Home prices continue to show strong gains, but moderation expected

From HousingWire:

Home price appreciation flame begins to weaken

Home data reports from both CoreLogic and Clear Capital released Tuesday project continued home price growth, despite the recent increase in mortgage rates.

According to the CoreLogic report, home prices throughout the country rose 12.4% year-over-year in July, marking the 17th consecutive month of annual growth in home prices. Clear Capital’s report posted a 10.2% increase in home prices year-over-year; however, this report was for August, not July.

Nonetheless, both reports point toward strong home price appreciation. According to Clear Capital, the last time double-digit yearly price growth was reported was mid-2006, the height of the bubble.

On a monthly basis, home prices, including distressed sales, increased by 1.8% in July, CoreLogic reported. In its home price index, CoreLogic analysts predict that home prices will rise by 12.3% year-over-year in August, with a 0.4% monthly increase — implying a slowing in price gains.

“Home prices continued to surge in July,” said Mark Fleming, chief economist for CoreLogic. “Looking ahead to the second half of the year, price growth is expected to slow as seasonal demand wanes and higher mortgage rates have a marginal impact on home purchase demand.”

This entry was posted in Economics, Housing Recovery, National Real Estate. Bookmark the permalink.

43 Responses to Home prices continue to show strong gains, but moderation expected

  1. grim says:

    Seems that while prices might be moderating elsewhere, they are accelerating here, these are some of the highest year over year price gains yet for NJ and the NY Metro.

    From this CoreLogic Report:

    July NJ Home Prices (YOY) – Single Family
    Including Distressed – Up 4.1%
    Excluding Distressed – Up 4.5%

    New York-White Plains-Wayne, NY-NJ
    Including Distressed – Up 7.8%
    Excluding Distressed – Up 8.2%

  2. anon (the good one) says:

    where’s Michael at?

  3. Condo 1987 says:

    I just keep getting notices from Zillow about how much my property keeps going down!!!

  4. nwnj says:

    “where’s Michael at?”

    School is starting again.

  5. Brian says:

    Zillow sucks. It does nothing but confuse people.

    3.Condo 1987 says:
    September 4, 2013 at 7:58 am
    I just keep getting notices from Zillow about how much my property keeps going down!!!

  6. Fast Eddie says:

    Seems that while prices might be moderating elsewhere, they are accelerating here, these are some of the highest year over year price gains yet for NJ and the NY Metro.

    I agree. I have realtors contacting me twice per week eager to list my house. They have buyers but no houses. I think I can ask just about any price I want but where am I going?

  7. chicagofinance says:

    Doesn’t your handle feel dated? Wouldn’t Poutine n’Sarin be more September 2013?

    Scrapple n’Ricin says:
    September 4, 2013 at 12:17 am
    Goddamit, now I have to learn Japanese to understand this blog.

  8. Condo 1987 says:

    #7….riots start this month here according to Clot…wonder what city is first….

  9. Anon E. Moose says:

    nwnj says:
    September 4, 2013 at 8:16 am

    “where’s Michael at?”

    School is starting again.

    Winner! Comment of the Day, before 8:30 AM, even.

  10. bad anon says:

    1

    maybe you should say they were accelerating as those houses went und3r contract 2-3 months ago.

    3

    maybe your house value is decreasing. Zillow is pretty accurate.

    6

    if you can ask any price you want then you can pretty much go anywhere. For other people who bought ten years ago or later it’s not worth selling and buying after various fees commissions upgrades etc. 10% increases do not begin to cover the whole process

  11. Fast Eddie says:

    bad anon [12],

    Go anywhere? Like, out of state? That’s not an option. And here, in prestigious Northern Jersey, the pickins is slim. I’m still firmly convinced, and rightfully so, that prices and taxes are way out of whack with salaries. I know what normal looks like and we’re nowhere near normal. However, I can be dead and life goes on but with that said, if I’m going to buy above the trend line, at least give me a selection to choose from instead of telling me I have no choice and need to buy what’s presented. I won’t bend on the “take it or leave it” approach and will duly tell an arrogant housing “expert” and their bloated seller to go f.uck themselves

  12. chicagofinance says:

    Rags: FYI – your shop is giving breakfast and lunch…..I think it wraps up around 1:45-2PM….

  13. anon (the good one) says:

    Oliver, I have to disagree with you on this one.
    This time is not a corporate excersice run by W, Cheney, et al. to benefit big oil and Halliburton.

    @TheOliverStone: I’m very depressed today. As we inch closer to another intervention, our media beats the drum for war in search of ratings.

  14. Libtard in the City says:

    ChiFi (Vegas tip),

    Not leaving the strip is very limiting, so definitely check out Cosmo. It’s definitely got a Depeche vibe. From the cigarette machines, where you can purchase art at varying prices, to the hidden pizza joint (with pretty good pie), to ChiMex fusion, the place is really fun. Their buffet (wicked spoon) is the best on the strip (IMO), and I’ve been to most of them. If you have time for a show, check out Absinthe in front of Caesers. Just don’t sit up front unless you want to participate and are not freaked out by burlesque.

  15. chicagofinance says:

    How would you fly there? I have no preference, although EWR is substantially more convenient…..I figure flying out the day of on a Sunday and taking a red-eye back on Wednesday……I was going to try Kayak…..it seems Southwest may be the cheapest…..one guy is telling me to hotel-fly, although I want to stay at the Westin Strip hotel if I can…….opinions?

    Libtard in the City says:
    September 4, 2013 at 12:29 pm
    ChiFi (Vegas tip), Not leaving the strip is very limiting, so definitely check out Cosmo. It’s definitely got a Depeche vibe. From the cigarette machines, where you can purchase art at varying prices, to the hidden pizza joint (with pretty good pie), to ChiMex fusion, the place is really fun. Their buffet (wicked spoon) is the best on the strip (IMO), and I’ve been to most of them. If you have time for a show, check out Absinthe in front of Caesers. Just don’t sit up front unless you want to participate and are not freaked out by burlesque.

  16. Libtard in the City says:

    Out of Stater:

    “The main take-away is that ObamaCare’s employer mandate is a real problem for the segment of public-sector employers who offer generous coverage (as most all of them do) but don’t cover part-timers who work more than 30 hours.”

    Seems like a tiny segment of the population, no?

  17. Libtard in the City says:

    1) Why the Westin? They are not even ON the strip and Flamingo is a traffic nightmare. Even worse now that they’ve closed a few lanes. Westin? Rookie!

    2) Best airline for this flight is Virgin America from JFK. They often run deals, but you have to look for them. Not sure if they have a red eye direct. United flies the most from EWR, but you pay way more to fly from EWR to LAS then from JFK. Jet Blue can be a cheap option too. Southwest is the best option from Philly where it’s really cheap to fly to Vegas from. JFK has great mass transit options (SKYTrain from LIRR Jamaica). That’s how I go if I am traveling anywhere near rush hour.

    3) Hotel rates vary like crazy in Vegas but you can cancel them up to the day before without an issue. Most don’t even require credit cards to hold a room. I find the hotels get the cheapest about a month before your arrival. Hotel rates in Vegas can be dirt cheap for pretty decent places too.

    If you are going between October 17th to the 20th, I could get you a nice room for free. I’ll be out there then.

  18. grim says:

    Chi – When are you going out? I’ll be in Vegas on business the 17th thru the 19th (Sept).

  19. Painhrtz - Disobey! says:

    Anon, more Bush bashing, Dems are pathetic where is the antiwar left now? Is there anything Chocalate Nixon can do that you folks wouldn’t worship. He screws everything up when he puts his mind to it, he is neither responsible nor blamed for the consequences of his decisions. I am truly sickened by you.

  20. Libtard in the City says:

    Oh…Use TravelAxe.com to compare hotel rates in Vegas. They’ve been around since before the Orbitz days. Used to be standalone software.

  21. chicagofinance says:

    ok
    Libtard in the City says:
    September 4, 2013 at 1:02 pm
    Oh…Use TravelAxe.com to compare hotel rates in Vegas. They’ve been around since before the Orbitz days. Used to be standalone software.

  22. chicagofinance says:

    grim & lib: Oct 6 to 9-10

  23. chicagofinance says:

    lib: I’m really there for the conference (continuing ed, networking & research). Seriously…..I am not going to hit the tables at all. The conference is in the Venetian and I can stay there for $250 a night all-in, fall out of bed and be there. That said, I am a Starwood junkie and can get the Westin for $120 all-in and just get a plane ticket. Basically even though work covers it, I still prefer to be economical. I thought the tramway thing was cheap for a 36 hour pass, and it is two stops from the Venetian…..is that a stupid idea….should I just stay there? I guess I can also go the plane/hotel if it is cheaper……so I am thinking about $350-$450 for the plane and about $360 for the hotel…..no car rental…..

    I was thinking about JFK/LGA/PHL, but I talked to the cheapest bastard in the office and even he said NFW you do that…..so that actually spoke volumes to me……depending on how it works out, I may even be able to go in and out of EWR without parking the car…..

    am I thinking straight?

  24. Ragnar says:

    Chifi – I knew there’d be food. We’re aware of behavioral finance studies showing that people are more favorably inclined towards speakers right after a meal.

    Still, we could walk over to a Starbucks across the road after the event. Have our front receptionist buzz me when it’s over.

  25. chicagofinance says:

    Ragnar says:

    September 4, 2013 at 1:51 pm

    ok…..the BF thing is interesting to me….Thaler is a Chicago guy….

    Chifi – I knew there’d be food. We’re aware of behavioral finance studies showing that people are more favorably inclined towards speakers right after a meal.

    Still, we could walk over to a Starbucks across the road after the event. Have our front receptionist buzz me when it’s over.

  26. Anon E. Moose says:

    Pain [24];

    “Global warming has apparently wiped out the Puff-Chested North American War Protester.” -Iowahawk, via Twitter (@iowahawkblog)

    “They’re not anti-war — they’re just on the other side.” –Instapundit

  27. Libtard in the City says:

    ChiVegas: The tram is a sham. The taxi unions made sure the monorail would be built too far from the strip to be successful. It was originally planned to run up the center of Las Vegas Blvd. That would have been awesome. Instead, the walk from the stations to the hotels can be a solid 10 to 15 minutes. Make a plan not dependent on the tram. It is often broken too.

    The rooms at the Venetian are quite nice though I like the rooms at Palazzo (same hotel) a bit better. They are less run down. If cost is an issue, just stay at Bally’s. It’s the best deal on the strip and the hotel is pretty nice to boot. The bus system up and down the strip is cheap, accessible and reliable.

    By the way, the cost of the cab both ways from the airport can be almost as much as a rental car. Definitely price them out through costco before you go, even if you don’t plan to use them. Parking is free everywhere, as it should be.

  28. The Original NJ ExPat says:

    I bet you’d’ have a different opinion if it showed your house at $100K over your purchase price instead of $100K under;-)

    Brian says:
    September 4, 2013 at 8:17 am
    Zillow sucks. It does nothing but confuse people.

  29. Brian says:

    Maybe…

    I can say honestly, I’ve given up caring about what my house is worth.

    31.The Original NJ ExPat says:
    September 4, 2013 at 2:22 pm
    I bet you’d’ have a different opinion if it showed your house at $100K over your purchase price instead of $100K under;-)

    Brian says:
    September 4, 2013 at 8:17 am
    Zillow sucks. It does nothing but confuse people.

  30. The Original NJ ExPat says:

    It’s amazing that there isn’t a single race in the NL for a post-season birth. The only thing up in the air is who wins the Central division. Not that I care anyway, I just hope the Yankees get in, otherwise I’ll have to transition early to my second favorite spectator sport — rooting for whoever the Pats are playing;-)

  31. The Original NJ ExPat says:

    berth

  32. anon (the good one) says:

    uff…minor trip is such a major project. trip is to nevada, not the moon. can’t imagine this guy dealing with anything complex.
    then again we recently had a POTUS who had never been outside the country when he got elected.

  33. JJ says:

    274 Beachway
    Keansburg, NJ 07734

    Property Information

    Additional Information:
    Turnkey, fully-equipped restaurant situated on two lots. Located across from Keansburg Amusement Park for high visibility. Features patio dining area on the first floor with an office/apartment on the second floor. Frontage along both Beachway and Carr Avenue. Zoned B-2, Business Zone

    I am back!~!! I just got an absolute auction on a Jersy Beach place, someone should buy for our GTGs

  34. Keansburg, jj? Only thing that place is suitable for is cooking meth.

  35. Anon E. Moose says:

    JJ [36];

    The place has been open as an amusement park for over 100 years; I was born and raised literally across the water from it; in 30-something years of living in this area I never knew the place was even there until I literally flew over it at 2,000 feet on my way to somewhere else.

    Point being — I wouldn’t count on being across the street from that amusement park to be a big draw for my restaurant. Why did the last “turnkey” operation fold?

  36. Keansburg is also great for giant rats and pr0stitutes.

  37. Anon E. Moose says:

    Anon [35];

    The trip to the moon had a Democrat behind it — hence an open checkbook on the public fisc.

  38. Painhrtz - Disobey! says:

    keansburg town motto We Make Leonardo Look Grand!

    We used to launch our kayaks to fish in the bay there, always made sure we were in before dark.

  39. The Original NJ ExPat says:

    Hey grim,

    Would removing the website text box from the reply section dissuade the Asian botnet empire? I think we’ve all seen rotten.com by now.

  40. What’s wrong with rotten.com?

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