Daily Updates

May 8, 2013

Survey: US home prices up 10.5 pct. in past year

WASHINGTON — A survey shows U.S. home prices rose 10.5 percent in March compared with a year ago, the biggest gain since March 2006.

Core Logic, a real estate data provider, said Tuesday that annual home prices have now increased for 13 straight months. Prices are rising in part because more buyers are bidding on a limited supply of homes for sale.

Prices increased in 46 states over the past year — 11 of them posting double-digit gains. And when excluding distressed sales, which include foreclosures and short sales, prices rose in every state. A short sale is when a home sells for less than what is owed on the mortgage.

Nevada led all states with a 22.2 percent annual gain. It was followed by California (17.2 percent), Arizona (16.8 percent), Idaho (14.5 percent) and Oregon (14.3 percent).  

Home prices also rose 1.9 percent in March from February, signaling a solid start to the spring buying season. And 88 of the 100 largest cities reported price gains compared with a year earlier, down slightly from 92 in February.

Prices in Phoenix rose 18.8 percent in March from a year earlier, the largest gain of any city. Los Angeles, Riverside, Calif., Atlanta and Houston posted the next largest gains.

Steady job creation and record-low mortgage rates have boosted home sales and construction in the past year. More demand, along with a limited supply of homes for sale, has pushed prices higher.

The number of homes for sale fell nearly 17 percent in March compared with a year ago. That supply would be exhausted in about 4.7 months at the current sales pace. That’s below the 6 months of supply that is typical in a healthy market.

Rising home prices can help sustain the housing rebound and lift the economy. More potential homebuyers may seek to purchase a house before prices rise further. And homeowners are more likely to put their houses on the market once they expect a good price.

Higher home values also boost Americans’ overall net worth. That can encourage consumers to spend more, driving more economic growth. Consumer spending accounts for roughly 70 percent of economic activity.

 

1
Text Only
Daily Updates
  • US weighs clemency for inmates jailed for 10 years

    The Justice Department is encouraging nonviolent federal inmates who have behaved in prison, have no significant criminal history and have already served more than 10 years behind bars to apply for clemency, officials announced Wednesday.

    April 23, 2014

  • High court tosses $3.4M award to child porn victim

    The Supreme Court on Wednesday rejected a plea to make it easier for victims of child pornography to collect money from people who view their images online, throwing out a nearly $3.4 million judgment in favor of a woman whose childhood rape has been widely seen on the Internet. Two dissenting justices said Congress should change the law to benefit victims.

    April 23, 2014

  • Airport security vulnerabilities not uncommon

    For all the tens of billions of dollars that the nation has spent on screening passengers and their bags, few airports made a comparable investment to secure the airplanes themselves.

    April 23, 2014

  • Deal signs bill expanding gun rights in Georgia

    Gov. Nathan Deal has signed legislation expanding where people with licenses to carry can bring their guns in Georgia.

    April 23, 2014

  • Indian film awards arrive in Tampa, Fla., but why?

    The so-called Bollywood Oscars have been held in Macau, Singapore, London — and now, Tampa?

    April 23, 2014

  • Indictment: Prosecutor targeted in kidnapping plot

    A North Carolina prosecutor was the intended target of an elaborate kidnapping plot, but the kidnappers looked up the wrong address on the Internet and abducted the prosecutor’s father instead, according to an indictment released Tuesday.

    April 23, 2014

  • Republican activists push party on gay marriage

    As bans against gay marriage crumble and public opinion on the issue shifts rapidly, some Republicans are pushing the party to drop its opposition to same-sex unions, part of a broader campaign to get the GOP to appeal to younger voters by de-emphasizing social issues.

    April 23, 2014

  • Missouri executes inmate for 1993 farm slaying

    Missouri executed an inmate early Wednesday only a few miles from the farm where prosecutors say he orchestrated the 1993 killing of a couple whose cows he wanted to steal.

    April 23, 2014

  • 10 Things to Know for Wednesday

    Your daily look at late-breaking news, upcoming events and the stories that will be talked about Wednesday.

    April 22, 2014

  • In Other News, April 22

    April 22, 2014