Home prices have finally recovered from the housing crash

NEW YORK (CNNMoney) – It’s taken 11 years, but home prices have finally climbed back to pre-crash levels.

The median home price in the U.S. was $231,000 last month, according to a report from ATTOM Data Solutions (formerly RealtyTrac). That’s 9% higher than a year ago and 1% above the previous record of $228,000 hit in July 2005.

Median home prices have be rising on a national level every month for more than four years, and it’s created an affordability issue in many housing markets.

Last month, sellers sold their homes for an average of $41,000 more than their purchase price.

“It’s really upping the ante against buyers,” said Daren Blomquist, senior vice president at ATTOM.

Wages have remained relatively stagnant since the financial crisis while lenders have become more stringent with their borrowing terms.

Rents have also been on the rise, making it difficult for wanna-be homebuyers to save for a down payment.

But there is

... read more at: http://www.news4jax.com/consumer/home-prices-have-finally-recovered-from-the-housing-crash

Portland-area home prices at a new high

Average dwelling now costs $412,000 as the housing shortage continues region-wide

The average sales price of a home in the Portland region hit a new record high of $412,000 in June, up 2.4 percent from the previous month and 11.5 percent from a year ago.

The jump happened despite an increase in homes for sale in June. The 4,501 new listings were an increase of 8.6 percent over May and the strongest June for new listings since 2008, according to the monthly Market Action report by the Regional Multiple Listing Service released last week.

The price increase reflects the fact that, although more homes came on the market in June, there is still a shortage of homes for sale in the Portland region, compared to historic inventories.

Lennox Scott, chairman and

... read more at: http://www.pamplinmedia.com/nbg/142-news/316406-195718-portland-area-home-prices-at-a-new-high-

Mass. home prices set records in June




A powerful combination of low mortgage rates, high demand, and few choices have pushed home prices in Greater Boston and across the state to record highs.

The median sale price of a single-family home in the metro region was $585,000 in June, and for condominiums it was $505,000 — both records for the month, the Greater Boston Association of Realtors said Tuesday.

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Statewide, home prices cracked new levels, as well, hitting $372,000 for a single-family home, breaking a record set in August 2005 during the last housing boom, according to data from the Warren Group. June’s $345,000 median condo price was also a record.

Prices in Greater Boston are also increasing at a much faster rate. The median sale price for

... read more at: https://www.bostonglobe.com/business/2016/07/26/home-sales-hit-new-price-record-june/PVDUpgVJ62C0K0FlJEfeEN/story.html

Case Shiller: Chicago home prices gaining more momentum


Case Shiller: Chicago Home Prices Gaining More Momentum

For quite some time now the Case Shiller Chicago home price index has been signaling pretty anemic year over year price gains – 20 months at or below 3%, which is well below the historic averages for Chicago and the rest of the country as well. However, lately it looks like the effects of our extraordinarily low home inventory levels have been starting to have a greater impact. This morning’s release of the May SP CoreLogic Case Shiller indices showed the largest year over year gain for single family homes in 22 months at 3.7%. However, that still leaves Chicago ahead of only 3 cities out of 20 total.

Chicago condo prices registered a slightly stronger year over year gain of 3.9%, which was actually lower than last month’s 4.0%.

The graph

... read more at: http://www.chicagonow.com/getting-real/2016/07/case-shiller-chicago-home-prices-gaining-more-momentum/

Rising prices allows home sellers to cash out and extinguish debts


Many people sell when prices rise high enough for them to retire, move up, or extinguish their debts.

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Many people imagine the property ladder as a progression from a condo near work, to a house in the suburbs, to a mansion by the beach. Many people buy entry-level housing, and when prices rise high enough for them to pocket a 20% down for a larger property, they participate in the move-up market. If their income grew while they lived in their entry-level home, the step up can be quite luxurious. If their income didn’t go up much, they are probably better off refinancing into a lower-cost mortgage and staying where they are.

The housing bubble severely disrupted the housing market. The mania prompted many people to buy into a market frenzy and many others to refinance their homes at peak price levels.

... read more at: http://ochousingnews.com/blog/rising-prices-allows-home-sellers-cash-extinguish-debts/

Visiting New York Showed Me Why I Left

My family and I live just down the road from a giant grocery store. Not a Key Food, not a corner store, not a produce stall, but one of those sprawling shopping plazas with a suburban parking lot and rows of carts outside the automatic doors. Sometimes at night, after our son goes to bed, I walk in the dark along the two-lane highway to go buy a few bags of groceries. I’ll laugh as I step into the fluorescent light, thinking that if you squint, it’s basically like we have a bodega at the end of the block. To live in a condo along a highway and walk through a construction site and a giant parking lot at dusk to go grocery shopping: This is as close as I’ll get to life in New York again.

Of course living in this land of car ownership and no sidewalks, where as

... read more at: http://nymag.com/thecut/2016/07/visiting-new-york-showed-me-why-i-left.html

Lane County housing market hits uncharted territory as low supply pushes prices to all-time highs – The Register

After searching the super-spendy Seattle and Portland markets for a home in which to raise their two children, East Coast transplants Tessa and Orion Matthews this month settled instead on a house in the south Eugene hills, after Orion sold his interest in several software development companies in New York and Washington, D.C.

Around the same time, University of Oregon employee Rebecca Flynn’s offer was accepted on a three-bedroom house south of the University of Oregon.

The path to purchase for Flynn and the Matthewses was rough.

With average sale prices for Lane County single-family homes up more than 20 percent in the past year-and-a-half, and housing inventory at its lowest in more than a decade, they faced higher prices, fiercer competition and a hotter market than they expected. The Matthewses — who are in their 30s, were looking for a house in the

... read more at: http://registerguard.com/rg/business/34595516-63/lane-county-housing-market-hits-uncharted-territory-as-low-supply-pushes-prices-to-all-time-highs.html.csp

Average Portland home price hits record $412000

TRIBUNE PHOTO: KEVIN HARDEN - Portland's average home prices have shot up to more than $400,000, according to new RMLS figures.The average sales price of a home in the Portland region hit a new record high of $412,000 in June, up 2.4 percent from the previous month and 11.5 percent from a year ago.

The jump happened despite an increase in homes for sale in June. The 4,501 new listings were an increase of 8.6 percent over May and the strongest June for new listings since 2008, according to the new monthly Market Action report by the Regional Multiple Listing Service.

The price increase reflects the

... read more at: http://portlandtribune.com/pt/9-news/315015-194040-average-portland-home-price-hits-record-412000