U.S. Home Prices Rose in March Despite Onset of COVID-19 Crisis, Radian Home Price Index Reveals
21 Avril 2020 - 12:30PM
Business Wire
Home prices across the United States rose at an annualized rate
of 5.8 percent in March 2020 from February 2020, according to
Radian Home Price Index (HPI) data released today by Red Bell Real
Estate, LLC (“Red Bell”), a subsidiary of Radian Group Inc. (NYSE:
RDN). The Radian HPI is the most comprehensive and timely measure
of U.S. housing market prices and conditions.
The Radian HPI also rose 7.7 percent year-over-year (April 2019
to March 2020), which was slightly higher than the year-over-year
increase of 7.4 percent recorded last month. While real estate
markets came under significant pressure in the second half of
March, as of the end of the month the impact of the COVID-19 crisis
had yet to materially translate into any impact on home prices.
The Radian HPI is calculated based on the values of more than 70
million unique addresses each month, covering all single-family
property types and geographies.
“U.S. housing values remained well supported in the early days
of the COVID-19 pandemic. While that could change going forward,
data indicates that the impact may vary significantly by region and
locality,” said Steve Gaenzler, senior vice president of Data and
Analytics at Radian.
NATIONAL DATA AND TRENDS
- Median home value in the U.S. rose to $252,597
- Home prices rose 6.28 percent in the first quarter
Nationally, the median estimated value for single-family and
condominium homes rose to $252,597. Home values have increased
consistently since the low the Radian HPI recorded in the second
quarter of 2012. On an annualized basis, home prices nationally
rose 6.28 percent in the first quarter, as limited supply and
strong demand supported an earlier-than-normal spring pick-up. The
early spring season began to take hold prior to the onset of
COVID-19 related shutdowns in many cities, which helped underpin
prices in March.
REGIONAL DATA AND TRENDS
- West Region was strongest Q1 performer
- Mid-Atlantic Region cools
During the first quarter of 2020, the West and South tallied the
best regional performances, recording 6.91 and 6.62 percent
annualized gains respectively. The Northeast, as is typical in the
winter and early spring months, lagged the other regions, only
recording a 1.95 percent quarterly gain. On a monthly basis, from
February to March, all of the regions reported positive increases
in home prices, with the exception of the Mid-Atlantic region,
which declined slightly from the prior month.
METROPOLITAN AREA DATA AND TRENDS
- COVID-19 has not broadly impacted prices in Q1
- New York and Philadelphia show signs of weakness
- Shelter-in-place hasn’t impacted prices in Seattle or San
Francisco
As of the end of March, social distancing measures did not
appear to have had a broadly meaningful impact on home prices in
major metropolitan areas, according to the Radian HPI data. A
review of the nation’s ten largest Core-Based Statistical Areas
(CBSAs) found that from January through March 2020, all reported
higher annualized price increases. However, among that group, the
New York and Philadelphia metro areas registered the weakest
monthly increases from February, at 0.91 and 1.24 percent
respectively. While not top ten CBSAs by size, two other CBSAs that
have been largely shelter-in-place for the month of March, Seattle
and San Francisco, showed no sign of weakness in pricing.
ADDITIONAL FINDINGS AND ANALYSIS
- Recent real estate data support key findings of the Radian
HPI
- Limited changes to prices or listings prior to second week of
March
- Most recent data indicate a more rapid deterioration in real
estate prices in some, but not all, markets
Analysis by the Radian HPI team of day-by-day data related to
planned, in-progress or completed real estate transactions in March
reveal little out of the ordinary in the real estate market prior
to the near nationwide stay-at-home mandates in the second week of
March. Before then, in most U.S. metropolitan areas, the number of
daily closings, listings and homes going into contract tracked very
closely to the same time period in the prior year. In fact,
listings sold in March were 5% higher nationally than in the
similar 2019 period. However, data reported in the final two weeks
of March showed declines of 40-50% in new listings and properties
going under contract in some areas.
ABOUT THE RADIAN HPI
Red Bell, a subsidiary of Radian Group Inc., provides national
and regional indices for download at info.radian.biz/hpi, along
with information on how to access the full library of indices.
Additional content on the housing market can also be found on the
Radian Insights page located at https://www.radian.com/hpi/.
The company also offers an enhanced Radian HPI data set along
with a client access portal for content visualization and data
extraction. The engine behind the Radian HPI has created more than
100,000 unique data series, which are updated on a monthly
basis.
The enhanced Radian HPI is a self-service data and visualization
platform that contains a library of thousands of high-value indices
based on both geographic dimensions as well as by market, or
property attributes. The platform provides monthly updated access
to nine different geographic dimensions, from the national level
down to zip codes. In addition, the Radian HPI provides unique
insights into market changes, conditions and strength across
multiple property attributes, including bedroom count and livable
square footage. To help enhance its customers’ understanding of
granular real estate markets, the library is expanded regularly to
include more insightful indices.
In addition to the services offered by its Red Bell subsidiary,
Radian is ensuring the American dream of homeownership responsibly
and sustainably through products and services that include
industry-leading mortgage insurance and a comprehensive suite of
mortgage, risk, real estate, and title services. We are powered by
technology, informed by data and driven to deliver new and better
ways to transact and manage risk. Learn more about Radian’s
financial strength and flexibility at www.radian.biz and visit
www.radian.com to see how Radian is shaping the future of mortgage
and real estate services.
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For Investors John Damian – Phone: 215.231.1383 Email:
john.damian@radian.com
For the Media Rashi Iyer – Phone: 215.231.1167 Email:
rashi.iyer@radian.com
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