Tag Archives: Home Prices

Existing-home sales rose a solid 4.2 percent in May to an annual sales rate of 5.18 million, the highest level since November 2009, the National Association of Realtors (NAR) reported.

Both home sales and prices rose at double-digit rates above May 2012, and inventory is showing signs of stability, RE/MAX reported.

Improvements in housing and labor lifted Deloitte's Consumer Spending Index for May, the company reported. The index, which comprises four components--tax burden, initial unemployment claims, real wages, and real home prices--rose to a reading of 4.27 from April's 4.12. The index tracks consumer cash flow as an indicator of future spending. Three out of the four components contributed to May's uptick, according to Daniel Bachman, senior U.S. economist for Deloitte.

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.

FNC's Residential Price Index shows prices rose 0.7 percent month-over-month in April, the largest acceleration since June 2012.

While experts at Capital Economics don't believe the recent rise in mortgage rates will be enough to derail the recovery entirely, it does bring some difficulties with it.

While fiscal headwinds have held back economic growth, Fannie Mae maintains in its newest outlook that the recovery should pick up the pace in the year's second half.

The overall number of listings on Zillow was down 12.2 percent year-over-year at the start of June, an improvement from the 17.5 percent shortfall recorded in January.

Significant improvements in home values helped lift 850,000 borrowers out of negative equity in the first quarter, CoreLogic reported. Overall, 9.7 million borrowers, or 19.8 percent of all residential mortgages, were underwater in the first quarter of 2013, down from 10.5 million, or 21.7 percent of all mortgages, according to the data provider's estimate.

Redfin agents reported 69.5 percent of offers written in May faced competition, a decrease from 73.3 percent in April.