Business

The most amazing housing bubbles in America: Seasonal Upticks For Small




New York apartment prices flat year round. San Francisco, SoCal, Seattle-year-over-winnings shrink to almost nothing. Las Vegas apartment for the sixth month. Miami & Phoenix at Post-Housing Bust 1 Heights.

Spring has come to the most amazing housing bubbles in America, but the season's start was not enough, compared to seasonal jumps last year at this time. And the rise in prices from the previous year was further reduced.

In the Seattle method, single-family house prices rose 1.6% in March from February, according to the CoreLogic Case-Shiller Home Price Index released this morning. But in March last year they had risen 2.8% from February; So the following year, the price gain was further reduced, with the index only 1[ads1].6 percent higher than last March, the smallest annual gain since May 2012 when Seattle emerged from the bottom of Housing Bust 1. That index is down 3.8% from the top in June 2018, but is still up 27% from the top of Seattle's Housing Bubble 1 (July 2007):

The Core-Logic Case-Shiller Home Price Index is a rolling three-month average; Today's release represents closures that were entered into public records in January, February, and March.

The index was set to 100 for January 2000; A value of 200 now means that prices have doubled since January 2000. Each market on this list of the most amazing housing units in America has an index value of over 200, which means that prices have more than doubled since January 2000. After reaching a value of at least 200 either under Housing 1 or under Housing 2 is the minimum requirement introduced in this list.

San Francisco Bay Area

In the San Francisco Bay Area, San Mateo, the northern part of Silicon Valley, Alameda, Contra Costa and Marin (North Bay) – single-family prices increased by 2.1% in March from February , same increase as last year from March from February.

This leaves the index 1.7% from peak in July last year. And the annual profit was only 1.3%. The index remains 35% above the peak of Housing Bubble 1:

The Case-Shiller index for condos in the San Francisco Bay Area increased 2.0% in March from February. But last March they had risen 2.7% from February. This has reduced the annual result to almost nothing (+ 0.39%). The index is down 3.2% from the peak in June:

New York Condos:

The Case-Shiller Index for apartment prices in the New York City metro rose 0.7% in March from February and is flat by March last year, with zero price gains during the 12-month period. The index is down a smidge from the top in October:

Los Angeles:

In the Los Angeles metro, house prices rose 0.5% in March from February. However, the seasonal increase in March last year had been 0.9%. And thus, this year's gains increased to only 1.3%. The index is now down 0.5% from the peak in August last year:

San Diego:

The Case-Shiller index for the San Diego metro rose 1.0% in March from February and is down 0.7% from the top last July. Compared to March 2018, the index is only 1.3%.

Boston:

The Case-Shiller for the Boston subway jumped 1.6% in March from February after crossing down three months in a row and dropping a new high with a small margin. This gives the year's gain of 3.8%. The index has been largely flat since July 2016:

Portland:

House prices in the Portland Metro increased 0.7% in March from February. But the seasonal gain was half of the 1.4% gain in March last year. This further doubled inflation this year to just 2.6%. The index is down 0.9% from the peak in July 2018:

Denver:

House prices in the Denver subway rose 1.0% in March from February. But the seasonal gain was less than the season's gain in March last year (+ 1.4%), and this year's index gain went down to 4.3%, the smallest gain since June 2012:

[19659006] Miami:

In March, the Case-Shiller index for the Miami metro was flat in February. But in March last year, prices had increased by 0.3%. So the annual result was reduced to 4.5%. The index is still 13.4% below the top of the Housing Bubble 1.

Miami was one of the episodes of Housing Bubble 1 and Housing Bust 1. The index had peaked at 293 in February 2007, indicating that prices had almost tripled for the seven years since January 2000. The collapse was just as epic. In August 2011, the prices were back where they had been in July 2002. Then it all started again but at a slightly slower pace:

Phoenix:

House prices in the Phoenix metro – The unmatched mind -bender of Housing Bubble 1 and Housing Bust 1 – 0.4% rose in March from February to a new post-Housing Bust 1 high. But in March last year they had risen to over twice as high (1.0%), and the large fat price on an annual basis is somewhat less big fat, at 6.1% (down from 6.7% in the previous month). The index is now only 17.7% from the angry bending brilliant peak under the Boligbob 1:

Washington DC:

House prices in the Washington DC metro crossed up 0.9% in March from February to a new Post-Housing Bust 1 high. But the gain was during the seasonal return in March last year, which resulted in a decrease in the price increase of 2.8 per cent compared with the previous year. The index is now 9.6% below the ridiculous peak of Housing Bubble 1:

Las Vegas:

The Case-Shiller index for the Las Vegas metro was flat in March compared to February. But in March last year, seasonal growth hit 1.5%. So the annual result (a fat 9.7% in February) was reduced to a still fat 8.2%. The index has been largely flat for six months, after a blistering increase in the first half of last year:

A measure of house price growth

Case-Shiller method is based on "sales pairs," Compares the sales price of a house in the current month to the last transaction in the same house, years earlier. This eliminates the issue of "mix" that distinguishes median price indices and the issue of a few major smoothing as skewed average price indices. In fact, since the Case-Shiller index price changes in the same house (sales pair) over time, it tracks how many more dollars it takes to buy the same house, thus tracking the purchasing power of the dollar with respect to the same house – in other words a measure of house price inflation.

Where are the foreign investors in this phenomenon? Read … US Home Sales Drop, Drop, Drop Despite Lower Mortgages. But Mortgage Applications Jump. What gives?

Enjoy reading WOLF STREET and want to support it? Using Ad Blocks – I'm Getting Why – But Want To Support Your Website? You can donate "beer money". I really appreciate it. Click on the beer mug to find out how:

Would you like to be notified by email when WOLF STREET publishes a new article? Register here.



Source link

Back to top button