A quick rundown of the important real estate news from the week of November 19 – November 25, by the numbers:
4.97 Million – Existing homes sold in October on a seasonally adjusted annualized basis. The number of sales is in October up 70,000 from September.
3.3 Million – Number of homes listed in October on a seasonally adjusted annualized basis. The number of listings in October is a two percent drop from September and represents a 8.0 month supply of homes.
45 Months – Amount of time it will take to clear the nation’s shadow inventory according to S&P. It’s an improvement from 3 months ago, when the supply was at 47 months.
28% – Amount of home sales that were either foreclosures or short sales in October. The number is a 30% drop from September.
11.2% – Drop in home mortgage applications in a two weeks span. Applications dropped 1.2% in the week ending November 18 and 10% the week before. “The index of refinancing applications fell 4.0 percent and the refinance share of total mortgage activity dropped to 75.9 percent of applications from 77.3 percent. It was the lowest level since September.”
$23.5 Million – Listing price for a Brooklyn penthouse. The 7,000 square foot listing is the priciest in Brooklyn.
37% – Percentage of home buyers who were first time home buyers in 2011. That number is down from last year, when 50% of home buyers were first time home buyers. The large disparity is due largely to the home buyer tax credit in 2010.
7.99% – National delinquency rate for residential mortgages in third quarter 2011. It’s the lowest delinquency rate since fourth quarter 2008. The current rate of 7.99% is a 45 basis point drop from the second quarter of 2011 and a 114 basis point drop from a year ago.
3.98% – Average rate on a 30-year fixed mortgage this week according to Freddie Mac. The average rate is down slightly from last week’s rate of 4.00%.
$3.95 Million – Listing price for Washington Wizards star Rashard Lewis‘ Florida home. The listing price is 12.1% less than the original purchase price of $4.495 Million.