Holiday Decorating Tips for New Home-Buyers

By Michelle Hille

You are a first time home-buyer and you’ve just closed on the house that you have always dreamed of. You walk inside and breathe a sigh of happiness knowing that it’s finally yours. And then the sudden gasp of realization that its 10 days before Christmas and you have no decorations in place!

Not to worry, here are 5 fast and easy ways to spruce up the Holiday spirit in your brand new home.Nothing makes a home more inviting and festive than one filled with holiday smelling candles scattered sporadically throughout the house.

* Besides there is a chance that your new home will still smell like paint, so the candles will be a nice cover up for this little problem.

* Decorate several Dwarf Alberta Spruces and watch these little plants transform into an adorable set of mini-Christmas trees!

* Start a new family tradition and get the kids to make strands of cranberries or popcorn to embellish the look.To make an easy dining room table centerpiece take a bowl and arrange a pyramid of brightly colored ornaments and fill in the extra spaces with loose evergreens to get the more natural look.

* String ribbon bows along the banister of your staircase. Pick your favorite holiday color for the bows or mix and match colors to get a more eclectic Christmas feel!To give your home a final Texas touch, top your tree with a lone star.

* Your Northerner in-laws may not get it, but your true Texas friends will admire your pride for the Lone Star State.

Hopefully these quick and easy holiday decorating tips will relieve some of your holiday stress and get your brand new home in shape for the holiday season. To find out more information about new homes visit New Home Source! Wishing you and yours Happy Holidays!

For your San Antonio Real Estate needs

 Sales Tax Revenues Continue Recent Trend

by Randy Watson

Texas Comptroller Susan Combs reports total sales tax collections for November jumped 12.2 percent compared with November 2010, marking the 20th consecutive month of year-over-year gains. The gains are attributed to improvement in all major economic sectors including oil and natural gas production, retail trade and restaurants.

Local Sales Tax Allocations

• Cities - $315.8 million — up 8.6 percent from December 2010.
• Counties    - $31.3 million — up 13.7 percent from December 2010.
• Transit Systems - $108.7 million — up 10.2 percent from December 2010.
• Special Purpose Taxing Districts - $22.2 million — up 19.5 percent from December 2010.

Read more: Tracking the Texas Economy

Sing We Now of Christmas

by Celia Hayes

And of Christmas presents, and decorations on the tree and mailing out the cards and all ... we really don't have to go shopping actually, since we do that throughout the year. What we do at this time of the year is to turn out the contents of the 'gift closet' – where we had stashed all the things purchased throughout the year with an eye towards this season, wrap them suitably and send them on their merry way. That done, we turn to the entrancing question of 'what to give the neighbors' for Christmas, or more particularly, those neighbors who are also friends. Something to eat is the standard, but fruitcake is ... well, does anyone actually eat fruitcake? Cookies are ... well, everybody does cookies, and I am beginning to suspect that no one actually eats them either. I am pretty certain that no one ate them that year I did gingerbread cookies from an old Joy of Cooking recipe and they came tasting something like ginger and looking like what we have to pick up after the dog.

Fortunately for our neighbors, there's a whole world of home-made edible possibilities out there, and this year, we've been exploring them. We decided upon gift-baskets of flavored olive oil and spiced vinegar, with a mini-wheel of home-made cheddar cheese, and a small loaf of home-baked fresh bread. (I, in a moment of backing frenzy some years ago, bought a number of mini-loaf pans.)

The recipe for the flavored oil is fairly straight-forward: three or four fresh springs of rosemary (picked from the bounteous rosemary bushes growing in the front yard) washed and carefully dried, and ¼ to ½ teaspoon of dried and crushed red pepper flakes. Place in a bottle, and fill to near the top with good quality olive oil, heated until just barely warm. Cork the bottle, and store in a cool dark place for at least a week. (Refrigerate after opening.)

We did garlic and chili pepper vinegar, also. This recipe came from Sunset's Home Canning recipe book. We used dried red cayenne peppers from the pepper plants which grew so lavishly in the topsy-turvy: four to six dried peppers, three to four dried bay leaves, and three fresh cloves of garlic per bottle, filled to the top with white wine vinegar. As with the oil, store in a dark, cool place before use, and refrigerate afterwards. The very best deal on the small bottles that we chose for the vinegar and oil was at Home Brew Party, on Nacogdoches and Judson.

The homeade cheeses were made from a recipe for farmhouse cheddar, in Ricki Carroll's Home Cheesemaking, but instead of making one large wheel, I made three little ones. But if you don't want to venture that far into D-I-Y territory, any small flavorful cheese would do. My daughter, the Queen of All Thrift-Shopping found inexpensive baskets to hold it all at the Dollar Tree, but really, any attractive container will do – even just a plain brown bag with a checkered napkin. So, our gift baskets will look pretty much like this – don't you wish you were our neighbors?

For all your San Antonio real estate needs

A Simple Bread Recipe for a Bread Machine

Written by Randy Watson

It is not really winter here in San Antonio, yet. We have not really had any days that have stayed below 50 yet for the whole day. Yea, we did have some really cold days the other day when it got down to 31 overnight. It is 51 degrees at 4:00 this cloudy Sunday afternoon. It was less than a month ago, we were still hitting the century mark on the thermometer, so no, my blood has not thickened up yet.

Although, we are not always known for arctic cold winter snaps in South Texas, sometimes we do get into the twenties or rarely into the teens overnight. Anyway, ever since I was a kid, one of the things my mom started us doing to keep us out of trouble was bake bread when we could not go outdoors to play. I have been baking bread ever since. I have tried baking many different styles and flavors of breads.

Nowadays, most of the breads I make are just the typical sandwich loaf or dinner bread. But, I have experimented with French and Italian rolls, cinnamon and raisin breads and even some gluten free breads. I have made breads with mesquite flour, rice flour, bean flour, wheat flour and even regular bleached white flour. You name any kind of bread, I have probably tried to make it. At home I usually bake a loaf or 2 every week. I may have given up on the cinnamon swirl, buns. rolls and croissant breads. But I still make a pretty darn good plain sandwich loaf, once or twice a week.

Over the years, I have learned what works for me and what does not when it comes to baking bread. Sometimes, I am lazier than other times, so for the lazy times, I use a bread machine. I can mix up a dough batch and have it in the bread machine in less than 5 minutes. (Here is a hint. If you want a loaf of bread in the summer and you are not already using the oven, just use the bread machine. It will help keep the kitchen cooler in the summer time.)

For my bread machine, I use a really simple recipe that works and does not fail me too often. The recipe is just a plain and simple white or white/whole wheat loaf. When baking bread I usually use bread flour, instead of general purpose flour. Bread flour has more gluten in it to keep the dough from collapsing. The bread flour will also cause the bread to look a little bit yellower than if you use just the general purpose flour.

My bread machine makes a 2lb loaf. Adjust to 3 cups of flour if you have a 1 ½ lb loaf bread machine.

Here is my bread machine recipe:

• 1 ½ cups of room temp to warm water (75-100 degrees)
• 4 generous cups of bread flour (may use 3 cups white bread flour and 1 cup of red wheat flour)
• 1-2 teaspoons of salt
• ½ teaspoon of dry yeast (do not proof yeast)

Pour the water in first, then flour, sprinkle in the salt and dry yeast. Set the machine for a plain white loaf or wheat loaf. (Wheat flour takes longer to rise.) I like to set my crust to dark, turn it on and let it run. Check the machine after about 5 minutes. If the dough is too watery, add a tablespoon of flour, if too dry, add a tablespoon of water and start the machine again. Once the consistency balls up and is not soggy or gooey, close the lid and let it do its thing. In about 1 ½ hours the house will be smelling really good. In about 3 hours, (3 hrs 40 min for a wheat loaf) you will have a hot loaf of bread.

What Park City, Utah Has to Offer to the Texas Vacationer

by Ben Fisher

There is nothing more that Texans love than stepping out of their hometown for a vacation that is filled with the highest levels of luxury and comfort, and that is exactly what a vacation to Park City, Utah offers. Park City, Utah is a mountain community that features three world class resorts that is an oasis of beauty and a hub of outdoor activities. Park City offers the Texan a truly memorable vacation, whether it during the summer months or winter, and for the ski enthusiast, there is not a greater place on earth to vacation than Park City. Whether from Austin to El Paso, Houston to San Antonio, Paris to Dallas, Pampa to Midland and all parts in between, Texans love vacationing in Park City, Utah.

Deer Valley Resort is one of Park City's resorts and is a premier alpine ski resort that has been ranked #1 in North America. The resort is a prestigious ski resort that features perfectly groomed slopes and outstanding services with many of them award winning such as their professional ski school and their exceptional dining. The resort also offers outstanding award winning services such as a ski valet and one of the most luxurious and comfortable lodges in North America. Park City is a mountain community, and aside from the three world class resorts, there are many rental properties throughout the resort community that feature ski -in and ski-out properties and much more. While

Park City is the premier destination for ski vacations, some resorts such as Deer Valley prohibit snowboarding. Winter months in the area are filled with fine dining, warm fires, exceptional skiing, snowmobiling, shopping and hiking. The area also offers exquisite nightlife with many restaurants, clubs, and entertainment venues that give the Texan plenty of options for evening activities.

Park City is home to over 100 restaurants that provide every type setting and atmosphere. The pubs and clubs and wine bars line historic Main Street and provide the after-hours nightlife that many Texans enjoy. Live theatre is another of the highlights of Park City and those visiting the area will enjoy the historic Egyptian Theatre on Main Street.

During the summer months, Texans will enjoy exceptional outdoor activities that include swimming, biking, hiking, shopping, cuisine, nightlife, big name band concerts, arts festivals, and the Alpine Slide Park. In fact, the Alpine Slide at Park City Mountain Resort features a 3,000 foot of track slide, which qualifies it as one of the world's longest slides, and one that the park has become quite famous for.

The ZipRider is another highlight of Alpine Slide and is a ride that takes you over the tops of trees 100 feet in the air at speeds up to 45 miles per hour. Park City, Utah, is something for everyone, and Texans will find pure luxury and enjoyment whether it staying at one of their world class resorts, the Deer Valley Resort, the Park City Mountain Resort, or The Canyons Resort, or a private rental within the mountain community. A vacation to Park City, Utah sets that standard in what a vacation should be and will offer the Texan the fine luxuries that we so much enjoy.

Call Ben Fisher for Park City Real Estate or Deer Valley Real Estate at 435-962-0192.

 7 Factors to Consider Before Investing In Real Estate

by Daniela Baker

There are several criteria to consider when investing in real estate, in addition to cash flow and long-term growth.

1. Employment and Job Growth. While monthly cash flow is important, it is also important to look for markets with corporate friendly cultures, strong employment centers and robust employment growth in the foreseeable future. Each factor is a useful indicator that the population will continue to increase creating an increased demand for real estate with steadily rising prices.

2. Consider the price to rent ratio. This is commonly referred to s the "Gross Rent Multiplier" (GRM) which is essentially a figure derived by taking the price of the property and dividing it divided by gross rental income. While not a detailed analysis of a property, the GRM helps beginning real estate investors understand how to evaluate a property in term of cost-to-revenue projections.

3. Legal Climate for Landlords. Research the neighborhood's attitude toward investors. Every state and municipality will have variations regarding the interpretation of real estate contracts, eviction proceedings, certificates of occupancy, etc. Having a tenant live rent free for a period of months while you engage in cumbersome legal procedures can quickly turn your profit-seeking investment into a money-losing venture.

4. Understand the political climate. Before investing in any one area research whether there are anticipated property tax increases or upcoming assessments. The first can increase your financial burden while the second may either lower or increase the property's value.

5. Evaluate what role you wish to play. Are you comfortable with the idea of being a landlord, rehabber, or flipper? Will you be actively involved in property management or hand this over to a third party if you are purchasing property some distance away? Are you looking for a tax shelter opportunity to maximize the benefit of your retirement funds or because you want the security of owning property? Knowing why you are investing in property will help you choose the best type of real estate investment for your needs. For example, the needs of someone who wants long-term rental income will differ from the investor who seeks to flip and make a quick profit.

6. Consider all financing options. While mortgages are the traditional route to home ownership, beginning investors can also explore some creative ways to finance property purchases such as a rent-with-option, lease-purchases, bridge loans, or wrap-around mortgages. Many beginning investors also join real estate investment clubs wherein members pool their money to purchase property. With this last option, just be sure that all investors are on the same page with regard to strategy (i.e., long term or flipping).

7. Create a team of experts. If you are new to real estate investing, you want to build a team of experts who can help you navigate the sometimes confusing waters. Your team can include real estate agents, accountants, attorneys, bankers, home inspectors, as well as experienced investors. Each member of the team can value-add information to help you make an informed decision before investing thousands of dollars.

Lead On, Oh Turkey Eternal

by Celia Hayes

So, Thanksgiving – what about it all just inspires a hostess or hostesses to just pile on the mass quantities of food? Is it the inspiration of the turkey, which just makes everyone suddenly prone to super-size quantities of everything else? Vats of stuffing, the biggest pot in the kitchen full of mashed potatoes and a small ocean of gravy – it's all there, and a magnificent sight it is, the buffet table fairly groaning with the weight of it all – but in the whole of my life I have only once not had to deal with the resulting acre and a half of leftovers after hosting or organizing a Thanksgiving dinner. That one time was the year that I was assigned to Yongson Army Infantry Garrison Korea, as part of the staff at AFKN, and the residents of the Air Force woman's barracks decided to organize a proper Thanksgiving feast.

This involved a monster turkey, a behemoth of 25 pounds, which necessitated me getting up well before 4 AM in order to have the whole thing roasted to a turn in time for the mid-afternoon feast ... which also included ham and the usual side dishes. This feast was descended upon by just about all of the Air Force enlisted personnel attached to Yongson, with the pleasing result that all that remained by 5 PM was a couple of gallon zip-lock Baggies full of sliced turkey and ham in the barracks kitchen refrigerator.

I had designs on that sliced turkey – as I was going to fix some pot-pies the next day (as in the linked article from a previous Thanksgiving) – but that evening, many of the barracks residents went to celebrate with spirituous libations poured generously in the finest drinking establishments in Itaewan. Returning with the munchies, they ate every scrap of leftovers. My plans for feeding the multitude the next day were balked. I did, however, have a small baggie of leftover turkey in my own room refrigerator ... and I made turkey and mushroom crepes for myself and some friends the next day, using this recipe – it's adapted from Barbara Swain's Cookery for 1 or 2 – Golden Crepes/Main Dish Crepes

Crepes – Combine in a blender and let sit, refrigerated for several hours: 1 egg, ½ cup half-and-half, or 2 Tbsp cream and sufficient milk to make ½ cup, 1/8 teasp salt and 1/3 cup flour, fork-stirred before measuring. The resulting batter will be about the consistency of heavy cream.
To cook, heat up an 8-inch skillet with sloped sides, an omelet pan or crepe pan over medium heat, oil lightly with cooking oil or melted butter. Pour approximately one-quarter of the batter into the hot pan, tilting the pan to spread the batter thinly. Crepe is cooked when top appears dry and edges are lightly browned. Turn carefully with fingers, or with edge of a rubber spatula. Crepe should still be pliable. Set aside to keep warm, and cook remaining 4 crepes.

Filling: Prepare a cream sauce of 2 Tbsps. each butter and flour, combined with ½ cup chicken stock, and add 2 Tbsp. whipping cream, 1Tbsp. dry sherry or white wine, , and a dash of salt and pepper to taste.

In another bowl, combine ½ to ¾ cup chopped cooked turkey, and ¼ cup chopped sautéed mushrooms, celery and green onion, with just enough of the cream sauce to hold together. Divide among the crepes, roll up and place in a shallow baking pan or au gratin dish. Thin the remaining cream sauce with another ¼ cup of cream or milk, and pour over the crepes. Top with 2 Tbsps. Shredded Swiss or Parmesan cheese, bake at 350° for fifteen or twenty minutes. At the end of that period, broil until tops are lightly browned.

Disorder in the Court: 9/11/1842

Strange but true - General Lopez de Santa Anna's invasion of Texas in 1836 was not to be the last time that a Mexican Army crossed the border into Texas in full battle array - artillery, infantry, military band and all. Santa Anna may have been defeated at San Jacinto - but for the Napoleon of the west, that was only a temporary setback. In March of 1842 a brief raid by General Rafael Vasquez and some 400 soldiers made a lightening-fast dash over the Rio Grande, while another 150 soldiers struck at Goliad and Refugio. They met little resistance - and departed at speed before Texan forces could assemble and retaliate. All seemed to have quieted down my late summer, though: Texas had ratified a treaty with England, and the United States requesting that Texas suspend all hostilities with Mexico.

It seemed a good time to get on with urgent civic business, such as the meeting of the District Court in San Antonio. There had not been the opportunity to try civil cases for many years; the town was full of visitors who had come for the court session: officials, lawyers and litigants. Court opened on September 5th - but within days rumors were flying of another Mexican incursion. Such rumors were cheerfully dismissed - not soldiers, just bandits and marauders. Just in case, though, local surveyor John Coffee Hays - who already had a peerless reputation as a ranger and Indian fighter - was sent out to scout with five of his men. They saw nothing, having stayed on the established roads; unknown to them, one of Santa Anna's favorite generals, a French soldier of fortune named Adrian Woll was approaching through the deserted country to the west of San Antonio, with a column of more than 1,500 soldiers - as well as a considerable assortment of cannon.

Under cover of a dense fog bank on the morning of September 11th, Woll's army marched into San Antonio, with banners flying and a band playing. Having blocked off all escape routes, the General had a cannon fire to announce his presence. There was some sharp, but futile resistance, before surrender was negotiated. General Woll announced that he would have to take all Anglo men in San Antonio as prisoners of war; this included the judge, district attorney, assistant district attorney, court clerk, court interpreter, every member of the San Antonio Bar save one, and a handful of litigants and residents, to a total of fifty-five. They were kept prisoner - after five days they were told they must walk all the way to the Rio Grande, but they would then be released. Sometime during this period, the-then Mayor of San Antonio, John William Smith, managed to escape and send word of what had happened to the nearest town, Gonzales.

John Coffee Hays and his scouts had also managed to elude capture upon their return to town. The word went out across Texas for volunteers to assemble; two hundred came quickly from Gonzales and Seguin, led by Mathew "Old Paint" Caldwell, and fought a sharp skirmish on Salado Creek. A company of 53 volunteers recruited by Nicolas Mosby Dawson in LaGrange or along the road to join Caldwell's volunteers along the Salado Creek north of San Antonio, ran into the rear-guard of Woll's army, a large contingent of cavalry and a single cannon as they were withdrawing to San Antonio. Dawson's company was surrounded; in the confusion of surrendering, firing broke out again. Only fifteen of Dawson's company survived, to join with the San Antonio prisoners on their long walk towards the Rio Grande.

Once there the prisoners were informed that they would be taken into Mexico. Some were paroled and permitted to leave as a personal favor to the US Consul in Mexico City. Others escaped, but most of the San Antonio prisoners were kept for two years at hard labor in Perote Prison, in the state of Vera Cruz, until an armistice was signed between Mexico and Texas in March of 1844.

The site of the Dawson Massacre is marked by a granite monument, where the present-day Austin Highway crosses Salado Creek. The first case to be heard at that momentous court session was never settled; Dr. Shields Booker brought suit against the former mayor of San Antonio, Juan Seguin, for a payment of a 50-peso fee. Dr. Booker died in Perote Prison. The lawyer representing him, Samuel Maverick, was paroled after six months in Perote, and returned to Texas.

Counting down to Christmas

by Celia Hayes

So, all our basic Christmas shopping has already been accomplished during the year. All we need to do is turn out the gift closet shelves and decided where to send the various choice items which we have bought and stored against the arrival of the season. Who needs to set foot outside the house on Black Friday? Certainly not us – not even for gift bags and wrappings, for we picked up what we required at the post-Christmas sales last year, when everything seasonal was marked down 70% or more. Hey, I am not a legendarily wealthy author, and my ability to shovel money into the commercial economy is limited and locally-based. But I could be tempted this year with a real Christmas tree; our local HEB put them out this weekend, and amazingly, they look very fresh and healthy. Running a hand over a branch does not result in a shower of detached needles, and the price asked for them was shockingly reasonable, compared to previous years. We did see some live small trees in pots at another venue, and we might well consider that option, being that we will have to keep it outside to keep the younger cats off of it anyway.

So, Thanksgiving is here at our San Antonio home – and the smoked whole turkey from Granzin's in New Braunfels is in the bottom of the refrigerator this very minute, to be served up with the side dishes that I posted about last year  . . .  and the very next day, we will need to get cracking on home-made Christmas cookies; another family tradition for which my mother is famous.

Her favorite cookie recipe came from one of those Pillsbury giveaway cookbooks, of which she had a large collection, before they were all burnt in the 2003 fire. This one cookbook was worn to shreds, as well as being liberally splashed with vanilla, smears of butter and sprinkles of flour, sugar and other ingredients. Fortunately, before it was lost entirely, my mother had transcribed the recipe for a local art association cookbook – which is a boon to all mankind, as the cookies are excellent and buttery, and there are a number of variations that can be made with very little trouble to the basic recipe.

Mom's Christmas Butter Cookies – Basic Recipe

Sift together: 2 ½ c. flour
1 tsp soda
1 tsp cream of tartar
¼ tsp salt
Cream together with electric mixer:
1 c butter
1 ½ c. powdered sugar
Add: 1 unbeaten egg
1 Tbsp vanilla
When well-blended, add the dry ingredients. This makes the basic cookie dough, which must be chilled before forming, and baked on an ungreased cookie sheet or parchment paper at 400°.

Variations -
Snowballs: Stir in 1 ½ c. finely chopped walnuts, chill and then shape into small walnut-sized balls. Bake at 400° for 8-10 minutes, and roll warm cookies in powdered sugar.

Cinnamon Balls: Shape plain chilled dough into walnut-sized balls, and roll in ¼ c. sugar mixed with 2 tsp, cinnamon. Bake at 400° for 5-8 minutes

Chocolate Rolled Cookies: add 2 ounces of unsweetened melted chocolate to basic dough. Chill, roll out and cut into shapes. Spread half of the cookies with a frosting of your choice (Mom always favored peppermint-flavored), and top with remaining cookies to make a sandwich cookie.

Fruit/Nut Balls: Add 1 Tbsp. grated orange peel, 2 Tbsp orange juice, ½ c. mixed candied fruit, and 1 c. chopped nuts. Chill, shape into walnut-sized balls and bake at 400° 5-8 minutes.

Jelly or Chocolate Balls: Form chilled dough into walnut-sized balls. Use the end of a wooden spoon to make hole into the top of each. Fill the indentation with jelly (apricot, currant or raspberry) or melted semi-sweet chocolate. Bake 4-5 minutes.

October Existing-Home Sales Rise, Unsold Inventory Continues to Decline

For more information, contact:

Walter Molony 202-383-1177 wmolony@realtors.org

Washington, DC, November 21, 2011 Existing-home sales improved in October while the number of homes on the market continued to decline, according to the National Association of Realtors®.

Total existing-home sales¹, which are completed transactions that include single-family, townhomes, condominiums and co-ops, rose 1.4 percent to a seasonally adjusted annual rate of 4.97 million in October from a downwardly revised 4.90 million in September, and are 13.5 percent above the 4.38 million unit level in October 2010.

Lawrence Yun, NAR chief economist, said the market has been fairly steady but at a lower than desired level. “Home sales have been stuck in a narrow range despite several improving factors that generally lead to higher home sales such as job creation, rising rents and high affordability conditions. Many people who are attempting to buy homes are thwarted in the process,” he said.

“A higher rate of contract failures has held back a sales recovery. Contract failures² reported by NAR members jumped to 33 percent in October from 18 percent in September, and were only 8 percent a year ago, so we should be seeing stronger sales,” Yun added.

Contract failures are cancellations caused by declined mortgage applications, failures in loan underwriting from appraised values coming in below the negotiated price, or other problems including home inspections and employment losses. “Other recent factors include disruption in the National Flood Insurance Program, and lower loan limits for conventional mortgages, which paradoxically force some of the most creditworthy consumers to pay unnecessarily higher interest rates,” Yun said.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to a record low 4.07 percent in October from 4.11 percent in September; the rate was 4.23 percent in October 2010.

NAR President Moe Veissi, broker-owner of Veissi & Associates Inc., in Miami, said consumers can increase their odds of obtaining a mortgage by being aware of how credit scores are determined. “If you want to get a mortgage, don’t buy a car or take on new installment debt or credit cards,” he said.

“Pay all your bills on time, maintain old credit lines and don’t use more than 30 percent of your credit limit. Realtors® can help you understand the issues surrounding access to affordable credit, in addition to helping you find the right home and negotiate terms,” Veissi said.

An ongoing positive trend is a steady decline in the number of homes on the market. Total housing inventory at the end of October fell 2.2 percent to 3.33 million existing homes available for sale, which represents an 8.0-month supply³ at the current sales pace, down from an 8.3-month supply in September. Inventories have been trending gradually down since setting a record of 4.58 million in July 2008.

The national median existing-home price⁴ for all housing types was $162,500 in October, which is 4.7 percent below October 2010. Distressed homes – foreclosures and short sales typically sold at deep discounts – slipped to 28 percent of sales in October from 30 percent in September (17 percent were foreclosures and 11 percent were short sales); they were 34 percent in October 2010.

“In some areas we’re hearing about shortages of foreclosure inventory in the lower price ranges with multiple bidding on the more desirable properties,” Yun said. “Realtors® in such areas are calling for a faster process of getting foreclosure inventory into the market because they have ready buyers. In addition, extending credit to responsible investors would help to absorb inventory at an even faster pace, which would go a long way toward restoring market balance.”

All-cash sales accounted for 29 percent of purchases in October, little changed from 30 percent in September and 29 percent in October 2010; investors make up the bulk of cash transactions.

Investors purchased 18 percent of homes in October, compared with 19 percent in September and 19 percent in October 2010. First-time buyers accounted for 34 percent of transactions in October, up from 32 percent in September; they were 32 percent in October 2010.

Single-family home sales increased 1.6 percent to a seasonally adjusted annual rate of 4.38 million in October from 4.31 million in September, and are 13.8 percent higher than the 3.85 million-unit pace one year ago. The median existing single-family home price was $161,600 in October, which is 5.8 percent below October 2010.

Existing condominium and co-op sales were unchanged at a seasonally adjusted annual rate of 590,000 in October but are 10.5 percent above the 534,000-unit level in October 2010. The median existing condo price⁵ was $160,300 in October, down 1.5 percent from a year ago.

Regionally, existing-home sales in the Northeast fell 5.1 percent to an annual level of 750,000 in October but are 1.4 percent above October 2010. The median price in the Northeast was $224,400, down 5.5 percent from a year ago.

Existing-home sales in the Midwest rose 2.8 percent in October to a pace of 1.10 million and are 19.6 percent higher than October 2010. The median price in the Midwest was $132,800, which is 4.7 percent below a year ago.

In the South, existing-home sales increased 2.1 percent to an annual level of 1.94 million in October and are 14.1 percent above a year ago. The median price in the South was $145,700, down 1.6 percent from October 2010.

Existing-home sales in the West rose 4.4 percent to an annual pace of 1.19 million in October and are 15.5 percent higher than October 2010. The median price in the West was $207,500, which is 1.6 percent below a year ago.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

# # #

NOTE: NAR also tracks monthly comparisons of existing single-family home sales and median prices for select metropolitan statistical areas, which is posted with other tables at: www.realtor.org/research/research/ehsdata. For information on areas not included in the report, please contact the local association of Realtors®.

¹Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings. This differs from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which generally account for 85 to 90 percent of total home sales, are based on a much larger sample – more than 40 percent of multiple listing service data each month – and typically are not subject to large prior-month revisions.

The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.

Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.

Benchmark Revisions: All major statistical data series go through periodic reviews and revisions to ensure that sampling and methodology keep up with changes in the market, such as population changes in sampled areas, to ensure accuracy. NAR began its normal process for benchmarking sales at the beginning of this year in consultation with government agencies, outside housing economists and academic experts.

There will be no change to median prices or months-supply of inventory. Although there will be downward revisions to sales volume and unsold inventory, there will be no notable change to previous characterizations of the market in terms of sales trends, monthly percentage changes, etc.

In the past NAR has benchmarked to the decennial Census, most recently to the 2000 Census, because it included home sales data. However, the data are no longer included in the Census, so we’ve had to develop a new approach using an independent source to improve methodology and to permit more frequent revisions.

Preliminary data for the new benchmark will undergo broad review shortly by professional economists and government agencies. After any issues that may surface in the review process are addressed, we will update monthly seasonal adjustment factors and publish revisions.

² Contract failures, all-cash transactions, investors, first-time buyers, and distressed sales are from a monthly survey for the Realtors® Confidence Index, posted at Realtor.org.

³Total inventory and month’s supply data are available back through 1999, while single-family inventory and month’s supply are available back to 1982 (prior to 1999, condos were measured quarterly while single-family sales accounted for more than 90 percent of transactions).

⁴The only valid comparisons for median prices are with the same period a year earlier due to the seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if more data is received than was originally reported.

⁵Because there is a concentration of condos in high-cost metro areas, the national median condo price often is higher than the median single-family price. In a given market area, condos typically cost less than single-family homes.

The Pending Home Sales Index for October will be released November 30, and existing-home sales for November is scheduled for December 21. The Commercial Real Estate Outlook and market report for the 3rd quarter will be published November 28; all release times are 10:00 a.m. EST.

Information about NAR is available at www.realtor.org. This and other news releases are posted in the News Media section. Statistical data in this release, other tables and surveys also may be found by clicking on Research.

REALTOR® is a registered collective membership mark which may be used only by real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS® and subscribe to its strict Code of Ethics. Not all real estate agents are REALTORS®. All REALTOR® are members of NAR.