Tag Archives: Home Prices

Examining multiple listing service data in 37 cities across the United States, real estate site Movoto.com reported 104,157 listings available on the market, a 15.4 percent jump from 90,264 a year prior. "By comparison, the total inventory index actually decreased by 22.9 percent between May 2012 and May 2013," wrote Randy Nelson, content manager at Movoto, in the company's blog.

The latest Residential Price Index (RPI) report from FNC, Inc., shows home price appreciation continued in April at a monthly pace of 0.6 percent nationally, matching March's month-over-month increase. Though monthly increases picked up momentum in April, yearly returns continued to moderate for the second straight month—"a sign that the annual rate of home price appreciation has peaked," FNC said.

In May, sales throughout the state totaled an estimated 37,734 units, down 0.7 percent from April and 14.4 percent from May 2013, according to DataQuick. The figure includes both new and existing homes as well as condos. Compared to the long-term May average, last month's sales were down 18.3 percent. "California sales haven't been above average for any particular month in more than eight years," the company said in its latest report.

In a market update, Wells Fargo's Economics Group contends that the road to housing recovery will be longer—and much bumpier—than expected. The group said that the "lack of a rebound in home sales this spring has reinforced our view that there was more than harsh winter weather behind the recent slide in home sales and mortgage applications."

A survey from the New York Fed finds consumers expect home prices to increase over the next year in every region except one—the South—where a slight decrease is expected.

Consumers' attitudes about housing diminished somewhat last month as economic worries weighed on their minds, according to new survey results from Fannie Mae. "While recent housing activity suggests that the worst of the housing slump may be behind us, this caution among consumers supports our expectation that the rebound in home sales will likely be too modest to pull sales for all of 2014 ahead of last year," Doug Duncan, chief economist.

According to Trulia, for the first time since July 2012, none of the 100 largest markets in May—anywhere in the United States—saw home prices rise more than 20 percent year-over-year. This is the first sign of sustainability in the housing market in years and is, according to Trulia' chief economist, Jed Kolko, a welcome change from the hyper-rebounding that occurred in some markets, particularly in the West.

Despite reaching their highest level so far this year, April home sales in Connecticut disappointed compared to year-ago levels. According to the Warren Group, single-family home sales in the Nutmeg State totaled 1,816 in April, down 7.9 percent from April 2013’s 1,973 but an improvement over 1,589 in March. It was the first time in more than a year in which home sales fell annually.

CoreLogic reported continued gains in its latest Home Price Index (HPI), though the latest growth was the lowest in the last 14 months. Including distressed sales, the company recorded a 10.5 percent year-over-year increase in its index, marking 26 consecutive months of yearly gains. Nationally, prices are expected to rise by 6.3 percent by next April, further slowing to what analysts say should be a more sustainable pace.

In a survey of 31 economists, Reuters arrived at a median forecast of price growth of 7.5 percent this year, down significantly from the 13.4 percent improvement recorded in the S&P/Case-Shiller 20-city index last December. The survey also found that, despite concerns from some analysts of overheating as price gains far outpace the historical average, the median judgment of economists surveyed is that the housing market is situated right in the middle between extremely overvalued and extremely undervalued.