David Roney - Coldwell Banker

7 Cities Where Home Prices Are Jumping

National home prices are expected to rise 1.7 percent from the third quarter of 2012 to Q3 2013, according to Zillow's latest report.

In fact, Zillow finds that 183 of the 252 markets surveyed have hit a bottom, but the recovery has differed in different parts of the country.

We drew on the Zillow report to rank seven cities where home prices are projected to rise the most in the next year.

We also included an estimate of when home prices bottomed, and the actual value of a home.  Read more...

Home prices rose in July across US, dramatically in Phoenix

WASHINGTON - Home prices kept rising in July across the United States, buoyed by greater sales and fewer foreclosures.

National home prices increased 1.2 percent in July, compared to the same month last year, according to the Standard & Poor's/Case Shiller index released Tuesday. That's the second straight year-over-year gain after two years without one.

The report also says prices rose in July from June in all 20 cities tracked by the index. That's the third straight month in which prices rose in every city.

Steady price increases and record-low mortgage rates are helping drive a housing recovery.

Read more: http://www.abc15.com/dpp/news/state/home-prices-rose-in-july-across-us-dramatically-in-phoenix#ixzz27VTdVX7D

Home prices rose in July across US, dramatically in Phoenix Read more: http://www.abc15.com/dpp/news/state/home-prices-rose-in-july-across-us-dramatically-in-phoenix#ixzz27VTR3t8D

WASHINGTON - Home prices kept rising in July across the United States, buoyed by greater sales and fewer foreclosures.

National home prices increased 1.2 percent in July, compared to the same month last year, according to the Standard & Poor's/Case Shiller index released Tuesday. That's the second straight year-over-year gain after two years without one.

The report also says prices rose in July from June in all 20 cities tracked by the index. That's the third straight month in which prices rose in every city.

Steady price increases and record-low mortgage rates are helping drive a housing recovery.

Read more: http://www.abc15.com/dpp/news/state/home-prices-rose-in-july-across-us-dramatically-in-phoenix#ixzz27VTdVX7D

Listing prices continue to rise in August

Asking prices for homes for sale on real estate search and marketing website Trulia were up 2.3 percent in August from a year ago, the largest year-over-year increase since the housing recession began.

A monthly report from Trulia covering for-sale and for-rent properties listed on the website through Aug. 31 showed asking prices posting annual gains in 68 of the 100 largest metro areas tracked.

Asking prices of homes for sale rose 0.8 percent from July to August, the seventh straight month of gains.

When foreclosures were excluded, asking prices were up 3.8 percent nationwide from a year ago, Trulia said.

"Asking prices excluding foreclosures are now rising faster than wages, putting an end to many years of affordability gains," said Jed Kolko, Trulia's chief economist, in a statement.  More...

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Phoenix home prices up 20 percent from year ago to lead nation

Phoenix-area home prices in July were up 19.9 percent from a year earlier, easily the largest percentage gain among major U.S. cities, according to a CoreLogic report released today.

Arizona was also the leader by far among the states in July home price gains, with a 16.6 percent increase from July 2011.

The national average gain, according to CoreLogic, was 3.8 percent during that time -- the largest year-over-year increase since August 2006.  More...

Phoenix home prices up 32% in past year!

Phoenix-area home prices have been surging in the past year, but a report released today by Arizona State University    indicates the rapid rebound may be short lived.

Median single-family home prices in May for Maricopa and Pinal counties were up 32.4 percent from a year earlier. Median prices of townhouses and condos last month spiked 37.3 percent year-over-year, the report said.

However, the housing market is unlikely to sustain such a dramatic trend, and growth is expected to taper off before the end of the year, said Michael Orr, the report’s author.  More...

Home mortgage rates reach new record low

Long-term mortgage rates fell to new record lows again this week, according to Freddie Mac's    weekly rate report. (See chart below)

The average rate on a 30-year fixed-rate mortgage in the week ending July 5 was 3.62 percent, down from 3.66 percent last week. A year ago, 30-year mortgages averaged 4.6 percent.

Rising Phoenix home prices lead the nation

As the national housing market gradually trends upward this year, metro Phoenix and Arizona home values continue skyrocketing at the fastest rate in the nation, according to data released today by CoreLogic    .

Home prices -- including foreclosures and short sales -- in the Phoenix, Mesa and Glendale markets jumped 14.7 percent in May compared with the same time last year, the CoreLogic report said. Excluding distressed properties, the Phoenix area experienced a 10 percent year-over-year increase in home values in May, the report said.  More...

Report: Arizona economy rebounding

The pace of economic activity in Arizona has picked up, according to a new report.

 

An economic index tracked by Comerica Bank rose 1.1 percentage points in April, the most recent month tracked, to a level of 85.4. The index of seven variables now stands 14 points or 20 percent above its cyclical low of 71, reached in 2009.

 

 “According to our index, the Arizona economy reached its highest level since December 2008 in April,” said Robert Dye, chief economist at Dallas-based Comerica Bank, which has 18 banking centers in Arizona. “Job growth inArizona is outpacing that of the nation, and the Phoenix housing market has seen home price increases in each of thelast six months.”

 

While Arizona still hasn’t fully recovered from the recession, Dye said the state is making “promising headway," especially in housing markets. “I expect to see moderate gains to the Arizona economy for the remainder of the year.”

 

Comerica’s Arizona Economic Activity Index consists of seven variables: nonfarm payrolls, exports, sales-taxrevenue, hotel-occupancy rates, continuing claims for unemployment insurance, building permits and the Case-Shillerhome price index. All data are seasonally adjusted and indexed to a base year of 2008.

Arizona ranks third for construction Job growth in May

The latest Bureau of Labor Statistics    data shows the nation’s construction workforce continued dwindling in May, yet Arizona was among the minority of states that boasted year-over-year gains in the sector.

Arizona saw the third highest spike in the nation last month in terms of the number of new construction jobs compared to last year, trailing closely behind only Texas and California in first and second places, respectively, according to the BLS data compiled and released Friday by the Associated General Contractors of America.

The Grand Canyon state was among only 20 that reported year-over-year gains in construction jobs in May, the report said.  More...