Home prices across the United States rose in the first six
months of the year at an annualized rate of 6.3 percent, according
to Radian Home Price Index (HPI) data released today by Red Bell
Real Estate, LLC, a Radian Group Inc. company (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 8.1 percent year-over-year (July 2019
to June 2020), which was slightly higher than the year-over-year
increase of 7.8 percent recorded last month. The annualized
increase represents a resumption of a general upward trend in
annualized yearly gains. The Radian HPI is calculated based on the
estimated values of more than 70 million unique addresses each
month, covering all single-family property types and
geographies.
“While there has been localized volatility in home prices during
the pandemic, prices overall have remained quite resilient. After
gains across the U.S. slowed in May, the first half of the year
ended on an impressive note, especially given the significant
headwinds real estate transactions have faced,” noted Steve
Gaenzler, SVP of Data and Analytics.
Nationally, the number of closed real estate sales was higher in
the final week of June than in the same week of 2019. That marked
the first time since the end of March that weekly counts of
closings were higher in 2020 than 2019. Gaenzler added that “the
recent surge in places where COVID cases are growing may alter the
current path of strong home prices, but we didn’t see that result
in the first half of the year.”
NATIONAL DATA AND TRENDS
- Median home price in the U.S. rose to $256,740 in June
- Home prices rose an annualized 6.6 percent during the second
quarter
Nationally, the median estimated price for single-family and
condominium homes rose to $256,740 in June from the $254,826
recorded in May. Across the U.S., home prices rose 6.6 percent in
the second quarter, a slight increase over the first-quarter gain.
Distressed sales in June 2020 represented 5.1 percent of all sales,
with REO accounting for 4.4 percent of the distressed sales. This
is a decrease from May, when distressed sales represented 6.0
percent of sales, with REO sales at 5.2 percent. While homeowner
equity remains at or near record levels, distressed sales will
likely increase in the coming months as national unemployment rates
remain elevated.
REGIONAL DATA AND TRENDS
- First-Half 2020 results are positive for all Regions
- Midwest and West are strongest Regions; Northeast and Southwest
are weakest
In the first half of 2020, all six of the Regional indices
recorded positive home price appreciation rates in excess of 4.5
percent (annualized). While home price appreciation slowed earlier
in the second quarter, a stronger June propelled the regions higher
for the quarter and half-year. Months of Supply, which helps
measure the balance between supply and demand by taking the current
month’s active and under contract listings and dividing them by
last month's sales, stood at 4.04 months of supply in June. This
was down from 4.51 months in June of last year, and also decreased
from May. Declining months of supply often result in more price
competition and price stability.
The Northeast recorded the slowest rate of appreciation in the
first half of the year. While Connecticut continues to lag the
other states in the Region, New Hampshire and Maine have
experienced increasingly strong home-price momentum in 2020.
In the South, home prices in Louisiana are largely unchanged
since the beginning of 2020, while Tennessee and Georgia have
recorded the strongest appreciation rates. Florida, the largest
state in the Region, continues to perform weaker than other
states.
Utah and Washington have helped make the West the second-best
performing Region in the first half of the year. California has
underperformed seven of the 11 Regional states but has performed
better than Nevada, Hawaii and Wyoming.
The Midwest Region continues to record the highest rates of home
price appreciation in the country. Fueled by demand for lower, or
more affordably priced markets, Indiana, Minnesota and Missouri
have driven the Region higher. Within the Midwest, Illinois has
been the weakest large-state performer.
METROPOLITAN AREA DATA AND TRENDS
- Metro areas end quarter on strong note
- 70 percent of largest Core-Based Statistical Areas (CBSAs) had
stronger Q2 than Q1
All of the 20 largest metro areas in the U.S recorded positive
price appreciation in the second quarter and first half of 2020. A
total of 14 of the 20-largest CBSAs had stronger second-quarter
price appreciation rates than those recorded in the first quarter
of 2020. Of the six metros recording a weaker second quarter as
compared to the first, three were in California (Los Angeles, San
Diego, San Francisco) and the remaining three were in the
Mid-Atlantic Region (Washington, DC; Baltimore, MD; New York,
NY).
The weakest large metros in the first half of 2020, based on
annualized growth, included Baltimore (+3.0 percent), Washington,
D.C. (+3.3 percent), Boston (+3.3 percent), and Miami (+3.3
percent). The strongest included Minneapolis, Seattle, and Phoenix,
which all had greater than 7 percent annualized home price
appreciation in the first half of the year.
ABOUT THE RADIAN HPI
Red Bell, a subsidiary of Radian Group Inc., provides national
and regional indices for download at info.radian.com/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://radian.com/news-and-knowledge/insights.
Red Bell offers the 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 Radian HPI Portal 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 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, title, valuation, asset management and other real
estate services. The company is powered by technology, informed by
data and driven to deliver new and better ways to transact and
manage risk. Visit www.radian.com to see how Radian is shaping the
future of mortgage and real estate services.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200717005044/en/
For the Media Rashi Iyer – Phone: 215.231.1167 Email:
rashi.iyer@radian.com
For Investors John Damian – Phone: 215.231.1383 Email:
john.damian@radian.com
Radian (NYSE:RDN)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
Radian (NYSE:RDN)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024