in the San Francisco-Oakland-Fremont area. The second most expensive condo market reported was Los Angeles-Long Beach-Santa Ana, at $413,400, followed by the San Diego-Carlsbad-San Marcos area at $368,600.

Other affordable condo markets include Wichita, Kan., at $117,900 in the second quarter, and Rochester, N.Y., at $118,900. from REALTOR® Magazine Online


This was an interesting perspective from the USA on their current marketplace


Toronto Real Estate Board (TREB) Average Prices and Graph Read more about our Toronto and GTA Real Estate Marketplace and Average Price Trends

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Thank you,
Mark

A. Mark Argentino
P. Eng. Associate Broker
Specializing in Residential & Investment Real Estate


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