Tag Archives: Demand

Home prices were up 6.3 percent year-over-year in October, according to CoreLogic's most recent Home Price Index (HPI) report. The rise represents the biggest yearly increase since June 2006 and marks the eighth consecutive month in which prices rose on an annual basis. October's strength is expected to carry into November, as well. The CoreLogic Pending HPI shows that November prices (including distressed sales) are anticipated to rise about 7.1 percent year-over-year.

Mortgage applications went into the holiday season with a strong start, according to data from the Mortgage Bankers Association (MBA).

A recently released study shows that a vast majority of consumers would consider looking to non-banks for their next mortgage.

New home sales barely budged in October, dropping 0.3 percent to 368,000 after September's report was revised sharply downward from an original 389,000 to 369,000 the Census Bureau and Department of Housing and Urban Development reported Wednesday. Economists surveyed by Bloomberg expected the report to show a sales pace of 387,000. Even with the slow growth in October, sales are up 17.2 percent from October 2011. However, the year-over-year gain was weaker than the 25.3 percent annual growth reported for September.

According to Fannie Mae, the fundamentals are set in place for a solid housing recovery. The GSE revised its housing forecast for this year and the next to reflect changes made in the housing market, including low interest rates, rising prices, and a healing labor market. Analysts for the company also note that there is an upside risk to their forecast, as "pent-up demand amid stronger household formation may result in stronger housing activity next year" than what's expected.

According to Redfin's Real-Time Home Price Tracker for October 2012, home sales increased 9.8 percent across 19 major U.S. markets from September to October, an unusual gain in a month that commonly sees monthly declines of at least 5 percent. Prices also increased in October, though on a more modest scale. The tracker reported price increases of 8.4 percent year-over-year and 0.4 percent month-to-month. Seventeen of the 19 cities covered in the report saw higher prices than in 2011.

Builder confidence continued its march to "break-even," with the Housing Market Index (HMI) climbing five points in November to 46.

Weathering Hurricane Sandy, sales of existing homes increased in October, the National Association of Realtors reported Monday. Total existing-home sales rose 2.1 percent to a seasonally adjusted annual rate of 4.79 million in October from a downwardly revised 4.69 million in September. September sales were originally reported at 4.75 million. October home sales are up 10.9 percent over October 2011. The median price of an existing single-family home was $178,600 in October, 11.1 percent ahead of the median price in October 2011, $160,300.

The housing market may close out the year with a whimper, according to data in Redfin's Real-Time Demand Pulse for November.