From Forbes:
Home Prices And Buyer Competition Hit New Highs in June
U.S. home prices rose 7.3 percent to a median sale price of $298,000 in June, according to Redfin, the next-generation real estate brokerage. This is the highest national median sale price Redfin has recorded since the company began keeping track in 2010.
Home sales increased 1.9 percent compared to last year, constrained by a long-standing inventory shortage. The number of homes for sale fell 10.7 percent, leaving just 2.5 months of supply—the lowest supply on record since 2010—and well below the six months that represents a market balanced between buyers and sellers.
Every record in market speed and competition that was set in May was broken again in June. The typical home that sold in June went under contract in 36 days, one day faster than in May, setting a new record-fast pace for home sales. Denver, Portland and Seattle were the fastest-moving markets, with the typical home in each market finding a buyer in just seven days. More than a quarter (26.6%) of homes sold above their list price, the highest percentage Redfin has recorded. The average sale-to-list price ratio hit a record high of 95.5 percent in June.
“This market is unlike any we’ve ever seen before,” said Redfin chief economist Nela Richardson. “Month after month, new records are set for the pace at which homes are going under contract. Demand continues to swell while supply troughs. For buyers competing in this market, it’s survival of the fittest. The strongest offers that are most likely to close quickly and smoothly rise to the top of the pile.”
But Janet Yellen doesn’t see home prices in her inflation measure (or stocks), so she must keep the spigots flowing.
Case-Shiller home prices rose at a 7.7% annualized rate in the five years covering April 2012 to April 2017. Now just below April 2007. Keep America borrowing and spending beyond its means, one way or another.
No one: stop hating and get some balls. Metro New York condo prices +18% from 2006 peak (Case-Shiller). Tons of hiring going on in New York City and Hudson County. Yesterday, nuts.com announced 150 new jobs in Jersey City.
No one on this site called the condo price rebound.
Condo price rebound is not broad based. Many areas are not experiencing the appreciation you cite. Much of the price growth is in new construction and is misleading as this is not truly appreciation.
What pray tell is nuts.com? …..and HQ’d is Jersey no less…….
Why not cullions.com?
Yo! says:
July 14, 2017 at 8:41 am
No one: stop hating and get some balls. Metro New York condo prices +18% from 2006 peak (Case-Shiller). Tons of hiring going on in New York City and Hudson County. Yesterday, nuts.com announced 150 new jobs in Jersey City.
Pumpkin
The south inlet section of Atlantic City has not been developed much. I suggest you check a topographic map to see how many feet above sea level that area is. Some parts of the shore you have to park your car on the lawn on full moons because the streets flood.
The appreciation in house prices cited by Redfin is not being seen in NJ. Stagnant. All RE is local. The market in NJ hasnt moved up or down since 2013. ZzzzzZzz
http://www.areadevelopment.com/newsItems/7-13-2017/nuts-com-jersey-city-new-jersey.shtml
Nuts.com is another company that needs special tax treatment to be convinced not to leave high-tax NJ.
As an incentive, advanced under the New Jersey Economic Opportunity Act, Grow NJ approved tax credits to support the company’s expansion. According to state officials, approval of Grow NJ tax credits for Nuts.com was based solely on creation of new jobs in New Jersey that would otherwise be created outside of the State. The company will also maintain its primary manufacturing and distribution operations in Cranford, where it employs 158.
Braverman said he envisions the new facility to be a best-in-class technology center including such features as a living “green” wall, meditation area, and modern commercial kitchen to double as an event space.
30 year, the Case-Shiller data measures resales of existing houses and condos, so new construction sales don’t impact the data. It is the least misleading index out there because it is not affected by a shift in the mix of houses and condos being sold. The outsized appreciation in condo values is real.
New construction impacts the HPI on the first resale of the condo. Lots of the last wave condos on the Gold Coast (Hudson Tea for example) have traded hands enough times to make an impact. However, the brand new resales will not.
Hmmmmm, where might we be?
http://www.investopedia.com/terms/d/doubletop.asp
Condos in top end towns are in fire because they are the only nominally affordable entry point. Really bad construction condos in my town are through 2006 but even at that level still have a five handle for a 2.5BR/2.5BA.
SFH? 98 listed, only four under 500k. You can imagine the particulars on them.
Ps, i meant the chart for real estate
Most recent sales at Hudson Tea in Hoboken:
Original sale $610,000, resold in April 2017 at $930,000
Original sale $520,390, resold in May 2017 at $635,000
Hudson Tea developer Toll Brothers has seen it stock price rise 29% this year.
I would love a double top, but I doubt that’s what is happening. Like I have stated since 2012, 2017/18 is only the beginning. There might be a drop between now and 2020, but after that, this party will rage for all the reasons I have stated in the past. Demographic spending patterns and cycles are coming together to create a perfect storm. Just look at the Canadian housing bubble if you think the same thing can’t happen here. Add in the limited inventory and this could get really crazy.
leftwing says:
July 14, 2017 at 10:40 am
Hmmmmm, where might we be?
http://www.investopedia.com/terms/d/doubletop.asp
Just think lefty, how many people have powder on the sidelines and are waiting for a stock market correction or housing correction. If the correction comes in either field, it will be bought up fast with all this powder greedily waiting to strike.
The stagnation is basically the correction. If you don’t think nj will eventually rise up and catch up to these other markets in prices, then sell now. My money is on nj, every time these prices rise in the other parts of the country, nj becomes that much more of a value bet.
That’s why I want to bet on AC, it has to be at the bottom. How much lower can it go? The risk has to be minimal at current prices. The economy had to hit bottom a year or two ago, and a lot of investment money is now pouring into that area. Anything can happen, but it’s looking like a good bet to place right now.
Randy says:
July 14, 2017 at 9:59 am
The appreciation in house prices cited by Redfin is not being seen in NJ. Stagnant. All RE is local. The market in NJ hasnt moved up or down since 2013. ZzzzzZzz
Thank you, appreciate it. So many empty lots in that location, and that’s prob why.
That’s what is tough with AC, flood insurance and the taxes, but I have to think at current prices that there is money to be made in time.
JJ fanboy says:
July 14, 2017 at 9:56 am
Pumpkin
The south inlet section of Atlantic City has not been developed much. I suggest you check a topographic map to see how many feet above sea level that area is. Some parts of the shore you have to park your car on the lawn on full moons because the streets flood
Cant agree with you Pump. Massive disinflationary forces coming with the retirement of the boomers and automation of large swaths of the workforce. NJ’s day is over, low cost states are eating our lunch and not falling for the public worker pension system debacle that the older/northeast/red states fell for. Sticking around in NJ is hazardous to your wallet.
Unless your thesis is that the Fed is going to drop helicopter money? I think its inevitable but may only be enough to delay deflation and implosion a little while longer.
Why would the builder give a crap about anything other than the original sale?
Yo! says:
July 14, 2017 at 11:38 am
Most recent sales at Hudson Tea in Hoboken:
Original sale $610,000, resold in April 2017 at $930,000
Original sale $520,390, resold in May 2017 at $635,000
Hudson Tea developer Toll Brothers has seen it stock price rise 29% this year.
I agree Randy.
Provide the link to your prediction or STFU.
Yo! says:
July 14, 2017 at 8:50 am
No one on this site called the condo price rebound.
If pensions are done correctly, they have a positive effect on the economy and are self sustaining. When pensions are allowed to be raided by corporate raiders and govts, they will fail every time. Pensions are a good thing and everyone that works should have one.
Here is a little dirty secret that the pension propagandists don’t want you to know. Every time a pension is raided, the cost of the individual’s retirement has been pushed onto the general public. They have to survive in retirement, someone has to pick up the medical costs they no longer can afford. No free lunch. No such thing.
When a pension is eliminated, someone loses income, another gains income, and the general population is left to supplement the income of the losers in one way or another. Only people that win are the ones who raided the pension or the ones who no longer have to pay for the pension.
As for the retirement of the boomers, it will have no deflationary impact. Their money is being passed on. It doesn’t just vanish. As for their new spending patterns in retirement, it will be picked up by millennials going into the upward cycle towards peak spending years. That’s what killed the economy the past 10 years, boomers started exiting peak spending years as they headed into retirement and there was no demographic group to pick up the slack. The millennials were too young and gen x was not large enough to replace the boomers cut back in spending. And don’t forget that every time a boomer dies, that money is injected into millennials and gen x’ers pockets who are going into peak spending years.
When I mean this economy will boom in the 2020’s, I describing what will be the best economic boom period in our lifetimes.
In the 2020’s Pump’s economic boom will be driven by his promotion to assistant manager. To celebrate his long-awaited promotion that he has for years claimed he didn’t want he will go out for dinner at the Wayne TGI Fridays! Then on the way home he’ll stop by grandma’s to bang on the door of the op1ate-addicted single mom to pick up the late rent check.
That’s what killed the economy the past 10 years, boomers started exiting peak spending years as they headed into retirement and there was no demographic group to pick up the slack.
Actually, the boomers didn’t exit peak spending voluntarily. Their home equity lines of credit were rescinded. They’ve been trying to get back to par ever since. The big problem with the boomers is that they thought they could spend their money in the 2000s and their home equity would continue to grow and bail them out. What most of them have had to do is now work a few extra years and downsize their retirement plans.
A big problem with Gen Y is they tried to jump into the housing frenzy in 2004 to 2006. I know way too many people who probably took a $100 to $150k hit compared to where they would have been had they sat on the sidelines. 10 years later, they have finally recovered from the wounds….but that’s 10 years of bleeding.
Meanwhile, anyone that patiently waited is sitting a good $150k ahead of them in the race to retirement.
A great perspective from my Facebook feed.
“To compare this to Clinton on the tarmac, you would need a statement by Clinton saying that he went there because he got an email from a friend saying that Lynch wanted to meet about dropping the email inquiry but when he got there she wanted to talk about grandkids. You would also need statements from Democrats saying that there was nothing wrong about Clinton agreeing to meet because nothing happened.”
Slow day at work waiting for a plane so… Fab, Explain this for me.
What exactly did Russia do?
Did Russia change or manipulate the votes? I understand this to be no.
Did Russia prevent any voters from Voting? I understand this to be no.
Did Russia physically damage or incapacite any part of the voting system? I understand this to be no.
All government agencies which have investigated the breeches have reported NO loss of integrity to our voting system.
What I understand Russia is being accused of is:
– Picking a side that favored its political interests.
– Possibly Hacking the DNC (a private organization) and releasing FACTUAL emails from the leaders of the Democratic party.
– Possibly Hacking non-vital Voter registries and viewing voter data.
– Possible meeting with Trump’s team to provide harmful information on Clinton’s campain.
10 Months of investigation by every News Agency, Government Intelligence Organization, Congressional Committe, Democratic Party and Super PACs, Prior Presidential Administration, and even the National Park Service…
and ZERO actional evidence produced to date. How is that possible given the degree of data collection by everything from Google to the NSA.
Playing devils advocate, perhaps the undisclosed meetings with individuals of varying Russian connections are Illegal. It still comes back to “What did Russia ACTUALLY do to help Trump that is proven?”. If the answer is still “nothing”, then are you really surprised that average person may view this as a “Witch Hunt” like the administration says?
How many billions of dollars world wide have been spent on this? Money that could have stop gaped numerous funding cuts to different agencies if it was instead donated. He and his Team are considered the least intellgient white house administration of all time, and yet has somehow managed to illude EVERYONE.
What does that mean to you?
prediction, after his impeachment most will deny having voted for him
Report out of Long Island has Nassau County home values in June breaking through 2007 peak. Suffolk County prices still 14% below previous highs. More evidence proximity to New York City drives home values in this region.
Anybody know where to find data for New Jersey counties? My view is Hudson County doing best and Sussex County worst in North Jersey.
@LeanneNamore
Shep Smith: “The deception, Chris, is mind-boggling…why are we getting told all these lies?”
Chris Wallace: “I don’t know what to say”
Home Buyer,
“What did Russia do?” Went after its own interests.
“All government agencies which have investigated the breeches” Yes they did not get in, but the attempt was made. And that is the core of this. Are you OK with the fact that the attempt was made. That question has nothing to do with the fact that we meddle in other countries affairs. Are you OK with it happening to us.
“Hacking the DNC”, I would be surprised if the RNC wasn’t hacked as well.
“ZERO actionable evidence produced to date”, does not mean that it does not exist, lets see what the FBI come up with.
“If the answer is still “nothing”, then are you really surprised that average person may view this as a “Witch Hunt” No, I will not be surprised. But look at what we do have. We have gone from nothing, “No Russian connections” to a whole slew of people changing their story from Flynn, Sessions , Kushner and now Jr. The MO is lie and only correct if your caught. Even when you are caught spin and deflect.
10 months of investigation and the NYT turned up this meeting. Here is where that meeting is interesting. JR said that all the information on the meeting was out in the open, but now we find there was another lobbyist in the room. So yet another lie exposed. Here is my big question on that meeting. If this woman just wanted to talk about lifting the adoption ban, why is she not lobbying Moscow? They are the ones with the ban. What she is actually lobbying for is to get sanctions lifted. That puts a different optic on the meeting. JR released the email, but left out the last page with the . The adoption veneer is the perfect spin to make this meeting appear innocuous.
So I’ll ask again, the other hypothetical, say these allegations are proven true, are you OK with that and are you OK with the cover up.
Fab.
Let’s drop the pretense that this is abnormal… From other world leaders throwing their weight behind candidates to forcefully removing other regimes from power.
Outside governments interference in our democracy is simply inevitable. Every country will push for the best candidate that serves its cause. Thankfully we have a open, verifiable, and decentralized system that makes it resilient to foreign influence, but it’s always going to be there.
That doesn’t make it right, but it’s reality.
But primarily as it stands:
We have no proof that Russia “hacked” our election. Yet it has 24/7 news coverage and be the trumpeted reason Clinton lost the election.
The position of “nothing happened” isn’t the other hypothetical. It is reality.
Of course if there is a manchurian candidate situation this is NOT ok. But all of this isn’t investigative work. The forgone conclusion is Trump / Russia and the media is working backward to justify it however they can.
You want me to care about the meeting with Jr? Give me a story where we know what wad discussed, that he was not acting in the benefit of the US, and that he gained from it.
I’m sorry, but I really don’t care for a rushed story that starts and ends with “he had an undisclosed meeting” or “a politician lied”.
Silk City will be at the Montclair Food + Wine – Bourbon & Biergarten at the Wellmont Tomorrow.
We’ll be open for tours/tastings this Sunday, and next Saturday when we are releasing our IPA Cask finished Bourbon – produced in collaboration with Flounder Brewing down in Hillsborough.
honestly, what I see from the media has been pure desperation ever since December to try to turn some stupid story into some grand conspiracy. The act is getting old and they obviously never were told of the boy who cried wolf.
Grim how do I get a bottle?
rates aren’t really going down because it would bankrupt the banks and the government who are addicted to cheap credit. Inflation is irrelevant they are just trying to keep things above water. In fact inflation is the desired goal from the central banks. Solution to NJ’s pension crisis is no cost of living increases and inflation, the state will pay 100% of the pension in nominal terms but in real terms only 50% gets paid.
I’m back baby!
Yo! Is a Sign of the top. Sounds like a Hoboken realtor I have to beat in to submission. How’s Kannekt?
Hi grim!
Stop into the distillery is the easiest way.
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