Median Prices Continue to Rise in Florida’s Housing Market in April 2017

Orlando, FL – May 24, 2017 (PRNewswire) Rising median prices and constrained inventory remained a prevailing trend in Florida’s housing market in April, according to the latest housing data released by Florida Realtors®. The trend resulted in a loss of momentum for home sales: Sales of single-family homes statewide totaled 23,829 last month, easing slightly (-1.2 percent) when compared to April 2016.

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“Low inventory means fewer homes on the market and increased competition for those homes,” said 2017 Florida Realtors President Maria Wells, broker-owner with Lifestyle Realty Group in Stuart. “It puts consumers in a position where they have to be prepared and ready to buy, as many Realtors around the state report seeing more instances of multiple offers. And, without more for-sale homes, median prices will continue to rise due to demand. In April, sellers of existing single-family homes received 96.2 percent (median percentage) of their original listing price, while those selling townhouse-condo properties received 94.7 percent – an indication that the listed price is extremely close to market value.

“Working with a local Realtor enables consumers to have the advice of an expert in their local housing market – someone who can guide them through their home search and help them find the right home that fits their budget and their lifestyle.”

The statewide median sales price for single-family existing homes last month was $234,900, up 10.3 percent from the previous year, according to data from Florida Realtors research department in partnership with local Realtor boards/associations. The statewide median price for townhouse-condo properties in April was $172,000, up 7.2 percent over the year-ago figure. April was the 65th month in a row that statewide median prices for both sectors rose year-over-year. The median is the midpoint; half the homes sold for more, half for less.

According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homes in March 2017 was $237,800, up 6.6 percent from the previous year; the national median existing condo price was $224,700. In California, the statewide median sales price for single-family existing homes in March was $517,020; in Massachusetts, it was $350,000; in Maryland, it was $269,204; and in New York, it was $249,000.

Looking at Florida’s townhouse-condo market, statewide closed sales totaled 10,292 last month, down 4 percent compared to April 2016. Closed sales data reflected fewer short sales and cash-only sales last month: Short sales for townhouse-condo properties declined 38.5 percent while short sales for single-family homes also dropped 33.8 percent. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

“Closed sales of single-family homes were down in 14 of Florida’s 22 metro areas compared to last April, and fell by 1.2 percent statewide – but there is no indication that demand is falling off,” said Florida Realtors® Chief Economist Dr. Brad O’Connor. “Rather, all signs continue to point to a market being held back by a shortage of homes for sale. As of the end of April, the statewide inventory of single-family homes for sale was down by nearly 5 percent compared to where it was a year ago.

“Additionally, single-family homes that did sell in April were snapped up as quickly as in any month in recent years. According to Florida Realtors median-time-to-sale metric, half of the single-family homes selling in April of last year went from listing to close in 90 days or less, but this April, that figure fell to 85 days or less – a 5.6 percent decline.”

He noted that the townhouse-condo market has been relatively more balanced than the single-family market from a statewide perspective for several months, but local markets experience more variance in townhouse-condo inventory levels.

April’s inventory remained constricted with a 4-months’ supply for single-family homes and a 6.1-months’ supply for townhouse-condo properties, according to Florida Realtors.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.05 percent in April 2017, up significantly from the 3.61 percent average recorded during the same month a year earlier.

To see the full statewide housing activity reports, go to Florida Realtors Media Center at http://media.floridarealtors.org/ and look under Latest Releases, or download the April 2017 data report PDFs under Market Data at: http://media.floridarealtors.org/market-data

Florida Realtors® serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to its more than 165,000 members in 55 boards/associations. Florida Realtors® Media Center website is available at media.floridarealtors.org.

Metro Home-Price Growth Heats Up 6.9 Percent in First Quarter

Washington, D.C. – May 15, 2017 (nar.realtor) The strongest quarterly sales pace in exactly a decade put significant downward pressure on inventory levels and caused price growth to further accelerate during the first three months of 2017, according to the latest quarterly report by the National Association of Realtors®. Metro home prices have now accelerated for three consecutive quarters.

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The national median existing single-family home price in the first quarter was $232,100, which is up 6.9 percent from the first quarter of 2016 ($217,200) and the fastest growth since the second quarter of 2015 (8.2 percent). The median price during the fourth quarter of 2016 increased 5.9 percent from the fourth quarter of 2015.

Single-family home prices last quarter increased in 85 percent of measured markets, with 152 out of 178 metropolitan statistical areas(1) (MSAs) showing sales price gains in the first quarter compared with the first quarter of 2016. Twenty-five areas (14 percent) recorded lower median prices from a year earlier.

Lawrence Yun

Lawrence Yun

Lawrence Yun, NAR chief economist, says continual supply shortages ignited faster price appreciation across the country in the first quarter. “Prospective buyers poured into the market to start the year, and while their increased presence led to a boost in sales, new listings failed to keep up and hovered around record lows all quarter,” he said. “Those able to successfully buy most likely had to outbid others – especially for those in the starter-home market – which in turn quickened price growth to the fastest quarterly pace in almost two years.”

Added Yun, “Several metro areas with the healthiest job gains in recent years continue to see a large upswing in buyer demand but lack the commensurate ramp up in new home construction. This is why many of these areas – in particular several parts of the South and West – are seeing unhealthy price appreciation that far exceeds incomes.”

Thirty metro areas in the first quarter (17 percent) experienced double-digit increases (unchanged from the fourth quarter of 2016). Overall, there were slightly fewer rising markets in the first quarter compared to the fourth quarter of 2016, when price gains were recorded in 89 percent of metro areas.

Total existing-home sales(3), including single family and condos, climbed 1.4 percent to a seasonally adjusted annual rate of 5.62 million in the first quarter (highest since first quarter of 2007 at 5.66 million) from 5.55 million in the fourth quarter of 2016, and are 5.0 percent higher than the 5.36 million pace during the first quarter of 2016.

At the end of the first quarter, there were 1.83 million existing homes available for sale(2), which was 6.6 percent below the 1.96 million homes for sale at the end of the first quarter in 2016. The average supply during the first quarter was 3.7 months – down from 4.2 months in the first quarter of last year.

Despite a rise in the national family median income ($71,201)(4), the combination of higher mortgage rates and home prices slightly weakened affordability compared to a year ago. To purchase a single-family home at the national median price, a buyer making a 5 percent down payment would need an income of $52,251, a 10 percent down payment would require an income of $49,501, and $44,001 would be needed for a 20 percent down payment.

“Last quarter’s robust pace of sales was especially impressive considering the affordability sting buyers experienced from higher prices and mortgage rates,” said Yun. “High demand is poised to continue heading into the summer as long as job gains continue. However, many metro areas need to see a significant rise in new and existing inventory to meet this demand and cool down price growth.”

The five most expensive housing markets in the first quarter were the San Jose, California, metro area, where the median existing single-family price was $1,070,000; San Francisco, $815,000; Anaheim-Santa Ana, California, $750,000; urban Honolulu, $746,000; and San Diego, $564,000.

The five lowest-cost metro areas in the first quarter were Youngstown-Warren-Boardman, Ohio, $79,200; Cumberland, Maryland, $81,800; Decatur, Illinois, $86,100; Elmira, New York, $90,000; and Binghamton, New York, $91,200.

Metro area condominium and cooperative prices – covering changes in 61 metro areas – showed the national median existing-condo price was $218,600 in the first quarter, up 7.1 percent from the first quarter of 2016 ($204,200). Eighty-five percent of metro areas showed gains in their median condo price from a year ago.

Regional Breakdown
Total existing-home sales in the Northeast declined 2.2 percent in the first quarter but are 4.2 percent above the first quarter of 2016. The median existing single-family home price in the Northeast was $255,000 in the first quarter, up 2.2 percent from a year ago.

In the Midwest, existing-home sales dipped 4.3 percent in the first quarter but are 1.6 percent above a year ago. The median existing single-family home price in the Midwest increased 5.7 percent to $176,600 in the first quarter from the same quarter a year ago.

Existing-home sales in the South jumped 5.8 percent in the first quarter and are 5.8 percent higher than the first quarter of 2016. The median existing single-family home price in the South was $209,000 in the first quarter, 8.8 percent above a year earlier.

In the West, existing-home sales rose 1.6 percent in the first quarter and are 7.4 percent above a year ago. The median existing single-family home price in the West increased 8.4 percent to $342,500 in the first quarter from the first quarter of 2016.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing over 1.2 million members involved in all aspects of the residential and commercial real estate industries.

# # #

NOTE: NAR releases quarterly median single-family price data for approximately 175 Metropolitan Statistical Areas (MSAs). In some cases the MSA prices may not coincide with data released by state and local Realtor® associations. Any discrepancy may be due to differences in geographic coverage, product mix, and timing. In the event of discrepancies, Realtors® are advised that for business purposes, local data from their association may be more relevant.

Data tables for MSA home prices (single family and condo) are posted at http://www.realtor.org/topics/metropolitan-median-area-prices-and-affordability/data. If insufficient data is reported for a MSA in particular quarter, it is listed as N/A. For areas not covered in the tables, please contact the local association of Realtors®.

1. Areas are generally metropolitan statistical areas as defined by the U.S. Office of Management and Budget. NAR adheres to the OMB definitions, although in some areas an exact match is not possible from the available data. A list of counties included in MSA definitions is available at: http://www.census.gov/population/estimates/metro-city/List4.txt (link is external).

Regional median home prices are from a separate sampling that includes rural areas and portions of some smaller metros that are not included in this report; the regional percentage changes do not necessarily parallel changes in the larger metro areas. The only valid comparisons for median prices are with the same period a year earlier due to seasonality in buying patterns. Quarter-to-quarter comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns.

Median price measurement reflects the types of homes that are selling during the quarter and can be skewed at times by changes in the sales mix. For example, changes in the level of distressed sales, which are heavily discounted, can vary notably in given markets and may affect percentage comparisons. Annual price measures generally smooth out any quarterly swings.

NAR began tracking of metropolitan area median single-family home prices in 1979; the metro area condo price series dates back to 1989.

Because there is a concentration of condos in high-cost metro areas, the national median condo price often is higher than the median single-family price. In a given market area, condos typically cost less than single-family homes. As the reporting sample expands in the future, additional areas will be included in the condo price report.

2. Total inventory and month’s supply data are available back through 1999, while single-family inventory and month’s supply are available back to 1982 (prior to 1999, single-family sales accounted for more than 90 percent of transactions and condos were measured only on a quarterly basis).

3. The seasonally adjusted annual rate for a particular quarter represents what the total number of actual sales for a year would be if the relative sales pace for that quarter was maintained for four consecutive quarters. Total home sales include single family, townhomes, condominiums and co-operative housing.

Seasonally adjusted rates are used in reporting quarterly data to factor out seasonal variations in resale activity. For example, sales volume normally is higher in the summer and relatively light in winter, primarily because of differences in the weather and household buying patterns.

4. Income figures are rounded to the nearest hundred, based on NAR modeling of Census data. Qualifying income requirements are determined using several scenarios on downpayment percentages and assume 25 percent of gross income devoted to mortgage principal and interest at a mortgage interest rate of 4.0%.

NOTE: Existing-Home Sales for April will be released May 24, and the Pending Home Sales Index for April will be released May 31; release times are 10:00 a.m. ET.

Media Contact:

Adam DeSanctis
(202) 383-1178
Email

CoreLogic US Home Price Report Shows Prices Up 7.1 Percent in March 2017

  • National Forecast Indicates Home Prices Will Increase 4.9 Percent by March 2018
  • Home Prices Projected to Increase 0.6 Percent between March and April 2017
  • Home Prices Increased 1.6 Percent between February and March 2017

Irvine, CA – May 2nd, 2017 (BUSINESS WIRE) CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today released its CoreLogic Home Price Index (HPI™) and HPI Forecast™ for March 2017, which shows home prices are up both year over year and month over month.

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Home prices nationwide, including distressed sales, increased year over year by 7.1 percent in March 2017 compared with March 2016 and increased month over month by 1.6 percent in March 2017 compared with February 2017,* according to the CoreLogic HPI.

The CoreLogic HPI Forecast indicates that home prices will increase by 4.9 percent on a year-over-year basis from March 2017 to March 2018, and on a month-over-month basis home prices are expected to increase by 0.6 percent from March 2017 to April 2017. The CoreLogic HPI Forecast is a projection of home prices using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state.

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“Home prices posted strong gains in March 2017, and the CoreLogic Home Price Index is only 2.8 percent from its 2006 peak,” said Dr. Frank Nothaft, chief economist for CoreLogic. “With a forecasted increase of almost 5 percent over the next 12 months, the index is expected to reach the previous peak during the second half of this year. Prices in more than half the country have already surpassed their previous peaks, and almost 20 percent of metropolitan areas are now at their price peaks. Nationally, price growth has gradually accelerated over the past half-year, while rent growth for single-family rental homes has slowly decelerated over the same period, according to the CoreLogic Single-Family Rental Index, recording a 3 percent rise over the year through March.”

“A potent mix of strong job gains, household formation, population growth and still-attractive mortgage rates in the face of tight inventories are fueling a continuing surge in home prices across the U.S.,” said Frank Martell, president and CEO of CoreLogic. “Price gains were broad-based with 90 percent of metropolitan areas posting year-over-year gains. Major metropolitan areas were especially hot with CoreLogic data indicating that four of the largest 10 markets are now overvalued. Geographically, gains were strongest in the West with Washington showing the highest appreciation at almost 13 percent, and Seattle, Tacoma and Bellingham posting gains of 13 to 14 percent.”

* February data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results.

Methodology

The CoreLogic HPI™ is built on industry-leading public record, servicing and securities real-estate databases and incorporates more than 40 years of repeat-sales transactions for analyzing home price trends. Generally released on the first Tuesday of each month with an average five-week lag, the CoreLogic HPI is designed to provide an early indication of home price trends by market segment and for the Single-Family Combined tier representing the most comprehensive set of properties (including all sales for Single-Family Attached and Single-Family Detached properties). The indexes are fully revised with each release and employ techniques to signal turning points sooner. The CoreLogic HPI provides measures for multiple market segments, referred to as tiers, based on property type, price, time between sales, loan type (conforming vs. non-conforming) and distressed sales. Broad national coverage is available from the national level down to ZIP Code, including non-disclosure states.

CoreLogic HPI Forecasts™ are based on a two-stage, error-correction econometric model that combines the equilibrium home price—as a function of real disposable income per capita—with short-run fluctuations caused by market momentum, mean-reversion, and exogenous economic shocks like changes in the unemployment rate. With a thirty-year forecast horizon, CoreLogic HPI Forecasts project CoreLogic HPI levels for two tiers—Single-Family Combined (both Attached and Detached) and Single-Family Combined excluding distressed sales. As a companion to the CoreLogic HPI Forecasts, Stress-Testing Scenarios align with Comprehensive Capital Analysis and Review (CCAR) national scenarios to project five years of home prices under baseline, adverse and severely adverse scenarios at state, CBSA and ZIP Code-levels. The forecast accuracy represents a 95-percent statistical confidence interval with a +/- 2.0 percent margin of error for the index.

Source: CoreLogic

The data provided are for use only by the primary recipient or the primary recipient’s publication or broadcast. This data may not be resold, republished or licensed to any other source, including publications and sources owned by the primary recipient’s parent company without prior written permission from CoreLogic. Any CoreLogic data used for publication or broadcast, in whole or in part, must be sourced as coming from CoreLogic, a data and analytics company. For use with broadcast or web content, the citation must directly accompany first reference of the data. If the data are illustrated with maps, charts, graphs or other visual elements, the CoreLogic logo must be included on screen or website. For questions, analysis or interpretation of the data, contact Lori Guyton at lguyton@cvic.com or Bill Campbell at bill@campbelllewis.com. Data provided may not be modified without the prior written permission of CoreLogic. Do not use the data in any unlawful manner. The data are compiled from public records, contributory databases and proprietary analytics, and its accuracy is dependent upon these sources.

About CoreLogic

CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company’s combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.

CORELOGIC, the CoreLogic logo, CoreLogic HPI, CoreLogic HPI Forecast and HPI are trademarks of CoreLogic, Inc. and/or its subsidiaries.

Contacts

CoreLogic
For real estate industry and trade media:
Bill Campbell, 212-995-8057
bill@campbelllewis.com

or

For general news media:
Lori Guyton, 901-277-6066
lguyton@cvic.com

Real House Prices Surge in Under-Supplied Markets, According to First American Real House Price Index

Combined with unfaltering demand, the lack of supply continues to pressure unadjusted prices higher in one of the strongest spring sellers’ markets seen in recent memory, says Chief Economist Mark Fleming

Santa Ana, CA – April 24th, 2017 (BUSINESS WIRE) First American Financial Corporation (NYSE: FAF), a leading global provider of title insurance, settlement services and risk solutions for real estate transactions, today released the February 2017 First American Real House Price Index (RHPI). The RHPI measures the price changes of single-family properties throughout the U.S. adjusted for the impact of income and interest rate changes on consumer house-buying power over time and across the United States at national, state and metropolitan area levels. Because the RHPI adjusts for house-buying power, it also serves as a measure of housing affordability.

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February 2017 Real House Price Index

  • Real house prices increased 0.7 percent between January and February.
  • Real house prices increased by 11.0 percent year-over-year
  • Consumer house-buying power, how much one can buy based on changes in income and the interest rate, decreased 0.2 percent between January and February, and fell 4.7 percent year-over-year.
  • Real house prices are 32.8 percent below their housing-boom peak in July 2006 and 9.7 percent below the level of prices in January 2000.
  • Unadjusted house prices increased by 5.7 percent in February on a year-over-year basis and are 3.1 percent above the housing boom peak in 2007.

Chief Economist Analysis: Main Story in Most Markets is Lack of Supply

“Real, purchasing-power adjusted house prices increased 11 percent in February compared to a year ago. The lack of homes listed for sale is causing unadjusted house price growth to remain strong. Additionally, increasing interest rates are reducing consumer purchasing power. The result is a substantial year-over-year increase in the real price of homes,” said Mark Fleming, chief economist at First American.

“Most of the markets we follow experienced double-digit real house price increases in February, compared with a year ago. The main story in most markets this spring is the lack of supply. Combined with unfaltering demand, the lack of supply continues to pressure unadjusted prices higher in one of the strongest spring sellers’ markets seen in recent memory. Even so, it’s important to note that wages continue to grow and the level of affordability in most markets remains high by historical standards,” said Fleming.

Additional Quotes from Chief Economist Mark Fleming

  • “The average rate for a 30-year, fixed-rate mortgage increased two basis points between January and February, and has held fairly steady after increasing almost 75 basis points between November and December 2016.”
  • “Wages continue to move higher, growing at an annual pace of 2.8 percent in February 2017, partially offsetting the impact of higher mortgage rates and increasing house prices on affordability.”
  • “Homes, on a real purchasing-power adjusted basis, are 11.0 percent more expensive than they were a year ago.”
  • “For the second consecutive month, real house prices increased on a year-over-year basis in all the metropolitan areas tracked by First American.”
  • “Jacksonville, Fla. continues to lead the nation in declining housing affordability, which fell 20.6 percent in the last 12 months. Like many others markets, Jacksonville has a very low supply of homes listed for sale.”

February 2017 Real House Price State Highlights

  • The five states with the greatest year-over-year increase in the RHPI are: New York (+15.1 percent), Colorado (+4.9 percent), Wisconsin (+14.9 percent), Alabama (+14.3 percent) and Vermont (+14.1 percent).
  • The only state with a year-over-year decrease in the RHPI is: Mississippi (-2.7 percent).

February 2017 Real House Price Local Market Highlights

  • Among the Core Based Statistical Areas (CBSAs) tracked by First American, the five markets with the greatest year-over-year increase in the RHPI are: Jacksonville, Fla. (+20.6 percent), Milwaukee (+17.3 percent), Charlotte, N.C. (+16.5 percent), Cincinnati (+16.3 percent), and Denver (+15.4 percent).
  • Among the CBSAs tracked by First American, the markets with the smallest year-over-year increase in the RHPI are: Virginia Beach, Va. (+5.3 percent), Hartford, Conn. (+5.5 percent), Pittsburgh (+6.3 percent), San Francisco (+6.6 percent), and Boston (+8.2 percent)

Next Release

The next release of the First American Real House Price Index will be the week of May 29, 2017 for March 2017 data.

Methodology

The methodology statement for the First American Real House Price Index is available here.

Disclaimer

Opinions, estimates, forecasts and other views contained in this page are those of First American’s Chief Economist, do not necessarily represent the views of First American or its management, should not be construed as indicating First American’s business prospects or expected results, and are subject to change without notice. Although the First American Economics team attempts to provide reliable, useful information, it does not guarantee that the information is accurate, current or suitable for any particular purpose. © 2017 by First American. Information from this page may be used with proper attribution.

About First American

First American Financial Corporation (NYSE: FAF) is a leading provider of title insurance, settlement services and risk solutions for real estate transactions that traces its heritage back to 1889. First American also provides title plant management services; title and other real property records and images; valuation products and services; home warranty products; property and casualty insurance; and banking, trust and investment advisory services. With revenues of $5.6 billion in 2016, the company offers its products and services directly and through its agents throughout the United States and abroad. In both 2016 and 2017, First American was recognized by Fortune® magazine as one of the 100 best companies to work for in America. More information about the company can be found at www.firstam.com.

Contacts

First American Financial Corporation

Media:

Marcus Ginnaty
(714) 250-3298
Corporate Communications

or

Investors:

Craig Barberio
(714) 250-5214
Investor Relations

The S&P CoreLogic Case-Shiller National Home Price NSA Index Sets Fourth Consecutive All-Time High

New York, NY – April 25, 2017 (PRNewswire) S&P Dow Jones Indices today released the latest results for the S&P CoreLogic Case-Shiller Indices, the leading measure of U.S. home prices. Data released today for February 2017 shows that home prices continued their rise across the country over the last 12 months. More than 27 years of history for these data series is available, and can be accessed in full by going to www.homeprice.spdji.com. Additional content on the housing market can also be found on S&P Dow Jones Indices’ housing blog: www.housingviews.com.

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YEAR-OVER-YEAR

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 5.8% annual gain in February, up from 5.6% last month and setting a 32-month high. The 10-City Composite posted a 5.2% annual increase, up from 5.0% the previous month. The 20-City Composite reported a year-over-year gain of 5.9%, up from 5.7% in January.

Seattle, Portland, and Dallas reported the highest year-over-year gains among the 20 cities. In February, Seattle led the way with a 12.2% year-over-year price increase, followed by Portland with 9.7%. Dallas replaced Denver in the top three with an 8.8% increase. Fifteen cities reported greater price increases in the year ending February 2017 versus the year ending January 2017.

MONTH-OVER-MONTH

Before seasonal adjustment, the National Index posted a month-over-month gain of 0.2% in February. The 10-City Composite posted a 0.3% increase, and the 20-City Composite reported a 0.4% increase in February. After seasonal adjustment, the National Index recorded a 0.4% month-over-month increase. The 10-City Composite posted a 0.6% increase and the 20-City Composite reported a 0.7% month-over-month increase. Sixteen of 20 cities reported increases in February before seasonal adjustment; after seasonal adjustment, 19 cities saw prices rise.

ANALYSIS

“Housing and home prices continue to advance,” says David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. “The S&P Corelogic Case-Shiller National Home Price Index and the two composite indices accelerated since the national index set a new high four months ago. Other housing indicators are also advancing, but not accelerating the way prices are. As per National Association of Realtors sales of existing homes were up 5.6% in the year ended in March. There are still relatively few existing homes listed for sale and the small 3.8 month supply is supporting the recent price increases. Housing affordability has declined since 2012 as the pressure of higher prices has been a larger factor than stable to lower mortgage rates.

“Housing’s strength and home building are important contributors to the economic recovery. Housing starts bottomed in March 2009 and, with a few bumps, have advanced over the last eight years. New home construction is now close to a normal pace of about 1.2 million units annually, of which around 800,000 are single family homes. Most housing rebounds following a recession only last for a year or so. The notable exception was the boom that set the stage for the bubble. Housing starts bottomed in 1991, drove through the 2000-2001 recession, and peaked in 2005 after a 14-year run.”

SUPPORTING DATA

Table 1 below shows the housing boom/bust peaks and troughs for the three composites along with the current levels and percentage changes from the peaks and troughs.

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Table 2 below summarizes the results for February 2017. The S&P CoreLogic Case-Shiller Indices are revised for the prior 24 months, based on the receipt of additional source data.

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Table 3 below shows a summary of the monthly changes using the seasonally adjusted (SA) and non-seasonally adjusted (NSA) data. Since its launch in early 2006, the S&P CoreLogic Case-Shiller Indices have published, and the markets have followed and reported on, the non-seasonally adjusted data set used in the headline indices. For analytical purposes, S&P Dow Jones Indices publishes a seasonally adjusted data set covered in the headline indices, as well as for the 17 of 20 markets with tiered price indices and the five condo markets that are tracked.

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For more information about S&P Dow Jones Indices, please visit www.spdji.com

ABOUT S&P DOW JONES INDICES

S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average®. More assets are invested in products based on our indices than based on any other provider in the world. With over 1,000,000 indices and more than 120 years of experience constructing innovative and transparent solutions, S&P Dow Jones Indices defines the way investors measure and trade the markets.

S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit www.spdji.com.

FOR MORE INFORMATION:

David Blitzer
Managing Director and Chairman of Index Committee
New York, USA
(+1) 212 438 3907
david.blitzer@spglobal.com

Luke Shane
North America Communications
New York, USA
(+1) 212 438 8184
luke.shane@spglobal.com

S&P Dow Jones Indices’ interactive blog, HousingViews.com, delivers real-time commentary and analysis from industry experts across S&P Global on a wide-range of topics impacting residential home prices, homebuilding and mortgage financing in the United States. Readers and viewers can visit the blog at www.housingviews.com, where feedback and commentary is welcomed and encouraged.

The S&P CoreLogic Case-Shiller Indices are published on the last Tuesday of each month at 9:00 am ET. They are constructed to accurately track the price path of typical single-family homes located in each metropolitan area provided. Each index combines matched price pairs for thousands of individual houses from the available universe of arms-length sales data. The S&P CoreLogic Case-Shiller U.S. National Home Price Index tracks the value of single-family housing within the United States. The index is a composite of single-family home price indices for the nine U.S. Census divisions and is calculated quarterly. The S&P CoreLogic Case-Shiller 10-City Composite Home Price Index is a value-weighted average of the 10 original metro area indices. The S&P CoreLogic Case-Shiller 20-City Composite Home Price Index is a value-weighted average of the 20 metro area indices. The indices have a base value of 100 in January 2000; thus, for example, a current index value of 150 translates to a 50% appreciation rate since January 2000 for a typical home located within the subject market.

These indices are generated and published under agreements between S&P Dow Jones Indices and CoreLogic, Inc.

The S&P CoreLogic Case-Shiller Indices are produced by CoreLogic, Inc. In addition to the S&P CoreLogic Case-Shiller Indices, CoreLogic also offers home price index sets covering thousands of zip codes, counties, metro areas, and state markets. The indices, published by S&P Dow Jones Indices, represent just a small subset of the broader data available through CoreLogic.

Redfin: Home Prices and Sales Posted Strong Gains as Supply Shortage Continued into March

March market speed continues the trend of 2017 being the fastest housing market on record

Seattle, WA – April 13, 2017 (BUSINESS WIRE) U.S. home prices rose 7.5 percent to a median sale price of $273,000 in March as home sales made a strong showing, up 8.9 percent over last year, according to Redfin (www.redfin.com), the next-generation real estate brokerage.

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The number of homes for sale fell 13 percent compared to last March, marking the 18th consecutive month of annual supply declines.

2017 remains on track to be the fastest housing market on record. The typical home that sold last month went under contract in just 49 days, making it the fastest March Redfin has recorded since 2010. A year earlier, the median time on market was 60 days.

Nearly one in five (19.1%) homes that sold in March went under contract within two weeks, and 21.7 percent of homes sold for more than their list price.

To win a home in a hot market this year, Redfin agents recommend buyers provide assurances to the seller and listing agent by working with a local, reputable lender and catering to the seller’s needs.

“As a seller’s agent, the first thing I do when I receive an offer is ask who the lender is,” said Redfin agent Tiffany Aquino in Woodbridge, Virginia. “The best offers come from buyers who are pre-approved by a local lender with a strong reputation for speed and reliability. If I’ve worked with the lender before and know they can fund the loan and close on time, I am sure to highlight that for my client.”

“Offer a free 60-day rent-back up front,” said Adrienne Kieschnick, a Redfin agent in Dallas. “Many sellers are attempting to time the sale of their home while also trying to find a replacement home in a competitive market. The easier you make the seller’s life, the more attractive your offer becomes.”

Regional March Highlights

Competition

  • Denver, CO, and Seattle, WA, were the fastest markets, where the typical home was under contract in just eight days. Oakland, CA and San Jose, CA were the next fastest markets with 13 and 14 median days on market respectively.
  • The most competitive market in March was San Jose, CA, where 69.6% of homes sold above the asking price, followed by 66.7% in San Francisco, CA, 65.9% in Oakland, CA, 56.6% in Seattle, WA and 44.4% in Tacoma, WA.

Prices

  • Grand Rapids, MI had the nation’s highest price growth, rising 16.3% since last year to $162,750. Orlando, FL had the second highest at 15.5% year-over-year price growth, followed by Santa Rosa, CA (15.0%), Seattle, WA (14.5%) and Tampa, FL (14.3%).
  • Only four metros actually saw prices decline in March: Birmingham, AL (-3.2%), Baton Rouge, LA (-2.8%), Durham, NC (-1.7%) and San Antonio, TX (-1.5%).

Sales

  • 32 out of 90 metros saw sales increase by double digits from last year. Poughkeepsie, NY led the nation in year-over-year sales growth, up 41%, followed by Baltimore, MD, up 40.6%. Camden, NJ rounded out the top three with sales up 31.6% from a year ago.
  • Home sales in Buffalo, NY and Provo, UT declined by 23.0% and 14.8%, respectively.

Inventory

  • Rochester, NY had the largest inventory decline, falling 39.0% since last March. Buffalo, NY (-34.5%), Rochester, NH (-33.2%), and Portsmouth, NH (-31.4%) also had far fewer homes available on the market than a year ago.
  • Fort Myers, FL had the highest increase in the number of homes for sale, up 32.4% year over year, followed by Knoxville, TN (22.3%) and Austin, TX (10.3%).

To read the full report, complete with data and charts, please visit the following link: www.redfin.com.

About Redfin

Redfin (www.redfin.com) is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer’s favor. Founded by software engineers, Redfin has the country’s #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry’s lowest published error rate. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $40 billion in home sales through 2016.

For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center.

Contacts

Redfin Journalist Services:
Jeffery Marino
(206) 588-6863
press@redfin.com