Photo: Wikimedia Commons
The latest Case-Shiller home price data is out and it beat analysts’ expectations as home prices rose 0.67 per cent versus the 0.3 per cent rise which was expected.Higher price data in recent months has led some — like Business Insider deputy editor Joe Weisenthal — to call a bottom in the housing market.
Regardless, what is observable is that many major cities around the United States are seeing rapid increases in both the amount of homes being sold and the prices at which they are selling.
And other markets could soon follow.
The Houston Association of Realtors calls the Houston market a 'buying bonanza,' attributing the boom to 'continued job gains' in Houston and 'the lowest interest rates in history.'
Single-family home sales jumped 23.8 per cent from a year ago in May.
Average sale price was up 8.5 per cent from a year ago, bringing prices to their highest levels ever.
Source: Houston Association of Realtors, Mark Perry
The Denver Business Journal reports that 'the inventory of homes available for sale remained at 'historically low' levels,' aiding real estate prices.
Single-family home sales climbed 24 per cent from a year ago in May.
Average sale price was up 10.5 per cent from a year ago.
Source: Denver Business Journal
The Pittsburgh Tribune Review reports that 'natural gas companies drilling Marcellus shale helped to boost the housing market.'
Total sales volume was up 18.1 per cent in May from a year ago.
Average home prices increased 4.4 per cent from a year ago.
Source: Pittsburgh Tribune Review, Mark Perry
The San Diego Business Journal cites the president of real estate research firm Dataquick, who says, 'The market is being slowly nursed back to health by low interest rates, a modestly improved economy and, we suspect, a widening sense that the housing sector is at or near bottom.'
Single-family home sales increased 21.5 per cent from a year ago in May.
Average sale price was up 3.2 per cent from a year ago.
Source: San Diego Business Journal
The Associated Press cites a recent Bay Area homebuyer who said of the upturn in area real estate prices, 'When I saw that, it kind of scared me. I had a sense of urgency.' No joke.
Total sales volume increased 17.6 per cent from a year ago in May.
Average sale price was up 7.5 per cent from a year ago.
Source: Associated Press via Fresno Bee
The Miami Herald reports that people 'want to jump in because home prices are creeping up a little bit in value.'' (Coincidentally, Miami is also the number one worst housing market in terms of growth forecasts over the next few years.)
Single-family home sales climbed 14 per cent from a year ago in May.
Average sale price was up 6 per cent from a year ago.
Source: Miami Herald
The Associated Press cites a research group who says, 'We're expecting home sales to continue to soar this summer, thanks to low mortgage rates and affordable prices luring buyers into the market.'
Single family home sales rose 35 per cent from a year ago in May.
Average sale price actually decreased 3 per cent from a year ago.
Source: Associated Press via Boston.com
Arizona State University reports, 'Prices have been rising at a fast pace and bargains are no longer easy to find' due to reduced supply of houses on the market (down 54 per cent year over year).
Single family home sales actually decreased 11.5 per cent from a year ago in April.
Average sale price increased 25 per cent from a year ago.
Source: Arizona State University