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Tag Archives: Home Sales

New Home Sales Up, Price Slips in May

The price of a new single-family home dropped 3.2 percent in May, but sales increased 2.1 percent to 476,000, the highest level in almost five years, the Census Bureau and HUD reported Tuesday. Economists surveyed by Bloomberg expected April sales to increase to 460,000 from April's originally reported 454,000. April sales were revised to 466,000.

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Case-Shiller Indices Post Record Monthly Gains

Home prices posted their strongest monthly gain on record in April, increasing more than 2.5 percent, according to the Case-Shiller Home Price Indices released Tuesday. The monthly 20-city index rose 2.5 percent in April, while the companion 10-city index increased 2.6 percent. Year-over-year, the 20-city index was up 12.1 percent, and the 10-city index was up 11.6 percent, each being the strongest yearly gain since March 2006.

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Investor Activity Falls Sharply in May

As prices rise, investors are having a harder time justifying housing market purchases, according to a recent Campbell/Inside Mortgage Finance HousingPulse Tracking survey. In May, the share of home purchases from investors fell to the lowest level in more than three years, dropping to 20.2 percent from 22 percent in April, according to the survey.

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Commentary: We’re Forever Seeing Bubbles

The recent jump in home prices has led to speculation that the rapid surge in home prices could be the sign of a new housing bubble similar to the one that led to the Great Recession. Is it? The not-so-short answer is, not yet. An increase in prices itself does not signal a bubble. An unsustainable increase, not supported by other data, however, would. In the run-up to the 2006 collapse, the higher prices--which had been trending up for four years--led to a sharp uptick in construction wholly unsupported by demographics.

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International House Hunters Maintain Activity in U.S. Market

While the level of search activity from international house hunters changed little year-over-year, Trulia found trends are changing among foreigners who shop for homes in the U.S. Among the home searches conducted on Trulia from April 2012 to March 2013, search activity from internationals accounted for 4.3 percent of all searches, down slightly from 4.4 percent a year ago.

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Existing-Home Sales, Prices Jump in May

Existing-home sales rose a solid 4.2 percent in May to an annual sales rate of 5.18 million, the highest level since November 2009, the National Association of Realtors reported Thursday. Economists had expected existing-home sales to hit 5.0 million. The median price of an existing home jumped $16,200 (8.4 percent) for the month and was up $27,700 (15.4 percent) from May 2012. The inventory of homes for sale rose to 2.22 million from 2.15 million in April.

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CoreLogic Dismisses Bubble Fears

Double-digit price increases in some markets hard-hit by the housing crisis prompt the question, are we experiencing another housing bubble? While several factors are combining to push prices up right now, CoreLogic analysts say we are not headed into anther bubble. During the bubble leading to the recent housing crisis, real home prices increased 62 percent. When the bubble burst, prices fell 47 percent, according to CoreLogic.

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RE/MAX Reports Double-Digit Yearly Gains in Sales, Prices in May

After staging a turnaround last year, the housing market is continuing on the road to stabilization in 2013, RE/MAX said in its National Housing Report for May. Of the 52 metros surveyed last month, 45 reported higher sales than May 2012, with 30 posting double-digit gains. For all homes sold in May, the median price was $185,000, a 4.2 percent gain over April and a 10.8 percent increase over May 2012. Reduced inventory continues to be a concern, however, though recent monthly changes have been promising.

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Rising Rates Will Reduce Demand, but Won’t Eliminate Affordability

The increase in mortgage rates coupled with rising home prices may dampen demand, but the recent upward movement in rates is not enough to make housing unaffordable to median income earners, according to Freddie Mac's economic and housing outlook for June. In fact, the GSE's analysis showed mortgage rates would have to climb to nearly 7 percent before a median priced home is no longer affordable to median income earners in most parts of the country.

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