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Housing Market Accelerates
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Prices of homes in the U.S. increased by 9.3% in February 2013, according to the Standard & Poor's/ Case-Shiller survey of home prices in 20 major metropolitan areas. All 20 cities posted gains for the second month. Prices in Phoenix increased by 23%, and in San Francisco by 18.9%. The median home price in March was $184,300 up from the $154,600 in Jan. 2012. The peak was at $230,400 in 2006. The WSJ quarterly survey shows less than 3 month supply of homes in Phoenix and San Francisco. Supplies of homes declined by 16.8%, sales of previously owned homes were up by 10.3% in March over the prior year month. Supplies have dropped as banks are putting fewer homes in foreclosure and many homeowners are unwilling to sell for a number of reasons. Increasing rents and low mortgage costs also help increase demand. The interesting aspect of this is that prices are rising even as homeownership rate declined to 65%, according to the Census Bureau. And compared with 2004 there are 7.2 million more renters and only about 400,000 new homeowners, according to Capital Economics. Some of the homebuying comes from investors buying homes and converting them into rentals.
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Wall Street Journal 05/02/2013
The economic performance of cities: Following the sun
Economist 05/16/2013
Home Prices Rise, Producing a Buying Mood
New York Times 05/28/2013
Housing Recovery Increasingly Prices Out First-Time Buyers
Wall Street Journal 07/22/2013
Economic Casualties: 'Missing Households'
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U.S. housing prices: 2010-2013
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Wall Street Journal 05/02/2013
Housing Rebound Grows as Prices Climb Sharply
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The economic performance of cities: Following the sun
Economist 05/16/2013
Home Prices Rise, Producing a Buying Mood
New York Times 05/28/2013
Home Prices Jump, but Headwinds Build
Wall Street Journal 07/31/2013
In struggling housing market, buyers and sellers are out of sync
Washington Post 09/05/2010
U.S. real estate market 2010-2013
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Wall Street Journal 05/02/2013
The economic performance of cities: Following the sun
Economist 05/16/2013
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Rise in Phoenix Housing Shows Path for Other Cities
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Economic Uplift May Be Drag on Housing
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New York Times 04/24/2012
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