Tag Archives: Home Prices

Economic growth isn't looking good for the rest of the year, according to Fannie Mae's Economic & Strategic Research Group. According to the GSE's most recent Economic Outlook report, downside risks such as the European debt crisis, the fast-approaching fiscal cliff, and the recent slowdown in hiring have created a drag on the second quarter's modest economic growth. Fannie Mae is setting growth expectations to 1.8 percent, a slight increase from Q2, but under Q1's projected 2.0 percent pace.

Beating summer expectations, August home prices ticked up 5 percent across 19 major U.S. markets in what real estate broker Redfin called an "indicator of a housing market getting stronger." According to the broker, home sales went up 1.4 percent year-over-year, eclipsing a 2.5 percent decline in July. Home sales increased from 26.7 percent to 27.6 percent last month. Of major U.S. cities, prices in Phoenix went up by 31 percent year-over-year. Home prices meanwhile fell 4 percent from August last year.

Home prices ticked up by 0.9 percent year-over-year, according to Lender Processing Services. The Florida-based analytics and technology provider revealed that prices also rose by 0.7 percent month-over-month. Home values climbed by $203,000 on average, reflecting a 0.7-percent uptick from $202,000 last year. By state, California saw home prices ratchet up by 0.7 percent, with Texas dipping by 0.1 percent. Florida, New York, and New Jersey all saw increases by 1.3 percent, 1.7 percent, and 1.2 percent, respectively.

Homes are spending less time on the market as supply conditions tighten, according to a report from the National Association of Realtors released Wednesday. The median time homes stayed listed was down 29.6 percent to 69 days in July compared to 98 days in July 2011. While the overall median is down, the report stated one in five homes bought in July stayed on the market for at least six months. At the current sales pace, it would take 6.4 months to clear the supply of homes available as of the end of July, a 31.2 percent decrease from a year ago when there was a 9.3-month supply.

The September data release from Clear Capital heralds good news for home pricing around the country. According to the company's Home Data Index Market Report, national price improvements observed through the end of summer mark four consecutive months of year-over-year gains. U.S. home pricing rose by 2.9 percent on a year-over-year basis to end August, and Clear Capital noted that the recorded growth "on this non-seasonally influenced metric shows fundamental strength fueling gains, rather than a boost from the summer buying season."

Home prices in July saw the biggest nationwide year-over-year increase since August 2006, CoreLogic reported Tuesday. According to the company's July Home Price Index (HPI), home prices-including distressed sales-increased year-over-year by 3.8 percent in July. On a month-over-month basis, prices increased 1.3 percent from June. July marked the fifth consecutive increase in home prices on both a monthly and yearly basis. Only 23 metro areas fell year-over-year.

Home prices rose 6.9 percent in the second quarter, according to the Case-Shiller Index compiled by Standard & Poor's, the strongest quarter-over-quarter gain since the index began in 1987, S&P reported Tuesday. Separately, the monthly 10- and 20-city index rose 2.2 percent and 2.3 percent respectively in June, S&P said. The two indexes were up 0.1 percent and 0.5 percent respectively in the last year, the first year-year gains in the monthly measures since September (20-year) and October (10-year) 2010.

After seeing some of the worst of the housing crash, Florida is continuing its steady bounce back, Florida Realtors reported Wednesday. According to the group, the Sunshine State saw increases in pending sales, closed sales, and median prices in July, while inventory of homes and condos for sale dropped. Closed sales of existing single-family homes in the state totaled 17,420 in July, a 9.8 percent year-over-year increase. The statewide median sales price for single-family homes was $148,000, up 7.8 percent year-over-year.

New home sales regained all the ground they lost in June, jumping by 13,000 to an annualized rate of 372,000 in July, the Census Bureau and HUD reported Thursday. Economists surveyed by Bloomberg expected the report to show a sales pace of 362,000. Sales for June were revised up to 359,000 from the originally reported 350,000. Both the median and average sales price of a new home though dropped month-over-month and year-over-year according to the report, each falling to the lowest level since January.

Existing homes sale rose to an annual rate 4.47 million in July, the National Association of Realtors reported Wednesday. Economists had expected the sale pace to be 4.51 million. Economists had expected the sale pace to be 4.51 million. The median price of an existing home though fell in July for the first time since January. The median price of an existing home fell $1,500, 0.8 percent, from June to $187,300. The median price was up year-over-year for the fifth straight month in July.