Tag Archives: Housing Supply

Trulia reported a 0.3 percent decline in asking prices from June to July--the first drop since November 2012. While monthly changes can be volatile, Trulia explained the quarter-over-quarter change in asking prices confirms the slowdown, with July asking prices improving just 3.3 percent over the last quarter compared to the peak of 4.2 percent in April. Over the last year, asking prices were still strong, rising 11 percent, though Trulia noted the change won't be as apparent since the annual average is based on a longer time period.

The real estate market continued to slow its pace in June as inventory growth eased pressure for buyers to act fast, Redfin revealed in its Fastest Real Estate Markets Report. According to Redfin's data, the percentage of homes under contract within 14 days fell to 30.5 percent nationwide in June, down from 31.9 percent in May. However, things are still moving faster than they were last June, when only 23.2 percent of homes went under contract that quickly.

Despite concerns about rising mortgage rates and low inflation, the Federal Open Market Committee (FOMC) voted Wednesday to continue its policy of near-zero interest rates and its $85-billion-per-month bond-buying program. In a subtle change of language, the committee "reaffirmed its view that a highly accommodative stance of monetary policy will remain appropriate for a considerable time after the asset purchase program ends."

Responding to higher mortgage rates, the National Association of Realtors' (NAR) Pending Home Sales Index (PHSI) slipped 0.4 percent in June to 110.9, the group reported Monday.

The seasonally adjusted annual rate of sales welled 8.3 percent in June to 497,000, according to a report from the Census Bureau and HUD. Economists surveyed by Bloomberg expected June sales to increase to 484,000 from May's originally reported 476,000. The median price of a new home fell 5.0 percent in June to $249,700, the third time the median price has dropped in the last four months. At the same time, May's median price was revised down to $262,800 from the originally reported $263,900.

According to data reported by Redfin agents operating in 19 U.S. markets, June sales were down 4.7 percent compared to May, though they were still 2.7 percent up year-over-year. Home prices, on the other hand, continued to climb, coming in 4.3 percent higher than May and 18.7 percent higher year-over-year. Every one of the markets tracked in Redfin's report saw prices rise both on a monthly and yearly basis. Inventory also posted another solid gain in June, rising 2.4 percent month-over-month.

Annual home price and sales gains continued their streak in June, increasing on a yearly basis for the 17th straight month, according to RE/MAX's monthly housing report.

Realtor.com released its National Housing Trend Report for the month of June 2013, revealing significant gains in several major market indicators. Statistics showed a significant jump in both year-over-year median list prices and month-over-month inventories in pivotal California markets (with raises of over 20 percent and over 40 percent respectively). Nationwide, the median list price was up 5.27 percent year-over-year. In addition, June's inventories were 4.26 percent more than those in May.

Citing improvements in manufacturing, tourism, commercial and residential real estate and in the financial sector, the Federal Reserve said the nation's economy continued to increase at a modest to moderate pace from late May through early July.

After surging in June, the National Association of Home Builders' (NAHB) Housing Market Index (HMI)--a measure of builder confidence--shot up again in July, climbing six points to 57, its highest reading since January 2006, the group reported Tuesday. The two-month 13-point gain was the strongest two-month increase since January-February 1992, when the index improved 14 points. All three of the HMI components increased for the third month in a row.