Real estate prices continue to rise, and housing markets in the West
are leading the way. Some East Coast markets are exhibiting weakness.
In March, the median sales price for new homes was $247,000, increasing from the
previous month's $226,400, according to the Census Bureau and the Department of
Housing and Urban Development. The average sales price fell, however, to
$279,900 from $286,300.
A forecast from the National Association of Realtors projects that the national
median existing-home price will rise about 7.5 percent this year from 2012.
The trade group said that the national median existing-home price for all
housing types was $184,300 in March, rising from $173,000 the previous month.
The price was 11.8 percent higher than 12 months prior and up for the 13th
consecutive month.
U.S. home prices increased 1.0 percent between January and February based on
Lender Processing Services Inc.'s Home Price Index. That left the index at
$210,000. Compared to a year earlier, the index -- which represents the price of
non-distressed sales by taking into account price discounts for REO and short
sales -- was up 7.3 percent.
California and Washington home prices rose 2.2 percent from January -- the most
of any states in the LPS report. Nine of the 10-strongest metropolitan areas
were in the Golden State. Nevada's 1.8 percent followed, then 1.6 percent in
Hawaii and 1.4 percent in Illinois. The only state with a decline was
Connecticut: down 0.3 percent.
Half of the top 10 metropolitan markets identified by Pro Teck Valuation
Services in its April Home Value Forecast were in California. Two of the worst
markets were in Florida, and another two were in Louisiana.
CoreLogic's Home Price Index inched up 0.5 percent in February from January and
was up 10.2 percent from February 2012.
Santa Ana, Calif.-based CoreLogic announced that it acquired Case-Shiller on
March 20 from Fiserv Inc. for $6 million.
A seasonally adjusted 0.7 percent increase between January and February was
reported for the Federal Housing Finance Agency's House Price Index. Compared to
the same month last year, FHFA's index was up 7.1 percent. The index stands 13.6
below its April 2007 peak.
FHFA, which utilizes purchase prices on homes financed with Fannie Mae or
Freddie Mac loans to determine its index, said that the Middle Atlantic had a
1.9 percent year-over-year increase -- the worst of any area. The Pacific was up
more than any other area: 15.3 percent.
Another index, the FNC Residential Price Index, indicated that national home
prices increased 0.2 percent from January to February -- a 28-month high and the
12th consecutive increase. Compared to a year earlier, the index was up 6.1
percent, "its fastest acceleration since July 2006."
Phoenix and Las Vegas had the biggest month-over-month gain of any metropolitan
statistical area at 1.9 percent. Phoenix and the biggest year-over-year gain at
29.3 percent, while No. 2 Las Vegas had a 14.5 percent increase from February
2012.
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