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U.S. home prices surged 19.7% in July, once again posting the biggest jump in more than 30 years. The record gain in the S&P CoreLogic Case-Shiller index of property values nationwide followed a 18.7% jump in June and was the 14th straight month of accelerating price increases. — Bloomberg
A measure of prices in 20 cities posted a 19.9% gain in July, up from 19.1% the previous month. Phoenix, San Diego, and Seattle reported the highest year-over-year gains, with 32.4%, 27.8%, and 25.5% increases, respectively. “The last several months have been extraordinary not only in the... View full entry
Even though homes aren’t tradable, like soybeans or car parts, home prices across the world have become increasingly synchronized. This reflects a variety of factors, according to the [International Monetary Fund], including the increasing tendency for economic growth and interest rates to move in parallel across nations. — The Wall Street Journal
An interesting report from Sarah Chaney of The Wall Street Journal illuminates some of the ways in which housing markets across the globe—which are currently showing signs of a slowdown—are increasingly falling into line with one another as the power of the global economy... View full entry
With affordable homes already in short supply around the U.S., house-hunters this spring faced another challenge: surging prices. Median home prices in the second quarter surged to a record high $266,000 for single family-homes and condos, according to a recent report from property research firm ATTOM Data Solutions. That's up 6% from about $250,000 a year ago. — CBS News
"U.S. homeowners who sold in the second quarter of 2019 realized an average home price gain since purchase of $67,500, up from an average gain of $57,706 in Q1 2019 and up from an average gain of $60,100 in Q2 2018," states the July ATTOM report. The locations with the highest average home seller... View full entry
Trulia isolated the markets in which building permits for residential construction are being issued at rates above historical averages, which have been calculated by looking at the number of permits issued each year between 1980 and 2016. The study also shows that Austin, Dallas and Houston, issued over 10% of all permits in the nation in 2017.These cities are projected to add about 130,000 new homes by the end of the year, their growth driven by abundant jobs and rising incomes and home prices. — The New York Times
According to the real estate website Trulia, the number of homes available for sale decreased 8.9 percent in the second quarter of 2017 compared to a year earlier, which follows decreases every quarter for the two past years. The projected number of new building permits in 2017 grew the most in... View full entry
The average price of building a garage parking space (as much as $34,000 in 2012) is passed on to people whether they own a car or not, and distort the true demand for urban parking. — Quartz
According to the 2011 National American Housing Survey data of the US census, about 16% of a housing unit’s monthly rental cost is attributable to the expense of building an urban parking spot. For the average renter that amounts to to $1,700 per year, or $142 per month. Parking mandates... View full entry
Fed up with rising rents, bidding wars and neighborhoods that no longer resemble the low-rise bohemian enclaves they found when they arrived, many Brooklynites are moving out. They include decade-long renters who can no longer keep up with price hikes, qualified buyers who have been outbid one too many times, and young families who simply can’t find the space they want at prices they can afford. — nytimes.com
As prices rise in Brooklyn, brokers in Bedford-Stuyvesant have been breaking sales records left and right since March [...] Nine of Bed-Stuy’s top 15 residential sales in the past five years are from 2014 [...] Meanwhile, the median sales price during the second quarter rose to $630,000, up from $425,000 in the second quarter of 2013. In June of this year, the median asking price was even higher, according to StreetEasy data: $895,000, a 50.4 percent increase from June 2013. — The Real Deal
It has been the rallying cry of the Occupy movement for the past two months - but is the US really split 99% v 1%? As poverty and inequality reach record levels, how much richer have the rich got? This animation explains what the key data says about the state of America today — The Guardian
It has been the rallying cry of the Occupy movement for the past two months - but is the US really split 99% v 1%? As poverty and inequality reach record levels, how much richer have the rich got? This animation explains what the key data says about the state of America today View full entry
