The October 2013 S&P Case Shiller home price index shows a seasonally adjusted 13.6% price increase from a year ago for both the 20 metropolitan housing markets and the top 10 housing markets. This is an incredible price run up and has not been seen since the height of the housing bubble, February 2006.
The NAR reported existing home sales plunged -4.3% from last month and are down -1.2% from last year. This is the first yearly decline in existing home sales since June 2011, a full 29 months ago. Unsold Inventory increased 5.0% from last year and represents a 5.1 months supply at current rates . Volume was an annualized and seasonally adjusted 4.90 million for November 2013.
The September 2013 S&P Case Shiller home price index shows a seasonally adjusted 13.3% price increase from a year ago for both the 20 metropolitan housing markets and the top 10 housing markets. America is now only 20% away from the peak of the housing price bubble and the two indexes are comparable to May 2004 levels
The headlines blare building permits are the highest in five years. Housing building permits come from the Census issued Residential construction report and for October building permits increased 6.9%. While that sounds great and good, it is not an indicator the residential real estate sector is red hot again as some in the press proclaim.
The National Association of Realtors Pending Home Sales declined by -0.6% in October 2013. This is the 5th month in a row where pending home sales have declined and is the lowest level for pending home sales since Decenber 2012. September pending home sales dropped by -4.6% Pending home sales have declined -1.6% from a year ago.
Home ownership is at the lowest rate since the 4th quarter of 1995. The Census released their quarterly housing vacancies and home ownership report. The seasonally adjusted homeownership rate is 65.1%. Many in the press tried to claim homeownership is increasing by quoting the not seasonally adjusted home ownership rate of 65.3%, which gives an uptick in people owning homes in America from the 2nd quarter of 2013. The reality is, not so. The great ownership society went bankrupt.
The August 2013 S&P Case Shiller home price index shows a seasonally adjusted 12.8% price increase from a year ago for over 20 metropolitan housing markets and a 12.7% change for the top 10 housing markets from a year ago. Once again price increases are on high for homes.
The NAR reported existing home sales declined -1.9% from last month and are up 10.7% from last year. Sales have increased on a yearly basis for the last 27 months in a row. Inventories are still a very tight five months of supply. Inventories increased 2.0% from last month but are down, -7.4% from a year ago. Existing homes sales nationwide have increased 10.7% from a year ago.
The July 2013 S&P Case Shiller home price index shows a 12.4% price increase from a year ago for over 20 metropolitan housing markets and a 12.3% change for the top 10 housing markets from a year ago. Once again price increases on on high for homes.
The National Association of Realtors Pending Home Sales declined by -1.3% in July. This is the second month in a row where pending home sales have declined as June dropped by -0.4% Pending home sales have increased 6.7% from a year ago. Pending home sales are also back to November 2006 housing bubble year levels.
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