The Real Deal New York

Posts Tagged ‘housing prices’

  • 15 Central Park West (left) and Central Park

    Upper West Side

    While Chinese investors continue to pump up the real estate market in New York, home prices are falling in Singapore and Hong Kong. The reason for the decline in these two cities offers some insight into how Gotham’s housing bubble could burst, writes Todd Schoenberger, president of J. Streicher Asset Management, in an editorial for CNBC. [more]

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  • From left: 388 Bridge Street and interior and 88 Willoughby Street

    From left: 388 Bridge Street and interior and 88 Willoughby Street

    Downtown Brooklyn home seekers could see some rent relief as thousands of apartments come on line and the law of supply and demand kicks in, experts say. [more]

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  • Midtown

    Midtown Manhattan

    Manhattan condominium prices registered their biggest month-to-month decrease in almost four years in April, according to a new report from StreetEasy. The median condo price in the month fell 1.4 percent, compared to March. That put the median price at $1.3 million. The median price per square foot stood at $1,339.

    The StreetEasy report says the dip may be a sign prices are set to fall a bit, or at least stabilize after the New York market broke records last year.

    [more]

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  • U.S. home prices are on the rise

    The U.S. housing market has taken a sharp upward turn, trapping homebuyers in a Catch-22: pay significantly more for a property than just a year ago or wait and risk paying a higher interest rate.

    Asking prices for existing homes shot up by 10 percent year-over-year nationwide in February because of low inventory and higher demand as a result of rising rents and falling interest rates, the Wall Street Journal reported. [more]

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  • Despite rising housing prices, homes across the nation are becoming more affordable to median-income families, thanks to lower interest rates, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index, released today. Greater New York, however, continues to be the least affordable major housing market in the country.

    Nationwide, the median price of new and existing homes sold in the third quarter was $189,000, $13,000 higher than the previous year, the report stated. But the reduced mortgage rates — they’re at the lowest they’ve been in more than a decade – meant that 74.1 percent of these homes were affordable to median-income families, up from 73.8 percent in the previous quarter. [more]

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  • A U.S. housing market with rising demand but stagnant prices may be the new normal, according to the New York Times. The numbers bore that out yesterday when the National Association of Realtors reported prices decreased between June and July even as sales of existing homes rose 2.3 percent over that same period.

    Even though concerns that a backlog of distressed properties would hit the market have mostly subsided, sales of new homes have trended higher and there is generally percieved to be a shortage of residential inventory, the Times suggested that prices would barely increase over the next decade. [more]

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  • More real estate experts are forecasting larger-than-expected U.S. home price declines, as foreclosures make their way through the market. Citing Moody’s data, Bloomberg News reported that sales of repossessed properties will rise 25 percent this year from the 1 million such sales recorded in 2011.

    Because repossessed properties sell at a 35 percent discount from lenders’ valuation of the homes — and a 60 percent discount for distressed homes on the market for two years, according to the Federal Reserve Bank of Cleveland — home prices are sure to fall with the continued foreclosure activity. [more]

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  • Zillow.com 2012 Home Values (click image to enlarge)

    Nationwide home values will decline 3.7 percent in 2012, according to a forward looking study released today by Zillow.com, which represents an improvement over the 4.7 percent decline last year. Most markets will see shrinking home values this year, Zillow said.

    Prices have now fallen 24.2 percent since the peak, and while the report expected record-low interest rates to fuel more sales activity this year, much of that will be concentrated in the cheap supply created by the foreclosure crisis. [more]

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  • U.S. housing prices will continue to fall in 2012, but the rate of decline is slowing, according to two separate Zillow.com reports cited by Bloomberg News.

    Thanks in part to foreclosures, housing prices will fall further until at least 2013, according to a survey of 109 economists, despite record low mortgage rates. Yesterday’s existing home sales report supported that belief, showing prices declined 3.5 percent in November. When values do rise, the same economists said they probably wouldn’t match the prices recorded prior to the housing collapse.

    Prices are already down 31 percent from their July 2006 peak, the most recent Case-Shiller Index shows, and they will drop another 7 percent, according to Scott Simon, head of mortgage and asset-backed securities at California-based Pacific Investment Management. … [more]

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  • Home prices in the U.S. decreased by 1.3 percent in October, in their third straight month-over-month decline, according to data released today by real estate analytics provider CoreLogic.

    Prices of existing single-family homes, also declined, by 3.9 percent year-over-year, an increase from September’s year-over-year decline of 3.8 percent.. The year-over-year decline was 0.5 percent when excluding distressed sales.

    However, in the New York-White Plains-Wayne, N.J. area, home prices increased by 2.6 percent year-over-year in October, including distressed sales. The decline was a greater 3.6 percent when distressed sales were excluded. – Guelda Voien
    [more]

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  • alternate text
    Source: CoreLogic (click to enlarge)

    National housing prices declined on both a month-over-month and year-over-year basis in September, according to the Housing Market Index released yesterday by CoreLogic, but the news was far better for the New York City area.

    The New York-White Plains-Wayne, N.J. market experienced a 2.2 percent increase in single-family housing prices between September 2010 and September 2011, taking into account distressed sales. Excluding those sales, the year-over-year increase was 2.9 percent. – Adam Fusfeld[more]

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  • Considering the sluggish sales activity, rock bottom pricing and glut of foreclosures, the national housing market is suffering from a new, surprising problem. According to the Wall Street Journal there is actually a lack of inventory, as the number of home sales has declined 20 percent in the last 12 months to 2.19 million homes, according to Realtor.com.

    Though declining inventory is usually seen as a sign of a healthy market, the current shortage has arisen for two reasons: banks have been slow to process foreclosed properties that would otherwise be on the market and sellers reluctant to accept discounted prices are pulling their homes off the market. … [more]

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  • alternate<br /></a>text
    Click to enlarge

    U.S. home prices are incrementally increasing, but that appears to be a seasonal shift as prices remain far below levels of a year ago. According to the June Home Price Index released today by analytics firm CoreLogic, nationwide single-family housing prices gained 0.7 percent in June compared to May, marking the third consecutive month-over-month gain in prices. But prices are still down 6.8 percent from June 2010, an even worse decline than the 6.7 percent experienced from May 2010 to May 2011. That suggests the increase is almost entirely due to seasonality. – Adam Fusfeld[more]

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  • New York led a second consecutive month of U.S. housing price gains, according to the May Housing Price Index released today by CoreLogic. Nationwide home prices rose slightly in May compared to April, but remained far below their levels a year ago. Including distressed sales, prices rose 0.8 percent compared to April, but were stuck at 7.4 percent less than May 2010. However, excluding distressed sales, the year-over-year decline was just 0.4 percent.
    “Two consecutive months of month-over-month growth and continued relative strength in the non-distressed market segment are positive seasonal signs in the housing market,” said Mark Fleming, CoreLogic’s chief economist. – Adam Fusfeld[more]

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  • No region was spared from the U.S. housing collapse, but some had it worse than others. The Wall Street Journal and Zillow mapped out housing price declines from 2006 to the present by different zip codes in six major markets, Seattle, San Francisco, Los Angeles, Washington, D.C., Chicago and New York, and found that housing prices slumped worse in poorer center-city neighborhoods and distant suburbs, while upscale areas retained much of their value. Zillow said because subprime loans were handed out more frequently in lower-priced neighborhoods, and because those areas developed excess supply during the boom, they were hit harder by the recession. The price maps show that New York City retained much of its value, and zip code 10128, which covers part of the Upper East Side, actually retained its 2006 value. See the complete breakdown in New York by clicking here. … [more]

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  • First, the good news: foreclosure notices have declined for three straight quarters in New York City, and in Queens, where foreclosures have been most prevalent, the number declined 25.8 percent in the first quarter of 2011 compared to the same period a year ago, according to a New York University Furman Center report released today. Now, the bad news: home prices declined between the last quarter of 2010 and the first of 2011 in every borough except Queens, where housing prices were flat but remain about one-third lower than peak values in the fourth quarter of 2006 and mid-2007. TRD[more]

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  • In the first three months of 2011 nationwide home values declined 3 percent quarter-over-quarter, the largest drop since the depths of the recession in 2008, and it’s anybody’s guess how far they’ll ultimately fall, according to a Zillow.com report cited by Marketplace. Zillow.com’s report indicated prices are down 29.5 percent since June 2006 and would continue to fall until at least 2012. Marketplace attributes the decline to the difficulty Americans are facing obtaining financing and the heftier down payments financial institutions now require so as not to get “burned” again. … [more]

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  • alternate text
    Click image to see the video

    Professors Karl Case and Robert Shiller, founders of the Standard & Poor’s/Case-Shiller Index appeared on Bloomberg TV (click the image to see the video) to discuss the results of the most recent index, which showed a 3.3 percent decline in housing prices in February. Case said the U.S. housing market has already experienced a so-called “double-dip,” as housing prices plummeted from their 2006 highs, then rebounded briefly due to the homebuyer’s tax credit, and now the market has returned to previous lows. Case cited an “incredible decline” in households — “we’re not building any new houses, and yet vacancy rates are still going up,” he said — as a major area for concern. Meanwhile, Shiller said the 8.8 percent unemployment rate and the difficulties associated with getting financing are plaguing the market. … [more]

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    New York City-area home prices remained relatively flat in January, according to the S&P/Case-Shiller Home Price Index, released today. The report, which does not take condominium or co-op units into account, shows a 0.9 percent drop in home prices month-over-month (see full report below). Prices are down 3 percent from the same time period a year ago. This performance is in line with the overall momentum in the housing market nationwide. The index’s 20-city composite dropped 1 percent month-over-month and declined 3.1 percent from January 2010. David Blitzer, chairman of S&P’s Index Committee, said that the data show a protracted real estate slump. “The housing market recession is not yet over, and none of the statistics are indicating any form of sustained recovery,” Blitzer said. “At most, we have seen all statistics bounce along their troughs; at worst, the feared double-dip recession may be materializing.” TRD

    S&P Report[more]

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  • S&P/Case-Shiller: “No good news”

    December 28, 2010 10:12AM

    (Source: S&P/Case-Shiller)

    The decline in New York-area home prices quickened in October, dropping 1.6 percent month-over-month, according to the latest S&P/Case-Shiller Home Prices Indices, released this morning. It was the second straight monthly decline for home prices in the region, where September brought a 0.5 percent month-over-month dip. It was trend echoed nationwide, as all 20 cities surveyed registered decreases in their October home prices, when compared to September. “The double-dip is almost here,” Index Committee Chairman David Blitzer said ominously in a statement accompanying the new data. “There is no good news in October’s report.” TRD[more]

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