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The CoreLogic Home Price Insights report features an interactive view of our Home Price

 

The CoreLogic Home Price Insights report features an interactive view of our Home Price Index product with analysis through September 2018 with Forecasts from October 2018 including live maps.

CoreLogic HPI™ is designed to provide an early indication of home price trends. The indexes are fully revised with each release and employ techniques to signal turning points sooner.

CoreLogic HPI Forecasts™ (with a thirty-year forecast horizon), project CoreLogic HPI levels for two tiers—Single-Family Combined (both Attached and Detached) and Single-Family Combined excluding distressed sales. Check out the site below for a Full report

https://www.corelogic.com/insights-download/corelogic-home-price-insights.aspx

The report is published monthly with coverage at the national, state and Core Based Statistical Area (CBSA)/Metro level and includes home price indices (including distressed sale); home price forecast and market condition indicators. The data incorporates more than 40 years of repeat-sales transactions for analyzing home price trends

September 2018 National Home Prices

Home prices nationwide, including distressed sales, increased year over year by 5.6 percent in September 2018 compared with September 2017 and increased month over month by 0.4 percent in September 2018 compared with August 2018 (revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results).

 

Forecast Prices Nationally

The CoreLogic HPI Forecast indicates that home prices will increase by 4.7 percent on a year-over-year basis from September 2018 to September 2019, and on month-over-month basis home prices are expected to decrease slightly by 0.6 from September 2018 to October 2018.

The CoreLogic HPI Forecast is a projection of home prices using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state.

In 2018, CoreLogic together with RTi Research of Norwalk, Connecticut, conducted an extensive consumer housing sentiment study, combining consumer and property insights. The study assessed attitudes toward homeownership and the drivers of the home buying or renting decision process. When asked about the desire to own a home, potential buyers in the younger millennial demographic have the desire to buy, 40 percent are extremely or very interested in homeownership. In fact, 64 percent say they regularly monitor home values in their local market. However, while, 80 percent of younger millennials plan to move in the next four or five years, 73 percent cite as a barrier to homeownership (far higher than any other age cohort).

House Buyers are gaining the most power in Orlando

By   – Editor, Business Journal

After years of competitive house bidding wars and rising prices, a new data analysis from Zillow shows it might finally be a good time to buy a home in many U.S. markets — especially in Orlando.

Zillow researchers looked at three factors to determine which of the largest housing markets are becoming more buyer-friendly: an increase in the share f listings with a price cut; projected increase in rent appreciation over the next year; and relative to the past.

Based on those factors, the best places for buyers this winter include:

  1. Orlando
  2. Boston
  3. Seattle
  4. Las Vegas
  5. Charlotte
  6. Columbus
  7. Portland
  8. Sacramento
  9. Minneapolis
  10. Dallas

Here in Orlando, there are 6.8 percent more listings with a price cut compared to last year, rent is projected to increase 1.4 percent in the next year, and it costs about 20.2 percent of the monthly median income to pay the mortgage on the typical home.

Supply of Homes For Sale Up Year Over Year in July 2018

Nation’s Months’ Supply of Homes For Sale Up Year Over Year in July 2018

SAN FRANCISCO METRO AREA HAD THE LOWEST MONTHS’ SUPPLY IN JULY

BY SHU CHEN HOUSING , REAL ESTATE


U.S. home prices have risen year-over-year by more than 6 percent since August 2017, fueled by strong demand and a lack of supply in many markets. However, due to rising mortgage interest rates and slowing sales nationally, the number of increased slightly to a 3.2 months’ supply[1] in July 2018, up from 3.1 months in July 2017.

Months Supply By Price Tier

Figure 1 breaks out the months’ supply into four price tiers: low price (0-75 percent of median list price), low to middle price (75-100 percent of median list price), middle to moderate price (100-125 percent of median list price) and high price (125 percent or more of median list price). Usually, the high price tier has the largest months’ supply and the low to middle price tier has the lowest months’ supply. The differences in the months’ supply among the four price tiers were greatest during the 2007-2009 crisis period when the high-price tier peaked at 20.2 months and the other tiers remained less than 15 months.

Here’s how each price tier’s months’ supply in July 2018 compares with its recent history:

  • The low-price tier had a 3.2-month supply, which was down 0.2 months from July 2017, and was less than a quarter of its peak at January 2008.
  • The low- to middle-price tier had a 2.5-month supply, down 0.1 months from July 2017. The July supply was about 18 percent of its January 2009 peak.
  • The middle- to moderate-price tier had a 2.7-month supply, up 0.2 months from July 2017. The July supply was also about 18 percent of its January 2009 peak.
  • The high-price tier had a 4-month supply, down 0.2 months from July 2017. The July supply was 20 percent of its January 2009 peak.

Sold in 30 Days

With demand strong and supply tight, many homes don’t spend long on the market in 2018. Figure 2 shows that over the past four years the share of homes selling within 30 days of the initial list date[2] has been at historical highs. In July 2018, the share selling within 30 days was 25.4 percent, which was almost double the pre-crisis peak in 2005 and more than triple the level during the February 2008 trough. Figure 3 shows the share of the for-sale inventory that was on the market for more than 180 days. In July 2018, that share was 19.9 percent, about 2.2 percentage points lower than the average in 2017 and half of the peak in March 2009.

Inventory on Market 180 Days

Figure 4 shows the months’ supplies in the U.S. (based on data for 65 CBSAs) and selected CBSAs in July 2018 and July 2017. The months’ supply in West Palm Beach and Honolulu increased 1.2 and 1.9 months, respectively, in July 2018 compared to a year earlier. San Francisco and Seattle had the lowest months’ supplies in July 2018: 2.0 months and 2.4 months, respectively.  Philadelphia showed the largest decline – 0.9 months – in July 2018 compared with a year earlier.

US and CBSA Month Supply

[1] The month’s supply is calculated as the ratio of the for-sale inventory at the end of the month to the number of homes sold during the same month and represents the number of months it would take to sell the inventory at that month’s sales pace. The U.S. statistics are based on data for 65 CBSAs.  To determine the price tier, the median list price was the median of homes listed in the 65 CBSAs for the given month.

Price Pressure Fueled by Limited Supply

 

 

 

CoreLogic Home Price Index (HPI®) has exceeded the pre-crisis peak and continues to grow with a strong and steady pace. With demand strong and inventory thin, the share of selling for the list price or more has also returned to pre-bust levels.

Share of SalesWith demand outweighing supply, homes are more likely to sell above the asking price. Figure 1 shows the share of homes that sold at a price above, equal to or below the list price. [1] The share of homes selling at or above list price has returned to mid-2005 levels. In Q2 2018 that share represented more than 40 percent of total sales – almost triple the level during the trough in January 2008. The share of homes selling for less than list price has made up the majority of sales over the past 10 years. Regardless of market conditions, there are always highly motivated sellers – including those who begin with unrealistic expectations – willing to drop their price.

Share of Sales

Housing markets are different across the nation. Therefore, sales and listing patterns also vary geographically. Figure 2 shows the share of homes that sold at, above, or below their list prices in 20 CBSAs during July 2018. San Francisco had the largest share of homes – 81 percent – that sold for at least the list price. Seattle and Minneapolis followed with 65 and 58 percent selling for the list price or more, respectively. Houston and Miami had the lowest share – 27 and 20 percent – of homes selling at or above the list price in July 2018. San Francisco was one of the metros with the highest home price growth in the U.S. in July. According to the CoreLogic HPI, home prices in San Francisco increased 11 percent year over year in July. On the other hand, Miami had a moderate annual home price increase of 4.6 percent in July.

Months Supply vs Service Premium

Price pressures rapidly increase as supply drops below 3 months. Figure 3 shows the price premium or discount and months’ supply for over 200 CBSAs in July 2018. In San Francisco and San Jose, where months’ supply was at 2 and 2.2, respectively, home buyers had to pay 9.7 and 5.4 percent more than the asking price on average. On the other hand, markets like Miami and Naples, where months’ supply are sufficient at 10 and 12, home buyers were able to negotiate below asking prices, with average discounts of 6.5 and 7.5 percent, respectively, in July 2018.

Note: The U.S. statistics are based on data for 65 CBSAs. Each of these CBSAs has at least 50 percent coverage since 2000. CoreLogic MLS data coverage usually increases over time, which might also contribute to inventory increases.

[1] Figures 1 and 2 use 65 CBSAs to aggregate national level statistics. The inventory has not been adjusted for growth in the number of households over time. As the number of households increases over time, the ‘equivalent’ level of inventory should rise as well.

© 2018 CoreLogic, Inc. All rights reserved.

Orlando OKs conditional plan for $107M Creative Village apartment complex

The City Commission today helped move forward two pieces of the planned $1 billion, 68-acre, mixed-used Creative Village in downtown.

The commissioners voted unanimously during the Sept. 4 city council meeting to give conditional approval of a $107 million, 390-unit apartment complex. The Creative Village Design Review Committee still wants to review certain aspects of the apartment project such as the streetscape, parking, architecture, and appearance, before it gets full approval.

The commissioners also gave full approval for a 9,221-square-foot central cooling system building for the planned Downtown, a campus that will be shared by the University of Central Florida and  College The UCF energy plant building will include condenser water pumps and cooling towers located outside the building. The structure will be the only plant for the downtown campus.

The apartment complex is a joint venture between Orlando-based Ustler Development Inc. — whose related Creative Village Development LLC is the master developer of Creative Village — and Coral Gables-based apartment developer The Allen Morris Co. The project is slated for a 1.6-acre site on the southwest corner of Amelia Street and Terry Avenue, which is known as “parcel M,” according to city documents.

Creative Village is expected to attract 8,000 faculty, staff and students when UCF Downtown opens in fall 2019 — two to three times more people than initially anticipated, according to Ustler Development Inc. President Craig Ustler. The number of apartment units was increased from 250 in the previous plan to 390 in July due to that increased demand.

The apartment complex, which could open by mid-2020, will feature mostly studio and one-bedroom units, each with a washer and dryer. The ground floor has a 6,500-square-foot commercial space that may house a food and a social hall. The project also will include a 570-space parking garage, a public courtyard, and a beer garden, said Ustler.

  • Dallas-based Mill Creek Residential Trust plans to build an estimated $59 million-$90 million, 250- to 300-unit market-rate apartment complex on the east side of Central Park.
  • Ustler Development and Development Ventures Group Inc. are underway on a 15-story, $105 million student-housing project with 600 beds and 105,000 square feet of educational space leased to UCF and Valencia College.
  • Winter Park-based Atlantic Housing Partners LLLP is building the $60 million, 256-unit Amelia Court at Creative Village mixed-income community.

These projects add to the boom in apartment in the region. Orlando reported a 3.2 percent vacancy rate in the multifamily sector, which is among the lowest for Southeastern cities, according to the most recent report by Charlotte, N.C.-based Real Data Inc. There are more than 11,700 apartments in Central Florida’s construction pipeline, and roughly 30 percent of those units are being built in downtown Orlando.

The average monthly apartment rent for the central submarket, which includes downtown Orlando, is $1,499, up from $1,381 a year ago, Real Data reported. Occupancy rates are expected to remain higher than 95 percent over the next year, well above average among Southeastern cities, which should trigger even more rent growth, according to the report.

UCF Downtown also is expected to bring a major economic impact to the area. The campus is forecast to generate 2,000 jobs and a $205 million economic impact in the next few decades. “There’s a lot of different facets — certainly there’s the economic development aspect of growing our downtown and having the university campus there,” Orlando Mayor Buddy Dyer told Orlando Journal. “It’s good for UCF and the students who will have internships and be closer to businesses that are in their majors.”

CoreLogic Home Price Insights – July 2018

 

The CoreLogic Home Price Insights report features an interactive view of our Home Price Index product with analysis through July 2018 with Forecasts from August 2018 including live maps.

CoreLogic HPI™ is designed to provide an early indication of home price trends. The indexes are fully revised with each release and employ techniques to signal turning points sooner.

CoreLogic HPI Forecasts™ (with a thirty-year forecast horizon), project CoreLogic HPI levels for two tiers—Single-Family Combined (both Attached and Detached) and Single-Family Combined excluding distressed sales.

The report is published monthly with coverage at the national, state and Core Based Statistical Area (CBSA)/Metro level and includes home price indices (including distressed sale); home price forecast and market condition indicators. The data incorporates more than 40 years of repeat-sales transactions for analyzing home price trends.

July 2018 National Home Prices
Home prices nationwide, including distressed sales, increased year over year by 6.2 percent in July 2018 compared with July 2017 and increased month over month by 0.3 percent in July 2018 compared with June 2018 (revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results).

Forecast Prices Nationally
The CoreLogic HPI Forecast indicates that home prices will increase by 5.1 percent on a year-over-year basis from July 2018 to July 2019, and on month-over-month basis home prices are expected to decrease slightly by 0.2 from July 2018 to August 2018.

The CoreLogic HPI Forecast is a projection of home prices using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state.

Orlando Developer Starts plans for Large Development

 

 

Unicorp ’s most prominent developer is pursuing its latest $200 million projects in an area that’s heating up for retail developers — and that represents a major shift in the market.

That’s according to Jorge Rodriguez, executive managing director at Colliers International Central , who is representing Orlando-based Unicorp National Developments Inc. in the purchase of a roughly 150-acre site in Daytona Beach’s fast-developing area of Interstate 95 and LPGA Boulevard.

“[Historically], all the retail was along International Speedway Boulevard,” Rodriguez said. “What’s happening is Daytona’s gotten to the point where there’s no more land to be developed there … It’s jumped north to LPGA and I-95.”

New projects in that area likely will be more attractive to consumers, added John Albright, president, and CEO of Consolidated-Tomoka Land Co. (NYSE: CTO), Daytona Beach’s largest landowner and soon-to-be seller of the site Unicorp has under contract.

In fact, developers have been buying up chunks of land from Consolidated-Tomoka for years, creating a massive economic impact for the community. The largest land sale was to Minto Communities, which partnered with Margaritaville HoldingsInc. to build the $1 billion Jimmy Buffett-themed Latitude Margaritaville — a massive active-adult, the mixed-use community now under .

Additionally, the $91 million, 350,000-square-foot Tanger Outlets opened in 2016, and North American Development Group is anticipating a fall opening of its estimated $80 million, 400,000-square-foot Tomoka Town Center featuring T.J. Maxx, Hobby Lobby, Academy Sports + Outdoors and more.

Since 2011, Consolidated-Tomoka’s land sales in this area have resulted in $1.5 billion in total capital investment in Daytona Beach, adding more than 3,500 jobs, according to company documents.

“You have a large influx of new population, and a great regional draw as far as the interstate and LPGA [Boulevard],” Albright said. “It’s all coming together.”

Meanwhile, Unicorp plans to start construction on its new project in first-quarter 2019. The first 23-acre phase, dubbed Shoppes at Williamson Crossing, will feature about 100,000 square feet of un-anchored shops and restaurants. No tenants have been signed, but Unicorp President Chuck Whittall said his company is in talks with about 30 potential tenants.

Sales of previously owned US Homes update

US HOME SALES DROP TO 2 YEAR LOW
Sales of previously owned U.S. unexpectedly slumped for a fourth month to the weakest in more than two years, signaling higher prices and tight supplies continue to squeeze demand, a National Association of Realtors report showed Wednesday.
HIGHLIGHTS OF EXISTING-HOME SALES (JULY)
• Contract closings fell 0.7% m/m to a 5.34m annual rate (est. 5.4m), the slowest pace since Feb. 2016, after unrevised 5.38m
• Median sales price increased 4.5% y/y to $269,600
• Inventory of available properties unchanged y/y at 1.92mKey Takeaways
The report adds to other recent signs of cooling in real estate markets. Prospective home buyers are increasingly discouraged by rising borrowing costs and property-price increases that are outpacing wage growth. The share of Americans who say it’s a good time to buy a home fell in August to 63 percent, the smallest since 2008, the University of Michigan consumer sentiment survey showed on Friday.

Continuing declines in purchases of single-family homes and cheaper properties suggest that the market is being supported by an increasing concentration of activity among those with higher income and financial assets.

The slump was led by an 8.3 percent decline in the Northeast, while the South and Midwest also decreased. Sales rose in the West.

Official’s Views
The decline in sales “has been a slow drip, and the is the same story, where we’re lacking inventory,” Lawrence Yun, NAR’s chief economist, said at a press briefing accompanying the report.

Other Details
• At the current pace, it would take 4.3 months to sell the homes on the market, unchanged from the prior month; Realtors group considers less than five months’ supply consistent with a tight market
• Single-family home sales fell 0.2 percent to an annual rate of 4.75 million
• Purchases of condominium and co-op units dropped 4.8 percent to a 590,000 pace
• First-time buyers made up 32 percent of all sales, compared with 31 percent in the prior month
• Homes were on the market for an average 27 days, compared with 26 days in June
• 55 percent of homes sold in July were on market for less than a month, NAR said
• Existing home sales account for 90 percent of the market and are calculated when a contract closes; new home sales, considered a timelier indicator though their share is only about 10 percent, are tabulated when contracts get signed

BY: Jeff Kearns and Katia Dmitrieva

Happy Sellers and Buyers,and Customers

As a Real Estate  for over 28 years, my ultimate goal is to let my experience and knowledge help my customers realize their goal, which is to sell or buy there home.  Do I get asked how  I differ from all the other agent’s out there? Well, the answer is my experience and my past record does speak for itself not only in what I do but how I do it! Most agents will do the minimum marketing to save a dollar in their pockets and never think “out of the Box”. My team is taught to always find new ways to get every unique customer’s home out to the largest population of potential buyers and sellers by concentrating not on the cost but to find the qualified buyers and sellers. All agents will do the general work as to put you in MLS (Multiple Listing Service} and send out postcards but what else do they generally do? Well if your working with our team you not only get the Standard marketing you get Worldwide Marketing with over 86 different websites as well as we as a team call your neighbors and our database of over 14,000 people to let them know you have placed your home on the market or you are looking for a particular home. In short, we always go above and beyond to help our customers not only get what they want but to save as much money as possible in the process and make everything very smooth all the way through closing.

https://youtu.be/aZ7Dc9cMHGU

 

Core Logic report of Homes Sales Statistics

 

 

The CoreLogic Home Price Insights report features an interactive view of our home price analysis through May 2018 with Forecasts from June 2018 including live maps.

CoreLogic HPI™ is designed to provide an early indication of home price trends. The indexes are fully revised with each release and employ techniques to signal turning points sooner.

CoreLogic HPI Forecasts™ (with a thirty-year forecast horizon), project CoreLogic HPI levels for two tiers—Single-Family Combined (both Attached and Detached) and Single-Family Combined excluding distressed sales.

The report is published monthly with coverage at the national, state and Core Based Statistical Area (CBSA)/Metro level and includes home price indices (including distressed sale); home price forecast and market condition indicators. The data incorporates more than 40 years of repeat-sales transactions for analyzing home price trends.

https://www.corelogic.com/insights-download/corelogic-home-price-insights.aspx

May 2018 National Home Prices

Home prices nationwide, including distressed sales, increased year over year by 7.1 percent in May 2018 compared with May 2017 and increased month over month by 1.1 percent in May 2018 compared with April 2018 (revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results).

 

Forecast Prices Nationally

The CoreLogic HPI Forecast indicates that home prices will increase by 5.1 percent on a year-over-year basis from May 2018 to May 2019, and on month-over-month basis home prices are expected to be up 0.3 percent from May 2018 to June 2018.

The CoreLogic HPI Forecast is a projection of home prices using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state.