Posted on 07/29/2013 7:46:22 AM PDT by whitedog57
According to the National Association of Realtors (NAR), June pending home sales declined 0.4% in June, but the year-over-year pending home sales rose 9.1%.
phs07292013
Home affordability has declined with recent interest rates increases. But affordability is still high by historic standards.
narafford
On the house price front, according to Loan Processing Services (LPS), May home prices rose 1.3% for the month and were up 7.9% Year-Over-Year.
lpshp072913
The biggest winners? All west coast MSA.
lpsmovers
And Case-Shiller is out tomorrow. Here is a chart of the LPS home price index versus the Case-Shiller 20 metro repeat sales index.
lpcs072913
And if we overlay the FNC 30 metro RPI and the FHFA Purchase-only house price index, we can see that all house price indices are moving together, except FNC’s index which is lower than the others.
alltogether
It’s safe to say that Case-Shiller will post a gain in home prices tomorrow.
Out here (Seattle area), homes are going for more than the asking price. Sellers are getting multiple offers and there are sometimes small bidding wars. This trend started around the time interest rates started to rise.
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