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Things to Watch in China’s Housing Market in the Year of the Horse | Bedford Hills Homes

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Growth in China’s housing market is expected to slow this year even as it becomes more uneven across the country. This comes as the world’s second-largest economy is grappling with overly high housing prices in major cities festering resentment among people who can’t afford a home, as well as huge amounts of worrisome shadow-banking debt linked to questionable property deals and infrastructure.

In 2013, housing prices in major Chinese cities shot up quickly as homebuyers returned to the market after concluding the central government is unlikely to impose further property curbs that had a limited effect in reining in runaway housing prices. Housing sales in China rose 26.6% in 2013, accelerating from the 10.9% growth in 2012, but the consensus view is that pent-up demand for homes has been digested, and growth in housing sales would moderate this year.

Strong demand and a lack of new homes in downtown areas in major cities are pushing prices up, while sluggish demand and oversupply in smaller cities threatening to drive home prices and the local economy down.

 

http://blogs.wsj.com/five-things/2014/02/06/5-things-to-watch-in-chinas-housing-market-in-the-year-of-the-horse/

The State of the Real Estate Market | Bedford Hills NY Real Estate

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According to Movoto Real Estate‘s State of the Market report, the market followed seasonal trends on a month-over-month basis, as the number of available homes on the market and the median list price per square foot index dipped when compared to November. At the same time, our data shows that year-over-year changes in the median list price per square foot and inventory level indexes are similar to previous years’ numbers.

How This Report Is Made

In building Movoto Real Estate’s monthly State of the Real Estate Market report, we look at 38 geographically diverse cities in order to determine total inventory levels and median price per square foot index. In addition, we further break down this data on a month-over-month and year-over-year basis. The data used comes from each city’s Multiple Listing Service.

Median List Price Per Square Foot Index

YEAR-OVER-YEAR

During the 12-month period between December 2012 and December 2013, there were 33 cities in which the median list price per square foot increased. Of the cities that had increases, 17 witnessed double-digit gains.

In total, across the cities we track, the median list price per square foot index increased from $159 in December 2012 to $176 in December 2013, a gain of 10.4 percent.

The cities that saw the largest gains by percentage were:

  • Boston: The value for a home in Boston increased by about 27 percent in the past year, going from $361 in December 2012 to $458 in December 2013.
  • Sacramento: The median list price per square foot for a home inSacramento increased by about 21 percent in the past 12 months. The price rose from $123 in December 2012 to $149 in December 2013.
  • Phoenix: Phoenix home prices increased by about 20 percent in the past year. The median list price per square foot increased from $101 to $121 from December 2012 to December 2013.

 

http://www.fool.com/investing/general/2014/02/03/the-state-of-the-real-estate-market.aspx

Pending home sales mirror pre-crash levels | Bedford Hills Homes

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Pending home sales fell steadily from May to December last year, closely mirroring the trajectory of the same economic indicator months before the 2007 home price crash, analysts Chris Flanagan and Justin Borst with Bank of America-Merrill Lynch claim in a new report.
But don’t get sour on housing just yet, or assume we are in store for another home price crash.
While pending home sales fell sharply in December ??— and experienced steady declines last year — other factors, not existent in 2007, are likely to save housing from a free-fall in prices, the two researchers say.
But before analyzing the year 2014, we have to look back to 2007 when a quiet housing storm was silently brewing in America.
Fortunately, unlike 2007, current housing prices are closer to fair market values and inventory levels remain constrained. Buffered by these two factors, a wide swing in prices is unlikely, the researchers said. On the other hand, the perfect storm of 2007 had additional headwinds in the form of excess inventory and steep price drops from peak levels.
Yes, it’s true year-over-year growth has likely reached its peak and growth will be slower in the future, but Borst and Flanagan are still calling for 5% home price growth in 2014.

In fact, prices are unlikely to move dramatically, they say, since mortgage credit is still wound tight and builders are not creating excess housing supply.

 

 

http://www.housingwire.com/articles/28813-pending-home-sales-data-mirrors-pre-crash-levels

 

 

 

Home Price Climb Returning to Average | Bedford Hills NY Real Estate

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Home prices rose faster in the third quarter than at any time since 2006, but are expected to slow considerably in 2014, according to data released Thursday by Corelogic.
Indeed, pending home sales data from the National Association of Realtors, also released Thursday, came in weaker than expected, showing a decline of 8.7% vs. the previous month. Consensus estimates were for just a 0.3% drop.
Corelogic expects the pace of home price increases to slow to 4.2% nationally through the third quarter of 2014, close to its long-term annual average of 4.5% recorded since 1975.
According to the Corelogic data, prices rose nearly 30% in Las Vegas and in several California cities, while Detroit also saw a near-20% jump. Gains in Northeastern cities such as Philadelphia and Hartford were around 3%.

“Investor demand and sales of foreclosed properties are dropping quickly,” said CoreLogic Case-Shiller economist David Stiff. “This is especially true in states that were caught up early in the bubble and have non-judicial foreclosure proceedings, such as California and Arizona. In these states, inventories of bank-owned properties are close to being cleared. Non-investor demand, although increasing, will not replace demand from investors.”

Home prices across the U.S. were 17% above the trough reached in the fourth quarter of 2011, but they are still 23% below the peak reached in the first quarter of 2006, Corelogic concluded.

 

http://www.thestreet.com/story/12286471/1/home-price-climb-returning-to-average.html?puc=yahoo&cm_ven=YAHOO

 

Home prices increase 13.7 percent from 2012 | Bedford Hills NY Real Estate

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Home prices extended a winning streak in November, with 2013 shaping up as the best year for gains since 2005, according to the S&P/Case-Shiller indexes.

The composite 20-city home price index, a key gauge of U.S. home prices, was up 13.7 percent in November from a year earlier. All 20 cities have posted year-over-year gains for 11 straight months.

Prices in the 20-city index were 0.1 percent lower than the prior month, but that’s mostly due to the weaker winter selling season. Adjusted for seasonal variations, prices were 0.9 percent higher month-over-month. Nine of the 20 cities posted a monthly declines, though on a seasonally adjusted basis priced no city saw a drop.

Though home-price gains have been strong, the Case-Shiller data are lagged. Many expect increases to moderate this year.

“The rapid gains in house prices over the past year are the result of low inventories of homes for sale and strengthening home buying activity. But a slowdown in the pace of house price appreciation is in store for 2014,” said Paul Diggle at Capital Economics. “We are anticipating a meaningful increase in the supply of homes for sale. The survey evidence suggests that rising prices are motivating more owners to list their homes. And judging by the recovery in housing starts, the inventory of new homes for sale is also set to rise strongly.

 

 

http://realestate.msn.com/blogs/post–home-prices-increase-137-percent-from-2012

Case-Shiller: Home prices dipped in November | Bedford Hills NY Real Estate

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Home prices in November fell slightly for the first time since November 2012, as the combination of price gains earlier in 2013 and higher mortgage rates caused prices to reach a plateau, according to a leading index of housing-market activity.

The Standard & Poor’s Case-Shiller index of home prices in 20 top cities fell 0.1% in November. A separate 10-city index also fell by 0.1%, Standard & Poor’s/Dow Jones Indices said in a statement. The 20-city index showed prices 13.8% higher than a year earlier, while the 10-city index rose 13.7%.

The company said the dip is not a reversal of the housing recovery. Prices typically dip in November and this performance was the best for any November since 2005.

“Beginning June 2012, we saw a steady rise in year-over-year increases, (and) November continued that trend,” said David Blitzer, head of the index committee at S&P/Dow Jones Indices.  “The Sun Belt continues to push ahead with Atlanta, Las Vegas, Los Angeles, Miami, Phoenix, San Diego, San Francisco and Tampa taking eight of the top nine spots.”

Home prices are still rising despite last May’s jump in mortgage interest rates, Blitzer said. Mortgage applications for purchase were up in recent weeks, confirming home builders’ optimism shown in surveys by the National Association  of Home Builders, he added.

 

http://www.usatoday.com/story/money/business/2014/01/28/case-shiller-housing/4957633/

 

‘Overwhelming’ California Mega-Manse Wants $15.9M | Bedford Hills NY Homes

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Location: Rancho Santa Fe, Calif. Price: $15,900,000 The Skinny: There’s an extremely fine line between awe-inspiring opulence and self-parody, a line that this newly renovated SoCal mega-manse smashes with a diamond-encrusted sledgehammer and then plows over with a gold-plated Rolls Royce that runs on cognac and burning bales of thousand dollar bills. It’s not that, as a matter of principle, there’s anything necessarily wrong with wine cellars, or wainscoting , or even drapes, if that’s your thing. In practice, however, an unlimited renovation budget combined with a desire to project refinement can lead to real trouble (not to mention an overabundance of reproduction statuary). Still, where one person sees trouble (wall paintings) someone else may see a home full of killer features (shooting fountains), and this mansion’s decor certainly provides plenty of opportunities for judgment-passing one way or the other. Even the brokerbabble pays homage to the sheer physical power of the place: “Upon entering, the beauty of the home instantly overwhelms you,” though whether it’s beauty that overwhelms is an open question. The six-bedroom, 10-bathroom home, which tops out at 12,500 newly bedazzled square feet and also boasts a 100,000-gallon pool, is asking $15.9M.