Home Prices Spike After Summer Lull: CoreLogic

Even as the economy heaves under the weight of the pandemic, home prices are growing at rates unseen in years.

According to the latest numbers released by data analytics provider CoreLogic, home prices across the United States grew by 7.3 percent in October — a significant jump compared to 3.5 percent growth seen in October of last year and 4.9 percent in June of this year. Given that this type of growth has not been seen in the country since April 2014, the coronavirus outbreak does not seem to have stalled home value increases as was once feared at the start of the pandemic.

The reasons, according to CoreLogic, have to do primarily with historically low mortgage rates and a lack of inventory on the market. While the pandemic pushes sellers to hold off on placing properties on the market, buyers are just as eager to get into the market

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Real Estate Set For Strong Summer, But Listings Alarmingly Light

“This coming summer is looking stronger than we thought
possible just eight months ago, but the quantum of success
relies on Kiwis being prepared to sell their properties, as
listings remain at an absolute premium,” says Derryn
Mayne, Owner of Century 21 New Zealand.

Her comments
follow REINZ today releasing its Monthly Property Report for
October which shows median house prices across New Zealand
up by 19.8%, compared to October 2019. In total, 10 regions
and 28 districts around the country saw record median prices
during October, including Auckland up by 16.3% in 12 months
to new record high of $1 million.

“This summer will
be a great time to market your house with limited competing
listings, but very strong buyer demand resulting in more and
faster sales. Mortgage rates keep hitting rock bottom and
the economy is

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Homes Sell Even Faster While Buyers Pay Summer Prices

SANTA CLARA, Calif., Nov. 5, 2020 /PRNewswire/ — The U.S. housing market continued to near record levels in October, thwarting the usual fall slowdown. For the first time since 2011*, homes sold faster** in October than September and prices remained at their summer peak of $350,000, according to realtor.com®’s Monthly Housing Trends Report released today. However, October also saw an improvement in declines of newly listed homes which could signal some relief on the horizon for weary buyers.

“In the fall, we normally see homes sell more slowly and prices pull back from peak levels. But this October, we saw a drop in the time it takes to sell a home even while home prices remain at their summer peak” said Danielle Hale, chief economist for realtor.com®. “Drawn in by low mortgage rates and the hope of more space, buyers have stayed in the housing market this fall, keeping prices

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Home Prices: An Unseasonal Summer Spike

home pricesThe newly released national Case-Shiller Index shows that August housing market trends saw a huge shift from previous years. 

The demand for homes in August was high and price growth soared in most cities. Although sales volumes typically slow down towards the end of summer, the data shows that sales volumes and buying demand picked up speed in August.

An in-depth analysis from CoreLogic gives more insight into just how much housing trends defied the odds in August. The national Case-Shiller Index reached a new high by increasing 5.71% in August, which is the fastest growth rate reported since July of 2018. The month-to-month index increased by 1.06% from July, which is the fastest rate of growth since the spring of 2017. 

The demand for homes has remained high since mid-May, staying well above what the demand was around the same time in 2019. This year is likely to become

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M/I Homes sales leap during summer

M/I Homes, the Columbus-based home builder, shattered records during the third quarter, as the housing industry continued its pandemic roar.



a house that has a sign on the side of a building: Two M/I Homes model homes open for viewings at the corner of West 1st Ave and Yard Street in Grandview Yards in Grandview, Ohio on Thursday, September 26, 2019. [Maddie Schroeder/Dispatch]


© Maddie Schroeder, Maddie Schroeder
Two M/I Homes model homes open for viewings at the corner of West 1st Ave and Yard Street in Grandview Yards in Grandview, Ohio on Thursday, September 26, 2019. [Maddie Schroeder/Dispatch]

For the three months ending Sept. 30, contracts for the company’s homes rose 71% and revenue was up 30% from a year ago, to record levels for the quarter. 

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M/I customers signed contracts to buy 2,949 homes during the quarter, up from 1,721 a year ago. Revenue for the quarter rose from $653.3 million to $847.9 million. 

Sales rose in part by M/I’s ability to hold down prices. M/I’s average sales price during the quarter was $380,000, down from $382,000 last year.

Income for the quarter jumped from $37.8 million, or $1.32

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Homes Are Still Selling Like It’s Summer Across Much of the U.S.

(Bloomberg) — It’s the end of October, but the U.S. housing market is acting like it’s June.

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Spurred on by historically low mortgage rates, buyers are racing to snap up homes, defying seasonal norms even as Covid-19 infections surge in some states. Average listing times are down, and prices in a handful of metropolitan areas are up more than 20% from last year.

“Normally, buyers get a seasonal break,” said Danielle Hale, Realtor.com’s chief economist. This year, “we’re just not seeing that.”

The boom is the latest twist in a year that’s been anything but normal. After the pandemic severely curtailed home sales in March and April, deals came roaring back, especially in suburbs and more-affordable cities. With few properties on the market, demand is far outstripping supply and leading to bidding wars.

Read more: U.S. existing-home sales rose to a 14-year high in September

The typical U.S.

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Home prices shot up over the summer; Seattle still No. 2 in nation for growth

Home prices around the country continued to shoot up as summer drew to a close — and the Seattle area was no exception.

Prices around Seattle rose year-over-year by 8.5% in August, the second-highest rate of growth in the country after Phoenix, which clocked a 9.9% increase, according to the S&P CoreLogic Case-Shiller Home Price Index released Tuesday morning.

August was the seventh consecutive month that Seattle was second to Phoenix in average home price growth, and the 10th straight month that Seattle price growth topped national averages. Nationally, home prices rose an average 5.7% in August, compared to 4.8% the previous month.

By one measure, home prices nationwide are rising faster than they ever have — “an incredible feat considering the market is rising from an already elevated level,” said Zillow chief economist Matthew Speakman in a statement. Annual growth of single-family home prices has risen by more in

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September new home sales fall 3.5%, after strong summer season

CHARLOTTE, N.C. — Sales of new homes fell by 3.5% in September to a seasonally-adjusted annual rate of 959,000 million units, the Commerce Department said Monday, as the housing market’s summer buying season came to a close.

The Commerce Department said Monday that despite the modest decrease, sales of new homes are up 32.1% from a year earlier, as the housing market remains strong despite the pandemic.

EXISTING-HOME SALES SOAR 9.4% IN SEPTEMBER, MARKING FOURTH CONSECUTIVE MONTH OF GROWTH

The housing market, like most of the economy, came to a near standstill in March and in April, causing the typical spring summer buying season to be delayed until the summer.

LUXURY REAL ESTATE SALES CONTINUE TO SURGE DURING PANDEMIC

Once economies reopened, pent up

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Sept. new home sales fall 3.5%, after strong summer season

CHARLOTTE, N.C. (AP) — Sales of new homes fell by 3.5% in September to a seasonally-adjusted annual rate of 959,000 million units, the Commerce Department said Monday, as the housing market’s hot summer buying season cooled.



Model homes and for sale signs line the streets as construction continues at a housing plan in Zelienople, Pa., Wednesday, March 18, 2020. Sales of new homes fell by 3.5% in September to a seasonally-adjusted annual rate of 959,000 million units. The Commerce Department said Monday, Oct. 26, 2020, that despite the modest decrease, sales of new homes are up 32.1% from a year earlier, as the housing market remains strong despite the pandemic. (AP Photo/Keith Srakocic)


© Provided by Associated Press
Model homes and for sale signs line the streets as construction continues at a housing plan in Zelienople, Pa., Wednesday, March 18, 2020. Sales of new homes fell by 3.5% in September to a seasonally-adjusted annual rate of 959,000 million units. The Commerce Department said Monday, Oct. 26, 2020, that despite the modest decrease, sales of new homes are up 32.1% from a year earlier, as the housing market remains strong despite the pandemic. (AP Photo/Keith Srakocic)

The Commerce Department said Monday that despite the modest decrease, sales of new homes are up 32.1% from a year earlier. However, the pandemic may start to weigh on the market as

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September new-home sales fall 3.5% after strong summer season

CHARLOTTE, N.C. — Sales of new homes fell by 3.5% in September to a seasonally-adjusted annual rate of 959,000 million units, the Commerce Department said Monday, as the housing market’s hot summer buying season cooled.

The Commerce Department said Monday that despite the modest decrease, sales of new homes are up 32.1% from a year earlier. However, the pandemic may start to weigh on the market as the colder winter months arrive and with coronavirus cases spiking across much of the U.S.

“While strong demand and low mortgage rates are supportive of home sales, the resurgence in Covid-19 cases, a recovery that may be shifting into reverse and a weak labor market pose downside risks,” said Nancy Vanden Houten with Oxford Economics, in an email.

The housing market, like most of the economy, came to a near standstill in March and in April, causing the typical spring summer buying season

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