Tag Archives: Home Prices

Despite seeing their first monthly downturn in a year, home prices were strong in November, according to the latest S&P/Case-Shiller report released Tuesday. On a yearly basis, the 10- and 20-city composites were up 13.8 percent and 13.7 percent, respectively. Dallas outperformed with an annual return of 9.9 percent—the highest since its inception in 2000. Also standing out was Chicago, which posted an increase of 11.0 percent, its highest since 1988.

The latest Home Price Index (HPI) report from Black Knight Financial Services (BKFS) shows prices rising in November to a national index value of $232,000, up 0.3 percent from October. Compared to November 2012, the recent index was up 8.5 percent. Nationally, home prices remained down 13.9 percent compared to their peak of $270,000 in 2006. At the state level, Florida experienced the biggest increase at 1.0; the Sunshine State also dominated at the local level, accounting for nine of the top 10 markets for appreciation.

Home price growth bucked recent trends in December as sales numbers continued on a slower course, analytics provider DataQuick reported Monday. The firm's Property Intelligence Report (PIR) for December show month-to-month home price growth was positive in 36 out of 42 reporting counties, a downturn from months of growth across all markets. While the slowdown in growth was a change from the last few months, it's not necessarily a bad sign, says DataQuick's VP of analytics, Gordon Crawford. In the latest report, Crawford maintains that the previous pace of growth "was not sustainable given the fairly weak underlying economic drivers."

A recent survey from LendingTree shows the majority of current and potential homeowners have a bright outlook on the nation's housing market and economy for 2014—which may translate to a more active market. According to the findings, more than two-thirds—69 percent—of respondents have a positive outlook on housing this year, and 71 percent of current homeowners are thinking of selling their homes if trends remain positive.

While the housing market is still far from “normal,” it is inching that way, according to a report released Thursday from Zillow. Last year’s skyrocketing home price appreciation, frenzied demand from investors, and high tide of negative equity are all expected to subside somewhat this year, according to the real estate company. A number of unsettling trends started to emerge as a result of rapid and ultimately unsustainable appreciation last year, according to Zillow, but markets that posted the highest price gains in 2013 are already slowing.

Mortgage rates may be rising, but the housing market doesn’t seem to mind. In fact, several indicators have improved alongside rising rates, according to the HousingPulse Tracking Survey released this week. The lending atmosphere is becoming friendlier, especially to first-time buyers. Simultaneously, the average time on market for non-distressed properties and the average sales-to-list price ratio both improved year-over-year in December.

Total existing-home sales--including all completed transactions of single-family homes, townhomes, condominiums, and co-ops--increased 1.0 percent month-over-month to a seasonally adjusted annualized rate of 4.87 million last month, according to the National Association of Realtors (NAR). November's sales rate was revised down to 4.82 million. Even with prices and mortgage rates slated to rise, NAR president Steve Brown says sales should hold strong in 2014 as job numbers improve. That doesn't mean the year won't be without challenges, though.

Experts at Freddie Mac and Equifax expect falling unemployment and economic growth to keep the housing market steady in 2014. This, despite climbing interest rates and anticipated growth in housing prices nationwide. While industry economists welcome the idea of a steady, slowly recovering housing market, they also have a checklist of housing and economic indicators they're keeping tabs on that could influence the pace of recovery.

Following a year of fast-paced appreciation, Fitch Ratings expects home price gains to slow to a more moderate pace in 2014 in the United States, according to its Global Housing and Mortgage Outlook released Tuesday. The ratings agency also predicts mortgage volume will decline and delinquencies and shadow inventory will decrease, albeit slowly, while liquidation timelines continue to rise.

Home price expectations have been revised upward for 2014, but indicators still point to a slowdown in appreciation, according to Veros Real Estate Solutions. For 2014's five strongest markets, Veros is looking west. The top projected market for the year is the San Francisco area, which is expected to see price growth of 13.4 percent. San Jose is slotted for the second-most growth (10.7 percent), while Seattle and Los Angeles are rated for 10.2 percent and 9.6 percent increases. Growth is those areas will be driven by their relatively lower unemployment rates, Veros said.