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National Home Values Surpass Peak

Published

9 years ago

May 25, 2017

SEATTLE, (FNN NEWS) — National home values have surpassed the peak hit during the housing bubble and are at their highest value in more than a decade, according to the April Zillow® Real Estate Market Reportsⁱ. The median home value in the U.S. is now $198,000, 1 percent higher than peak value hit in 2007.

Home values across the country rose 7.3 percent since last April, the strongest rate of appreciation in more than 10 years. Seattle, Dallas and Tampa reported the greatest home value growth over the past year. Home values in Seattle rose almost 12 percent, to a median home value of $432,300. Dallas and Tampa home values rose 11 percent year-over-year.

When the housing market crashed a decade ago, home values plummeted and it has taken about 10 years for median home values to reach prior peaks. However, some markets’ median home values recovered more quickly than others. Among the 32 largest U.S. metros, 10 markets saw their median home value exceed prior bubble peaks more than a year ago, while 17 have yet to regain peak value.

“Now that the typical U.S. home is worth more than ever, people may be tempted to ask if we’re in another national housing bubble,” said Zillow Chief Economist Dr. Svenja Gudell. “We aren’t in a bubble, and won’t be entering one anytime soon. There are big differences between the market then and the market now: Then, loose credit, speculation and overbuilding were ingredients in a recipe for disaster. Now, healthy home buyer demand is being driven largely by a stable economy and demographic tailwinds, which is exactly what we would expect in a healthy market. Supply has been slow to catch up to this demand, which is causing home values to grow at a faster clip than we might otherwise expect. Beyond that, the market’s fundamentals look largely healthy. Homes are largely more affordable in most markets today than they were prior to the bust, and will remain so for the foreseeable future, even if mortgage rates rise. Americans clearly continue to see the value in homeownership, especially young Americans, which bodes well for the future.”

Median rent across the nation rose 0.7 percent since last April, to a median payment of $1,412 per month. Seattle, Sacramento, Calif. and Los Angeles reporting the greatest year-over-year rent appreciation among the 35 largest U.S. metros. Rents in Seattle are up 6 percent to a Zillow Rent Indexⁱⁱ (ZRI) of $2,114. Rents in Sacramento are up almost 5 percent, while Los Angeles rents are up 4 percent.

One of the greatest hurdles for home shoppers this summer will be low inventory. There are 8 percent fewer homes on the market than a year ago, with Minneapolis, Columbus, Ohio and Seattle reporting the greatest drop. There are 27 percent fewer homes on the market than a year ago in Minneapolis and Columbus, and 20 percent fewer in Seattle.

In April, mortgage ratesⁱⁱⁱ on Zillow ended at 3.83 percent, the lowest month-ending rate since October 2016. Mortgage rates in April hit a high of 3.88 percent in the first few weeks of the month^iv, with the month low at 3.74 percent^v. Zillow’s real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers on the Zillow Mortgages site and reflect the most recent changes in the market.

Metropolitan Area	Zillow Home Value Index^vi (ZHVI)	Year-over- Year ZHVI Change	Zillow Rent Index (ZRI)	Year-over- Year ZRI Change	Year- over-Year Inventory Change	Peak ZHVI	Percent Fall from Peak ZHVI
United States	$ 198,000	7.3%	$ 1,412	0.7%	-7.7%	$ 198,000	0.0%
New York/ Northern New Jersey	$ 414,800	8.0%	$ 2,380	-1.7%	-15.7%	$ 445,200	-6.8%
Los Angeles-Long Beach-Anaheim, CA	$ 604,400	6.0%	$ 2,655	4.2%	-11.3%	$ 604,400	0.0%
Chicago, IL	$ 209,200	6.3%	$ 1,622	-1.7%	-10.6%	$ 247,000	-15.3%
Dallas-Fort Worth, TX	$ 207,300	11.1%	$ 1,574	3.0%	4.7%	$ 207,300	0.0%
Philadelphia, PA	$ 217,300	4.7%	$ 1,564	-0.4%	-13.5%	$ 230,600	-5.8%
Houston, TX	$ 174,100	2.4%	$ 1,543	-2.6%	6.2%	$ 175,800	-1.0%
Washington, DC	$ 383,300	3.6%	$ 2,117	-0.2%	-17.0%	$ 427,600	-10.4%
Miami-Fort Lauderdale, FL	$ 250,700	8.4%	$ 1,847	-1.4%	4.5%	$ 305,200	-17.9%
Atlanta, GA	$ 177,100	7.3%	$ 1,340	3.0%	-3.7%	$ 177,100	0.0%
Boston, MA	$ 422,300	7.2%	$ 2,357	3.7%	-18.9%	$ 422,300	0.0%
San Francisco, CA	$ 848,400	5.0%	$ 3,354	-0.2%	-11.1%	$ 848,400	0.0%
Detroit, MI	$ 139,900	10.4%	$ 1,172	-0.1%	-17.7%	$ 157,100	-10.9%
Riverside, CA	$ 324,600	6.6%	$ 1,768	2.7%	-16.7%	$ 403,900	-19.6%
Phoenix, AZ	$ 233,200	6.1%	$ 1,311	1.9%	-0.1%	$ 273,500	-14.7%
Seattle, WA	$ 432,400	11.8%	$ 2,114	6.1%	-20.4%	$ 432,400	0.0%
Minneapolis-St Paul, MN	$ 244,800	8.5%	$ 1,577	3.2%	-27.3%	$ 244,800	0.0%
San Diego, CA	$ 537,200	5.7%	$ 2,457	2.8%	-18.0%	$ 543,600	-1.2%
St. Louis, MO	$ 149,100	5.5%	$ 1,140	0.1%	-13.0%	$ 158,900	-6.2%
Tampa, FL	$ 183,900	10.9%	$ 1,353	2.5%	-13.0%	$ 214,300	-14.2%
Baltimore, MD	$ 259,800	3.7%	$ 1,717	-0.9%	-18.0%	$ 289,100	-10.1%
Denver, CO	$ 366,000	9.4%	$ 1,998	0.4%	-4.4%	$ 366,000	0.0%
Pittsburgh, PA	$ 136,300	4.8%	$ 1,065	-5.2%	-8.2%	$ 136,300	0.0%
Portland, OR	$ 361,300	6.4%	$ 1,808	3.8%	4.7%	$ 361,300	0.0%
Charlotte, NC	$ 172,000	7.7%	$ 1,254	0.9%	-13.6%	$ 172,000	0.0%
Sacramento, CA	$ 363,700	8.4%	$ 1,727	4.6%	-18.4%	$ 420,800	-13.6%
San Antonio, TX	$ 158,800	5.2%	$ 1,327	1.1%	5.6%	$ 158,800	0.0%
Orlando, FL	$ 204,400	10.0%	$ 1,402	3.1%	-13.3%	$ 256,300	-20.2%
Cincinnati, OH	$ 151,500	6.5%	$ 1,254	1.4%	-17.4%	$ 151,500	0.0%
Cleveland, OH	$ 132,600	4.4%	$ 1,148	1.1%	3.8%	$ 145,400	-8.8%
Kansas City, MO	$ 157,000	6.4%	$ 1,259	1.5%	3.3%	$ 159,500	-1.6%
Las Vegas, NV	$ 220,700	9.7%	$ 1,248	1.0%	24.9%	$ 304,700	-27.6%
Columbus, OH	$ 162,100	4.9%	$ 1,298	1.1%	-26.5%	$ 162,100	0.0%
Indianapolis, IN	$ 137,600	5.4%	$ 1,187	-0.3%	-18.3%	$ 139,900	-1.6%
San Jose, CA	$ 997,600	3.8%	$ 3,460	-1.2%	-16.9%	$ 997,600	0.0%
Austin, TX	$ 270,200	7.8%	$ 1,692	-0.8%	20.5%	$ 270,200	0.0%

SOURCE | Zillow

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High prices drove US home sales down 2.2% in September

Published

6 years ago

October 22, 2019

FNN NEWS

WASHINGTON (AP) — U.S. home sales fell 2.2% in September, as rising home prices and lower inventories have stifled homebuyers.

The National Association of Realtors said Tuesday that homes sold last month declined at a seasonally adjusted annualized rate of 5.38 million units, ending two months of sales gains. Existing-home sales are up 3.9% from a year ago, but September’s stumble shows the limits of the boost that declining mortgage rates had been providing.

As average mortgage rates have fallen nearly a whole percentage point in the past year to 3.61% in September, economists say higher prices and a lack of listings have put a ceiling on the growth seen this past summer.

“Even today’s low mortgage rates and healthy jobs situation can’t overcome the lack of inventory of homes below $300,000,” said Robert Frick, an economist at Navy Federal Credit Union. “Fortunately, the long-term outlook for housing is better, as housing starts and permits are increasing, meaning there will be more homes on the market in the months ahead.”

Homebuyers have been hamstrung by a shortage of available properties this year, especially at the lower-priced end of the market. Inventory is down 2.7% from a year ago. Land and labor shortages have also constrained building, so a tightening supply of homes has pushed prices up at a pace faster than income.

The median sales price climbed 5.9% from a year ago to $272,100, outpacing wage gains as the strongest price appreciation since January 2018.

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Orange County Property Appraiser to Host 2019 State of Orange County Real Estate Event

Published

7 years ago

August 19, 2019

FNN NEWS

ORLANDO, Fla. – Orange County Property Appraiser Rick Singh, CFA, will deliver the 2019 State of Orange County Real Estate (#SOCRE2019) on Thursday, August 22, 2019.

Singh will share vital information and data on trends in Orange County’s complex real estate market. Afterward, a panel of industry experts will take a deeper look at how Orange County can meet current and future challenges.

Joining Singh on the panel this year are Dr. Alesia Scott-Ford, the Jacksonville Field Office Director for the U.S. Department of Housing and Urban Development; Jason Eichenholz, Co-Founder and Chief Technology Officer for Luminar Technologies; Fred Kittinger, Senior Associate Vice President for Government Relations for the University of Central Florida; and Jeff Fagan, the 2019 Orlando Regional REALTOR® Association (ORRA) President.

Following Singh’s presentation, the panel will explore such hot topics as:

Will affordable housing challenges impact our region’s ability to attract new business and new talent?
How can autonomous vehicles help solve Central Florida’s traffic gridlock?
With most of our workforce spending more than 50% of their income on housing, what real estate market changes are on the horizon?
With the opening of Creative Village, how is UCF assisting the downtown students in securing housing?

When: Thursday, August 22, 2019
Networking: 5 p.m.
Main Program: 6 p.m.

Where: Wyndham Orlando Resort International Drive
8001 International Drive, Orlando, FL 32819

Panelist Bios:

Dr. Alesia Scott-Ford
Jacksonville Field Office Director
U.S. Department of Housing and Urban Development
Dr. Alesia Scott-Ford was appointed to the position of Jacksonville Field Office Director for the U.S. Department of Housing and Urban Development in April 2014. Dr. Scott-Ford is responsible for overseeing the delivery of HUD programs and services across North Florida as well as evaluating their efficiency and effectiveness to communities and individuals. Along with the Miami Field Office, she coordinates the department’s programs across the state. As the Field Office Director, she serves as HUD’s liaison to mayors, city managers, elected representatives, state and local officials, congressional delegations, nonprofit groups, private entities; faith-based groups, other stakeholders and individual Americans.

Jason Eichenholz
Co-Founder and Chief Technology Officer
Luminar Technologies
Jason Eichenholz is a serial entrepreneur and pioneer in laser and photonics product development and commercialization. Over the past twenty-five years, he has led the development of hundreds of millions of dollars of new photonics and photonic-enabled products. At Luminar Technologies, he is responsible for research and development, engineering of new products and bringing Luminar’s technology to market. Eichenholz is a fellow of SPIE – the international society for optics and photonics – and OSA – the optical society – and holds forty patents on lasers and photonic devices.

Fred Kittinger
Senior Associate Vice President for Government Relations
University of Central Florida
Fred Kittinger is known for bridging the gap between business and government. Currently the Senior Associate Vice President for Government Relations and Director of State and Local Government Affairs at the University of Central Florida, he represents Florida’s largest university to state and local officials. Throughout his career, he has diligently protected the interests of businesses, education, and city and state governments. Notably, Kittinger served on the ground floor team during the planning and approval phase of relocating UCF’s downtown campus to the site of the new Creative Village.

Jeff Fagan
2019 Orlando Regional REALTOR® Association (ORRA) President
Jeff Fagan is the 2019 president of the Orlando Regional REALTOR® Association, which represents more than 15,500 real estate professionals throughout Central Florida. ORRA is the 8th largest REALTOR® organization in the country. Fagan’s priorities during his term as president include affordable housing, articulating ORRA’s value to both members and the public; and expanding services to deliver additional high-quality member benefits. He transitioned into real estate after a 20-year career in poultry agribusiness and has held a Florida real estate license since 2001.

Rick Singh, CFA
Orange County Property Appraiser
Rick Singh is the first state-certified appraiser ever elected as Orange County Property Appraiser (OCPA). He was first voted into office in 2012 and subsequently re-elected in 2016. The hands-on experience he gained proved invaluable as he now oversees the operations and growth of this busy office. Rick’s vision to make OCPA more customer-focused and user-friendly through greater efficiency means better service delivered at lower costs to residents of Orange County. Not only does he lead an award-winning agency, he was personally recognized last year by the International Association of Assessing Officers with their highest individual honor, the Ian W. McClung International Award, for his dedication to advancing the appraisal profession on an international stage.

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Governor Ron DeSantis Joins Community Leaders to Dedicate Habitat for Humanity Homes in Pompano Beach

Published

7 years ago

June 27, 2019

FNN NEWS

Pompano Beach, Fla. – Today, Governor Ron DeSantis joined elected officials, community leaders and homeowners for the dedication of the first seven of more than 70 Habitat for Humanity homes in Pompano Beach. The new housing project was dedicated and named A Rick Case Habitat Community. The Governor was joined by Florida Chief Financial Officer Jimmy Patronis, Former United States Senator George LeMieux, State Representative Chip LaMarca, Broward County Commissioner Lamar Fisher, Broward County Habitat for Humanity CEO Nancy Robin and other community leaders for the dedication.

“Affordable housing is an issue impacting many communities and working families across our state,” said Governor Ron DeSantis. “Providing greater access to affordable and workforce housing for Florida families will continue to be a priority of my administration. Today, this nine-acre site will be the largest Habitat for Humanity community ever built in Broward County and will provide affordable homeownership opportunities to families in the community.”

The A Rick Case Habitat Community in Pompano Beach will provide affordable homeownership opportunities to 77 families. Construction is expected to be completed in mid-2022. Habitat for Humanity acquired the land and developed a community-informed plan for the nine-acre site over the last several years. It is located at the SW corner of NW 15^th St. and NW 6^th Ave. adjacent to Blanche Ely High School and Hopewell Missionary Baptist Church, in the historic Blanche Ely neighborhood. The total project is estimated to cost over $18 million— funds that will be raised and leveraged through partnerships with corporations, foundations, government agencies, the faith community and generous individuals.