Grant County Association of REALTORS®
The mission of the Grant County Association of REALTORS® is to promote professionalism, cooperation and prosperity and to provide service to the members and the public while upholding the REALTOR® Code of Ethics. We are committed to be the leading advocate of real estate in the communities we serve by protecting private property rights.
To learn more about the REALTOR® Code of Ethics and filing ethics complaints, go to https:// https://www.nar.realtor/sites/default/files/documents/2018-v1.pdf
December 27, 2018, by Susanne Dwyer
For the third consecutive month, home price increases across the U.S. have slowed, according to the latest S&P CoreLogic/Case-Shiller Indices. In fact, October numbers for the National Home Price NSA Index have remained at 5.5 percent annual gain for October, the same from the previous month. While home prices have risen, there’s a long-term trend toward slower growth.
“Home prices in most parts of the U.S. rose in October from September and from a year earlier,” said David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices. “The combination of higher mortgage rates and higher home prices rising faster than incomes and wages means fewer people can afford to buy a house. Fixed rate 30-year mortgages are currently 4.75 percent, up from 4 percent one year earlier. Home prices are up 54 percent, or 40 percent excluding inflation, since they bottomed in 2012. Reduced affordability is slowing sales of both new and existing single-family homes. Sales peaked in November 2017 and have drifted down since then.”
“The largest gains were seen in Las Vegas where home prices rose 12.8 percent in the last 12 months, compared to an average of 5.3 percent across the other 19 cities. This is a marked change from the housing collapse in 2006-12 when Las Vegas was the hardest hit city with prices down 62 percent. After the last recession, Las Vegas diversified its economy by adding a medical school, becoming a regional center for health care, and attracting high technology employers. Employment is increasing 3 percent annually, twice as fast as the national rate.”
The Case-Shiller 10-City Composite, an average of 10 metros (Boston, Chicago, Denver, Las Vegas, Los Angeles, Miami, New York, San Diego, San Francisco, and Washington, D.C.), increased 4.7 percent year-over-year, a slight drop from the prior month’s 4.9 percent increase. And the 20-City Composite—an average of the 10 metros in the 10-City Composite, in addition to Atlanta, Charlotte, Cleveland, Dallas, Detroit, Minneapolis, Phoenix, Portland, Seattle and Tampa—increased 5 percent year-over-year, a decrease from 5.2 percent in September.
Here’s the complete data for the 20 markets measured by S&P:
Home Ownership Matters
The 'Equity Rich' Are Feeling Stuck
Daily Real Estate News | Monday, April 27, 2015
Even home owners who are "equity rich" aren't necessarily in any hurry to sell and cash in.
The share of equity rich residential properties – those with at least 50 percent of positive equity – stood at nearly 19.8 percent by the end of the first quarter, up slightly by 0.2 percentage points year-over-year, according to RealtyTrac's U.S. Home Equity & Underwater Report.
Read more: Even 'Stale' Listings Are Finding Buyers
But in some markets, the rise of equity rich properties isn't translating into more listings. For example, in Seattle, 21 percent of home owners are equity rich – yet Seattle has the lowest months of inventory in the city's history, says OB Jacobi, president of Windermere Real Estate.
Builders' Top 8 Housing Gripes
Daily Real Estate News | Monday, April 27, 2015
The cost and availability of labor is the most significant problem that home builders say they're facing in the real estate recovery this year, according to a survey conducted by the National Association of Home Builders. The issue has increased in concern the past two years.
In 2013, 53 percent of builders rated labor as a significant problem. In 2014, that percentage grew to 61 percent and to 68 percent this year.
Read more: New-Home Sales Tumble: Temporary Setback?
"This trend suggests an improving housing market, with an expected skilled labor shortage constraining that recovery," according to NAHB’s Eye on Housing blog, which reported the survey results.The No. 2 problem that builders expressed concern about is the price of building materials, with 66 percent of builders calling it a "significant problem" in 2015."Stable framing lumber and OSB prices in 2014 reflected a somewhat disappointing year for housing production," according to NAHB’s blog. "Stronger demand in 2015, coupled with low mortgage rates and improving credit conditions, suggest renewed pressure for higher building material prices."Here are the top builder concerns for this year's housing market, according to the survey:
Cost/availability of labor: 68% of builders expect this to be a significant problem
Building material prices: 66%
Regulation of banking/financial institutions: 61%
Cost/availability of developed lots: 57%
Federal environmental regulations and policies: 57%
Impact/hook-up/inspection or other fees: 55%
Concern about employment/economic situation: 54%
Gridlock/uncertainty in Washington making buyers cautious: 45%
Source: "Top Builder Challenges," National Association of Home Builders Eye on Housing blog (April 24, 2015)