Last week included both problems and progress in the housing market. Getting the probs out of the way, June Existing Home Sales came in down 0.8% versus May, to an annual rate still below 5 million units, lifting the months’ supply to 9.5. But all the sales decline was from condos and coops, single-family sales staying the same. We appear to be bouncing along a bottom, as the median price of an existing home rose for the month and is now up 0.8% from last year. Average prices are up 2.7% versus a year ago. Continue reading →

Increasingly, the wrong thing for consumers to do is to stay out of the housing market. In many locales, owning a home is now less expensive than renting. Rents are rising and vacancies falling, according to a report that tracked leasing data across the country. For the second quarter, rents rose in all but two of 82 markets, while vacancies dropped in 72 of them, sending the vacancy rate to 6%, its lowest level since 2008. Another report showed rental listing prices up 6.7% nationally in June versus a year ago. Continue reading →

It finally appears seeds are being planted for a housing recovery. Fannie Mae’s monthly survey reported that Americans expect home prices to drop just 0.5% in the next year. Some reported this as a negative because a 0.7% price gain was expected last month. But other analysts see this as a bottom, and those surveyed agree, as the majority (69%) believe it’s a good time to buy a home. Continue reading →