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Friday, 11 July 2014

Jeff Adams Real estate report USA Home prices 6 percent increases will next one year

Jeff Adams Real estate report Home prices 6 percent increases will next one year according to the latest index data from Jeff Adams real estate seminar. 

Prices have now increased for 27 months in a row. The data also shows that month on month prices were up 1.4 percent in May compared with April. No states saw prices fall in May 2014 and 25 states and the District of Columbia were at 10 percent of their peak home price approval.

New highs were recorded states in Alaska, Louisiana, Oklahoma, Nebraska, Iowa, South Dakota, North Dakota, Colorado, Texas and New York. The strongest year on year approval was in the West, led by Hawaii, California and Nevada.

Exclusive of distressed sales, home prices countrywide increased 8.1 percent in May 2014 compared to May 2013 and 1.2 percent month on month compared to April 2014. Also excluding upset sales, USA 50 states and the District of Columbia showed year on year home price appreciation in May.

The CoreLogic HPI Forecast indicates that home prices, including distressed sales, are projected to increase 0.8 percent month on month from May 2014 to June 2014 and 6 percent year on year. Excluding distressed sales, home prices are expected to rise 0.7 percent month on month from May 2014 to June 2014 and by 5.1 percent year on year.

The CoreLogic HPI Forecast is a monthly projection of home prices built on the CoreLogic HPI and other financial variables. Values are resulting from state level forecasts by weighting indices according to the number of owner occupied households for each state.

The pace of home price appreciation is cooling off speedily as the weather warms up. May 8.8 percent on year growth rate is down almost 3 percent from just 3 months ago,’ said Mark Fleming, chief economist for CoreLogic. The influence of diffidently rising inventory and less than expected demand are cause price growth to moderate toward our forecasted prospect,’ he added.

While the rapid rise in prices over the past 2 years has lifted many home owners out of negative impartiality, it has also become a negative factor in buying decisions for potential purchaser weighing affordability concerns. As we move ahead, a control in home price increases over the next 1 years should help cool things down a bit and keep the housing recovery going,’ he explained.