Home Prices Still Rising

Phil Hall

Oct 02, 2018

Pending home sales were on the rise in August, according to new data from the National Association of Realtors (NAR)

Home prices in August increased nationally by 5.5 percent from a year ago and by 0.1 percent from the previous month, according to new data from CoreLogic.

Among the states, Nevada and Idaho experienced double-digit annualized home price increases at 13 percent and 12.2 percent, respectively, while North Dakota’s one percent drop made it the lone state with a price decline. Among the nation’s 100 largest metro markets, CoreLogic determined that 38 percent were overvalued, 18 percent were undervalued and 44 percent were at value. CoreLogic is forecasting a 4.7 percent year-over-year home price increase from August 2018 to August 2019, but a 0.4 percent drop from August to September 2018.

"The rise in mortgage rates this summer to their highest level in seven years has made it more difficult for potential buyers to afford a home," said Frank Nothaft, Chief Economist for CoreLogic. "The slackening in demand is reflected in the slowing of national appreciation, as illustrated in the CoreLogic Home Price Index. National appreciation in August was the slowest in nearly two years, and we expect appreciation to slow further in the coming year."

But, of course, there is more to buying a home than just the cost of the house. Today’s homebuyer should expect to pay an average of $40,000 in one-time fees to purchase the typical home, according to new data from Zillow’s RealEstate.com and Thumbtack.

"Buying a home, especially for the first time, is an exciting but stressful experience," said Justin LaJoie, RealEstate.com General Manager. "Some of that stress can be eased by making sure you know all of the costs that come with buying and owning a home, so you can budget appropriately and not get caught off guard well into the buying process."

Link copied

Published

Oct 02, 2018

Analysis and Data

Mortgage Rates Soar To 22-Year Peak

As 30-year fixed-rate mortgages hit 7.31%, experts indicate low housing inventory and changing consumer behavior; renting emerges as a favorable choice for many.

The average 30-year fixed rate mortgage last week peaked at 7.31%, according to Freddie Mac. That's the highest it's been since December 2000.  “However, unlike the turn of the millennium, house prices today are rising alongside mortgage rates, primarily due to low inv...

Analysis and Data

U.S. Pending Home Sales Plunge 7.1% in August

All four national regions report a slump in monthly and annual transactions, emphasizing the need for better rates and increased housing inventory.

Pending home sales across the U.S. saw a substantial 7.1% decrease in August, according to the National Association of Realtors (NAR). This dip in sales occurred across all four major U.S. regions, each registering losses in both monthly and year-over-year transactions. Law...

Nov

Houston, TX

More from

Industry News

Layoffs At Better.com

After a rocky market debut, Better.com has laid off staff.

Industry News

Sep 25, 2023

CFPB Issues Guidance On AI In Credit Underwriting

Creditors must provide specific and accurate reasons for credit denials, even with complex AI models.

Industry News

Sep 19, 2023

Intercontinental Exchange Completes Black Knight Acquisition; Births Dark Matter Technologies Under Constellation Software

Rich Gagliano takes the helm at Dark Matter Technologies, poised to lead the future of Empower LOS with a 1,300-strong team, blending startup agility with decades of industry experience.

Industry News

Sep 18, 2023

FHFA Invites Public Engagement On Modernized Credit Score Transition

Stakeholder forums and listening sessions planned to ensure seamless rollout; extended timeline for bi-merge credit report requirement in play.

Industry News

Sep 11, 2023

Desperation Drives Difficulty in Closing Mortgages in California

Analysis reveals California among top 20 toughest states for mortgage closures.

Industry News

Sep 11, 2023

If You Build It, They Will Come

Ratings will go a long way toward growing the market for home equity-backed securities