Home >> Tag Archives: For-Sale Homes (page 6)

Tag Archives: For-Sale Homes

Price Gains Strong in May, Growth Expected to Fade

Zillow expects prices will continue their upward trajectory in the short-run with a 4.1 percent increase over the following 12 months. However, as inventory increases and interest rates rise, "some demand may also ebb," said Stan Humphries, Zillow's chief economist. These predictions prompted the economist to advise, "Enjoy it while it lasts, because the housing market will undoubtedly look very different a few years down the road from how it appears now."

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Prices, Sales Remain Hot as Summer Starts

Prices shot up in May even as for-sale inventory showed signs of recovery, according to Redfin's Real-Time Price Tracker. According to the brokerage's findings, home prices came in 4.3 percent higher month-over-month and 17.4 percent higher year-over-year in May (to a median $208 per square foot). Eighteen of the 19 markets measured by Redfin saw monthly improvement in prices (Austin being the exception), and all 19 reported yearly increases. Once again, the West proved strongest.

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Inventory Levels Continue to Grow in May

According to Redfin, listings increased 4.2 percent in May, adding to April's 6.4 percent growth. While total inventory was still down 22 percent year-over-year in May, that was still an improvement compared to January's 32 percent annual drop. Some markets are already ahead of the curve: Phoenix turned in a 14.1 percent year-over-year increase in May, while Chicago came in 0.4 percent ahead of last year. On the other hand, markets like Los Angeles and Boston still have a ways to go.

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Builder Confidence Surges to 7-Year High in June

Builder confidence surged eight points in June to 52, its highest reading since March 2006, the National Association of Home Builders (NAHB) reported Monday. It was the first positive (above 50) reading for the association├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós Housing Market Index (HMI) since April 2006. Two of the three components of the index--builder assessment of current sales and of sales six months in the future--were also positive. The current sales index rose eight points to 56, and the future sales index jumped nine points to 61.

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