Tag Archives: Home Prices

San Francisco, San Jose and Las Vegas metro areas were named as the top markets for sellers, while Chicago, Milwaukee and Cleveland were categorized as markets where buyers have more power, according to data released from Zillow Tuesday. In the top sellers' markets, price cuts are uncommon and homes often sell for at or near their asking price. In markets where buyers are favored, homes are taking longer to sell and buyers receive discounts averaging 5 percent below the asking price.

National home prices saw both quarterly and yearly gains in June, and all four regions across the U.S. posted quarterly increases, according to the Home Data Index (HDI) released by Clear Capital Tuesday. Home prices rose by 1.7 percent in June from the previous quarter and a year ago, and growth is expected to continue into the second half of the year at a rate of 2.5 percent, Clear Capital reported. Broad-based regional gains and expanding progress are reasons for the current gains and expected future growth.

Housing activity is going strong in Southwestern Pennsylvania, according to a report released by West Penn Multi-List, Inc., on Thursday.

Downturns in economic confidence hasn't shaken consumers' optimism in the housing market, Fannie Mae's National Housing Survey for June showed. According to the survey, the average home price expectation rose to 2 percent in June, up 0.6 percent from May and the highest recorded value since the survey began two years ago. In addition, 35 percent of respondents expect that home prices will go up in the next year, the highest level recorded since the survey's inception.

Once again, data compiled in the Obama administration's Housing Scorecard pointed to both signs of promise and reasons for concern. One positive indicator for housing was the 7.4 percent rise in home equity to $457.1 billion in the first quarter of 2012. On the downside, the impact of serious delinquencies and underwater mortgages continues to strain the housing market. One popular administration program for underwater borrowers is the Home Affordable Refinance Program (HARP). So far, HUD Acting Assistant Secretary Erika Poethig said almost half a million families have taken advantage of the program, and refinanced families save an average of $2,500 per year.

While still in positive territory, June marked another month of feeble gains in employment with the addition of 80,000 jobs. This was followed by 77,000 jobs added in May and 68,000 in April. While the second quarter gains look bleak in comparison to first quarter growth, Capital Economics said June's employment report doesn't mean the recovery has come to a complete halt - it has just lost momentum.

In a report released Thursday, Wells Fargo's Economics Group cautioned that although the housing recovery is picking up steam, the good news needs to be placed in the larger context of a weakened market. The Housing Data Wrap-Up for June 2012 shows that even with the overall economy slowing, the recovery in the housing market seems to be picking up momentum. A mild winter boosted construction in the Northeast and Midwest during what is traditionally a slow season, giving builders more inventory to sell in the spring.

After falling flat in May, asking prices went up in June, and rent prices continued to see significant increases, according to Trulia reports released Tuesday. Asking prices on listed homes made a 0.3 percent month-over-month and year-over-year increase in June, according to Trulia's price monitor. Phoenix and two Florida metros posted double digit gains, but Trulia warned that some of the top performing metros are facing another wave of foreclosures.

Certain regions that once dragged the housing market down are expected to start giving the industry a lift while national home values are expected to start leveling, according to forecasts from Veros Real Estate Solutions. The VeroFORECAST projects that in the 12-month period ending June 1, 2013, prices should improve from last quarter's 0.86 percent forecast depreciation to this period's 0.26 percent forecast depreciation. Phoenix is expected to appreciate the most at 6.4 percent. The Reno-Sparks region in Nevada is expected move in the opposite direction and depreciated by five percent.

A release from The Warren Group on Friday showed that homes sales in Connecticut rose in May, marking the fifth straight month that sales increased year-over-year. According to the group, home sales in the state jumped up almost 15 percent in May, rising to the highest level of transactions since August 2011.