Home Prices Set Record In 2020

Home prices in the United States surged 10.8 percent in 2020 – the largest annual increase on record, according to a report released Tuesday by the Federal Housing Finance Agency. FHFA’s House Price index found: Prices were up 3.8 percent from the third quarter to fourth quarter of 2020.Prices increased 1.1 percent from November to December.Home prices have risen for 38 consecutive quarters – or since September 2011.Home prices increased in all 50 states and the District of Columbia in 2020. “House prices nationwide recorded the largest annual and quarterly increase in the history of the FHFA HPI,” said Dr. Lynn Fisher, Deputy Director of FHFA’s Division of Research and Statistics. “Low mortgage rates, pent up demand from homebuyers, and…

House Prices Surge 11% In One Year

The official results are in, and house prices continue to soar. The Federal Housing Finance Agency’s Home Price Index released Tuesday showed prices were up 1 percent in November for the month – and a whopping 11 percent from November 2019 to November 2020. “House prices have risen by at least one percent for six consecutive months,” said Dr. Lynn Fisher, FHFA’s Deputy Director of the Division of Research and Statistics. “The acceleration has been slowing but annual gains now outpace the prior housing boom. Current conditions can be explained by fundamentals, including low rates and tight housing supply, which have been intensified by the pandemic.” For the nine census divisions, seasonally adjusted monthly house price changes from October 2020…

Home Prices Climb Again In October

The official numbers are in, and home prices in the United States continue to climb. Home prices increased 1.5 percent in October – and were 10.2 percent higher than October 2019 levels, according to a report released Wednesday by the Federal Housing Finance Agency. The 1.5 percent increased followed a 1.7 percent increase in September. “U.S. house prices rose for the fifth straight month since states re-opened their local economies,” said Dr. Lynn Fisher, FHFA’s Deputy Director of the Division of Research and Statistics. “The 12-month gain of 10.2 percent in October is the highest annual appreciation observed since the 2004-2005 period. Extremely low mortgage rates and a limited supply of homes for sale continue to propel price gains. The…

US House Prices Jump In Q3

House prices in the United States surged in the third quarter of 2020, increasing 3.1 percent from the second quarter and 7.8 percent ahead of 2019 levels, according to a new report released Tuesday by the Federal Housing Finance Agency. The report found: U.S. house prices have risen for 37 consecutive quarters.Prices rose in all 50 states and the District of Columbia between the third quarters of 2019 and 2020. The top five areas in annual appreciation were Idaho (14.4 percent), Arizona (11.1 percent), Washington (10.8 percent), Utah (10.7 percent) and Tennessee (10 percent).The areas showing the lowest annual appreciation were North Dakota (4 percent), Iowa (4.7 percent), Louisiana (4.8 percent), Alaska (4.9 percent) and Hawaii (5.2 percent).House prices rose…

U.S. House Prices Jump In Q2

House prices in the United States jumped by 5.4 percent over the year before in the second quarter – the 36th straight quarter home prices have risen, according to a Federal Housing Finance Agency report released Tuesday. For the month of June, house prices were up 0.9 percent over May. “Home prices grew by 5.4 percent in the second quarter of 2020 compared to a year ago, despite the impacts of COVID-19.” said Dr. Lynn Fisher, Deputy Director of the Division of Research and Statistics at FHFA. “Although house prices fell slightly in May relative to April, in June prices rebounded by 0.9 percent over the month as local economies re-opened and transactions picked up again.” The FHFA report found: House prices rose in…

U.S. House Prices Increase In April

Even as the COVID-19 pandemic hammered the economy, house prices in the United States increased 0.2 percent in April, according to a report released Wednesday by the Federal Housing Finance Agency. Prices also rose 5.5 percent from April 2019 to April 2020, FHFA’s House Price Index showed. “U.S. house prices posted another positive monthly increase in April. … We expect the normal spring bump in sales was pushed off by the COVID-19 shutdowns and may extend into the summer months as states reopen and real estate sales pick back up,” said Dr. Lynn Fisher, Deputy Director of the Division of Research and Statistics at FHFA.  For the nine census divisions, seasonally adjusted monthly house price changes from March to April…

FHFA: House Prices Continue To Increase

A new government report released Tuesday found that house prices in the United States increased 1.7 percent in the first quarter of the year. House prices were up 0.1 percent in March over February – 5.7 percent in the first quarter of 2020 over the first quarter of 2019, according to the Federal Housing Finance’s Agency’s House Price Index. “Home price growth in the first quarter outpaced annual growth from the same period a year ago as falling interest rates and shrinking inventories for sale led prices higher just prior to the crisis,” said Dr. Lynn Fisher, Deputy Director of the Division of Research and Statistics at FHFA. Fisher added, “Because of the lag between contract signing and sale closing…

Signs Of Life In Housing Market

By Jim Perskie A pair of housing reports released Tuesday provided fresh insight into the strength of the housing market early in the year – and how the sector is slowly starting to rebound from the challenges created by the coronavirus pandemic. The National Association of Realtors reported that 96 percent of the nation’s metro areas experienced price increases in the first quarter, with 174 of 181 markets showing price gains from the same period in 2019. At the same time, Zillow said more houses are coming on to the market in recent weeks after bottoming out last month – though remain far below the 2019 levels. “The first quarter price jumps mostly reflect conditions prior to the coronavirus outbreak…

Home Prices Jumped In March Ahead Of Shutdown

After a surge in sales the first two months of the year, home prices jumped in March before the coronavirus took hold in the United States. An analysis released Tuesday by analytics firm CoreLogic found that home prices nationally increased 4.5 percent over March 2019 and 1.3 percent over the month before. The increase, however, is expected to slow considerably. The firm’s Home Price Index calls for annual price growth of 0.5 percent between March 2020 and March 2021 – and a 0.6 percent increase in April over March levels. “Home prices for March reflect transactions negotiated primarily in the previous two months, prior to the implementation of the shelter-in-place policies. Rapid decline of purchase activity starting in the middle…

Zillow: Home Sales To Plummet While Prices Dip A Bit

Home sales will drop as much as 60 percent this spring, though home prices should not drop more than 3 percent due to the economic downturn caused by the coronavirus, according to a housing forecast released Monday by Zillow. Zillow Chief Economist Svenja Gudell said the recovery is expected to look like a checkmark, with transactions building at a pace of about 10 percent each month through the end of next year. “Much uncertainty still exists, particularly with some states beginning to reopen and experts warning of a possible second wave of the coronavirus in the fall. However, housing fundamentals are strong – much more so than they were leading into the Great Recession – and that bodes well for…