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Another Big Leap for Home Prices

March 6, 2013 By Leave a Comment

20130306-092130.jpgAnother home price index is showing home prices surging: CoreLogic’s home price index shows that home prices nationwide in January rose 9.7 percent year-over-year, posting their largest percentage increase since April 2006.

It was the 11th consecutive month of month-over-month increases in existing-home sales, according to CoreLogic’s index.

“Home prices continued to gather steam across a broad swath of the country in January, continuing the positive trend we saw during most of 2012,” says Anand Nallathambi, president and CEO of CoreLogic. “Many states across the western U.S. and along the East Coast saw average price gains of more than 6 percent, which is likely to boost home sale activity into the first half of 2013.”

The states seeing the biggest year-over-year rises in home prices in January were Arizona (20.1%), Nevada (17.4%), Idaho (14.9%), and California (14.1%), according to CoreLogic’s index. The only states not seeing year-over-year price increases were Delaware (-0.1%) and Illinois (-0.4%).

Source: “Home Prices Take Biggest Leap in 7 Years,” Inman News

Filed Under: Blog, Housing Market, real estate financing, Real Estate Updates Tagged With: ,

Top 10 ‘Turnaround’ Housing Markets–Seattle #5!

October 26, 2012 By Leave a Comment

seattleWestern states continue to dominate, showing some of the fastest paces of recovery in the nation’s housing markets. With inventories falling, national median list prices increased 2.54 percent year-over-year during the third quarter, Realtor.com reports.

Anecdotally, the greater Seattle area, has seen price appreciation for months now. The lack of inventory is causing multiple offers in many areas!

The site released its rankings of the top 10 turnaround towns, based on third quarter housing data of median list price increases, inventory levels, and employment rates.

1. Oakland, Calif.

2. Sacramento, Calif.

3. San Jose, Calif.

4. San Francisco

5. Seattle-Bellevue-Everett, Wash.

6. Bakersfield, Calif.

7. Santa Barbara-Santa Maria-Lompoc, Calif.

8. Phoenix-Mesa, Ariz.

9. Fresno, Calif.

10. Miami

View more information about what is making these housing markets some of the biggest turnaround housing markets in the nation at Realtor.com.

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More Americans Expect Home Prices to Rise

June 8, 2012 By Leave a Comment

parkland-real-estate-valuesMore Americans are optimistic that home prices will inch up over the next year, with expectations that prices will rise at least 1.4 percent in that timeframe. That marks the highest amount ever recorded in Fannie Mae’s monthly National Housing Survey.

Thirty-four percent — also the highest ever recorded — of the 1,000 respondents in the May housing survey say they expect to see a boost in home prices in the next year. Forty-one percent say they think mortgage rates also will rise over the next year.

“Both indicators suggest the potential that consumers may consider moving off the sidelines to purchase a home,” according to the survey. 

Survey respondents also say they expect rental prices to continue to edge up over next year, projecting a 4.1 percent increase in that period.

Still, a slowdown in the pace of new jobs and income growth is creating a plateau in consumer sentiment that might delay a full recovery in the housing market, according to Fannie Mae’s survey. Fifteen percent of those surveyed reported that their household income is significantly lower than it was 12 months ago, which marks a record low in the annual survey.

"Our May consumer data show that Americans are taking a ‘wait and see’ approach about buying or selling a home,” says Doug Duncan, Fannie Mae’s chief economist. “This is not surprising given their assessment that their income during the past 12 months and their personal financial expectation for the next 12 have leveled off. … Current jobs data are reminiscent of the spring slowdown that continued into the summer months during the last two years. If this pattern continues, we do not expect to see any significant upturn in consumer sentiment during the summer and a meaningful housing recovery likely will be delayed once again."

Source: Fannie Mae and “Americans Expect 1.4% Increase in Home Prices: Fannie Mae,” HousingWire

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New-Home Design Trends Amp up Creativity but Cut Costs

April 5, 2012 By Leave a Comment

New_House_PlansThe hottest design trends in new homes this year incorporate creative use of materials, layouts and features that provide maximum utility and beauty while being cost-conscious at the same time, according to the National Association of Home Builders (NAHB). In celebration of April’s New Homes Month, NAHB shares the following top trends highlighted by leading home builders and architects during the International Builders’ Show in Orlando, Fla., this past February:

Reworked Spaces: New homes are being designed to allow plenty of space for family interaction in high-traffic areas such as the kitchen, and to eliminate rooms such as formal dens and home offices that aren’t frequently used. Small spaces devoted to home management, also known as “pocket offices,” are being included in large pantries or spaces nearby the kitchen or family great room. Window seats and alcoves are being used to provide an area for private time, without taking up a lot of space. A popular and efficient location for laundry facilities is now added onto the master bedroom’s walk-in closet.

Expanded Amenities: Multifamily development designs are increasing the number of resident amenities in order to compensate for smaller unit sizes. Gyms and media rooms have been common for years, but facilities such as libraries and business lounges with individual workspaces are now being offered as well.

Multigenerational Living: Many families are all living under one roof due to increasing cultural diversity and the state of the economy during the past few years. New single-family home designs reflect this with “shadow” units that are built alongside a home, or separate living units that access the main floorplan through a door, or homes with at least two master suites—often with one located on the ground floor to be more accessible for elderly occupants.

More Impact, Less Cost: Rectangular home designs are more cost effective, so new homes no longer have the formerly-popular feature of multiple roof lines or the resulting unnecessary interior volumes they created. But home designs now include innovative modifications that are still visually stimulating, such as using two windows in a corner with mitered glass to allow unobstructed views and maximum light to come in. Another example is using a mix of materials in the home’s façade such as metal, wood and stone to give the home a modern look.

The latest new home design trends that support modern lifestyles are just one of the many reasons to buy a newly-constructed home. Safety, energy efficiency and near record-low interest rates and competitive prices make today’s new home market an attractive opportunity for many families.

For more information, please visit www.nahb.org

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