Posted on July - 07 - 2011
The outlook on home prices among U.S. consumers has turned sharply downward in just one month, with Americans on average now saying they expect prices to fall over the next 12 months.
On average, Americans expect home prices to decline by 0.5 percent over the next 12 months, according to a June survey by Fannie Mae, markedly down from a 0.9 percent annual gain expected just the month before. It was the most pessimistic outlook on home prices the survey has reported in at least a year and the first time during that period that consumers on average have said they expect prices to decline over the next 12 months. Since January, consumers in the monthly poll had consistently said they expected gains of 0.7-1.0 percent over the coming year. The downturn in expectations appears to be linked to a flurry of reports suggesting a softening economy and housing market that came out in late May, including a big drop in pending home sales and news that the widely used S&P/Case-Shiller Home Price Indices had fallen to a new post-recession low, a so-called “double dip” in housing prices. A sur Full Post…
Posted on June - 28 - 2011
U.S. home prices rose in April, breaking a string of eight months of declines with the arrival of the spring buying season, according to the most recent Standard & Poor’s/Case-Shiller Home Price Indices, released today.
Home prices in the index of 20 major metropolitan areas were up 0.7 percent over March’s levels, with 13 of the 20 cities showing gains. However, it is unclear how much of the gain is simply due to normal seasonal variations. “In a welcome shift from recent months, this month is better than last – April’s numbers beat March,” said David Blitzer, Chair of the S&P Index Committee. “However, the seasonally adjusted numbers show that much of the improvement reflects the beginning of the Spring-Summer home buying season. It is much too early to tell if this is a turning point or simply due to some warmer weather.” On a seasonally adjusted basis, prices were up only 0.1 percent for the month, although that itself marks a small turning point for the market. At the same ti Full Post…
Posted on June - 22 - 2011
U.S. home prices have posted their first increase in nearly a year, rising a seasonally adjusted 0.8 percent from March to April, the Federal Housing Finance Agency (FHFA) reported today.
It was the first reported monthly increase since May 2010. On an annual basis, prices were down 5.7 percent over the 12 months ending in April. Nationally, the FHFA reports that home prices are down 19.3 percent from their peak in April 2007 and have returned to roughly the same level they were at in January 2004. The FHFA basis its figures on purchase prices for homes obtained with mortgages backed by Fannie Mae or Freddie Mac. Of the nine U.S. census divisions covered by the survey, the largest monthly price increases were reported for the New England and West South Central states, which showed seasonally adjusted gains of 2.2 percent and 2.1 percent, respectively. Those were also the two regions showing the smallest annual declines, with prices down 1.7 percent and 0.7 percent over the previous 12 months. Full Post…
Posted on July - 06 - 2010
Boosted by the homebuyer tax credit, U.S. home prices posted a 5.2 percent gain in the most recent quarter of the year and are up 8.8 percent from one year ago.
According to the newest figures from real estate data firm Clear Capital, home prices across the country made strong gains in the quarter that ended in June, with all four major regions showing both quarterly and annual price gains. The Midwestern region showed the strongest improvement, with home prices up 9.2 percent compared to the previous quarter and 17.2 percent over last year. Prices in the south were up 4.9 percent for the quarter and 6.2 percent for the year, while the Northeast was up 4.1 percent for the quarter and 5.1 percent for the year. Home values in the West region were up only 2.2 percent for the quarter, but strong performances previously still allowed it to post a 7.8 percent annual gain, trailing only the Midwest on that measure. Full Post…
