Home prices surged 14 percent and pending home sales were up 34 percent year over year for the four-week period ending December 20, according to a new report released Tuesday by Redfin. The medium home price for the period was $320,714, according to a market review of more than 400 metropolitan areas in the United States. The report found: New listings of homes for sale were up 12 percent from a year earlier.Active listings fell 31 percent from 2019 to a new all-time low.39 percent of homes that went under contract had an accepted offer within the first two weeks on the market – up from 26 percent a year ago.The average sale-to-list price ratio was 99.4 percent – 1.5…
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…
The streak is over. Existing-home sales dropped by 2.5 percent in November, ending a streak of five months of month-over-month increases, the National Association of Realtors announced Tuesday. Still, sales were up 25.8 percent from last November. “Home sales in November took a marginal step back, but sales for all of 2020 are already on pace to surpass last year’s levels,” said Lawrence Yun, NAR’s chief economist. “Given the COVID-19 pandemic, it’s amazing that the housing sector is outperforming expectations.” Single-family home sales of 5.98 million in November were down 2.4 percent from 6.13 million in October and up 25.6 percent from one year ago. Existing condo and co-op sales of 710,000 units were down 2.7 percent for the month…
The pandemic – and the adoption of remote work – is driving an increased number of relocations, with the most people leaving the biggest metropolitan areas such as New York, San Francisco and Los Angeles. A Redfin analysis found that 29.4 percent of its users looked to move to another city or town in October and November, up from 25.4 percent the year before. Redfin said it’s the highest share of people looking to relocate since it started tracking the data in 2017. RankMetroNet OutflowNet OutflowLast YearPortion ofLocal UsersSearchingElsewherePortion ofLocal UsersSearchingElsewhereLast YearTop DestinationTop Out-of-StateDestination 1New York,NY37,30524,40235.2%37.1%Boston, MABoston, MA2SanFrancisco, CA33,52025,35624.0%23.0%Sacramento,CASeattle, WA3Los Angeles,CA20,82114,28318.0%16.5%San Diego,CALas Vegas,NV4Washington,DC10,2285,24613.0%10.8%Salisbury,MDSalisbury,MD5Chicago, IL5,4142,97612.3%10.2%South Bend,INSouth Bend,IN6Denver, CO4,4082,26427.7%23.1%Seattle, WASeattle, WA7Seattle, WA2,495-2,90714.1%11.2%Los Angeles, CALos Angeles,CA8Milwaukee,WI2,39579642.0%38.4%Chicago, ILChicago, IL9San Diego,CA2,256-2,11425.7%18.7%Los Angeles,CAPhoenix, AZ10Indianapolis,IN1,41635439.5%30.6%Chicago, ILChicago, IL Meanwhile, more people are…
Natural disasters are impacting home values in high-risk areas at a time when home prices are soaring across the United States, according to a realtor.com analysis released Monday. The value of homes in high-risk flood areas grew at 5 percentage points lower than homes in similar areas with less flood risk, while the values of homes in high risk fire areas increased at 3 percentage points lower. In 78 flood-risk counties across the country, realtor.com found that homes with hurricane-related disaster declarations experienced a cumulative sales price per square foot growth of 25 percent, compared to 29 percent for homes with a moderate or major risk, and 30 percent for homes with a minimal or low risk. Realtor.com also found…
Home buyers and sellers weren’t feeling overly optimistic in November. The Fannie Mae Home Purchase Sentiment Index fell 1.7 points in November to 80.0, the first decline after three months of increases. The HPSI is down 11.5 points from last year at this time, Fannie Mae announced Monday. “The HPSI appears to have peaked for now as consumers continue to consider how COVID-19 impacts their ability to buy or sell a home,” said Doug Duncan, Senior Vice President and Chief Economist. “This follows the HPSI’s recovery of slightly more than half of the loss experienced during the first few months of the pandemic.” Fannie Mae’s findings include: The percentage of respondents who say it is a good time to buy a home decreased…
Home sales are up and prices continue to be up across the nation, according to the latest monthly report released by Redfin. “Sellers took the week off for Thanksgiving, but buyers were still out there searching for homes despite the lack of new listings,” Redfin chief economist Daryl Fairweather said. “Sellers continue to be in the driver’s seat when it comes to pricing. And with mortgage rates hitting new record lows nearly every week recently, buyers are tolerant of higher prices.” Redfin’s survey of more than 400 US metro areas found: The median home sale price increased 16 percent year over year to $322,828, the highest on record.Pending home sales were up 28 percent over last year.New listings of homes for…
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…
Existing home sales climbed for the fifth straight month in the United States in October, with all regions of the country experiencing growth, according to a monthly report released Thursday by the National Association of Realtors. Sales were up 4.3 percent from September and 26.6 percent from October 2019 – and they were selling quickly. The report found that 72 percent of homes sold last month were on the market for less than 30 days. “Considering that we remain in a period of stubbornly high unemployment relative to pre-pandemic levels, the housing sector has performed remarkably well this year,” said Lawrence Yun, NAR’s chief economist. “The surge in sales in recent months has now offset the spring market losses,” he…
More than a third of Americans living in cities say that protests this year have made them move elsewhere – or have already moved, according to a new survey released Monday by Redfin. The survey of 3,000 US residents, conducted in October, found: 34 percent of people living in cities say they want to or have moved.Overall, 30 percent of Americans say protests have made them want to move.47 percent say the protests have had no impact.23 percent say the protests have made them like where they live more, driven by 28 percent of rural residents. “Americans have been leaving major cities in droves during the pandemic, and recent unrest is just one small piece of the puzzle,” Redfin chief…
