October existing home sales rise 2.0 percent but still down 0.9 percent year-on-year

Existing-home sales increased in October by 2.0 percent to their strongest pace since earlier this summer, but continual supply shortages led to fewer closings on an annual basis for the second straight month.  After last month's increase, sales are at their strongest pace since June (5.51 million), but still remain 0.9 percent below a year ago.

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September existing home sales up 0.7 percent from August but down 1.5 percent year-on-year

After three straight monthly declines, existing-home sales slightly reversed course in September and rose by 0.7 percent, but ongoing supply shortages and recent hurricanes muted overall activity and caused sales to fall back on an annual basis, falling by 1.5 percent.

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CoreLogic: June home prices up 6.7 percent year-on-year, some markets becoming over-valued

According to CoreLogic, June home prices nationally increased year over year by 6.7 percent and by 1.1 percent from May.   Looking ahead, the CoreLogic HPI Forecast indicates that home prices will increase by 5.2 percent on a year-over-year basis from June 2017 to June 2018.

As of Q2 2017, the unsold inventory as a share of all households is 1.9 percent, which is the lowest Q2 reading in over 30 years.

Of the nation’s 10 largest metropolitan areas measured by population, four were overvalued in June according to CoreLogic Market Conditions Indicators (MCI) data. These four metros include Denver-Aurora-Lakewood, CO, Houston-The Woodlands-Sugar Land, TX, Miami-Miami Beach-Kendall, FL and Washington-Arlington-Alexandria, DC-VA-MD-WV.

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Pending Home Sales Index rebounded 1.5 percent in June after three months of declines

The Pending Home Sales Index climbed 1.5 percent on June. The index also increased year-on-year for the first time since March, rising 0.5 percent.

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CoreLogic: May home prices up 1.2 percent from April and 6.6 percent year-on-year

Home prices nationally increased year over year by 6.6 percent from May 2016 to May 2017, and on a month-over-month basis, home prices increased by 1.2 percent in May 2017 compared with April 2017.

Looking ahead, the CoreLogic HPI Forecast indicates that home prices will increase by 5.3 percent on a year-over-year basis from May 2017 to May 2018, and on a month-over-month basis home prices are expected to increase by 0.9 percent from May 2017 to June 2017.

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Existing home sales and prices rise in October

According to the NAR, existing home sales rose by 2.1% from September to October as prices rose for an eighth consecutive month to $178,600 (up 11.1% from a year ago).  From the press release:

Sales of existing homes increased in October, even with some regional impact from Hurricane Sandy, while home prices continued to rise due to lower levels of inventory supply, according to the National Association of Realtors®.

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 2.1 percent to a seasonally adjusted annual rate of 4.79 million in October from a downwardly revised 4.69 million in September, and are 10.9 percent above the 4.32 million-unit level in October 2011.

The national median existing-home price for all housing types was $178,600 in October, which is 11.1 percent above a year ago. This marks eight consecutive monthly year-over-year increases, which last occurred from October 2005 to May 2006.

Distressed homes - foreclosures and short sales sold at deep discounts - accounted for 24 percent of October sales (12 percent were foreclosures and 12 percent were short sales), unchanged from September; they were 28 percent in October 2011. Foreclosures sold for an average discount of 20 percent below market value in October, while short sales were discounted 14 percent.

Total housing inventory at the end of October fell 1.4 percent to 2.14 million existing homes available for sale, which represents a 5.4-month supply 4 at the current sales pace, down from 5.6 months in September, and is the lowest housing supply since February of 2006 when it was 5.2 months. Listed inventory is 21.9 percent below a year ago when there was a 7.6-month supply.

You can read the entire release here.