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Tag Archives: Housing Supply

California Dominates Turnaround Towns List; Detroit Claims Spot

California markets dominate Realtor.com’s list of Turnaround Towns for the second quarter of this year, claiming the top four spots on the list and six of the top 10. While California may take the most spots on the top 10 list, Realtor.com says Detroit's presence on the list is ""most noteworthy."" The top 10 ""Turnaround Towns"" are determined by an algorithm that relies on data including inventory levels, median list prices, median number of days on market, and search and listing activity on Realtor.com.

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Report: Asking Prices Slip for First Time Since November 2012

For the first time since November 2012, asking home prices decreased month-over-month, slipping 0.3 percent from June to July, Trulia reported. ""If you were worried about a housing bubble, July's asking-price slowdown will probably be the best news you've heard this year,"" said Jed Kolko, Trulia's chief economist. Factors such as rising mortgage rates, growing inventory, and declining investor demand were attributed to the dip in asking prices.

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Report: Price Gains to Moderate in 2nd Half of 2013

In July, national home prices jumped 9.3 percent year-over-year, led by gains in the West, according to Clear Capital's latest housing report. Among metro areas, price gains were especially strong in Las Vegas, where home values spiked 31.2 percent from last year. Despite the recent streak of impressive home price gains, Clear Capital expects the market to experience more moderate and sustainable increases in the last half of 2013 as homebuyers transition into the ""new normal"" the report explained.

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Steady Prices, Rising Inventory in July Expected Due to Seasonal Trends

Prices rose and inventory declined in July on an annual basis, according to the State of the Real Estate Market report released Monday by Movoto Real Estate. However, on a monthly basis, inventory increased and list price remained the same, signifying the market is reaching equilibrium, according to Movoto. Movoto also said the steady list price from June to July is to be expected based on historical data. ""[T]he fact that prices did not increase from June to July is seasonal,"" Movoto said.

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CoreLogic Case-Shiller Indices Register 10.2% Annual Gain in Q1

The CoreLogic Case-Shiller Home Price Indexes experienced a double-digit national price gain in Q1, a first since the housing bubble took place seven years ago. Prices increased an average of 10.2 percent from the first quarter of last year to the first quarter of this year across the 380 metro markets tracked. However, David Stiff, chief economist for CoreLogic Case-Shiller, does predict a slow-down in appreciation over the next year. From the first quarter of this year to the first quarter of next, the Case-Shiller Indexes predict a 6.5 percent price gain.

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Weak Household Formation Hampers Housing

The number of households owning homes rose a scant 32,000 in the second quarter, but the homeownership rate remained at 65.0 percent, the lowest level in 18 years, the Census Bureau reported Tuesday. At the same time, the Census Bureau data showed the number of new household formations dropped dramatically in the first half of the year, an average of about 500,000 new households per month compared with 1.4 million new households per month in 2012.

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July Ranking Shows Strong Performance for Northeast Markets

While states in the Northeast have generally lagged behind the housing recovery seen in many other states across the nation, a few markets in the Northeast are beginning to look favorable, according to the Home Value Forecast released Thursday by ProTeck Valuation Services. In fact, in ProTeck's review of the top 200 core-based statistical areas (CBSAs) across the United States, the top two rankings went to CBSAs in the Northeast--Cambridge-Newton-Farmingham, Massachusetts and Providence-New Bedford-Fall River, Rhode Island-Massachusetts.

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Commentary: Magical Mystery Tour

President Obama embarked this week on a series of speeches designed to highlight the nation’s continued economic stress. The immediate response and from both ends of the political spectrum was to decry his efforts as same-old, same-old. And, it is true the President has made this pitch before, emphasizing that the significant progress has made is not enough.

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Survey Reveals ‘Aggressive’ Tactics Worried Buyers Are Willing to Use

Low inventory coupled with rising mortgage rates and home prices are leading prospective buyers to consider using ""aggressive"" tactics such as overbidding to obtain a home, according to recent survey from Trulia. In order to secure the desired home, 25 percent of prospective buyers in the survey said they were willing to bid 1 to 5 percent above the seller's asking prices. When it came to overbidding, younger buyers (aged 18 to 34) are more likely to use the strategy. The survey also examined top worries and found rising mortgage rates weighed on the minds of 41 percent of potential buyers.

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New Home Sales Surge in June as Prices Fall

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. May's median price was revised down to $262,800 from the originally reported $263,900.

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