Archive for the ‘Real Estate Information’ Category

Home Prices Post Double-Digit Gains in First Quarter

Monday, August 5th, 2013

For the first time since the peak of the housing bubble, home prices jumped by double-digits in the first three months of this year, according to data from CoreLogic, a sign that inventory is limited and in high demand again.

During the first quarter of 2013, home prices rose 10.2 percent from the year before with more than three-fourths of the metro areas tracked posting yearly price increases. And CoreLogic experts believe the coming months will bring more growth. “Record levels of affordability, a slowly improving job market, and very small inventories of new and existing homes for sale will continue to drive n during the summer,” said David Stiff, chief economist for CoreLogic Case-Shiller in a .

Areas that saw some of the sharpest downturns during the mortgage meltdown are now experiencing some of the greatest price rebounds. Five out of the top ten metro areas were in California. The San Jose area had the nation’s top appreciation rate in the first quarter with a 23.7 percent increase from the previous year. It was followed by Phoenix at 22.8 percent, San Francisco at 21.1 percent, Sacramento at 21.0 percent and Las Vegas at 20.9. The others in the top ten were Atlanta, Detroit, Los Angeles , Riverseide, Calif. and Orlando, Fla.

These major price gains are not cause for

concern about another bubble though, CoreLogic says. “Although double-digit gains usually indicate unsustainable appreciation and, possibly, bubbles in some metro areas, there is less need for concern now since home prices remain 26% below their peak nationally and are even lower in many metro markets,” said Stiff.

In fact, CoreLogic predicts that home prices start to ?decelerate in 2014 as rising home prices and erode affordability and demand and supply become more balanced.?

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Rising Interest Rates Cause Slip in Home Sales

Tuesday, July 23rd, 2013

Sales of existing U.S. homes fell in June, according to the National Association of Realtors, as a jump in turned off some buyers.

Total sales of existing homes dropped 1.2 percent last month to a seasonally adjusted annual rate of 5.08 million, down from 5.14 million in May. Compared with June 2012, however, sales are up 15.2 percent.

“Affordability conditions remain favorable in most of the country, and we’re still dealing with a large pent-up demand,” said NAR chief economist Lawrence Yun in a . “However, higher mortgage interest rates will bite into high-cost regions of California, Hawaii and the New York City metro area market.”

The average interest rate on a 30-year fixed rate mortgage rose to 4.07 percent in June, up dramatically from May’s 3.54 percent average, according to mortgage finance company .

Meanwhile, the median price for existing U.S. home rose in June to $214,200 from $203,100 in May. It also rose 13.5 percent from the year before. Some of the price growth was created by a falling number of distressed properties on the market. in June only 15 percent of sales were foreclosed homes and short sales, down from 18 percent the previous month.

A shortage of inventory in general is the other half of the price increase equation. Even though total inventory grew by the end of June by 1.9 percent to 2.19 million homes, it still only represents a 5.2-month supply. The NAR considers the market balanced between sellers and buyers when there is a 6-month supply.“Inventory conditions will continue to broadly favor sellers and

contribute to above-normal price growth,” Yun remarked.

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