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Posts Tagged ‘case shiller’

Housing Outlook for the Next 6 Months

Tuesday, June 25, 2013 posted by Tommi Crow

The real estate market was overheated during the first 6 months of 2013.  Low home inventory, record low interest rates and the lack of new construction were to blame for the unsustainable, rapid price increases and multiple bidding wars for properties. 

5 Reasons we do not feel the hyper-inflated housing market will, or should, continue. 

  1. Rising Interest Rates – Interest have risen sharply in the past few weeks and the trend continues up.  Current rates will slow the number of homebuyers and speculators that are coming into the market during the next 6 months.
  2. Marginal buyers have been priced out of the market due to bidding wars, rapid price increases and higher borrowing costs.
  3. Wall Street and large investment groups are curtailing their buying.  One-third of all homes purchased this year were Cash sales.  This translates to heavy investor buying, which will slow down going forward in 2013.
  4. Shocking run up in home prices are not sustainable.  In May, home prices were up 12.1% on average.  This brings home price levels to a 5 year high.  Pricing is now at a point that many of the short term gains have been realized, and the market will fall back to more normal levels.
  5. Realtors and builders report that inquiries and calls from new customers is down 11%, so far for June. 

Summary:  We feel that the housing market was under valued at the start of 2013, but a frenzied market chewed through much of the low hanging fruit.  With rising interest rates, and increasing inventory levels, we see a move to more sustainable and healthy growth moving forward.   It is still an excellent time to buy or sell.   Inventory levels will increase, but they will remain on the low side throughout the year.  Interest Rates are still at historic lows and price increases, although impressive, leave the average home price far below levels seen in 2006 and 2007.    

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Tuesday, December 30, 2008 posted by Tommi Crow

> Cash Shiller Price Index reveals an 18 percent decline in housing prices during 2008.  In historical reference, the bearish housing market has not been in worse shape since the Great Depression.  

Metro Area    October 2008    Change from September    Year-over-year change   
Atlanta 119.77 -2.4% -10.5%
Boston 159.17 -1.1% -6.0%
Charlotte 128.02 -1.8% -4.4%
Chicago 145.49 -1.6% -10.8%
Cleveland 108.76 -1.0% -6.2%
Dallas 120.60 -1.1% -3.0%
Denver 129.05 -1.5% -5.2%
Detroit 86.10 -4.5% -20.4%
Las Vegas 142.57 -2.7% -31.7%
Los Angeles 179.82 -2.6% -27.9%
Miami 173.42 -3.0% -29.0
Minneapolis 135.71 -3.4% -16.3%
New York 190.04 -0.9% -7.5%
Phoenix 135.18 -3.3% -32.7%
Portland 166.44 -1.9% -10.1%
San Diego 159.12 -3.0% -26.7%
San Francisco 139.44 -4.2% -31.0%
Seattle 170.45 -1.4% -10.2%
Tampa 165.44 -3.4% -19.8%
Washington 184.92 -2.7% -18.7%

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Metro Area Home Price Index for August 2008

Wednesday, October 29, 2008 posted by Tommi Crow

The Standard and Poor’s/Case Shiller Home Price Index Shows the Housing Market continues to Correct.

Sales of homes in August were UP, which is good news.  The bad news is, sales were a result of falling home prices.  The report also revealed that one-third of homes sales in August were foreclosures.

Home Prices, by Metro Area

 

Metro Area    August 2008    Change from July    Year-over-year change    Two-year change   
Atlanta 124.82 -0.2% -8.5% -7.7%
Boston 162.75 0.1% -4.7% -8.1
Charlotte 132.10 -0.8% -2.8% 2.6%
Chicago 149.53 0.0% -9.8% -11%
Cleveland 110.54 1.1% -6.6% -10%
Dallas 122.90 -0.2% -2.7% -2.2%
Denver 132.64 0.0% -5.1% -5.4%
Detroit 92.44 -0.8% -17.2% -2.5%
Las Vegas 150.52 -2.4% -30.6% -36%
Los Angeles 189.18 -1.8% -26.7% -31%
Miami 183.48 -1.8% -28.1% -34%
Minneapolis 141.94 1.0% -13.8% -17%
New York 192.84 -0.2% -6.9% -10%
Phoenix 144.83 -2.9% -30.7% -36%
Portland 171.93 -1.3% -7.6% -5.0%
San Diego 168.23 -2.3% -25.8% -32%
San Francisco 151.42 -3.5% -27.3% -30%
Seattle 175.24 -0.7% -8.8% -3.6%
Tampa 174.30 -0.4% -18.1% -26%
Washington 194.86 -0.3% -15.4% -21%
Source: Standard & Poor’s and FiservData

Breaking News: House prices continue to fall.

Tuesday, September 30, 2008 posted by Tommi Crow
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The Case Shiller index of home prices across the US was just released.  Follow the link to learn about the present market in your city.

Home Prices in My Town

Thank you for visiting InfoTube.net. We will keep you posted on the market.