Resale home prices keep climing in SD, elsewhere
CoreLogic reported that San Diego County home prices, including distressed sales, increased by 5.2 percent in July 2015, compared to the same month last year.
On a month-over-month basis, home prices, including distressed sales, increased by 1.1 percent in July 2015 compared with June 2015 in San Diego.
While CoreLogic (NYSE: CLGX) said it didn’t have the actual prices, the Greater San Diego Association of Realtors reported that while detached prices climbed by 8.8 percent year over year to $555,000 in July, the attached price increase was 4.9 percent to $341,000 during the same period.
Harry Joseph, an agent with the Berkshire Hathaway HomeServices firm in Carlsbad, said while the market ismostly hot, buyers remain selective.
Joseph said he had small unit for sale near the beach priced at around $440,000 that just wasn’t moving until the owner agreed to refurbish with new carpet, paint and fixtures.
“The property went for $550,000 -- or $100,000 more than the asking price,” Joseph said.
'Home sales [nationally] continued their brisk rebound in July and home prices reflected that, up 6.9 percent from a year ago,' said Frank Nothaft, CoreLogic chief economist, in a statement. 'Over the same period, the National Association of Realtors reported existing sales up 10 percent and the Census Bureau reported new home sales up 26 percent in July.'
'Low mortgage rates and stronger consumer confidence are supporting a resurgence in home sales of late,' added Anand Nallathambi, president and CEO of CoreLogic. 'Adding to overall housing demand is the benefit of a better labor market, which has provided millennials the financial independence to form new households and escape ever rising rental costs.'
CoreLogic reported a 6.5 percent, year-over-year hike in single-family prices in the state.
While the actual prices weren’t calculated by the research firm, the California Association of Realtors reported the single-family resold home price in San Diego County was $562,650 in July, or 7.6 percent higher than the $523,070 figure registered in July 2014.
CAR reported the state’s median price was $488,260 in July, which was 5.4 percent higher than the $463,330 recorded in July 2014.
Excluding distressed sales, year-over-year prices in the state increased by 5.5 percent in July 2015 compared with July 2014, according to CoreLogic.
On a month-over-month basis, excluding distressed sales, the CoreLogic home price index (HPI) indicates home prices increased by 1.0 percent in July 2015 compared with June 2015 in California.
Nationally, CoreLogic reported home prices (including distressed sales) increased by 6.9 percent in July 2015 compared with July 2014.
On a month-over-month basis, home prices nationwide, including distressed sales, increased by 1.7 percent in July 2015 compared with this past June.
Including distressed sales, only Colorado had more than 10 percent year-over-year price growth in the July survey.
Additionally, 10 states have experienced increased growth in the last year matching or surpassing the nation as a whole; those states are: Colorado, Florida, Hawaii, Nevada, New York, Oregon, South Carolina, South Dakota, Texas and Washington.
Fifteen states that have seen new price peaks included Alaska, Arkansas, Colorado, Hawaii, Iowa, Kentucky, Montana, Nebraska, New York, North Carolina, North Dakota, Oklahoma, South Dakota, Tennessee and Texas. The only two states that experienced home price depreciation were Massachusetts (-2.1 percent) and Mississippi (-0.8 percent).
Excluding distressed sales, home prices increased by 6.7 percent in July 2015 compared with July 2014, and increased by 1.5 percent month over month compared with June 2015.
Excluding distressed sales, only West Virginia (-0.3 percent) and Vermont (-0.1 percent) showed year-over-year home price depreciation in July. Distressed sales include short sales and real estate-owned (REO) transactions.
The CoreLogic forecast indicates that home prices, including distressed sales, are projected to increase by 0.5 percent month over month from July 2015 to August 2015, and by 4.7 percent on a year-over-year basis from July 2015 to July 2016.
Excluding distressed sales, home prices are projected to increase by 0.4 percent month over month from July 2015 to August 2015, and by 4.6 percent year over year from July 2015 to July 2016.
The CoreLogic forecast is a projection of home prices using the CoreLogic home price index and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state.
Including distressed sales, the five states with the highest home price appreciation were: Colorado (10.4 percent), Washington (9.9 percent), Nevada (9.1 percent), Hawaii (8.9 percent) and Oregon (8.8 percent).
Excluding distressed sales, the five states with the highest home price appreciation were: Colorado (10.1 percent), Washington (9.5 percent), Nevada (9.1 percent), Oregon (9.1 percent) and New York (9 percent).
The five greater metropolitan areas that showed year-over-year price declines were: Baltimore-Columbia-Towson, Md. (-0.3 percent); Boston, Mass; (-3.8 percent); New Haven-Milford, CT (-1.9 percent); New Orleans-Metairie, La (-4.9 percent) and Worcester, Mass. (-7.2 percent).
Joseph said prices in San Diego are more than holding their own and developers are finding their own ways to increase their real estate value, particularly along the North Coast.
“We’re seeing developers tearing up a lot of homes for more units,” Joseph said.
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