More good news for the housing market

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CoreLogic released its August Home Price Index, which showed home prices nationally increasing annually by 4.6 percent in August compared to the previous year. The change is the biggest year-over-year improvement since July 2006, the real estate research firm reported.

The Charlotte Observer reports Charlotte-Gastonia-Rock Hill area, home prices rose 3.8 percent in August compared to a year ago. Home prices rose 0.6 percent in August compared to July, according to CoreLogic.

Wells Fargo released its regular report on the housing market, which also suggested conditions are improving.  “Housing continues to swim against the economic tide, with more reports tending to show improvement rather than deterioration,” the authors wrote.

Among the positive signs noted:

– Expectations for new home construction have been bolstered by increased buyer traffic and assurances from the Federal Reserve that it will continue buying mortgages until well after the economy gets back on its feet again.

– Builder sentiment has continued to increase, with the National Association of Home Builders/Wells Fargo Homebuilders’ Index rising to 40 in September.

– Sales of both new and existing homes have also held near their recent higher levels and home buying is likely being constrained by a lack of supply in many areas. Low inventories are one reason that home prices have improved as much as they have in recent months.

– The S&P/Case Shiller 20-city home price index has risen 1.2 percent over the past year, and median new home prices, as measured by the National Association of Realtors are up 9.5 percent from August of last year.  Read More.

 

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