Timing is Everything…Will Home Prices in 2013?
Tim McLaughlin, VP Weichert Financial Services
81% of poll respondents to a Redfin poll believe home prices will rise in 2013. Those in the 81% are not far off, as the Federal Housing Finance Agency reported just that in its latest house price index. In fact, from November 2011 to November 2012, prices rose 5.6% and are predicted to continue their upward trajectory into 2013.
Because of this, some sellers are more inclined to wait. More than 34% of sellers indicated that missing out on future price gains was a major concern in selling today. These future price gains have buyers wanting to get in now too, before prices jump much higher. Of those surveyed, 54% believe now is a good time to buy.
Recently, the Mortgage Bankers Association noted that its home purchase index grew 3% from the prior period, a number that is expected to keep growing in the year ahead as prices continue to rise. We sit in a very transitional phase in housing right now. With mortgage rates anticipated to perhaps creep up by the end of the year, buyers are doing whatever it takes to get into their home now. However, prices are continuing to climb, and many sellers don’t want to sell prematurely, potentially missing out on greater price appreciation.
Only time will tell, but for those looking to buy, it is important to remember that rates can change within a day and the time to buy really is now.
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From the above, U.S. house prices rose 0.6% on a seasonally adjusted basis from October to November, according to the Federal Housing Finance Agency’s monthly House Price Index (HPI). The previously reported 0.5% increase in October was revised upward to a 0.6% increase.
For the 12 months ending in November, U.S. prices rose 5.6%. The U.S. index is 15.2% below its April 2007 peak and is roughly the same as the August 2004 index level. National home prices
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Become a Princeton Real Estate Market Expert…
Want to know what the Princeton Real Estate market is doing…? Here it is. Want to know what this means? Come to our Market Seminar Presentation on Feb 2, 10:45 am. Find out the direction of the Princeton real estate market in 2013. Contact us to save your seat.
Various Positive Market Tidbids…
by Tim McLaughlin, VP Weichert Financial Services
The Monthly National Housing Survey for December was released by the Economic and Strategic Research (ESR) team on January 7th with some notable moves in certain results
At 43%, the share who believes home prices will go up in the next 12 months reached the highest level recorded, up 6 percentage points over November.
21% of respondents say it is a good time to sell, a 10 percentage point increase year over year
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The CoreLogic Home Price Index (HPI) showed that home prices nationwide, including distressed sales, increased on a year over year basis by 7.4% in November 2012 compared to November 2011.
This change represents the biggest increase since May 2006 and the ninth consecutive increase in home prices nationally on a year over year basis. On a month over month basis, including distressed sales, home prices increased by 0.3% in November 2012 compared to October 2012.
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The jobs report for December showed that the labor market closed 2012 on a note of resilience. Nonfarm payrolls rose by 155,000, in line with the 3 and 6 month averages of 151,000 and 160,000, respectively. For all of 2012, the US economy created 1.86M new jobs. Gains in December were notable in the goods producing sector, with manufacturing jobs up at a 9 month high of 25,000, while construction jobs jumped by 30,000, following a decline of 10,000 recorded in November in the wake of Hurricane Sandy. Revisions showed a net increase of 14,000 in the prior two months.
The household survey showed the unemployment rate unchanged at 7.8%. November’s rate was revised up by 0.1% due to annual revisions in seasonal factors. The details of the household report were mixed as employment in this survey showed a gain of just 28,000, while the labor force rose by 192,000, reversing the sharp decline seen in November.
Princeton Townhouses for Sale $300 – $500,000
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Princeton Riverside Section Homes for Sale
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16 Lamour Court, Dayton NJ
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The Housing Recovery Ends the Year Strong
Tim McLaughlin, VP Weichert Financial Services
Sales of previously owned homes in the U.S. grew last month to the highest level in three years, putting the housing market on track to close out the year with its overall strongest sales since 2007.
Existing home sales increased 5.9% from a month earlier to a seasonally adjusted annual rate of 5.04 million, the National Association of Realtors said Thursday. It was the strongest month since November 2009, when buyers were rushing to close sales to qualify for a federal tax credit.
Sales in November were 14.5% above the same month a year earlier, and the previous month’s figures were revised downward to a reading of 4.76 million from an originally reported 4.79 million.
The results, the 17th consecutive month of year-over-year increases in home sales, surpassed analysts’ forecasts. Economists surveyed by Dow Jones Newswires had forecast sales would rise by 2.3% from the originally reported October figure to a pace of 4.90 million.
Lawrence Yun, the Realtors’ chief economist, said the housing market has been strongest at the higher end, with sales of homes above $750,000 rising by more than 50% from a year earlier. By contrast, sales of homes priced below $100,000 were down nearly 4% from a year ago, amid a shrinking supply of discounted foreclosures.
With home sales picking up, the number of homes on the market is falling. At the end of November the inventory of previously owned homes listed for sale contracted to 2.03 million. the lowest level since December 2001. That represented a 4.8-month supply at the current sales pace, the smallest supply since September 2005.
The housing market helped pulled the economy into the recession that started in December 2007 and was a drag on the early part of the recovery. However, it has contributed to growth for the past six quarters, adding 0.31 percentage point to the revised 3.1 growth rate in the July-September quarter, the Commerce Department said Thursday.
With the housing market climbing back, builders are getting more optimistic. The National Association of Home Builders said earlier in the week that its housing market index rose to the strongest reading since April 2006.
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