Tag: Boston South End condo sales

Categories
general info

S&P Case Shiller Composite: Prices Up 9.3%

Growth continues to cool

20-city index shows yearly price growth dropped to single digits in May

Teke WigginStaff Writer INMAN NEWS

Yearly growth in U.S. home prices continued to slow in May, but still remained well above average.

The S&P/Case Shiller 20-City Composite Index showed prices rising 9.3 percent year over year in May, down from 10.8 percent in April. Annual price gains slowed in May for all cities tracked by the index besides Charlotte and Tampa.

Source: S&P Dow Jones Indices and CoreLogic
Source: S&P Dow Jones Indices and CoreLogic
Still, prices climbed 1.1 percent month over month in May, with all 20 cities posting monthly increases for the second straight month.

Tampa registered the highest monthly price gain (1.8 percent), followed by San Francisco (1.6 percent) and Chicago (1.5 percent). Phoenix and San Diego were the only cities to show monthly increases of less than 1 percent in May, with gains of 0.4 percent and 0.5 percent, respectively.

The picture changes when adjusting for seasonal factors.

After factoring in the spring’s typical influence on home prices, prices decreased 0.3 percent month over month in May, with only six out of 20 cities showing gains.

 

Home to seven of the top eight cities showing the most annual price growth, the Sun Belt continued to lead price gains.

Despite seeing their annual price growth decrease by 2 to 3 percentage points, Las Vegas (16.9 percent) and San Francisco (15.4 percent) still posted the largest annual price increases.

The other cities that showed double-digit annual gains were: Miami (13.2 percent), San Diego (12.4 percent), Los Angeles (12.3 percent), Detroit (11.9 percent), Atlanta (11.2 percent), Tampa (10.2 percent) and Portland (10 percent).

Expanding home inventory has helped cool home prices in recent months. Economists generally view the trend as favorable because it will keep prices from rising too quickly, which hurts affordability and reduces buyers’ options.

Categories
general info

Fabulous Ink Block In Boston

great post by Scott!

From Tabloid to Hip Condos

Link|Comments ()Posted by Scott Van Voorhis

Location, location, location – that’s what real estate is all about. And the new Ink Block, taking shape where the South End meets Chinatown, has it in spades.

The glitzy glass-and-steel, six-building condo and apartment development is taking shape on Harrison Ave., where the big old brick red Boston Herald building stood until it was demolished last year.

As a reporter at the Herald back in the 2000s, the location couldn’t be beat. Need to get to Beacon Hill? No problem, that’s a 20 minute walk. Press conference in the Back Bay – be there in 15 minutes. Hungry? Let’s head across the street to Chinatown. Or for that matter, around the corner to the South End, a restaurant paradise. No car needed – just you and your two feet. (OK, I’m tall and a pretty fast walker, but still.)

That location, which was great for reporters, will be even better for the residents of the $500 million Ink Block, with the city and its attractions literally at their feet.

A total of six buildings are planned, each featuring a unique design inspired by the South End and intended to be an antidote to the Boston’s increasingly hard to tell apart bevy of new luxury condo towers, Ted Tye, managing director of National Development, tells me.

“There is so much being built in the city these days that is very generic – you can’t tell whether you are in the Seaport, the Back Bay, or the South End,” Tye says.

Final Sepia Hero Night.jpg

 

More than 60 percent of the units at the Sepia, the project’s 83 unit condo building, are already spoken for, Tye tells me. (Herald, Ink Block, Sepia – you get the theme.)

Prices range from $500,000 for a studio to over $2 million for a penthouse unit. The condos come with balconies large enough to actually recline in a chair and take in the city skyline, with a neat rooftop hangout spot, complete with an outdoor kitchen.

The developer’s initial proposal to build condos at the Herald site drew its fair share of skeptics a few years back, with condos still recovering from the downturn. Now demand is soaring, condos are hot, and Tye feels vindicated.

“On Sepia, the idea has been to create luxury condos and really take advantage of being in the South End,” Tye said. “We bet a couple years ago the condo market would come back. We took a risk.”

Beyond skyline views – the project is taking shape roughly where the Herald’s publisher once held court in a suite facing the city – some additional treats are in store as well for Sepia residents.

A 50,000 square foot Whole Foods is also taking shape at the site, along with a bevy of what will hopefully be some hip new restaurants, in keeping with the South End’s proud culinary traditions.

There are also some extra perks for residents, who can enter the store directly from the Sepia without going outside, and then head back up the elevator, groceries bags in hand, to their condos. Or they can take a plunge in the rooftop pool that is being built on the roof of the grocery store.

Three apartment buildings are well underway now, with openings planned for early 2015.
Named Ink Block One, Two and Three, each takes a different design theme from the South End. Ink Block Two, for example, will feature loft style units with a black and white color theme.

While the Ink Block is a great launching pad from which to explore Boston, the immediate area around the project wasn’t always much to write home about.

In fact, the old Herald, when it was standing, was an outpost of zaniness amid a no-man’s land of sprawling parking lots, a homeless shelter, and the occasional streetwalker.

But the streets around the emerging Ink Block are on their way to becoming a residential hot spot, with a number of projects taking shape in the area.

The Ink Block itself was deliberately designed with six different buildings in a bid to give the project more a vibrant neighborhood feel, Tye notes.

Stay tuned.

 

 

Categories
general info

Boston Values Rise Fastest Since 1987

Good Globe article.

Boston home values rise at fastest since 1987

By Chris Reidy

| GLOBE STAFF

Home values in Greater Boston rose 2.9 percent from March to April, the greatest monthly gain for the area since 1987, according to new S&P/Case-Shiller Home Price Indices data issued Tuesday.

The S&P/Case-Shiller Home Price Indices tracks repeat home sales. Other surveys, such as those issued by the Warren Group and the Massachusetts Association of Realtors, look at much wider segments of the market, and they often report data on a year-to-year comparison basis.

The S&P/Case-Shiller Home Price Indices looks at data for 20 metropolitan areas around the country, including Atlanta, Boston, Chicago, Los Angeles, and New York.

“Nineteen of the 20 cities saw lower annual gains in April than in March,” the S&P/Case-Shiller Home Price Indices said in its press release. “California (Los Angeles, San Diego, and San Francisco) saw their returns worsen by approximately three percentage points. Boston was the only city to see its annual rate improve.”

Boston’s annual rate went from 8.3 percent in March to 9 percent in April, the release said.

In a statement, David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, said: “Near term economic factors favor further gains in housing: mortgage rates are lower than a year ago, the Fed is expected to keep interest rates steady until mid-2015, and the labor market is improving. However, housing is not back to normal: prices are being supported by cash sales, low inventories, and declining foreclosure and REO (real estate owned) sales. First time home buyers are not back in force, and qualifying for a mortgage remains challenging. The question is whether housing will bounce back before the Fed begins to tighten sometime next year.”

Chris Reidy can be reached at [email protected].

Categories
general info

MA Assoc Of Realtors Report For March

Always good to get the big picture statewide – our local markets are mirroring the statewide trends.

 

Massachusetts Homeowners started to Put More Homes on the Market in March with the Start of Spring

by | Apr 23, 2014
Prices up as closed sales down again in March compared to last year

March 2014 Sales Data

WALTHAM, Mass. – April 23, 2014 – The Massachusetts Association of REALTORS® (MAR) reported today that while a general shortage of homes for sale pushed sales down and prices up in March, the spring market is starting to come to life. For the second straight month homeowners have added more homes to the market than the same time last year. Condominium sales and prices were both up in March.

“While the market still needs more homes for sale – including both existing homes and new construction- the increase in new listings in March is a good sign,” said 2014 MAR President Peter Ruffini, regional vice president at Jack Conway & Co., in Norwell. “With home values on an upward trend, it gives homeowners the opportunity and incentive to take advantage of the current buyer demand and list their homes for sale.”

There were 2,698 detached single-family homes sold this March, which was down 11.5 percent from the 3,048 homes sold the same time last year. On a month-to-month basis, home sales were up 27.2 percent from 2,084 homes sold this past February. A significant increase in home sales from February-to-March is typical.

The median selling price for single-family home in March was $314,063 which was up 8.3 percent from $290,000 in March 2013. This is the 18th straight monthly year-over-year increase. On a month-to-month basis, the March median selling price was up 6.5 percent from $294,950 in February.

There were 1,264 condominiums sold this past March, an increase of 4.2 percent from the 1,213 condos sold the same time last year. Year-over-year sales of condominiums have gone up 26 out of the last 27 months. On a month-to-month basis, condominium sales were up 36.1 percent from 903 condominiums sold this past February. Similar to single-family home sales, a significant increase in condo sales from February-to-March is typical.

The median selling price for condominium in March was $300,154 which was up 11.2 percent from the $270,000 median price in March 2013. This is the 10th straight year-over-year increase. On a month-to-month basis, the February median selling price was up 5.3 percent from $283,000 in February.

Inventory and Days on Market: 
The inventory of single-family homes as of March 31, 2014 decreased 13.9 percent from March 2013 (16,691 listings in 2014 from 19,695 listings in 2013) which translates into 4.0 months of supply in March 2014.  This is down from 5.0 months of supply last year and flat from this past February.  This was the 25th straight month of inventory decreases.

The number of new listings added to the market of single-family homes in March increased 12 percent over the same time last year (7,110 new listings in 2014 from 6,347 in 2013).

The inventory of condominiums on the market in March was down 23.7 percent compared to the year before (4,733 listings in 2014 from 6,206 listings in 2013), which translates into 2.7 months of supply, which is down from 4.0 months in March 2013 and down from 2.8 months in February.

The number of new listings added to the condominium market in March decreased less than one percent (-0.8%) from March 2013 (2,651 new listings in 2014 from 2,672 listings in 2013).

Detached single-family homes stayed on the market an average of 122 days in March 2014 compared to an average of 140 days in March 2013.  Condos stayed on the market an average of 85 days, down from an average of 106 days in March 2013.  On a month-to-month basis, days on market for single-family homes was up from 121 days in February while condos were down from 98 days.

 

Categories
general info

10 Most “Out Of Touch” Housing Markets

On the face of it this headline is dramatic, but all it refers to is the conforming loan limits throughout the U.S and their relationship to local market conditions. A very interesting perspective from Housing Wire and Trulia.

Trulia: 10 most out-of-touch housing markets

The vast divide in conforming loan limits and reality

April 28

As the whispers of housing reform start to grow into greater fruition, the topic of conforming loan limits is brought up as well.

In his latest blog, Jed Kolko, chief economist with Trulia, noted that the current system of conforming loan limits falls far short of reflecting the actual differences in local home prices and ends up favoring borrowers in lower-cost markets.

“The housing finance system – as well as other national housing policies – needs to serve a country where local home prices in some markets are 10 times as high as in others, and where local and state laws affect how much new construction is allowed, how long foreclosures take, and more,” Kolko said.

In the current system, the conforming system sits at $417,000. However, in 2008, the Housing and Economic Recovery Act granted “high cost area” higher conforming loans limits to reflect local price differences.

But as housing regulators markup the Johnson-Crapo housing finance reform bill on Tuesday, April 29, 2014, Kolko pointed just how the conforming loan limits fall short.

Using Trulia’s database of homes for sale, Kolko listed the top 10 housing markets with the highest share of for-sale homes above the local loan limit, showing just how out of touch conforming loan limits are.  

10. Boston, Mass.

Currently,  $470,350 is the conforming loan limit, while 30% of homes for sale are above the local loan limit.

Massachusetts

9. Oakland, Calif.

Right now 30% of homes for sale are above the local loan limit, with the conforming loan limit sitting at $625,500.

8. New York, N.Y.

The conforming loan limit sits at $625,500 for New York, with 30% of homes for sale above the local loan limit.

NYC

7. Middlesex County, Mass.

The city’s conforming loan limit weighs in at $470,350, with 33% of homes for sale above the local loan limit.

6. San Diego, Calif.

So far, the city’s conforming loan limit is  $546,250, with 33% of the homes for sale above the local loan limit.

5. Ventura County, Calif.

The conforming loan limited is $598,000, with 34% of the homes for sale above the local loan limit.

4. Orange County, Calif.

Orange County has a conforming loan limit of $625,500, with 38% of the homes for sale above the local loan limit.

3. Fairfield County, Calif.  

In Fairfield County, the conforming loan limit is $601,450, and 39% of homes for sale are above the local loan limit.

2. San Jose, Calif.

This city posted a $625,500 conforming loan limit, with 43% of the homes for sale above the local loan limit.

Bridge

1. San Francisco, Calif.

San Francisco posted that its conforming loan limit sits at $625,500. With a whopping 61% of the homes for sale above the local loan limit, it is the nation’s most out-of-touch housing market.

 

Brena Swanson joined the HousingWire news team in February 2013. Prior to serving HW in the role as Reporter and Content Specialist, Brena attended Evangel University in Springfield, MO.
Categories
general info

Condos Sizzle

Interesting post by Scott.

Condos party like it’s 1989

 

Posted by Scott Van Voorhis

Condos haven’t sizzled like this since the crazy condo boom of the 1980s.

OK, I took a little liberty with the headline. After all, by 1989 the great 80s condo boom had already started to go bust, but you get the point.

Condo prices are on a tear, rising 18.4 percent during the first two months of 2014 compared to last year, reports The Warren Group, publisher of Banker & Tradesman.

Even stranger still, condo prices have almost caught up with home values, which they traditionally lag by a considerable margin.

The median sale price for a condo in Massachusetts this February topped $281,000, just $4,000 below the median home price of $285,500, Warren Group numbers show.

So what’s going on here?

Well, for starters, the relentless decline in listings of homes for sale is doing more than just driving up Boston-area prices.

It also appears to be pushing some buyers into the condo market in search of affordable alternatives.

Of course, as more buyers switch to condos, that’s now having the unfortunate effect of driving up condo prices as well,

But we are also likely seeing the impact of empty-nesters moving into the condo market as well.

Remember all those Baby Boomers who wanted to downsize a few years ago, but couldn’t sell their homes? Well now they are finally making their move.

However, instead of buying another home, they are going condo

And, of course, let’s not forget all those luxury condos that are selling like hotcakes in downtown Boston – and skewing the median price upward.

“The 18.4 percent increase in condo median prices so far this year is an indicator that condominiums are increasingly popular and we have a strong mix of luxury condos in the sales totals,” said Tim Warren, chief executive of The Warren Group, in a statement.

“Empty-nesters are ready for a change in lifestyle and have the net worth to take the plunge,” he said.

 

Categories
general info

When Will Home Values Return To Peak?

Interesting post with a national perspective from HW  Housing Wire’s Trey Garrison.

Home prices won’t return to peak levels until when?

Clear Capital sees 3-5% appreciation rate

 

Home prices are growing slowly but remain in line with inflation, Clear Capital reported in its Home Data Index, but at this pace it will be 2021 before they return to peak prices.

National home prices are right in line — within 2% — with inflation adjusted long-run average levels, which Clear Capital says shows prices have normalized post-bubble and future rates of growth will look more like historical rates of growth. Home prices have typically gained between 3% and 5% a year.

At the current quarterly rate of national growth, peak prices won’t be reached until the year 2021.

“With the majority of metro markets still so far below peak prices, it’s time for conversations surrounding price trends to shift away from the 2006 peak as the point of reference, and back to current trends and forecasts,” said Dr. Alex Villacorta, vice president of research and analytics at Clear Capital. “While there are certainly investors and homeowners holding real estate assets that will be underwater for seven years or more, the current housing market is positioned to behave very similar or even below historical norms, given the current economic climate.”

“For new deals and investors without legacy assets, the new housing environment should be framed in terms of more typical, moderate rates of growth with tempered optimism for the ongoing housing recovery,” Villacorta said.

He added that Clear Capital sees a steady growth pattern, and no bubbles in housing.

“Nationally, we don’t see evidence of a price bubble forming again. Double digit gains over the last year, while similar to rates of growth in the run-up to the bubble, are off a much lower price floor. Phoenix and Las Vegas, however, are showing signs of overheating,” he said.

“These markets skyrocketed off very low price floors as their low-tier and distressed market segments exploded with demand,” Villacorta added. “Each market saw yearly gains top out around 30%, and now are seeing price gains cool substantially. Las Vegas has seen more than a 10 percentage point pull back in just three short months, even though prices remain 20.8% below 2000 levels, after adjusting for inflation. Meanwhile, Phoenix’s yearly gains are down to 19.8%, with prices now 1.9% above 2000 levels after adjusting for inflation. We’ll be watching these markets closely throughout the winter to see how demand holds up.”

Inflation adjusted home prices at the metro level show 46 out of 50 metro markets’ home price levels at pre-2003 levels, with 25 out of 50 metros reporting prices below 2000 levels.

Because the majority of markets remain far off peak values, the peak becomes a less relevant point of reference for new investors and homebuyers. Honolulu is the only metro out of the top 50 to see home prices within peak levels, with inflation adjusted home prices resting at levels last seen in 2005. This anomaly has, in part, been driven by very unique supply and demand, a benefit of being a highly desirable tropical island.

While prices remain far off peak values, current trends continue to moderate across the country.

National yearly gains cooled to 10.8%, a trend that should continue over the next several months. Yearly gains at the metro level are moderating as well, with Sacramento now seeing the highest yearly gain at 25.4%, down from a high of 28% in October. Las Vegas has seen substantial pull back in January with yearly gains of just 21.3%, down from 32.4% in October.

Using a broad array of public and proprietary data sources, the HDI Market Report publishes is a granular home data and analysis earlier than nearly any other index provider in the industry.

Categories
general info

New To Market In Provincetown – Perfect West End 2 Bedroom Plus Den

 46 Pleasant Street #A, Provincetown MA

Perfect in every way.  This West End condo has everything! 2 bedrooms and a 1 1/2 baths, along with a large den/family room  for entertainment or extra guests. This home has 1,070 square feet, and two great outdoor spaces, numerous upgrades, 2 parking spaces and a coveted location in the West End.

 

outside 2

outside 1

outside 3

 

 

 

 

 

 

The open floor plan is great for entertaining and light and bright with windows on 3 sides. The kitchen is newly renovated with granite counters, white cabinets and hardwood floors.  There is a full laundry in the renovated half bath directly off the kitchen. The living room has a gas fireplace and there is a separate dining area in the sunny northeast corner of the house.

 

living room

fireplace and stairs

living to dining 1

kitchen 1

 

 

 

 

 

 

There are two great outdoor spaces including a large private fenced in deck in the back  of there condo for grilling and dining. There is plenty of room for relaxing and dining on the front deck and on the patio/garden too – and just enough garden for satisfying a green thumb.

 

bedroom 1

bedroom 2

bathroom 1

 

 

 

 

 

 

There are two bedrooms upstairs along with a full bath which has just been beautifully renovated. Both bedrooms are good size and sunny.

 

den family room peg

On the lower level is a den-family room that is perfect for additional guests with room enough for a large sitting area and sleeping area.

The association is small and well managed with low condo fees. There is central heat and air provided by four split systems. There are two parking spaces directly in front of the condo.  This property  has an excellent rental history with many repeat renters. Best of all is the location – just 1 1/2 blocks from Commercial Street in what many consider the most desirable residential neighborhood in the West End.

 

We are thrilled to be offering 46 Pleasant Street to the market for $595,000.

Categories
general info

Boston’s Best Selling Condo Buildings

Interesting post by  Tom Acitelli at CurbedBoston – with some surprising results.

 

Boston’s Best-Selling Condo Buildings

Tuesday, March 11, 2014, by Tom Acitelli

dorave141.jpg
[141 Dorchester Avenue]

‘Tis a busy, busy time in the Boston condo market, what with lightning-fast sales and super-low inventory (two not-unrelated phenomena). But which are the busiest of the busiest condo buildings in the city? Thanks to the crackerjack research of our pals at PropertyShark, we can give you a very good idea. Herewith the 10 Boston condos with the most sales in 2013. Some of the usual suspects are here—Harbor Towers, the W Boston—but also a few surprises (and surprise omissions, we think:paging Millennium Place?). A couple of caveats: The 10 cover closed deals in calendar year 2013, and only deals of at least $10,000.

42 EIGHTH STREET
Number of sales: 48
Median sales price: $380,000
Notable sale: a 1,295-square-foot 1-BR, 2-BA for $700,000
42 8TH STREET, BOSTON, MA 02129
141 DORCHESTER AVENUE
Number of sales: 46
Median sales price: $610,000
Notable sale: a 1,690-square-foot 2-BR, 2-BA for $845,000
141 DORCHESTER AVENUE, BOSTON, MA 02127
45 PROVINCE
Number of sales: 36
Median sales price: $1,262,500
Notable sale: a 2,628-square-foot 3-BR, 3-BA for $4,100,000
45 PROVINCE STREET, BOSTON, MA 02108
WHITTIER PLACE
34
$434,500
A 536-square-foot 1-BR, 1-BA for $360,000
6 WHITTIER PLACE, BOSTON, MA 02114
ONE CHARLES BOSTON
29
$1,345,000
A 761-square-foot 1-BR, 1-BA for $625,000
1 CHARLES STREET SOUTH, BOSTON, MA 02116
RESIDENCES AT RITZ-CARLTON
27
$747,000
A 2,667-square-foot 3-BR, 4.5-BA for $3,162,500.
1 AVERY STREET, BOSTON, MA 02111
W BOSTON
27
$1,730,000
A 427-square-foot studio for $530,000
110 STUART STREET, BOSTON, MA 02116
RESIDENCES AT THE INTERCONTINENTAL
23
$1,425,000
A 3,385-square-foot 3-BR, 4.5-BA for $3,223,000
500 ATLANTIC AVENUE, BOSTON, MA 02110
PORTER 156
22
$349,500
A 686-square-foot 1-BR, 1-BA for $300,000
156 PORTER STREET, BOSTON, MA 02128
HARBOR TOWERS
22
$737,750
A 1,223-square-foot 1-BR, 1-BA for $780,000
65 EAST INDIA ROW, BOSTON, MA 02110
Categories
general info

Existing Home Sales Take A Dive…

I haven’t reposted anything by Tara Steele of AG recently but this post tells a smart national perspective.

HOUSING NEWS

Existing home sales take a dip

According to the National Association of Realtors (NAR), existing home sales dipped 5.1 percent in January from December’s revised sales numbers. This places sales at their lowest level since July 2012, which they blame squarely on the perpetual inventory shortages, which also serves to continue lifting prices, which is good news to some (homeowners) and bad news to others (buyers).

Dr. Lawrence Yun, NAR chief economist, also stated that unusual weather is playing a role. “Disruptive and prolonged winter weather patterns across the country are impacting a wide range of economic activity, and housing is no exception. Some housing activity will be delayed until spring.”

“At the same time,” Dr. Yun added, “we can’t ignore the ongoing headwinds of tight credit, limited inventory, higher prices and higher mortgage interest rates. These issues will hinder home sales activity until the positive factors of job growth and new supply from higher housing starts begin to make an impact.”

Median existing home price

NAR reports that the median existing home price for all housing types was $188,900 in January, up a whopping 10.7 percent from January 2013.

Distressed homes accounted for 15 percent of sales (11 percent were foreclosures, and only 4 percent were short sales), down from 24 percent in January 2013. Foreclosures sold for an average discount of 16 percent below market value and short sales were discounted 13 percent.

Housing inventory levels

Although NAR cites ongoing inventory problems, housing inventory did rise 2.2 percent for the month, and rose 7.3 percent compared to January 2013. Inventory now represents a 4.9-month supply at the current sales pace.

The median time on market was 67 days in January, down from 72 days in December and 71 days on market in December 2013. Non-distressed homes sold in 66 days, foreclosures typically sold in 58 days, and short sales spent 150 days on the market. NAR reports that nearly one in three homes sold in January were on the market for less than a month.

Who’s buying right now?

The number of first time buyers are slowly dwindling, hitting 26 percent of all sales in January, down from 27 percent in December and 30 percent in January 2013.

The trade group said in a statement, “This is the lowest market share for first-time buyers since NAR began monthly measurement in October 2008; normally, they should be closer to 40 percent.”

Fully 33 percent of sales were paid for with cash, up from 32 percent in December and 28 percent in January 2013. Individual investors, who account for many cash sales, purchased 20 percent of homes in January, compared with 21 percent in December and 19 percent in January 2013. Seven out of 10 investors paid cash in January.

Regional performance varies

Existing-home sales in the Northeast declined 3.1 percent to an annual rate of 620,000 in January, and are also 3.1 percent below January 2013. The median price in the Northeast was $241,100, up 6.6 percent from a year ago.

Existing-home sales in the Midwest dropped 7.1 percent in January to a pace of 1.04 million, and are 8.8 percent below a year ago. The median price in the Midwest was $140,300, which is 7.6 percent higher than January 2013.

In the South, existing-home sales declined 3.5 percent to an annual level of 1.95 million in January, but are 1.6 percent higher than January 2013. The median price in the South was $161,500, up 9.4 percent from a year ago.

Existing-home sales in the West dropped 7.3 percent to a pace of 1.01 million in January, and are 13.7 percent below a year ago. Sales in the West are attenuated by tight inventory in many areas, pushing the median price to $273,500, up 14.6 percent from January 2013.