Morning Briefing: US house prices up in January

by Steve Randall23 Mar 2016
US house prices up in January
House prices were up by 0.5 per cent on a seasonally adjusted basis from December 2015 according to the latest FHFA House Price Index. The agency also revised December’s rise upwards by 1 basis point to 0.5 per cent.

The strongest gain (1.7 per cent) was in the South Atlantic region comprising Delaware, Maryland, District of Columbia, Virginia, West Virginia, North Carolina, South Carolina, Georgia and Florida; followed by the West North Central states of North Dakota, South Dakota, Minnesota, Nebraska, Iowa, Kansas and Missouri (1.2 per cent.)

Middle Atlantic states - New York, New Jersey, Pennsylvania – saw a 1 per cent decline in prices month-over-month. The Pacific states of Hawaii, Alaska, Washington, Oregon and California saw no gains. The remaining states saw gains below 1 per cent.
 
Gains for sales, prices in Illinois
Realtors in Illinois report strong gains in both sales volume and prices in February. Despite lower inventory levels, a theme across much of the US right now, there were 8,528 sales in the state, up 5.7 per cent from February 2015.

"Illinois continues to see sustained growth in sales and median prices, indicating the market is poised for a strong rollout for the spring selling season," said Mike Drews, GRI, president of the Illinois Association of REALTORS® and broker-associate with Charles B. Doss & Co. in Aurora. "All signs point to sellers seeing intense interest from buyers who are competing in a market where there are fewer properties from which to choose."

The tight inventory, which was down 11.3 per cent to 56,563 homes, pushed median prices up 7.8 per cent year-over-year to $160,000. Days on the market dropped to 81 days from 90 a year ago.
 
Movie producer lists New York home for $39 million
An eighth-floor home in New York’s famous Dakota building has been listed by movie producer Jane Rosenthal for $39 million. The New York Post reports that the 5-bedroom, 7-bathroom home that the Meet the Parents producer and her ex, Craig Hatkoff, have listed is in the same building that was once home to Lauren Bacall for 53 years and current neighbors include Yoko Ono and Roberta Flack.

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