October 20, 2013
Market: Las Vegas, NV
The Las Vegas MSA’s streak of 19 consecutive months of single-family home price increases finally came to an end in September. The median price fell 1.1% month-over-month to $180,000, still representing a 29% annual increase. According to reports from The Greater Las Vegas Association of Realtors this is the first monthly decrease since January 2012. Dave Tina, the organization’s president, lent some perspective to the situation: “We knew these rising home prices had to slow down sometime. This may be the beginning of more stable prices for the coming months.”
In terms of demand, of the 14,659 single-family homes that were listed for sale at the month’s end, 6,330 homes did not yet have an offer. That is That is a 12.8% increase in homes without an offer over the previous month and 60% increase year-over-year.
Read more at the Las Vegas Review-Journal.
September 18, 2013
Market: Portland, OR
Average home prices in Portland rose 14% year-over-year to $321,900 in August, sustaining the city’s streak of double-digit annual price increases, according to the Regional Multiple Listing Service. Prices remain 17% behind 2007 levels, when the housing market was at its peak.
New listings and pending sales also saw increases of 10.3% and 9.5% in August, respectively. Experts estimate it would take 3.1 months to clear the market of its unsold inventory, well below the 6-month level considered characteristic of a healthy market.
Read more at the Portland Business Journal.
September 2, 2013
Market: Portland, OR
For the first time since 2012, fewer than 30% of Portland’s single-family homes were underwater in Q2 2013, according to Zillow. Only 22.3% of Portland homeowners owed more than the value of their homes, slightly less than the national average of 23.8% and down from 25.5% in Q1 2013. In addition, only 7.6% of those underwater owed twice their home’s value, compared to the national rate of 13.4%.
This decline in underwater mortgages comes as a result of steadily increasing single-family home prices, which jumped 10.5% year-over-year to $313,900 in June, as reported by the Regional Multiple Listing Service.
Read more at Portland Business Journal.
August 31, 2013
Market: Austin, TX
There were 3,135 single-family homes sold in Austin in July. This was the highest recorded number for a one-month period and a 35% jump over July 2012. According to the Austin Board of Realtors, homes were listed for 41 days on average before being sold, which is a decrease of 23 days year-over-year. Home prices also rose 8% annually to $228,250, and Austin’s housing inventory fell from 4.3 months to 2.8 months year-over-year.
Here are some other quick facts about how Austin’s thriving housing market fared in July compared to last year:
- Single-family home listings increased by 22%
- Total dollar volume of single-family home sales jumped 43% to $933 million
- Condo purchases rose 31% to 361
Read more at Austin Business Journal.
August 28, 2013
Market: Denver, CO
Single-family home prices in Denver climbed even further in June, rising 9.4% annually to reach a new all-time high. After 18 straight months of year-over-year home price increases, Denver’s prices are 43.37% above January 2000 levels. During the recent recession, prices fell for 36 consecutive months, culminating in February 2009’s annual decrease of 5.7%.
Across the country, June home prices jumped 12.9% year-over-year on average in the 20 metros that S&P/Case-Shiller index tracks. Las Vegas (24.9%), San Francisco (24.5%), and Phoenix (19.8%)—three real estate markets heavily affected by the recession—registered the largest annual increases.
Read more at Denver Business Journal.
August 24, 2013
Market: Seattle, WA
The latest data shows home prices across the country grew by 6% from 2012 levels, a trend mirrored by the Seattle housing market. In July, Seattle median home prices appreciated 15.3% year-over-year to $302,600.
Nationally, median home prices have reached $161,600 after May, June, and July all showed annual increases of over 5%. July’s price jump was the largest since 2006.
Read more at Puget Sound Business Journal.
August 12, 2013
Market: Albuquerque, NM
According to the Greater Albuquerque Association of Realtors, July single-family home prices and sales volume continued to increase at a healthy rate in the Albuquerque MSA. The median sales price increased 4% year-over-year to $182,000, and the average sales price followed suit, increasing 6% to $222,505.
Despite the rising home prices, more people are turning to homeownership in the MSA. July home sales increased 30.6% year-over-year to 939, the highest level in six years.
Read more at Albuquerque Business First.