Home prices in April were on the rise, with the median price of existing homes sold coming in at $192,800, an increase of 4.8 percent from the month before and an increase of 11.0 percent from a year ago when the median sales price of existing homes sold was $173,700, according to the National Association of [...]
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Four cities in California were at the top of the list of top markets for luxury home sales ($1 million+) just released by Redfin. San Francisco, with 474 sales at $1 million or more, during 14 month period ended March 31, 2013, topped the list with the most sales, folloed by Los Angeles, [...] During the first quarter of 2013, median home prices rose in 133 out of 150 metro areas, according to the National Association of REALTORS (NAR). On a national level, the median home price during first quarter of this year was $176,600, an increased of 11.3 percent from $158,600 in the first quarter of 2012 and was [...] Las Vegas was the top performing housing market in April according to the May 2013 Clear Capital Market Report. According to the report, home prices in Las Vegas increased 4.2 percent for the 3 month period ending in April and increased 24.3 percent from a year ago. On a National level, home prices increase 7.2 [...] Not everywhere in the U.S. is so affordable though, such as San Francisco, at the top of the list of the least affordable metro areas in the U.S. where just over a fourth (28.4 percent) of all homes sold would be affordable to a family with a median income in spite of the fact that the median income in that area at $103,000 is over 50% higher than the U.S. median income. At the other end of the list is Ogden-Clearfield, Utah at the top of the list for most affordable metro areas for housing where a whopping 93.7 percent of the homes sold in the 4th quarter of 2012 were affordable to a family with a median income. [...] Sixty-five percent of renters that respondents to the January 2013 Fannie Mae housing survey said they would buy a home if they were to move. Of those that responded to the survey, about 41 percent expect home prices to go up in the next year and 50 percent said they expect rental rates to go up in the coming twelve months. [...] Home prices in November rose 5.5 percent from the year before, according to the S&P Case-Shiller 20 city composite that was just released. According to the report, 19 of 20 cities covered in the index, for the 12 months ended in November, prices rose in 19 of the 20 cities and fell in New York. Additionally, 19 of 20 cities saw home prices rise faster in the 12 months to November than in the 12 months to October. [...] Just over one in five (22 percent) homeowners that intend to sell think now is a good time to sell their home, according to a survey just released by Redfin. While this may not sound that great, it is a almost a 50 percent (46.7) increase from the prior quarter survey when only 15 percent of homeowners surveyed thought now was a good time to sell. Homeowners surveyed were much more in agreement on where home prices are headed in the coming year, with 81 percent of them agreeing home prices are going to increase in the next 12 months. [...] It has been good to see positive data coming out about the housing market and home prices lately however, according to a newly released report by Radarlogic, the reported increase in home prices may be overstated. Radarlogic says that while their RPX home price index increased 9.2 percent last year from the prior year, they are saying this is a result of a “significant shift in the composition of home sales and overstates the appreciation in individual properties.” [...] The housing market definitely showed signs of recovery last year as home prices rose 7.5 percent for the year, the highest gain since 2006, according to Corelogic’s MarketPulse report for January. The report projects home prices will rise another 6 percent in 2013 as a result of increased affordability and shrinking inventories. [...] Redfin today released its Real-Time Home Price Tracker for December 2012, showing home prices increasing 11.3 percent year over year while dropping just 0.4 percent from November to December across 19 major U.S. markets. Inventory plummeted 33 percent year over year, its largest drop in 2012. The report also showed: [...] The inventory of homes for sale which were at record levels and overwhelming the housing market not long ago has dropped significantly, in fact over 27 percent last year in the 35 major metro areas covered by a report just released by Movoto. As the chart below shows, the inventory of homes for sale in [...] s 2012 quickly draws to a close we can set our eyes on 2013 and what it may hold in store for the housing market. There are plenty of economists and others out there (including myself) with an opinion, or a guess, as to what is headed our way but, we must remember that all real estate is local and therefore 2013 will no doubt be a better year for real estate in some markets than others. Trulia recently published a list of what they felt were the “10 healthiest markets for 2013″ and I decided to look at some of the market data I have available to me to see how their picks appear to stack up. [...] A report just released by Zillow, indicates that a panel of over 100 professional forecasters expect home prices to increase in 2013 by 3.1 percent after having increased 4.6 percent this year. On another positive note, the majority of those forecasters (55 percent) feel that even if the Mortgage Interest Deduction (MID) is changed, as may happen as a result of negotiations in Washington D.C. by politician’s trying to avoid the “fiscal cliff”, it will most likely not effect overall home prices in the U.S. but instead just impact high-priced homes. [...]
David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices (probably the most often cited index with regard to home prices), when discussing the results of today’s report, said “… it is clear that the housing recovery is gathering strength.” According to the report. home prices rose 4.3 percent in October [...] What does 2013 hold in store for the housing market? Well, according to Cliff Rossi, of the University of Maryland’s Robert H. Smith School of Business, the housing market next year is likely to “perform at least as well as 2012″, however, he cautions that “it may be premature to call this a real recovery” and also adds the caveat that his projection is based upon the U.S. not going over the “fiscal cliff”, which is still an unknown as to whether or not it will happen. [...] Seventy-one percent of homebuyers are expecting house prices to increase during the coming year in their neighborhood, according to a survey conducted by online real estate company Redfin. This shows increased optimism on the part of homebuyers as only 61 percent felt prices were going to rise the quarter before and, in the survey conducted at the beginning of this year, only 34 percent felt home prices were going to rise. [...] After several years of discouraging news about the housing market and watching the value of their home decline, homeowners many now have something to look forward to if Frank Nothaft, chief economist for Freddie Mac is right. Mr Northaft, in the most recent Freddie Mac housing market outlook, gave his projections for the housing market for 2013 and it sounds pretty good, particularly after what we have been through over the past 5 years. [...] The Improving Markets Index for December 2012, from the National Association of Home Builders, reveals the number of metro areas with what are considered to be an “improving housing market” surged to 201 metro areas, a sixty-percent increase from the prior month when there were 125 on the list. An “improving housing market” is considered, for this index, to be one that has seen sustained improvement in home prices, home sales and employment rates. [...] Lending Tree published a report, with a nice graphic, ranking housing affordability in the U.S. by state based upon the average house payment. As the map below shows, at the top of the list, with the highest average payment in the nation, is Washington D.C. at $1,641.67 per month and representing 31% of the homeowners household income. At the other end of the spectrum is the state of Nebraska with an average house payment of just $742, representing only 17% of the homeowners household income. [...] The housing market continues to show signs that the worst is over and a recovery has begun, evidenced today by the CoreLogic Home Price Index report which shows home prices in September 2012 were up five (5) percent from September 2011. September marks the seventh consecutive month in which home prices have increased, on a year over year basis. [...] Home prices are on the rise in many areas around the country with some metro areas seeing fairly significant increases in home prices. Where are home prices rising the most? The top 25 metro areas in terms of the largest increase in median asking prices for homes is shown below. It is important to note, however, that this does not mean that all home values in the stated metro areas have increased by the amount indicated, but that the median asking price of homes on the market has increased by that amount. So, while the results could be impacted by a significant number of higher priced homes hitting the market, or perhaps a significant drop in lower priced homes coming on the market, I still believe this information is significant as it indicates a trend for the local real estate market and any market that sees home prices trending upward is a good sign today in my opinion. (would you like to what home prices are doing in an area (or State) not shown below? No problem, just contact me and let me know what you are looking for). [...] I think it is getting safe to say the housing market is heading toward a recovery, finally! This week, FNC released its “Residential Price IndexTM” which showed in August, 2012, home prices in the 100 largest cities in the U.S. had hit a 20-month high rising 0.3 percent from the month before and increasing 1.5 percent from the year before. FNC does not take into account “distressed sales” (foreclosures and the like) in its index, but points out that they (foreclosures) now have less impact on home prices as they have fallen from 23 percent of all homes sold a year ago to 17.4 percent of home sales in August 2012. [...] Home sales and prices were on the rise in August, with sales increasing 7.8 percent from the month before and home prices increasing 9.5 percent from the year before, according to the existing home sales report from the National Association of REALTORS®. August marks the sixth consecutive month that the median home price in the U.S. increased on a year over year basis and was the third straight month that home sales increased from the month before. [...] As the inventory of homes for sale declines in many parts of the country, it is becoming increasingly more competitive for home buyers trying to snag a good deal and, in fact, in many cases buyers are finding their full-price offer is beat out by either a stronger buyer with a cleaner deal or an offer above the list price. [...] |
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