Tag Archives: Home Prices

A survey of economists conducted by Pulsenomics and published by Zillow shows high hopes for home prices in 2013 and beyond.

The Pending Home Sales Index (PHSI) increased for the third straight month in November, improving 1.7 percent to 106.4, the National Association of Realtors reported Friday. Economists had expected a slightly fast, 1.8 percent increase to 106.7. [IMAGE] The index, the NAR said, is at its highest level since April 2010.

New home sales jumped 4.4 percent in November to 377,000, the highest level since April 2010, the Census Bureau and HUD.

Home prices fell in October for the first time since March according to the monthly Case Shiller Home Price Index.

After five years of cumulative losses, home values will finally post their first annual gain, according to data from Zillow. The calculations show homes are expected to gain $1.3 trillion in cumulative value for 2012, the largest gain since 2005 and the first annual increase since 2006, Zillow reported. The company expects the year-end total to reach $23.7 trillion, which is a 6 percent increase from last year's total. In 2011, the cumulative loss in home values was $792 billion compared to 2010.

No matter how foggy the haze is, economists typically dust off their crystal balls in December. However economic forecasts too often involve driving by looking in a rear-view mirror. Because housing is a unique expenditure--combining elements of investment and a service--it depends on a variety of elements. The biggest question mark over the housing picture, though, is the fiscal cliff and the on-again, off-again negotiations to avoid a national financial calamity.

On a monthly basis, home values inched up by 0.6 percent to $156,200 in November, according to Zillow's Home Value Index. Compared to November 2011, home values have increased by 5.2 percent, which is the biggest yearly gain since August 2006. Twenty-six of the 30 largest metros tracked by Zillow registered yearly gains. Not surprisingly, Phoenix led with a 23.2 percent increase. The metro was followed by San Jose (+13.4 percent), San Francisco (+12.1 percent), Las Vegas (+11 percent), and Denver (+10.8 percent).

Existing-home sales rose 5.9 percent in November to a seasonally adjusted annual rate of 5.04 million, the highest level since November 2009, the National Association of Realtors reported Thursday. Economists had expected the sales pace to improve to 4.9 million. The increase in sales in November was the fourth in the last six months, following a similar pattern from 2011. According to the NAR's data, November existing-home sales--closed transactions--were up 14.5 percent from one year earlier.

After rising economic growth in the third quarter, overall economic growth is expected to decline this quarter and in early 2013, according to Fannie Mae. However, the GSE anticipates further strengthening in the housing market. Economists anticipate economic growth of less than 2 percent for the first half of 2013 followed by more accelerated growth for the remainder of the year. However, while the overall economy remains dismal, Fannie's economists finds a bright spot in the housing market.

Even as the market heads into its slow season, sales numbers continued to stand well above their year-ago level in November, according to RE/MAX's latest National Housing Report. The report shows home sales were up 15.7 percent year-over-year in November, the second highest annual increase this year. Prices also rose: The median price for homes sold in November was $163,750, 3.6 percent higher than October and 6.9 percent higher than November 2011. November is the 10th straight month to experience year-over-year price gains.