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Filed under: News, Buying, Economy, Selling
By JOSH BOAK
WASHINGTON — U.S. home prices rose in May compared with a year earlier, but the gains have slowed.
Data provider CoreLogic (CLGX) said Tuesday that prices increased 8.8 percent in May compared with 12 months earlier. The pace of gains has slowed as more homes have come onto the market, according to CoreLogic.
On a month-to-month basis, prices rose 1.2 percent from April to May. But CoreLogic’s monthly figures aren’t adjusted for seasonal patterns, such as warmer weather, which can affect sales.
Prices increased the most in Western states, including Hawaii, California and Nevada.
Home sales began to stall in the middle of last year after double-digit price increases and higher mortgage rates made real estate less affordable for many people.
But sales rose last month as price gains have moderated and mortgage rates have dipped.
Sales of existing homes climbed 4.9 percent in May to a seasonally adjusted annual rate of 4.89 million homes, according to the National Association of Realtors.
However, sales are down 5 percent year-over-year.
The Realtors forecast that sales of existing homes will decline 2.8 percent this year to 4.95 million, compared with 5.1 million in 2013.
Sluggish sales, in turn, will slow annual price gains this year to roughly 5 percent or 6 percent, economists predict.
Prices rose in the 12 months ending in May in every state, CoreLogic said. The states with the biggest price gains were Hawaii, 13.2 percent; California, 13.1 percent; Nevada, 12.6 percent; Michigan, 11.8 percent; New York, 11 percent; Georgia, 10.3 percent; and Oregon, 10.1 percent.
Ninety-four of the 100 largest metro areas reported higher prices in May compared with a year earlier.
The six that did not record an increase were: Worcester, Massachusetts; Hartford, Connecticut; New Haven, Connecticut; Little Rock, Arkansas; Rochester, New York; and Winston-Salem, North Carolina.
Average prices have risen nationwide for the past 27 months. Still, homes nationwide are 13.5 percent below their peak values in April 2006.
Ten states have exceeded their previous peaks, including Alaska, Louisiana, Oklahoma, Nebraska, Iowa, South Dakota, North Dakota, Colorado, Texas and New York.
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Filed under: News, Buying, Financing, Refinancing Zillow*The weekly mortgage rate chart illustrates the average 30-year fixed interest rate in six-hour intervals. By Camille Salama Mortgage rates for 30-year fixed mortgages dipped slightly this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 3.98 percent, down 5 basis points from this time last week. The 30-year fixed mortgage rate hovered around 4 percent for the majority of the week, before dropping slightly to the current rate on Tuesday morning. “Last week, rates hit 4-week lows after a weaker-than-expected gross domestic product report suggested some softness in the U.S. economy,” said Erin Lantz, vice president of mortgages at Zillow. “This week, we expect mortgage rates to remain fairly flat unless the jobs report, out Thursday rather than Friday this week, reveals an unexpectedly strong gain in the labor market.” Additionally, the 15-year fixed mortgage rate this morning was 2.98 percent, and for 5/1 ARMs, the rate was 2.77 percent. What are the interest rates right now? Check Zillow Mortgage Marketplace for mortgage rate trends and up-to-the-minute mortgage rates for your state. Permalink | Email this | Comments read more
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