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Home | Tag Archives: Home Prices

Tag Archives: Home Prices

The Week Ahead: Prices Still Rising, Inventory Still Dropping

On Wednesday, at 9 a.m. EST, the Federal Housing Finance Agency (FHFA) will release its House Price Index (HPI) for March. The Index covers single-family housing, using data provided by Fannie Mae and Freddie Mac. Previously, the FHFA reported in its February HPI that home prices rose 0.8 percent month-over-month. In the report, January’s former unchanged index was revised to a 0.2 percent increase.

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Home Builders Stay Confident

Builder confidence in the housing market rises as demand for newly-built, single-family homes rises. Based on a monthly survey from the NAHB, the HMI measures the health of the housing market on a point system from 0 to 100 based on three factors. The survey asks participants to rate market conditions for the sale of new, single-family homes at present, the market conditions for the sale of new, single-family homes in the next six months, and the traffic of prospective buyers of new homes.

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Housing Still Affordable, Despite Pricing Upticks

Though prices are up and mortgage rates are rising, housing is still pretty affordable—at least by historical standards. According to new data, the beginning of 2017 saw steady credit access, rising borrower FICO scores, and a decline in refinance transactions. The average FICO score of a first-time GSE buyer in January was 739.7.

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2017’s Housing Market the Fastest Since 2010

It looks like 2017 may be the nation’s fasted-paced market in seven years if March is any indication. Homes sold in an average of just 49 days for the month, and in some markets, it took just eight days. March also saw home prices and sales increase, and a large portion of sales came in well above listing price.

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Moderate Earners Losing Home Selection

The twin realities of the current U.S. housing market‒‒rising home prices and shrinking inventories in nearly every metro‒‒are increasingly putting homes out of reach for middle-income workers within their cities. The typical American worker makes just over $37,000 annually, while the typical American house costs just under $255,000.

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Home Prices Won’t Drop Anytime Soon

A new report shows the likelihood of drops in housing prices—for all states and major cities—is pretty low over the next two years. This is because of low interest rates, short supply, and a tightening job market. If pricing declines do occur, they’re most likely in North Dakota, Wyoming, and Alaska, as well as Oklahoma City.

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Homebuyers Hindered by Affordability

The national affordability index noted that consumers would need to spend 33.6 percent of wages to buy a median-priced home nationally. Though this is below the historic average of 34.6 percent, it is still the highest amount since Q4 2008. However, 25 percent of counties covered by the index noted that the share of average wages necessary to buy a median-priced home is above the historic average.

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Home Price Index Hits 31-Month High

According to the latest S&P CoreLogic Case-Shiller Home Price NSA Index released Tuesday, home prices hit a 31-month high in January. The Index was up 5.9 percent for the year and 5.7 percent for the month. Seattle, Portland, and Denver saw the biggest price increases.

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Affordability Dips Year-Over-Year

Real house prices have jumped significantly over the past year, rising more than 8 percent since January 2016. According to First American, these pricing jumps coupled with low inventory spell a seller’s market for spring. “Despite the monthly increase in affordability and continued strong wage growth, homes are less affordable across the country compared to a year ago,” said First American Chief Economist Mark Fleming.

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