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Home price growth in the U.S. surged in April at a pace not seen in more than 30 years

Home price growth in the U.S. surged in April at a pace not seen in more than 30 years.

Standard & Poor’s said Tuesday that its S&P CoreLogic Case-Shiller national home price index posted a 14.6% annual gain in April, up from 13.3% in March — marking the 11th straight month of accelerating prices. The 20-City Composite posted a 14.9% annual gain, up from 13.4% a month earlier. The results far outpaced analysts’ expectations of a 14.7% annual gain, according to Bloomberg consensus estimates.

“April’s performance was truly extraordinary. The 14.6% gain in the National Composite is literally the highest reading in more than 30 years of S&P CoreLogic Case-Shiller data,” said Craig J. Lazzara, managing director and global head of index investment strategy at S&P Dow Jones Indices, in a press statement. “Housing prices in all 20 cities rose; price gains in all 20 cities accelerated; price gains in all 20 cities were in the top quartile of historical performance.”This content is not available due to your privacy preferences.Update your settings here to see it.

Phoenix, Dan Diego, and Seattle continued to lead the 20-City composite. Phoenix led for the 23rd month in a row posting a 22.3% annual increase, followed by San Diego with a 21.6% increase and Seattle with a 20.2% increase.

Boston Federal Reserve President Eric Rosengren told Yahoo Finance last week that he was “concerned about rising home prices, but noted that the hot real estate market is “not at a point where we should be panicked.”

A house's real estate for sale sign is seen in front of a home in Arlington, Virginia, November 19, 2020. - The US real estate market is booming even as the coronavirus crisis intensifies, and the seemingly insatiable appetite for new and older homes has sent prices soaring -- meaning more and more families with modest incomes are seeing their dreams of owning property shattered. (Photo by SAUL LOEB / AFP) (Photo by SAUL LOEB/AFP via Getty Images)
A house’s real estate for sale sign is seen in front of a home in Arlington, Virginia, November 19, 2020. – (Photo by SAUL LOEB / AFP) (Photo by SAUL LOEB/AFP via Getty Images)

The results were expected and follow similar data pointing to skyrocketing home prices well into the busy spring season. Last week, the National Association of Realtors (NAR) reported that the median existing-home price for all housing types in May was $350,300, up 23.6% from May 2020 ($283,500), as every region registered price increases — a record high and marking 111 straight months of year-over-year gains since March 2012.

“While the acceleration may be met with concerns, mortgage interest rates remain 50% lower than they were in 2005, when home price growth last peaked, keeping the ratio of mortgage payments to monthly households income lower today,” CoreLogic Deputy Chief Economist Selma Hepp said in a press statement. “It’s probably that continued massive demand will keep pressure on prices, which are likely to remain at double-digit growth rate throughout the remainder of 2021.” 

“Higher costs for building materials and labor have been putting upwards pressure on home prices. Strong demand for homes coupled with tight inventories should support further home prices gains,” said Bank of America in a recent research note. BofA expected a 14% annual increased in the index.

new report from the NAR found that the housing market needs to build at least 5.5 million new units, both single-family and multi-family homes, just to keep up with demand and keep home ownership affordable over the next decade.

Total housing inventory at the end of May amounted to 1.23 million units, up 7.0% from April’s inventory and down 20.6% from one year ago, according to the NAR. Unsold inventory sits at a 2.5-month supply at the present sales pace, marginally up from April’s 2.4-month supply but down from 4.6 months in May 2020.

The lack of homes for sales is also slowing home buying activity. Existing home sales slid for the fourth straight month in May, according to the NAR. 

“Home sales fell moderately in May and are now approaching pre-pandemic activity,” said Lawrence Yun, NAR’s chief economist, in a press statement. “Lack of inventory continues to be the overwhelming factor holding back home sales, but falling affordability is simply squeezing some first-time buyers out of the market.”

California Housing Market Update: Monthly Sales and Price Statistics May 2021
May-21Median Sold Price of Existing Single-Family HomesSales
State/Region/CountyMay-21Apr-21 May-20 Price MTM% ChgPrice YTY% ChgSales MTM% ChgSales YTY% Chg
CA SFH (SAAR)$818,260$814,010r$588,070 0.5%39.1%-2.7%86.7%
CA Condo/Townhomes$592,000$570,000 $464,900 3.9%27.3%-8.8%150.9%
Los Angeles Metropolitan Area$725,000$725,000 $535,000 0.0%35.5%-5.2%81.0%
Central Coast$900,000$925,620 $678,500 -2.8%32.6%-4.7%111.8%
Central Valley$445,000$435,000 $350,000 2.3%27.1%-0.4%44.0%
Far North$365,000$367,250 $299,000 -0.6%22.1%2.1%58.6%
Inland Empire$510,000$500,000 $395,740 2.0%28.9%-4.3%58.4%
S.F. Bay Area$1,340,000$1,328,440 $965,000 0.9%38.9%-5.2%104.6%
Southern California$752,250$750,000 $565,000 0.3%33.1%-4.8%80.0%
          
S.F. Bay AreaMay-21Apr-21 May-20 Price MTM% ChgPrice YTY% ChgSales MTM% ChgSales YTY% Chg
Alameda$1,312,500$1,300,000 $955,000 1.0%37.4%-1.6%130.2%
Contra Costa$1,015,000$990,000 $690,000 2.5%47.1%-6.6%95.1%
Marin$1,632,500$1,610,000 $1,500,000 1.4%8.8%-1.5%61.0%
Napa$837,500$950,000 $672,500 -11.8%24.5%-5.7%118.9%
San Francisco$1,900,000$1,800,000 $1,627,500 5.6%16.7%-9.2%136.5%
San Mateo$2,075,000$2,001,000 $1,650,000 3.7%25.8%-1.9%94.4%
Santa Clara$1,675,000$1,650,000 $1,365,000 1.5%22.7%-8.2%131.8%
Solano$579,000$555,000 $482,000 4.3%20.1%-7.5%10.3%
Sonoma$780,000$777,500 $675,000 0.3%15.6%-2.5%158.5%
Southern CaliforniaMay-21Apr-21 May-20 Price MTM% ChgPrice YTY% ChgSales MTM% ChgSales YTY% Chg
Los Angeles$725,680$718,440r$553,710r1.0%31.1%-3.1%80.7%
Orange$1,100,000$1,100,000 $834,550 0.0%31.8%-10.1%130.9%
Riverside$560,000$545,500 $434,480 2.7%28.9%-5.2%60.4%
San Bernardino$410,000$405,000 $320,000 1.2%28.1%-2.5%54.8%
San Diego$851,000$825,120 $655,000 3.1%29.9%-3.2%76.1%
Ventura$806,000$865,000 $681,250 -6.8%18.3%-7.8%119.5%
Central CoastMay-21Apr-21 May-20 Price MTM% ChgPrice YTY% ChgSales MTM% ChgSales YTY% Chg
Monterey$887,000$840,000 $650,000 5.6%36.5%0.4%153.3%
San Luis Obispo$775,000$799,950 $632,500 -3.1%22.5%-10.4%99.3%
Santa Barbara$1,299,000$1,100,000 $637,500 18.1%103.8%-2.1%99.3%
Santa Cruz$1,300,000$1,265,000 $850,000 2.8%52.9%-4.9%110.9%
Central ValleyMay-21Apr-21 May-20 Price MTM% ChgPrice YTY% ChgSales MTM% ChgSales YTY% Chg
Fresno$361,500$355,000 $295,000 1.8%22.5%3.8%40.5%
Glenn$384,000$302,500 $323,250 26.9%18.8%-54.2%-8.3%
Kern$317,000$315,000 $270,000 0.6%17.4%-3.6%60.8%
Kings$315,000$305,000 $249,950 3.3%26.0%-17.4%13.6%
Madera$360,000$378,000 $297,500 -4.8%21.0%5.3%34.3%
Merced$350,000$325,000 $285,000 7.7%22.8%1.7%12.0%
Placer$663,450$625,000 $515,000 6.2%28.8%-2.3%53.1%
Sacramento$500,000$490,000 $395,000 2.0%26.6%-0.3%46.1%
San Benito$810,000$722,500 $660,500 12.1%22.6%-7.8%195.0%
San Joaquin$500,000$490,000 $415,000 2.0%20.5%10.0%55.7%
Stanislaus$440,000$419,000 $350,000 5.0%25.7%-5.7%37.8%
Tulare$324,350$309,600 $255,250 4.8%27.1%-1.2%17.4%
Far NorthMay-21Apr-21 May-20 Price MTM% ChgPrice YTY% ChgSales MTM% ChgSales YTY% Chg
Butte$449,000$438,500 $362,000 2.4%24.0%-10.9%63.2%
Lassen$247,450$253,000 $195,000 -2.2%26.9%4.3%41.2%
Plumas$423,000$400,000 $269,000 5.8%57.2%31.7%260.0%
Shasta$360,000$350,000 $297,000 2.9%21.2%10.2%53.3%
Siskiyou$289,000$302,500 $230,000 -4.5%25.7%-25.9%10.3%
Tehama$348,000$362,000 $290,000 -3.9%20.0%11.9%51.6%
Other Counties in CaliforniaMay-21Apr-21 May-20 Price MTM% ChgPrice YTY% ChgSales MTM% ChgSales YTY% Chg
Amador$427,500$415,000 $321,000 3.0%33.2%2.9%80.0%
Calaveras$473,800$475,000 $330,000 -0.3%43.6%5.1%55.2%
Del Norte$415,000$364,170 $338,450 14.0%22.6%-59.1%-59.1%
El Dorado$688,000$654,750 $535,000 5.1%28.6%4.3%79.8%
Humboldt$400,000$425,000 $340,750 -5.9%17.4%18.3%84.3%
Lake$360,000$324,950 $300,000 10.8%20.0%-10.4%72.0%
Mariposa$415,000$343,200 $280,000 20.9%48.2%0.0%100.0%
Mendocino$602,500$528,000 $426,000 14.1%41.4%2.0%100.0%
Mono$1,140,000$974,000 $520,150 17.0%119.2%-25.0%400.0%
Nevada$563,250$555,000 $410,000 1.5%37.4%-11.2%42.9%
Sutter$410,000$410,000 $342,550 0.0%19.7%37.3%102.5%
Tuolumne$390,700$367,000 $319,000 6.5%22.5%7.2%103.9%
Yolo$617,500$566,000 $443,000 9.1%39.4%8.6%83.1%
Yuba$400,000$384,700 $320,000 4.0%25.0%37.8%100.0%
南加房价五个月飙涨25%,创历史新高

据《洛杉矶时报》报道,南加州的房价在过去的5月份飙升近25%,再创历史新高,但一些数据表明,经过这轮飙升后,民众对房产的需求可能放缓。

报道引述数据公司 DQNews 周二发布的数据显示,南加州六县地区的销售价格的中位数,自 2020 年 5 月以来上涨了 24.7%,上个月达到创纪录的 66.7 万美元,销售额也比上年同期激增。

  • 洛杉矶县,5 月份房价中位数上涨了 25%,达到创纪录的 77.5万美元,而销售额则攀升了 117%。
  • 橙县,房价中位数上涨 19.3% 至创纪录的 89.5万美元,而销售额则攀升 113.4%。
  • 河滨县,房价中位数上涨了 22.5%,达到创纪录的 50.2万美元,而销售额则攀升了 81.7%。
  • 圣贝纳迪诺县,房价中位数上涨 16.8% 至 43.2万美元,而销售额攀升 61%。
  • 圣地亚哥县,房价中位数上涨了 22.9%,达到创纪录的 72.5万美元,而销售额则攀升了 81.7%。
  • 文图拉县,房价中位数上涨 20.9% 至创纪录的 70.2万美元,而销售额则攀升 128.7%。

Los Angeles County home sales drop 11% from a year age

Los Angeles County home sales drop 11% after $155,000 price jump from a year ago. Here’s from DQNews/CoreLogic’s report on closed transactions in May from Los Angeles County.

Sales: 7,800 existing and new residences sold — down 7% from April. May has average 6.1% gains since 1988 in a one-month period where transactions rose in 27 of the last 34 years.

Past 12 months? 83,833 Los Angeles County sales — up 21% above the previous 12 months and 9% above the 10-year average but 10-year average and 13% off the pace since 1988.

Prices: The countywide $775,000 median was up $155,000 or 25% — over 12 months. Over 10 years, gains averaged 9.2% annually. The latest 12-month gain ranks No. 13 of 389 periods since 1988. The latest median breaks the record of $750,000 set in March and April.

The median’s $155,000 increase equals $17.69 for each hour over 12 months.

Rates on a 30-year, fixed-rate mortgage averaged 3.03% in the three months ending in May vs. 3.33% a year earlier. That translates to 4% more buying power for house hunters.

At these rates, a buyer with 20% down would pay $2,625 a month on the $775,000 median sale vs. $2,180 on last year’s $620,000 median. So during the past year, the typical house payment became 20.4% pricier.

Homes sold averaged just eight days on the market in the Inland Empire; 10 days in Los Angeles and Orange counties, Zillow reported.

Orange County: 3,491 sold, up 113% in year. Median? record $895,000 — a 19% increase.

Riverside County: 4,358 sales, up 82% in year. Median? record $502,250 — a 23% increase.

San Bernardino County: 2,960 sold, up 61% in year. Median? $432,000 — a 17% increase.

San Diego County: 4,222 sales, up 82% in year. Median? record $725,000 — a 23% increase.

Ventura County: 1,125 sold, up 129% in year. Median? $701,500 — a 21% increase.