Bloomberg News

MAY 20, 2013 10:45am ET

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Home sales probably rose in April to the highest level in more than three years, extending gains in residential real estate that are giving the U.S. expansion a lift, economists said before reports this week.

Combined purchases of new and existing residences climbed to a 5.41 million annualized rate last month, the highest since November 2009, according to the median forecast of economists surveyed by Bloomberg ahead of figures from the National Association of Realtors and the Commerce Department. Other data may show orders to manufacturers improved after slumping in March by the most in seven months.

Housing is a source of strength as borrowing costs near record lows and increasing employment help rebuild confidence, spur demand, stabilize prices and boost household wealth. Federal Reserve Chairman Ben Bernanke, who will testify before Congress this week on the economic outlook, can point to the real estate rebound as evidence that policy makers’ efforts are gaining traction even as areas such as manufacturing cool.

“Housing is a very clear bright spot,” said Tim Quinlan, an economist at Wells Fargo Securities LLC in Charlotte, N.C. “It’s probably going to be a nice tailwind for us for the foreseeable future.”

The central bank is helping boost the housing market with $40 billion a month in mortgage bond purchasing that is helping hold down mortgage rates.

Bernanke will testify before the Joint Economic Committee on May 22, and may provide clues as to whether he sees the Fed making enough progress toward its goal of substantial improvement in the labor market to warrant reducing stimulus.

Minutes of Fed policy makers’ two-day meeting that ended May 1, in which officials said they were prepared to raise or lower bond purchases as dictated by economic conditions, will be out the same day.

The projected pace of total home sales last month would be the highest since a tax credit for first-time homebuyers first expired in November 2009. It would be the third-highest since August 2007, four months before the start of the last recession.

Purchases of previously owned homes climbed to a 4.98 million annualized rate in April, also the highest since November 2009, according to economists’ projections. The National Association of Realtors’ report is due May 22.

Sales of newly built houses picked up to a 425,000 annualized rate, a three-month high, according to the median forecast in a Bloomberg survey of economists ahead of a May 23 report from the Commerce Department.

“Housing has got the wind at its back,” said Jonathan Basile, a U.S. economist at Credit Suisse Holdings USA in New York. “It makes you wonder how much longer does the Fed really have to keep the training wheels on the housing market.”

Building permits increased 14.3% to a 1.02 million annualized rate in April, the highest level since June 2008, the Commerce Department reported last week, as builders looked to redress the low number of homes on the market.

The growth has increased demand for lumber and other supplies, leading to shortages in some areas, according to a survey from the National Association of Homebuilders last week.

Suppliers including Weyerhaeuser Co. and Associated Materials LLC are seeing increased demand for building materials. As more jobs are created, more people are forming households and buying properties, Weyerhaeuser economist Don Haid said.

“Growth in the housing sector is helping energize the overall economy,” Haid said at a May 10 conference. “Inventories are way down and that’s energized prices. We’ve seen significant upward movement in both new and existing home prices.”

Construction company shares are benefiting from the rebound in housing. The 11-member Standard & Poor’s Supercomposite Homebuilding Index, which includes Lennar Corp. and PulteGroup Inc., has climbed 23.5 percent so far this year. By comparison, the broader S&P 500 Index is up 16.9%.

Gains in construction are giving a lift to factories that may limit the damage to manufacturing from weaker global demand and federal budget cuts.

Reports last week showed manufacturing unexpectedly contracted in May in the regions covered by the Federal Reserve Banks of Philadelphia and New York. Industrial production declined 0.5% in April, the most in eight months, according to other Fed figures.

 Daily News | Page E3

DestinHomes.com  850.259.1625  Andrea@DestinHomes.com

Andrea Farrell is Number One Realtor for Destin & the Emerald Coast As of yesterday,  Andrea Farrell of Beachy Beach Destin Real Estate is number ONE in Combined Residential SALES for all of Destin and the surrounding   Emerald Coast, according to statistics made available by the Emerald Coast Association of Realtors. Not that we are surprised, we hand picked Andrea to be one of the founding agents

for our Beachy Beach Destin offi ce for her big heart and her BIG work ethic.  Andrea has been a Real Estate veteran for well over a decade and has been excelling  t it ever since. Her success is fueled by her passion for sharing Destin’s beaches and her even BIGGER passion for her customers.  Her tenacity and desire to be the best is what makes her a perfect fi t for our Beachy Beach crew, as their taste for excellence is insatiable.

In addition to doing BIG NUMBERS (over 13 million and counting so far this year), Andrea has a BIG HEART. Andrea is an avid supporter of Autism Awareness, which is fi tting since April is Autism

Awareness month, and encourages you to support your local organizations like the Emerald Coast Autism Center, where she won a YOLO board at their recent auction. And according to her words, “It’s hard to do in heels…so everyone is welcome to borrow it.”

Andrea is also a big supporter of the quest for a cure for Cystic Fibrosis, in fact you can join her and her Destin comrades for the Great Strides Walk on April 20th.

To get a hold of Andrea, you can reach her at 850-259-1625, andrea@destinhomes.com, or fi nd her on Facebook. If you are in the Destin area, stop by the new BEACHY BEACH DESTIN offi ce located at 200 Calusa Blvd, Ste 100 right next door to Destin Plastic Surgery Center.

“For Those Who Expect More”

Lovingly,

Andrea Farrell

Cute, cute, cute! This beautiful beach cottage located in Destin’s lovely Crystal Beach, just sold last week! I know the new owners are going to greatly enjoy their own private pool, wrap around porch, and balcony. Their new home is just a short walk to the beach and is conveniently located to all of Destin’s fun and attractions! If you would like to own your own piece of paradise, please call me!!!

Andrea Farrell~~~Realtor

(850) 259 – 1625

Beachy Beach Real Estate

200 Calusa Blvd., Suite 100, Destin, FL  32541

Price reduced! Beautiful, Award Winning Beach Home built by Dixon Kazek Fine Homes. The Emerald Palace is a perfect vacation rental or 2nd home! Professionally decorated and furnished, this home has water views from both the front and back! Each room has a private balcony overlooking Lake Destiny from the rear and fronting the sugar white beaches of the Gulf of Mexico! This lovely Mediterranean style home is located just across the street from the gorgeous Destin beaches! For your own private showing, please contact me. This fabulous Destin Beach Home is priced to SELL!

Andrea Farrell~~Realtor

(850) 259-1625

Beachy Beach Real Estate

200 Calusa Blvd. Suite 100, Destin, FL  32541

Custom Built, beautiful Mediterranean Courtyard style home located in the prestigious gated community of Destiny East! From the top floor, take in glimpses of the Gulf of Mexico and Lake Destiny. This lovely villa has only had one owner. While it has never been rented, this would make a fantastic vacation rental investment! Just a short walk or golf cart ride from Destin’s sugar white beaches! Call me for your private showing and fall in love with the artful and uniquely special home!

Andrea Farrell~~~Realtor

(850) 259-1625

Beachy Beach Real Estate

200 Calusa Blvd. Suite 100, Destin, FL, 32541

This beautiful Mediterranean style home was just listed for sale today. Located in the exclusive Destiny East neighborhood, it is sure to please any buyer. Boasting a relaxing pool & patio area, private pool house with guest quarters, and an open, spacious floor plan, the family will love living and playing here! Just across from the sugar white Destin beaches, this home is centrally located to all of the local attractions and activities. For a private showing of this spectacular home, please call me. Don’t wait too long though…this one won’t last on the market for long!!!

Andrea Farrell ~~~ Realtor

(850) 259-1625

Beachy Beach Real Estate

200 Calusa Blvd. Suite 100, Destin, FL, 32541

Andrea Farrell

850-259-1625

Beachy Beach Destin Real Estate

200 Calusa Blvd. Suite 100

Destin, FL 32541

http://www.travelchannel.com/interests/beaches/photos/2013-best-beach-winners?page=2

http://www.nwfdailynews.com/local/okaloosa-walton-ranks-third-nationally-in-growth-rate-1.111218

Warm regards,

Andrea Farrell, Realtor

850-259-1625

Beachy Beach Destin Real Estate

200 Calusa Blvd. Suite 100, Destin, FL, 32541

Check out this Great Destin Rental Property!!! Located in the highly desirable Villages of Crystal Beach, this home offers all of features of a perfect Beach Getaway! For a private showing and personal tour, call me!!!

Andrea Farrell~~~Realtor

(850) 259-1625

Beachy Beach Real Estate

200 Calusa Blvd. Suite 100, Destin, FL, 32541