Tag Archives: Home Prices

New home sales jumped 5.7 percent in September to a seasonally adjusted average annualized rate of 389,000, the highest rate since April 2010, 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 385,000. The month-to-month sales improvement was the strongest since February, when sales improved 27,000, or 8.0 percent. While sales numbers improved, both the median and average sales price of a new home dropped.

Home values in the United States rose 1.3 percent in the third quarter, marking the fourth straight quarter of increases.

In a webinar hosted by the NAHB, economists discussed the housing recovery, what's keeping it going, and what may throw it off course.

As national home sales and prices showed mixed results for September, Florida's market posted higher sales, higher pending sales, higher median prices, and a slightly down inventory for the month. Statewide closed sales of existing single-family homes totaled 15,643 in September, up 2 percent year-over-year. Meanwhile, pending sales rose 40.1 percent in the same period to 21,368. The statewide median sales price for single-family homes was $145,000 in September, up 7.4 percent from a year ago.

The housing sector hit a speed bump in September as existing home sales dipped, the National Association of Realtors revealed Friday. The association reported existing home sales fell 1.7 percent to a seasonally adjusted annual rate of 4.75 million, the first decline in three months. The median price of an existing home dipped 0.5 percent or $1,000 from August to $183,900, but is up 11.3 percent ($18,600) from September 2011, the strongest year-over-year dollar increase since January 2006.

In its October Economic Outlook report, Fannie Mae's Economic & Strategic Research Group pointed to financial and policy issues in the U.S. and abroad as looming challenges that could restrain meaningful economic growth in 2012. While the outlook on the economy was uncertain, the assessment for the housing market was more stable. Chief economist Doug Duncan said various indicators show "continued momentum toward a sustainable, long-term recovery," particularly the upward trend in home prices.

The median sales price for homes sold in September continued to move higher yearly and monthly while sales stalled from August, according to a housing report from RE/MAX, which tracks MLS data in 52 metropolitan areas. The median sales price in September was $164,989, a slight 0.7 percent increase from August and a 7.8 percent improvement from September 2011. So far, prices have been rising yearly for eight straight months.

A study released by Interest.com shows homes are only truly affordable in about half of the nation's major cities.

The California Association of Realtors (C.A.R.) continued to report a shortage of inventory in September, which is limiting home sales but seems to be pushing up median home prices. According to C.A.R., the median home price in California is now at the highest level in more than four years. Sales, on the other hand, fell in September, sinking 5.2 percent from a revised 510,910 in August and declined 1.2 percent from a revised 490,280 a year ago.

As the market recovers, Berkery Noyes anticipates more volume in originations and greater need for alliances between mortgage and tech companies.