Tag Archives: For-Sale Homes

U.S. property values went into spring continuing the growth trend that started a year ago, according to FNC's Residential Price Index (RPI) for February. The index, based on recorded sales of non-distressed properties (both new and existing homes) in the 100 largest metropolitan statistical areas (MSAs), recorded a 28-month high after rising for 12 consecutive months. Yearly, the index was up 6.1 percent--its fastest gain since July 2006. Month-over-month, the index was up 0.2 percent.

The seasonal surge in home sales combined with another drop in listings to further drive up prices in March, Redfin observed in its latest Real-Time Price Tracker.

While rapid price gains have some analysts issuing warnings about a housing bubble in the making, newly released reports argue that a repeat of the 2008 crash is unlikely.

While inventory shortage has created myriad problems for buyers, they're apparently undeterred from their home searches, according to data from Redfin. The brokerage's Real-Time Demand Pulse for April (which examines March data) shows strong monthly gains in the number of Redfin customers touring homes and in the number of signed offers being made, indicating potential pickups in April and May sales. Redfin analyst Tim Ellis noted the struggle to find new listings "only seems to be strengthening the resolve of today's buyers."

Markets around the country suffered from inventory shortage in February, and Connecticut was no exception, according to data from the Warren Group.

Home sales for Massachusetts stood at 2,246 in February, down 5 percent from 2,366 sales in February 2012. According to The Warren Group, the yearly decline was the first in the state since December 2011.

New home sales fell 4.6 percent to a seasonally adjusted annual rate of 411,000 in February, the sharpest drop in two years, the Census Bureau and HUD reported Tuesday. Economists surveyed by Bloomberg expected a smaller drop to 425,000 from January's originally reported sales of 437,000. January sales were revised down to 431,000. The sharp drop in sales combined with a steep price increase suggests builders are facing some price pushback from buyers for new homes even as supplies of existing single-family homes remain at historic lows.

Veros' future home price index (HPI) forecast projects significant strengthening and improvement across most markets.

One of the most interesting results of poring through economic data reports is that the details often tell a different story than the headline. Coverage of the recent report on housing permits and starts, for example, was dominated by the increases in both metrics, suggesting a revival of the housing sector, a response some analysts suggested is due to tight inventories of existing-single family homes on the market. However, a closer look revealed a more important phenomenon.

Prices rose in February for the 11th straight month as markets across the country picked up speed, according to Redfin's Real-Time Price Tracker.