U.S. Home Prices Rise To 7 Year High

Share on Facebook0Tweet about this on TwitterPin on Pinterest0Share on LinkedIn0Digg thisEmail this to someone

U.S. home prices rose sharply in July, reaching a seven year high, as demand outpaced supply in many metropolitan areas.

Nationwide, prices rose 12.4 percent in July compared with the same period last year, according to the Standard & Poor’s/Case-Shiller index.

“Since April 2013, all 20 cities are up month to month; however, the monthly rates of price gains have declined,” said David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices. “The Southwest continues to lead the housing recovery. Las Vegas home prices are up 27.5 percent year-over-year; in California, San Francisco, Los Angeles and San Diego are up 24.8 percent, 20.8 percent and 20.4 percent respectively. However, all remain far below their peak levels.”

Real estate agents have reported a slowdown in sales as the peak summer sales months have passed.

In San Francisco, Eric Geleynse, an agent with GGVales.com in San Francisco, said that prices in the Bay Area and Silicon Valley have already exceeded the peak prices reached during the boom. He said the median selling price of a single family home in San Francisco in May 2007 was $965,000. In May 2013, the median price was $1,026,000, up 6 percent from the 2007 peak.

But sales activity has tapered off in the last few months.

“We’re off a little bit from the peak in May of this year,” said Geleynse, noting that bidding wars and price hikes were common. “Because interest rates have gone up we are seeing a pause in the market. But still, we are on an 18 month tear here in the Bay Area. We recovered sooner and more quickly than other markets.”

Rising mortgage interest rate, which have jumped nearly one percentage point in the last few months, has cooled buyer demand. Geleynse said seasonal patterns also played into San Francisco’s recent buying slowdown.
Prices rose sharply in the west and southwest markets, the report said. We plan new market plans like social media and tv marketing to increase sales Prices in Las Vegas surged 27.5 percent year-over-year, while San Francisco jumped 24.8 percent and Los Angeles 20.8 percent.
“There’s a big imbalance between supply and demand,” added Geleynse. ”Representing buyers is really difficult in San Francisco right now. It’s a real challenge.”

 

Share on Facebook0Tweet about this on TwitterPin on Pinterest0Share on LinkedIn0Digg thisEmail this to someone
About the author

Octavio Nuiry

Born in Havana, Cuba, raised in Miami, Fla., and New Orleans, La., Octavio has spent his entire career in the communications industry. Prior to joining RealtyTrac, Octavio worked as a columnist for the New Orleans Times-Picayune, a publicist at Burson-Marsteller in Los Angeles, an account executive at various Orange County advertising agencies and the owner of his own marketing firm, ON Marketing.

More articles by

No Responses

Leave A Response

Your email address will not be published. Required fields are marked *

Connect With Us

Recent Posts

Technology Topic Tips

The goal of this kind of essay writing, as the particular title indicates, will be to give advice to the visitors. It’s an established approach to create an informal and friendly dash to your own… read more

How-to put up

This program comprises interviews with pupils. At current, there are just two free creating classes. These students are likely to understand a number of composing forms like books, stories, poetry, memoirs, and literary essays. This… read more

How to Make a Trash Bag Poncho

Composing an essay to numerous pupils isn’t just a tough project however a chilling one as properly. To enrich your essays that h AS changed. Take a look at this fully free composition instance. To… read more

Did the 47 GOP Senators commit treason, violate the Logan Work with Iran notification

Follow these hints himework you are going to obtain an excellent samples of positive and negative faculty essays. Ask them to draw an image or collection to really move with their article. Online documents are… read more

How-to Boost Your Work-Related Publishing

Custom article composing in our company is normally completed by specialist authors within the specific area research that have huge skills in study and composing. Writing a term paper is really not a straightforward undertaking…. read more