Tag Archives: Home Prices

Downturns in economic confidence hasn├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ót shaken consumers├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ó optimism in the housing market, Fannie Mae├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós National Housing Survey for June showed. According to the survey, the average home price expectation rose to 2 percent in June, up 0.6 percent from May and the highest recorded value since the survey began two years ago. In addition, 35 percent of respondents expect that home prices will go up in the next year, the highest level recorded since the survey├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós inception. Thirty-seven percent of respondents said they think mortgage rates will go up in the next 12 months.

For the third month in a row, home prices posted both yearly and monthly gains, according to CoreLogic's May Home Price Index report. When including distressed sales, home prices increased 2 percent in May 2012 from May 2011 and moved up by 1.8 percent month-over-month. When excluding distressed sales, prices made even greater strides, with the year-over-year increase at 2.7 percent and month-over-month increase at 2.3 percent. Distressed sales include short sales and REO transactions, according to CoreLogic.

April marked the second consecutive month of monthly home price gains but posted a 2.4 percent decline year-over-year, according to FNC├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós Residential Price Index. However, FNC notes that the yearly decline ├â┬ó├óÔÇÜ┬¼├àÔÇ£marks the slowest pace of price declines since the housing crash.├â┬ó├óÔÇÜ┬¼├é┬Ø FNC, an appraisal technology provider, recorded a 0.6 percent price increase in April based on prices in the 100 largest metropolitan areas. FNC relies on public records and real-time appraisals of neighborhoods and properties. Some cities to experience declines in April do not appear to be anomalous.

The Case-Shiller Home Price Indexes rose for the first time in eight months in April. The 10- and 20-city indexes each rose 1.3 percent to the highest levels this year. Year-over-year, the 10-city index was down 2.2 percent and the 20-city index off 1.9 percent, both improvements from March. Prices improved month-over-month in all but one of the 20 cities tracked by Case-Shiller; prices fell 3.6 percent in Detroit. Prices were up year-over-year in 10 of the 20 cities. Economists had expected declines in the 20-city.

Experts surveyed by Zillow expect home prices to decline slightly in 2012, and predict they will bottom in 2013, according to the June 2012 Zillow Home Price Expectations Survey. The survey included 114 respondents with backgrounds ranging from economists, real estate experts, and investment and market strategists. The respondents├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ó June prediction for home prices is that they will fall 0.4 percent in 2012, and then rise by 1.3 percent in 2013. In 2014, they expect home prices to rise by 2.5 percent, then rise by 3 percent in 2015.

New home sales jumped to 369,000 in May - the highest level since April 2010 - as the median and average home prices both fell, the Census Bureau and HUD said jointly Monday. Economists had expected sales to reach 350,000 from the prior month's 343,000. Sales increased 7.6 percent month-over-month, marking the first increase in three months, and were up 19.8 percent since May 2011. The median price of a new single-family home fell for the third straight month, dropping to $234,500, the lowest level since February.

Existing home sales dropped to 4.55 million in May while the median price of an existing home rose to $182,600, the National Association of realtors reported Thursday. The decline in the seasonally adjusted annual rate of sales was the third in the last four months and steeper than expected. Despite the month-over-month decline, existing-home sales continue a steady, longer-term increase. Sales have averaged 4.574 million in the last five months, compared with 4.358 million in the previous five months and 4.274 million last year.

Renters and first-time homebuyers want more amenities in their first homes and generally feel a sense of optimism that outpaces the reality in a slowly recovering housing market ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô a disconnect that could set the stage for the next housing crisis. Those are the findings that real estate company Trulia unveiled in an American Dream survey it released Wednesday. Of 86 markets in the 100 largest metro areas, 61 percent, or nearly two-thirds, of Americans believe that home prices will rise over the next year, according to the company.

While other experts and analysts have concluded home prices are on the rise and the recovery is under way, Radar Logic released a report challenging the upbeat viewpoint. The argument made by Radar Logic is that as buyers absorb the supply of homes for sale in certain markets and prices start to stabilize as a result, home owners who have been waiting on the sidelines to sell will do so once prices start to improve. This will increase supply once again, and home prices will stop appreciating as supply exceeds demand. Home values decreased by 0.8 percent year-over-year in April 2012.

Analysts said Tuesday that a reduction in homicide rates by 10 percent would likely lead to a 0.83 percent increase in housing values and a 2.1 percent increase in housing prices in residential and metropolitan areas around the nation. The Center for American Progress surveyed 8 major metropolitan areas to tally up the costs of violent crime ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô including homicide, rape, and aggravated robbery ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô for residents, cities, and state and municipal governments. According to the study, the results weigh heavily on residential property values and home prices.