COLLEGE STATION (Real Estate Center) – Just over 12,000 existing single-family homes were sold in Texas last month, a 10 percent drop from February 2010. That's according to the most recent Multiple Listing Services (MLS) data compiled by the Real Estate Center at Texas A&M University.
The median home price in Texas was up 3 percent from February 2010, at $145,800. There was a 7.2-month inventory.
San Antonio was down 12% with the average price at $146,400.00, which is up 4% from same month last year.
There is currently 7.9 months of inventory on the market (not including shadow inventory held by banks in pre-foreclosure status).
Home prices falling in most major US cities
NEW YORK (AP) -- Home prices are falling in most major U.S. cities, and the average prices in four of them are at their lowest point in 11 years. Analysts expect further prices declines in most cities in the coming months.
The Standard & Poor's/Case-Shiller 20-city index released Tuesday shows price declines in 19 cities from December to January. Eleven of them are at their lowest level since the housing bust, in 2006 and 2007. The index fell for the sixth straight month.
Home values in Atlanta, Las Vegas, Detroit and Cleveland are now below January 2000 levels.
The only market where prices rose was Washington, where homes prices gained 0.1 percent month over month.
"The housing market recession is not yet over, and none of the statistics are indicating any form of sustained recovery," said David M. Blitzer, chairman of the Index Committee at Standard & Poor's.
The pain is not uniform, however. It is worse in cities where foreclosures and short sales are dominating the market and pushing home prices down. That includes Detroit and Cleveland, which are struggling with weak local economies. Miami, Phoenix, Las Vegas and Atlanta are reeling from overbuilding during the housing boom.
California cities are faring better. San Diego was the only city besides Washington where home prices have risen year over year.
Home prices in the nation's capital are up 3.6 percent year over year and have risen nearly 11 percent since they bottomed out in March 2009. And among the 20 cities, prices there have held up the best since 2000, appreciating almost 84 percent.
The Case-Shiller report measures home price increases and decreases relative to prices in January 2000 and gives an updated three-month average for the metropolitan areas it looks at.
The Standard & Poor's/Case-Shiller 20-city index released Tuesday shows price declines in 19 cities from December to January. Eleven of them are at their lowest level since the housing bust, in 2006 and 2007. The index fell for the sixth straight month.
Home values in Atlanta, Las Vegas, Detroit and Cleveland are now below January 2000 levels.
The only market where prices rose was Washington, where homes prices gained 0.1 percent month over month.
"The housing market recession is not yet over, and none of the statistics are indicating any form of sustained recovery," said David M. Blitzer, chairman of the Index Committee at Standard & Poor's.
The pain is not uniform, however. It is worse in cities where foreclosures and short sales are dominating the market and pushing home prices down. That includes Detroit and Cleveland, which are struggling with weak local economies. Miami, Phoenix, Las Vegas and Atlanta are reeling from overbuilding during the housing boom.
California cities are faring better. San Diego was the only city besides Washington where home prices have risen year over year.
Home prices in the nation's capital are up 3.6 percent year over year and have risen nearly 11 percent since they bottomed out in March 2009. And among the 20 cities, prices there have held up the best since 2000, appreciating almost 84 percent.
The Case-Shiller report measures home price increases and decreases relative to prices in January 2000 and gives an updated three-month average for the metropolitan areas it looks at.
30-Year Fixed-Rate Mortgage Edges Up to 4.81 Percent
March 25, 2011
MCLEAN, Va. -- Freddie Mac today released the results of its Primary Mortgage Market Survey (PMMS), which shows rates increasing from the previous week influenced by inflationary and ongoing geopolitical concerns. The 30-year fixed-rate mortgage matches its February 3, 2011 level of 4.81 percent.
30-year fixed-rate mortgage (FRM) averaged 4.81 percent with an average 0.7 point for the week ending March 24, 2011, up from last week when it averaged 4.76 percent. Last year at this time, the 30-year FRM averaged 4.99 percent.
15-year FRM this week averaged 4.04 percent with an average 0.7 point, up from last week when it averaged 3.97 percent. A year ago at this time, the 15-year FRM averaged 4.34 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.62 percent this week, with an average 0.6 point, up from last week when it averaged 3.57 percent. A year ago, the 5-year ARM averaged 4.14 percent.
1-year Treasury-indexed ARM averaged 3.21 percent this week with an average 0.6 point, up from last week when it averaged 3.17 percent. At this time last year, the 1-year ARM averaged 4.2 percent.
Frank Nothaft, vice president and chief economist at Freddie Mac, reports, "Mortgage rates were up this week compared to last, but still remain at relatively low levels. The rate uptick was related to higher than anticipated inflation data for February and ongoing geopolitical concerns. The 12-month growth rate in the consumer price index rose 2.1 percent in February, compared to 1.6 percent in January; however, most of the increase was due to food and energy prices, which tend to be volatile. The core index rose 1.1 percent, slightly up from 1.0 percent in January."
"The housing market recovery experienced a setback during the start of this year. Existing home sales fell 9.6 percent from January to February and were down 2.8 percent from February 2010. Sales of new homes declined for the second consecutive month in February to record lows dating back to 1963. Even new construction on one-family homes fell 11.8 percent in February to the third slowest pace since 1959."
MCLEAN, Va. -- Freddie Mac today released the results of its Primary Mortgage Market Survey (PMMS), which shows rates increasing from the previous week influenced by inflationary and ongoing geopolitical concerns. The 30-year fixed-rate mortgage matches its February 3, 2011 level of 4.81 percent.
30-year fixed-rate mortgage (FRM) averaged 4.81 percent with an average 0.7 point for the week ending March 24, 2011, up from last week when it averaged 4.76 percent. Last year at this time, the 30-year FRM averaged 4.99 percent.
15-year FRM this week averaged 4.04 percent with an average 0.7 point, up from last week when it averaged 3.97 percent. A year ago at this time, the 15-year FRM averaged 4.34 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.62 percent this week, with an average 0.6 point, up from last week when it averaged 3.57 percent. A year ago, the 5-year ARM averaged 4.14 percent.
1-year Treasury-indexed ARM averaged 3.21 percent this week with an average 0.6 point, up from last week when it averaged 3.17 percent. At this time last year, the 1-year ARM averaged 4.2 percent.
Frank Nothaft, vice president and chief economist at Freddie Mac, reports, "Mortgage rates were up this week compared to last, but still remain at relatively low levels. The rate uptick was related to higher than anticipated inflation data for February and ongoing geopolitical concerns. The 12-month growth rate in the consumer price index rose 2.1 percent in February, compared to 1.6 percent in January; however, most of the increase was due to food and energy prices, which tend to be volatile. The core index rose 1.1 percent, slightly up from 1.0 percent in January."
"The housing market recovery experienced a setback during the start of this year. Existing home sales fell 9.6 percent from January to February and were down 2.8 percent from February 2010. Sales of new homes declined for the second consecutive month in February to record lows dating back to 1963. Even new construction on one-family homes fell 11.8 percent in February to the third slowest pace since 1959."
Subscribe to:
Posts (Atom)
