Average U.S. home prices — down by a third since 2006 and still falling — will rise almost 4% a year for the next five years, according to a new forecast.
Market watcher Fiserv sees prices stabilizing by summer’s end and then climbing, quickly in some places until gains taper off. The forecast is based on an analysis of leading home price indexes.
Investors will drive much of the momentum, as they are now in cities such as Las Vegas and Phoenix. First-time and trade-up buyers will eventually follow. Read More.
The nation has fewer homes for sale, and that’s helping prices in markets where low supplies are meeting strong demand.
The U.S. had 2.37 million existing homes for sale at the end of March. That was down 22% from a year ago and 41% from the peak in mid-2007, the National Association of Realtors reported Wednesday.
First-quarter home sales, meanwhile, were up 5.3% from a year ago.
The combination of improving sales — coming off one of the worst years ever for home sales — and declining inventories is helping prices. Read More.
Could it be that housing has emerged from its funk?
While some hard-hit markets still lag, overall, a number of key indicators are pointing in that direction and could confirm “the beginning of a broad-based housing recovery,” according to the latest report from Realtor.com. “We’re seeing some hope,” says Steve Berkowitz, the company’s chief executive officer, adding that in general, close-in suburbs are recovering faster than the outlying ones. The report looked at data from March 2012 and compared it with a year earlier. Read More.
Home sales have seen some postitive traction lately across the U.S. The article is a review of housing using graphs as representation. They paint an accurate picture of what is going on in the market and what has been realized in the past few months. Check it out. Read More.
The National Association of REALTORS® is predicting existing-home sales will jump 7 to 10 percent in 2012 to the highest level in five years, based on an “uneven but higher sales pattern” so far this year.
Pending home sales fell a seasonally adjusted 0.5 percent from January to February, which was up 9.2 percent from the same time a year ago, NAR said today in releasing its latest Pending Home Sales Index.
Last week, NAR reported a similar trend for existing-home sales, which were down 0.9 percent from January to February, but up 8.8 percent from a year ago.
The pending sales data released today provides a glimpse into more recent trends, because it tracks homes that were under contract in February — deals that will in most cases be finalized within one or two months. Read More.
Home prices fell in January for a fifth straight month in most major U.S. cities, as modest sales increases have yet to boost prices.
The Standard & Poor’s/Case-Shiller home-price index released Tuesday showed that prices dropped in January from December in 16 of 19 cities tracked.
The steepest declines were in San Francisco, Atlanta and Portland. Prices increased in Miami, Phoenix and Washington. Price information for Charlotte was delayed and not included in the report. Read More.
U.S. home sales fell in February, but upward revisions to the prior month’s pace and the first yearly increase in prices in 15 months suggested the housing market recovery remained on track.
The National Association of Realtors said on Wednesday existing home sales slipped 0.9 percent to an annual rate of 4.59 million units last month.
Still, last month’s sales pace was the second highest since May 2010, helping to blunt the sting from the report. Read More.
Kentucky’s three largest associations – Louisville, Lexington and northern Kentucky – have reported total home sales in February increasing over 20% compared to last year (read about it here, here and here). Those are very strong figures and a good sign for housing if the trend continues. What are your thoughts and what are you seeing in your area of the state? Post comments.
Signed contracts for home resales rose to a nearly two-year high in January, an industry group said on Monday, further evidence of a budding recovery in the housing market.
The National Association of Realtors said its Pending Home Sales Index, based on contracts signed in January, increased 2 percent to 97.0 – the highest reading since April 2010. Read More.
Home sales in the U.S. probably climbed in January to the highest level since May 2010, adding to evidence the housing market is regaining its footing, economists said reports this week will show.
Combined purchases of new and existing houses rose to a 4.97 million annual rate from 4.92 million in December, according to the median forecast in a Bloomberg News survey. Claims for jobless benefits held near the lowest level since 2008, bolstering consumer confidence, other reports may show. Read More.