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By Paul Brucker
Updated August 25, 2014, to reflect newly released indices.
People interested in selling or buying a home these days face mixed news.
News for sellers
U.S. home prices rose steadily in June 2015, driven by a strong increase in sales this year. Home prices have risen at twice the rate of inflation and income growth. In fact, the median home price this June was $236,400, according to the National Association of Realtors (NAR), breaking the record set in 2006.
Home prices nationally increased by 6.5% in June 2015 since June 2014, according to the CoreLogic Home Price Index. This indicates 40 months of consecutive year-over-year increases. And prices increased by 1.7% in June 2015 from May 2015. The increasing home prices that are good news for sellers are, of course, bad news for buyers.
News for buyers
The supply of homes on the market is getting tight right now and buyers need to be more aggressive. In June 2015, a home was typically on the market for just 34 days, down from 40 days – the least amount of time since the NAR started to keep track of this data in May 2011. On the other hand, “More buyers and agents are really holding the line on what they’ll pay and are refusing to participate in bidding wars,” says Glenn Kelman, chief executive of the real-estate brokerage Redfin.
But housing inventories are expected to increase, making it easier for buyers to find a home. “As rising values build equity for homeowners, we expect to see more existing homes offered for sale in the coming year,” notes Anand Nallathambi, president and CEO of CoreLogic.
The ups and downs of home prices by state
The latest CoreLogic Index has great news for five states. The highest year-over-year home appreciation took place in Colorado (+9.8%), New York (+8.3%), Texas (+6.9%), South Dakota (+6.7%) and North Dakota (+6.4%).
Yet four other states didn’t fare as well. In fact, including distressed sales, these states experienced home price depreciation: Massachusetts (-5.0%), Connecticut (-0.6%), Louisiana (-0.4%) and Mississippi (-0.3%).
Sources: CoreLogic, nytimes.com and wsj.com