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US home prices up 6.5% year on year, latest index shows
Home prices across the United States, including distressed sales, increased by 6.5% in June 2015 compared with the same month in 2014, according to the latest index. It is the 40th month in a row of year on year price increases and values were also up month on month with growth of 1.7% in June compared to May, the CoreLogic home price index also shows. Excluding distressed sales, home prices increased by 6.4% in June 2015 compared with June 2014 and increased by 1.4% month on month with only Massachusetts (-1.5 percent) and Louisiana with an annual price fall of 1.5% and 0.1% respectively. Including distressed sales, that is short sales and real estate owned sales (REO), some 35 states were at or within 10% of their peak prices in June 2015 and 15 reached new price peaks. The firm’s latest house price forecast indicates that home prices, including distressed sales, are projected to increase by 0.6% month on month from June 2015 to July 2015 and by 4.5% on a year on year basis from June 2015 to June 2016. Excluding distressed sales, home prices are projected to increase by 0.5% month on month from June 2015 to July 2015 and by 4.2% year on year from June 2015 to June 2016. The index report also shows across the country there was 4.8 months supply but the measure varied greatly across cities. In San Jose and Denver, there was only 1.6 months’ supply of homes on the market, whereas Philadelphia had a seven months’ supply and Providence had a 6.6 months’ supply. Frank Nothaft, chief economist for CoreLogic, explained that the stronger appreciation was registered in cities with limited inventory and strong homebuyer activity, such as San Jose and Denver. According to Anand Nallathambi, president and chief executive officer of CoreLogic pent-up buying demand and affordability, together with higher consumer confidence buoyed by a more robust labour market, are a potent mix fuelling the 6.5% jump in home prices with more increases likely to come. Including distressed sales, the five states with the highest home price appreciation were Colorado with growth of 9.8%, Washington up 8.9%, New York up 8.3%, South Carolina up 8% and Nevada also up 8%. Excluding distressed sales, the five states with the highest home price appreciation were Colorado up 9.3%, New York up 8.5%, Washington up 8.3%, Oregon up 8.2% and Nevada up 7.9%. Including distressed sales, only four states experienced home price depreciation with the biggest fall of 5% in Massachusetts, while Connecticut was down 0.6%, Louisiana down 0.4% and Mississippi with a fall of 0.3. The five states with the largest peak to current declines, including distressed transactions, were Nevada with a fall of 32.2%, Florida at 28.7%, Rhode Island at 26.5%, Arizona at 25.8% and Maryland down 21.2%. Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, some 93 showed year on year increases while seven showed year on year declines… Continue reading
US home prices expected to rise 3% in next 12 months, says latest forecast report
US property prices are expected to rise 3% in the next 12 months but growth will depend on location, according to the latest real estate market report from Zillow. The Zillow Home Value Index rose to $169,200 in February, up 5.6% year on year and the number of homes listed for sale on Zillow was up 5.5% annually. However, the firm says that as the spring home buying season heats up, buyers and sellers nationwide can expect very different experiences when it comes to negotiating power. According to the latest Zillow analysis of national buyers' and sellers' markets, sellers in the West will likely have the upper hand in negotiations when selling their home, while buyers in Midwestern and East Coast metros will likely face less competition and have more room for bargaining on prices. The Bay Area, San Antonio and Los Angeles are the top prospects for sellers and Cleveland, Philadelphia and Tampa the top of the list for buyers, according to Zillow. In this analysis, a sellers' market is not necessarily one where home values are rising, but rather one in which homes are on the market for a shorter time, price cuts occur less frequently and homes are sold at prices very close to, or greater than, their last listing price. In buyers' markets, homes for sale stay on the market longer, price cuts occur more frequently and homes are sold for less relative to their listing price. The real estate data in markets on both coasts are telling markedly different stories, the report says. ‘Relatively strong job markets in the West are helping spur robust demand, which is being met with limited supply, causing rapid home value appreciation and giving sellers an edge. In the East, housing markets are appreciating a bit more slowly, and homes are staying on the market longer, which helps give buyers the upper hand,’ said Zillow chief economist Stan Humphries. ‘In general, buyers in sellers' markets this spring can expect tight inventory, increased competition and a greater sense of urgency. Sellers in buyers' markets may need to be prepared to lower their asking price, or to wait longer for the perfect buyer to come along,’ he explained. ‘As we put the housing recession further in the rear view mirror, the broad based dynamics that applied during those days, when all markets were reacting similarly to nationwide economic conditions, are fading. Real estate has always been local, and as the spring market gains momentum, this old adage will only become more pronounced,’ he added. He also pointed out that but both monthly and annual US home value appreciation slowed to their lowest paces in months. National home values were almost flat in February from January, and were up 5.6% from February 2013. The pace of home value growth has slowed in recent months as more inventory of for sale homes has helped meet demand. Nationwide, while inventory remains tight, the number of homes listed for sale on Zillow was up 5.5% annually… Continue reading
Real estate for sale in Ridgedale Missouri – MLS# 353169
332 Blackberry Lane Ridgedale Missouri 65739 MLS# 353169 For more info visit http://vt.realbiz360.com/Listing-1342966.html Photo is of similar build home wil… Continue reading
