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Newsweek
30-07-2025
- Business
- Newsweek
Map Shows Where House Prices Are Rising and Falling Fastest
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Despite dwindling sales, home prices continue to climb in much of the country and especially in the Northeast, where New York reported the highest year-over-year gain in May at 7.4 percent, according to the latest S&P CoreLogic Case-Shiller Index. But even as prices continue inching up, they are doing so at a slower pace than ever since the outbreak of the COVID-19 pandemic. The index found that all nine U.S. census divisions reported an overall annual price gain of 2.3 percent in May, down from 2.7 percent in April. The 10-city composite index reported an annual increase of 3.4 percent, down from 4.1 percent a month earlier, while the 20-city composite posted a 2.8 percent year-over-year gain, down from 3.4 percent in April. "May's data continued the years' slow unwind of price momentum, with annual gains narrowing for a fourth consecutive month," Nicholas Godec, Head of Fixed Income Tradables & Commodities at S&P Dow Jones Indices, said in a press release shared with Newsweek. "Seasonal momentum is proving weaker than usual, and the slowdown is now more than just a story of higher mortgage rates. It reflects a market recalibrating around tighter financial conditions, subdued transaction volumes, and increasingly local dynamics. With affordability still stretched and inventory constrained, national home prices are holding steady, but barely." Where Home Prices Are Rising—And Where They Are Falling The Northeast and the Midwest, where the shortage of homes remains most acute, experienced the highest price growth in May, according to the index. After New York, Chicago reported the second-biggest annual home price gain in May of all major U.S. metros analyzed by S&P and CoreLogic, up 6.1 percent. It was followed by Detroit with a year-over-year increase of 4.9 percent. At the other end of the spectrum there's the South, where metros in states like Florida and Texas, which have gone through a significant construction boom over the past few years, are reporting annual price drops. Tampa reported the steepest year-over-year price decline in May, at -2.42 percent. It was followed by Dallas and San Francisco both at -0.64 percent, and Denver at -0.01 percent. What Does The Index Tell Us About The State Of The Housing Market While prices are still rising at the national level, it is significant how much slower the pace of their growth has gotten in the past few months. This is happening mostly because the U.S. housing market has reached a breaking point in terms of affordability: even as demand remains high and millions of Americans dream of homeownership, many just cannot afford it at the moment. The 30-year fixed-rate mortgage is still hovering near the 7 percent mark, and experts do not expect rates to get lower than 6 percent any time soon. Property taxes are much higher than they used to be five years ago, and home insurance premiums are rising as the threat of natural disasters grows with climate change. Buyers' reluctance to engage in the market, which has been exacerbated by recent fears over the direction taken by the U.S. economy under the helm of President Donald Trump, has caused a pileup of unsold homes across the country—especially in areas where developers have built more new homes. This shrinking of demand is likely to lead to a normalization of the U.S. market after years of overheating, experts say—but low inventory across the country has been keeping prices up so far. Things may change as a result of a bipartisan housing package just moving through the legislature right now. Under the ROAD to Housing Act, lawmakers on both sides of the political spectrum are trying to boost the country's home supply and improve affordability.
NBC News
24-06-2025
- Business
- NBC News
Home price hikes are slowing more than expected
Rising supply and slowing demand in the housing market are finally causing prices to cool off, and the weakness is accelerating. Home prices nationally rose just 2.7% in April compared with the previous year, according to the S&P CoreLogic Case-Shiller Index released Tuesday. That is down from a 3.4% annual increase in March and is the smallest gain in nearly two years. The report is slightly backdated, as it is a three-month running average of prices ended in April. Other more current readings of the market, such as one from Parcl Labs, shows prices nationally are now flat compared with a year ago. S&P Case-Shiller found the deceleration in prices was taking hold across the 10- and 20-city composites its index measures. Both are now substantially below their recent peaks. In addition, much of the annual increase in the April reading occurred in just the past six months, meaning prices got a boost from the spring market rather than showing up throughout the year. 'What's particularly striking is how this cycle has reshuffled regional leadership—markets that were pandemic darlings are now lagging, while historically steady performers in the Midwest and Northeast are setting the pace. This rotation signals a maturing market that's increasingly driven by fundamentals rather than speculative fervor,' said Nicholas Godec, head of fixed income at S&P Dow Jones Indices, in a release. New York saw the biggest increase in prices, with a 7.9% annual gain, followed by Chicago at 6% and Detroit at 5.5%. This is a shift from the first years of the pandemic, when the Sun Belt was seeing huge demand and big price gains. Prices in those previously hot markets are now falling. Both Tampa, Florida, and Dallas turned negative, down 2.2% and 0.2%, respectively. San Francisco prices were basically flat, and both Phoenix and Miami eked out gains of just over 1%. Higher mortgage rates, which shot over 7% in April and have settled back just under that mark since then, are keeping potential monthly payments near generational highs and pricing out significant pools of buyers, especially first-timers. That share dropped to just 30% of May sales, according to the National Association of Realtors. First-time buyers historically make up 40% of the market. The supply of homes for sale is rising sharply, but is still below pre-pandemic levels. Just 6% of sellers are at risk of selling at a loss, according to a new report from Redfin. That is slightly higher than a year ago, but still historically low. While prices are certainly weakening, they are nowhere close to being at risk of the major declines last seen following the subprime mortgage crisis and the Great Recession over a decade ago. 'Housing supply remains severely constrained, with existing homeowners reluctant to surrender their sub-4% pandemic-era rates and new construction failing to meet demand. This supply-demand imbalance continues to provide a price floor, preventing the sharp corrections that some had feared,' said Godec.
CNBC
24-06-2025
- Business
- CNBC
Home price hikes are slowing more than expected
Rising supply and slowing demand in the housing market are finally causing prices to cool off, and the weakness is accelerating. Home prices nationally rose just 2.7% in April compared with the previous year, according to the S&P CoreLogic Case-Shiller Index released Tuesday. That is down from a 3.4% annual increase in March and is the smallest gain in nearly two years. The report is slightly back-dated, as it is a three-month running average of prices ending in April. Other more current readings of the market, such as one from Parcl Labs, shows prices nationally are now flat compared with a year ago. S&P Case-Shiller found the deceleration in prices was taking hold across the 10- and 20-city composites its index measures. Both are now substantially below their recent peaks. In addition, much of the annual increase in the April reading occurred in just the past six months, meaning prices got a boost from the spring market rather than showing up throughout the year. "What's particularly striking is how this cycle has reshuffled regional leadership—markets that were pandemic darlings are now lagging, while historically steady performers in the Midwest and Northeast are setting the pace. This rotation signals a maturing market that's increasingly driven by fundamentals rather than speculative fervor," said Nicholas Godec, head of fixed income at S&P Dow Jones Indices, in a release. New York saw the biggest increase in prices, with a 7.9% annual gain, followed by Chicago at 6% and Detroit at 5.5%. This is a shift from the first years of the pandemic, when the Sun Belt was seeing huge demand and big price gains. Prices in those previously hot markets are now falling. Both Tampa and Dallas turned negative, down 2.2% and 0.2% respectively. San Francisco prices were basically flat, and both Phoenix and Miami eked out gains of just over 1%. Higher mortgage rates, which shot over 7% in April and have settled back just under that mark since then, are keeping potential monthly payments near generational highs and pricing out significant pools of buyers, especially first-timers. That share dropped to just 30% of May sales, according to the National Association of Realtors. First-time buyers historically make up 40% of the market. The supply of homes for sale is rising sharply, but is still below pre-pandemic levels. Just 6% of sellers are at risk of selling at a loss, according to a new report from Redfin. That is slightly higher than a year ago, but still historically low. While prices are certainly weakening, they are nowhere close to being at risk of the major declines last seen following the subprime mortgage crisis and the Great Recession over a decade ago. "Housing supply remains severely constrained, with existing homeowners reluctant to surrender their sub-4% pandemic-era rates and new construction failing to meet demand. This supply-demand imbalance continues to provide a price floor, preventing the sharp corrections that some had feared," said Godec.
Miami Herald
03-06-2025
- Business
- Miami Herald
Miami-Dade's sagging condo market could be ‘next great crisis' as values drop
As real estate demand softens, Miami-Dade condominiums are showing the weakest numbers, according to new data from the county Property Appraiser's Office. Real estate values on existing homes and commercial property grew about 7% countywide at the start of 2025, according to the June 1 report on taxable values across Miami-Dade. But when isolated only to existing condominiums, values dropped slightly from the start of 2024 — a decline of less than 1%, according to Property Appraiser Tomás Regalado. 'The condos are the next great crisis, because of a perfect storm,' Regalado said at a Monday press conference where he discussed the annual report from his office. The first-term Republican said that recent state mandates on condo maintenance, more stringent certification rules and higher insurance costs are weighing on the condominium market and driving down demand from buyers. Regalado's figures come from months of analysis by his office's staff to determine the worth of more than 900,000 properties across Miami-Dade and also how that value should be reflected on yearly property-tax bills. The figures released from Regalado's office capture taxable value, which is a property's market value minus deductions and exemptions mandated by state law. Released on Friday, the report showed an 8.5% increase in overall values across Miami-Dade. That includes existing structures and new construction in 2024. That's down from 10.7% growth last year and is the first single-digit gain since 2021, when the start of the COVID pandemic disrupted real estate sales. 'In a nutshell, the real estate market — after years of sometimes wild growth — appears to have stabilized,' Regalado said at the press conference. His office didn't have detailed value statistics for condos in the county's 34 municipalities. But Regalado said some of the worst-performing condo markets were in Miami Shores, where values were down 6.6%, and in Coral Gables, with a 5% drop in condo values. Also on the declining list: Aventura and North Bay Village, both down 4%; North Miami, down 3.4%; and South Miami, down 1.9%. On the other side of the spectrum are markets where condo values continue to grow. West Miami, a tiny housing market with only 83 condominiums at the start of 2024, saw taxable values for condominiums spike 18% at the start of 2025. Condo values grew 12% in Opa-locka and 4% in Hialeah Gardens, according to figures Regalado shared. The value declines are an average of each market, and only cover existing condos at the start of 2024. Condo units built last year are not part of the analysis, Regalado said. Regalado's discouraging news for condo sellers — and encouraging figures for would-be buyers — reflect other signs of softness for the real estate market overall. Miami and Tampa were the only metro areas to show slight home value declines in the last 20-city nationwide report from the S&P CoreLogic Case-Shiller Index, which tracks prices of single-family houses. Sales of condos and townhomes were down 21% in April in Miami-Dade, according to the latest report from the Miami Association of Realtors. The median sales price of $445,000 was barely changed from a year ago — up just $1,000. Sales of single-family homes were down 11%, and prices were up 4%, to $680,000.
Yahoo
28-01-2025
- Business
- Yahoo
Home Price Growth Accelerated in November Following Autumn Dip in Mortgage Rates
Annual home price growth accelerated in November for the first time in seven months, showing that prices remain responsive to mortgage rates, which dipped briefly last fall. Nationwide, home prices grew 3.8% in November from a year earlier, more than the 3.6% gain seen in October, according to the latest S&P CoreLogic Case-Shiller Index data released on Tuesday. The index's composite of the 20 largest metro areas posted a year-over-year increase of 4.3%, up from a 4.2% increase the previous month. New York City again reported the highest annual gain among the 20 cities, with a 7.3% increase in November, while Tampa, FL, recorded the lowest return, falling 0.4%. The modest bump in home price growth followed mortgage relief in September, when average rates briefly dipped to two-year lows close to 6%. Rates have since increased to around 7%. The stronger growth in November sales prices, which includes September and October on a three-month rolling basis, suggests that the market remains fairly responsive to changes in mortgage rates. Still, the annual price growth seen in the latest Case-Shiller data remains weaker than pre-pandemic norms, and far below the feverish 20% gains reached during the buying frenzy of 2022. 'With the exception of pockets of above-trend performance, national home prices are trending belowhistorical averages,' says , head of commodities, real and digital assets at S&P Dow Jones Indices. 'Markets in New York City, Washington, DC, and Chicago are well above norms, with New York leading the way,' he adds. 'However, markets out West and in once red-hot Florida are trending well below average growth. Tampa's decline is the first annual drop for any market in over a year.' Although the Case-Shiller index is reported with significant lag time, it is one of the most accurate measures of home values in the U.S., using repeat transactions to measure price changes while stripping out appreciation due solely to improvements or higher square footage. While Tampa was the only city tracked by the index that saw an annual price decline, price growth in other markets in the South and West remained sluggish. Dallas, Denver, Phoenix, and San Francisco all saw home prices grow less than 2% year over year in November. Meanwhile, New York City, Chicago, and Washington, DC, saw the biggest annual price gains, with home values in those markets growing 7.3%, 6.2%, and 5.9% respectively. 'Regional variation in the housing market means that buyers across the country face vastly different market conditions,' says senior economic research analyst Hannah Jones. 'Markets in the Midwest and Northeast continued to see substantial demand, resulting in sustained price growth in November, while the South and West continued to soften.' Returns for the Tampa market and the entire Southern region ranked in the bottom quartile of historical annual gains in data going back to 1988, according to Luke. 'Unsurprisingly, the Northeast was the fastest-growing region, averaging a 6.1% annual gain,' he says. On a monthly basis, home prices fell slightly in Seattle and Tampa from October to November, after accounting for seasonal adjustments. Prices rose on a monthly basis in the other 18 markets tracked by the index, led by Boston, where they increased 0.94%. Live Out Your Own 'Traitors' Reality: 5 Magnificent Estates That Rival the Stately Scottish Castle Where TV Drama Unfolds Futuristic $21 Million Concrete Beach Fortress Designed To Withstand the Elements Becomes the Week's Most Popular Home America's 'Most Expensive New Construction Home' Hits the Market in Florida for a Staggering $285 Million
