Tag: case shiller

National Home Price Index Up 6.2% In Last 12 Months

Source: September S&P CoreLogic Case-Shiller National Home Price NSA Index Up 6.2% In Last 12 Months

Recent Analysis of the September HPI figure show as a 6.2% annual gain in home prices, up 5.9% from the previous month. Several large markets that were hit hardest in the financial crisis are reporting the highest gains, including San Diego (up 8.2%). 15 of the 20 major cities posted increases before seasonal adjustments, but all 20 reported increases after seasonal adjustments.

On the bright side, these price increases continue to be fueled by a strong economy, low mortgage interest rates, and a low inventory of homes; however, continued price increases and low inventories can put pressure on affordability for some people.

Steve Remington
Chief Operations Officer at Benchmark

Jump in New Home Sales Highest Since 2008

by I Am Benchmark

According to a press release from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, new single family home sales in June grew by 3.5%* over May, and 25.4%** over June 2015. The seasonally adjusted annual rate was 592,000 in June, and 572,000 was the revised rate in May. The rate in June of last year was estimated to be 472,000.

Economists Weigh In

June 2016 is the highest new single family home sales we’ve seen since February of 2008, according to Ralph McLaughlin, Chief Economist for Trulia, who writes, “This is a continued sign that demand for homes remains solid and aptly reflects increasing homebuilder confidence.”

Brent Nyitray, a Chartered Financial Analyst specializing in economics and financial markets, said, “New Home Sales rose to 592k in June, much higher than the Street expectation. The median new home price rose 6.1% YOY to $306,700. There is about 4.9 month’s worth of inventory right now, compared to 5.1 months in May.” (read more)

Home Prices Rose

In June, the median new home sale price was $306,700, with the average sales price at $358,200.

Home prices nationwide rose 5% in May (compared to May 2015), according to the CoreLogic Case-Shiller Indices.

The Takeaway

New Home sales have seen an increase since last year, and since last month, with the highest numbers since February of 2008, 100 months ago. This has surpassed expectations, and signals that demand really is the driving force in the housing market. With the inventory at only 4.9 months, compared to 5.1 months in May, low housing inventory is still driving values up.

With inventory shrinking, home values are likely to increase. With rates still low, it’s a great time to buy. Call us today!

*(±23.9%), **(±27.9%) – 90% confidence interval includes zero. The Census Bureau does not have sufficient statistical evidence to conclude that the actual change is different from zero.

Home Prices Up, First Time in 8 Months

by bmadmin

Data through April 2011, released yesterday by S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, show a monthly increase in prices for the 10- and 20-City Composites for the first time in eight months. The 10- and 20-City Composites were up 0.8% and 0.7%, respectively, in April versus March.

In April 2011, the 10-City and 20-City Composites recorded annual returns of -3.1% and -4.0%, respectively. On a month-over-month basis, the 10- and 20-City Composites were up 0.8% and 0.7% in April versus March.

“In a welcome shift from recent months, this month is better than last – April’s numbers beat March,” saysDavid M. Blitzer, Chairman of the Index Committee at S&P Indices. “However, the seasonally adjusted numbers show that much of the improvement reflects the beginning of the Spring-Summer home buying season. It is much too early to tell if this is a turning point or simply due to some warmer weather.

As of April 2011, average home prices across the United States are back to the levels where they were in the summer of 2003. Measured from their peaks in June/July 2006 through April 2011, the peak-to-current declines for the 10-City Composite and 20-City Composite are -32.6% and -32.8%, respectively. From their April 2009 troughs, the 10-City Composite has risen 1.4% and the 20-City Composite is up a scant 0.7%.

The table below summarizes the results for April 2011. The S&P/Case-Shiller Home Price Indices are revised for the 24 prior months, based on the receipt of additional source data. More than 24 years of history for these data series is available, and can be accessed in full by going to www.homeprice.standardandpoors.com

	April 2011	April/March	March/ February
Metropolitan Area	Level	Change (%)	Change (%)	1-Year Change (%)
Atlanta	101.95	1.6%	-0.3%	-3.5%
Boston	147.07	-0.2%	-1.7%	-4.2%
Charlotte	108.42	-0.3%	-1.2%	-6.6%
Chicago	110.12	-0.4%	-2.4%	-8.6%
Cleveland	97.69	1.2%	-1.8%	-6.8%
Dallas	113.38	0.5%	-0.8%	-4.0%
Denver	122.32	1.5%	-0.6%	-4.1%
Detroit	62.74	-2.9%	-4.4%	-7.5%
Las Vegas	96.47	-0.7%	-1.1%	-6.2%
Los Angeles	168.20	0.3%	-0.3%	-2.1%
Miami	136.99	-0.2%	-0.8%	-5.6%
Minneapolis	106.07	0.4%	-3.7%	-11.1%
New York	164.17	0.8%	-1.0%	-2.8%
Phoenix	100.36	0.1%	-0.5%	-8.8%
Portland	132.84	0.1%	-0.7%	-9.2%
San Diego	154.50	0.4%	-0.8%	-4.3%
San Francisco	132.03	1.7%	-0.1%	-5.5%
Seattle	135.14	1.6%	0.1%	-6.9%
Tampa	126.47	-0.4%	-0.5%	-7.7%
Washington	186.76	3.0%	0.2%	4.0%
Composite-10	152.51	0.8%	-0.8%	-3.1%
Composite-20	138.84	0.7%	-0.9%	-4.0%
Source: Standard & Poor’s and Fiserv
Data through April 2011

Read the full report at HousingViews.com.