Home prices see greatest gain in over 6 years

The S&P CoreLogic Case-Shiller index covering home prices of all nine U.S. census divisions rose 7% in September from a year ago, the greatest year-over-year gain since 2014, and nearly 23% higher than its last peak in 2006.

The September increase was also greater than the 4.8% uptick reported in August, and represented the largest annual gain since May 2014 as record-low mortgage rates and a lack of inventory continued to put upward pressure on home prices.

“Home prices are normally sticky, meaning that they often take a while to respond to market shifts,” said Matthew Speakman, economist at Zillow. “These elevated levels of market competition have been placing upward pressure on prices for months, but home prices have just recently begun to take off in earnest. Some measures show home prices now growing at a faster pace than they ever have.”

Homes went under contract two weeks faster in

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Home Prices Gain Most on Record as Low Rates Drive Demand

(Bloomberg) — Home prices surged the most on the record in the third quarter, according to a report Tuesday from the Federal Housing Finance Agency.

a dog sitting on a chair in front of a window: A worker at a home under construction in Dublin, Ohio.

© Photographer: Bloomberg/Bloomberg
A worker at a home under construction in Dublin, Ohio.

With record-low mortgage rates fueling demand for housing, prices jumped 3.1% compared to the prior quarter. That was the biggest gain in records dating to 1991, according to FHFA.

Compared to 2019, prices were up 7.8% in the three months through September, the biggest jump since 2006.

The housing market has been booming during the pandemic in the U.S., with cheaper borrowing costs and the desire for more space to spread out fueling a surge in purchases.

Prices for homes have soared across the U.S. despite the economic uncertainty from Covid-19. The gains have been driven in part by low inventory of houses for sales.

Video: The real turning point for markets

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Existing home sales up 4.3% in October, fifth monthly gain

CHARLOTTE, N.C. – Sales of existing homes rose for a fifth straight month in October, reaching a level not seen since before the housing bubble popped 14 years ago.

The National Association of Realtors said Thursday existing homes sales rose 4.3% to an seasonally-adjusted rate of 6.85 million annualized units. Reflecting the searing-hot housing market, that figure is up 26.6% from a year earlier.

The 6.85 million figure is the highest for that data since February 2006 — the eve of when the housing market reached its apex and subsequently collapsed.

Realtors and housing market experts have said the housing market is in a different and healthier place than it was the last time sales were at these levels. With interest rates at near-record lows, mortgage rates have dropped to historically low levels. Also the pandemic has caused many families to seek out different living arrangements to reflect that many

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Home Sales Surge 24%, the Biggest Gain on Record, Prices up 14% in October

SEATTLE, Nov. 19, 2020 /PRNewswire/ — (NASDAQ: RDFN) — The national median home price posted the second-largest annual increase on record in October, when it rose 14.2% year over year to $335,900, according to a new report from Redfin (www.redfin.com), the technology-powered real estate brokerage. These near-record gains are fueled by an extreme imbalance between homebuying demand and the supply of homes for sale. Home sales surged 24% from a year earlier—the largest gain on record—while new listings were up just 12%.

“October very well may have been the hottest the housing market gets this year,” said Redfin chief economist Daryl Fairweather. “Buyers who stepped away from the market at the beginning of the pandemic had been making up for lost time, which sent prices skyrocketing. But given that we are entering a winter wave of the pandemic, housing demand will likely lose a bit

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October existing home sales see ‘spectacular’ 26.6% annual gain even with short supply and surging prices

  • Sales of existing homes in October soared well past expectations, rising 4.3% compared with September and 26.6% annually.
  • There were 1.42 million existing homes on the market at the end of October, a 19.8% drop compared with October 2019. At the current sales pace, that represents a 2.5-month supply, the lowest on record.
  • The median price of an existing home sold in October was $313,000, up 15.5% annually. That is the highest median price on record and reflects the far stronger sales on the higher end of the market.

a person that is standing in the living room: Prospective homebuyers view a bedroom while touring a house for sale in Helotes, Texas.

© Provided by CNBC
Prospective homebuyers view a bedroom while touring a house for sale in Helotes, Texas.

Sales of existing homes in October soared well past expectations, rising 4.3% compared with September and 26.6% annually to a seasonally adjusted annualized rate of 6.85 million units, according to the National Association of Realtors.


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The NAR’s chief economist, Lawrence Yun,

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Oil prices on track for biggest daily gain in 6 months on positive COVID-19 vaccine news



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West Texas Intermediate crude for December delivery (CL)(CLZ20) jumped $3.42, or 9.2%, to $40.56 a barrel on the New York Mercantile Exchange.

January Brent crude (BRNF21)(BRN00) the global benchmark, surged $3.34, or 8.4%, to $42.79 a barrel on ICE Futures Europe.

Front-month prices for both WTI and Brent crude were poised to tally the largest one-day dollar and percentage rise since May 5, according to FactSet data.

“Oil has had an absolutely horrific year with the pandemic hammering demand and, at one point, pushing crude prices negative,” said Craig Erlam, senior market analyst at OANDA, in a note. “Well, that may now change with a vaccine providing a sustainable solution to an utterly horrific problem that has caused carnage across the globe.”

Pfizer Inc. (PFE) and Germany-based BioNTech SE (BNTX) said their BNT162b2 vaccine candidate was found to be more than 90% effective in preventing COVID-19

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Pending home sales fell in September, but annual gain is the important metric

Today the National Association of Realtors reported pending home sales are up 20.5% year over year — and that is the only headline that you should care about.


This is one more data point showing that housing data has gone wild to the upside, so we should expect some downward moderation in the month-to-month data. Similarly, the recent Census/HUD report on new home sales showed they were up 32.1% year over year, whereas the monthly numbers showed a decline of 3.5% from August to September. I expected the negative revisions in the monthly numbers to be even larger, so these numbers may be revised lower yet again. 

Month-to-month housing data can move up and down, but the trend is what matters most. For this reason, I recommend just focusing on the year-over-year data.  Focusing on the year-over-year data with home sales and especially with purchase applications is the key

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Home Prices Post Another 15% Gain

SEATTLE, Oct. 23, 2020 /PRNewswire/ — (NASDAQ: RDFN) — The median home sale price increased 15% year over year to $320,625—the highest on record, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. In the week ending October 18, home prices were up 16% from the same week a year earlier. Home prices continue to buck their typical seasonal pattern.

Below are other key housing market takeaways for 434 U.S. metro areas during the 4-week period ending October 18.

  • Since the four-week period ending July 5, home prices have increased 6.8%. Over that same period in 2018 and 2019, prices declined an average of 4.4%.
  • The median asking price of new listings was up 14.2% from a year earlier.
  • Pending home sales climbed 32% year over year even as the number of sales continued a typical seasonal decline.
  • New
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