Weekly Newsletter: September 30 - October 6

My latest DC real estate newsletter for the week of September 30-October 6 contains the following updates on the local Washington Area housing market:

• CoreLogic reports District of Columbia home prices rise 5.5%.
  
• Clear Capital reports Washington *Metro Area* home prices up 12.2%.
  
• Nationwide low inventories and multiple bids are thwarting buyers.
  
• Study challenges the accuracy of Trulia and Zillow.
  
• Mortgage rates hit all-time record lows for third week.

For additional recent reports consult my newsletter archive. For updates throughout the week check out my Twitter feed. There you will find the latest information on Washington area real estate news including:

• market statistics
• sales figures
• new developments and projects
• buyer/seller advice

Contact me for more information on our local real estate market, and on buying or selling a home. I'm always available for your questions and happy to consult with you on your real estate needs.

  Ben Dursch  

202-288-4334 | Ben@EversCo.com

HStreetAgent@blogspot.com

H Street Area Open Houses: October 6-7

 

In the hyperlinks below I've attached open houses scheduled in and around H Street for the weekend of October 6-7, 2012.

• All results are sorted in order of list price for easy reference.


• Globe and camera icons next to individual listings show maps and photos.


• All property types are included: townhouses, semi-detached homes, condos/coops, single-family homes, etc.

H Street

• Sunday, October 7 - 7 opens

Bloomingdale,Truxton Circle, and Eckington

• Sunday, October 7 - 7 opens

Need more? I've also compiled a list of all DC, MD, VA open houses this weekend should your search parameters encompass other areas.

Monthly Housing Market Data

Every month several housing reports are released which include statistics on the Washington Metro Area market. Although each analysis employs differing methodologies with varying results, most show (as usual) the Washington Area to be one of the stronger housing markets nationwide.


October 2: The CoreLogic Home Price Index -- with data through August 2012 -- was released October 2. CoreLogic methodology shows Washington home prices rose 5.5% over August 2011. Nationwide, home prices gained 4.6%.


October 2: The latest Clear Capital Home Data Index Market Report -- with data through September 2012 -- was released October 2. Clear Capital's methodology shows home prices in the DC Metro area rose 12.2%. Home prices nationwide increased 3.6%.


September 26: H Street zip code 20002 is reported by the MRIS blog as one of nine Washington zip codes where the median sale price through August 2012 is the highest year-to-date level on record. The area includes the lowest days on market (well below the DC average of 26) and the highest list/sales price ratio.


September 25: The latest Standard & Poor's/Case-Shiller Home Price Index -- reporting data through July 2012 -- was released September 25. DC Metro Area home prices increased 3.7% over July 2011 compared to a nationwide increase of 1.2%.


September 27: The Pending Home Sales Index of the National Association of Realtors -- with data through August 2012 -- was released September 27. Total U.S. pending homes sales increased 10.7% over August 2011.


September 19: The National Association of Realtors existing home sales report -- with data through August 2012 -- was released September 19. Total existing home sales nationwide are 9.3% higher than August 2011. The national median existing-home price for all housing types is up 9.5% from a year ago.

September 10: The Real Estate Business Intelligence report on the DC Metro Area -- with data through August 2012 -- was released September 10. RBI methodology shows DC Metro home prices increased 8.1% over August 2011, sales rose 6.4%.


For more information on how to interpret sales statistics check out my recent blog post How to Evaluate Housing Reports which discusses important differences in research methodology and how it impacts numbers for the local Washington area.

*   *   *

Contact me for more information on our local real estate market, and on buying or selling a home. I'm always available for your questions and happy to consult with you on your real estate needs.

  Ben Dursch  

202-288-4334 | Ben@EversCo.com

HStreetAgent.blogspot.com

DC MD VA Open Houses: October 6-7

In the hyperlinks below I've attached open houses scheduled in MRIS this weekend for DC, Arlington, Alexandria, and the close-in Montgomery County suburbs.

• All results are sorted in order of list price for easy reference.
• Globe and camera icons next to individual listings show maps and photos.
• All property types are included: condos/coops, single-family homes, townhouses, semi-detached homes, etc.

Washington, DC

• Saturday, October 6 - 38 opens
• Sunday, October 7 -  254 opens

Arlington

• Saturday, October 6 - 18 opens
• Sunday, October 7 - 72  opens

Alexandria

• Saturday, October 6 - 9 opens
• Sunday, October 7 - 72 opens

Montgomery County
Bethesda, Chevy Chase, Potomac, Rockville, Silver Spring, Takoma Park

• Saturday, October 6 - 33 opens
• Sunday, October 7 - 211 opens

Monthly Housing Market Data

Every month several housing reports are released which include statistics on the Washington Metro Area market. Although each analysis employs differing methodologies with varying results, most show (as usual) the Washington Area to be one of the stronger housing markets nationwide.


October 2: The CoreLogic Home Price Index -- with data through August 2012 -- was released October 2.  CoreLogic methodology shows Washington home prices rose 5.5% over August 2011.  Nationwide, home prices gained 4.6%.


October 2: The latest Clear Capital Home Data Index Market Report -- with data through September 2012 -- was released October 2.  Clear Capital's methodology shows home prices in the DC Metro area rose 12.2%.  Home prices nationwide increased 3.6%.


September 26: MRIS blog "REsource" reports nine Washington zip codes have a median sales price through August 2012 that is the highest year-to-date level on record. The area includes the lowest days on market (well below the DC average of 26) and the highest list/sales price ratio.


September 25: The latest Standard & Poor's/Case-Shiller Home Price Index -- reporting data through July 2012 -- was released September 25. Case-Shiller methodology shows DC Metro Area home prices increased 3.7% over July 2011 compared to a nationwide increase of 1.2%.


September 27: The Pending Home Sales Index of the National Association of Realtors -- with data through August 2012 -- was released September 27. Total U.S. pending homes sales increased 10.7% over August 2011.


September 19: The National Association of Realtors existing home sales report -- with data through August 2012 -- was released September 19. Total existing home sales nationwide are 9.3% higher than August 2011. The national median existing-home price for all housing types is up 9.5% from a year ago.


September 10: The Real Estate Business Intelligence report on the DC Metro Area -- with data through August 2012 -- was released September 10. RBI methodology shows DC Metro home prices increased 8.1% over August 2011, sales rose 6.4%.


For more information on how to interpret sales statistics check out my recent blog post How to Evaluate Housing Reports which discusses important differences in research methodology and how it impacts numbers for the local Washington area.

* * *

Contact me for more information on our local real estate market, and on buying or selling a home. I'm always available for your questions and happy to consult with you on your real estate needs.

  Ben Dursch  

202-288-4334 | Ben@EversCo.com

HStreetAgent@blogspot.com

Freddie Mac: Mortgage Rates Fall to New All-Time Record Lows

Freddie Mac's weekly Primary Mortgage Market Survey -- released October 4 -- shows average fixed mortgage rates falling to new all-time record lows for the second consecutive week.

• 30-Year fixed rate mortgage averaged 3.36%, down from 3.40% last week and 3.94% one year ago

• 15-Year fixed rate mortgage averaged 2.69%, down from 2.73% last week and 3.26% one year ago

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Borrowers may still pay closing costs which are not included in the survey.

To compare and track average mortgage rates from previous weeks throughout the year consult Freddie Mac's Compilation of Weekly Survey Data for 2012.

Mortgage calculators to compare payments and equity:

• Freddie Mac
• Bankrate.com
• The Federal Reserve Board

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders.

Mortgage Refinance Applications Highest Since 2009

The latest Weekly Mortgage Application Survey of the Mortgage Bankers Association -- with data for the week ending September 28 -- was released October 3.

"Refinance application volume jumped to the highest level in more than three years last week as each of the five mortgage rates in MBA's survey dropped to new record lows in the survey,” said Mike Fratantoni, MBA’s Vice President of Research and Economics. 

Application Volume:

• The Market Composite Index, a measure of mortgage loan application volume, increased 16.6% on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index increased 17% compared with the previous week.
  
  
• The Refinance Index increased 20% from the previous week.  This was the highest Refinance Index recorded in the survey since April of 2009.
  
  
• The seasonally adjusted Purchase Index increased 4% from one week earlier. The unadjusted Purchase Index also increased 4% compared with the previous week and was 11% higher than the same week one year ago.

Interest Rates

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) decreased to 3.53% from 3.63%.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,500) decreased to 3.82% from 3.87%.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 3.37% from 3.44%.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 2.90% from 2.98%.

* * *

The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry. Its membership of over 2,200 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field.

For additional information, visit MBA's web site: www.mortgagebankers.org.

Clear Capital: DC Metro Home Prices Rise 12.2%

The latest Clear Capital Home Data Index Market Report -- with data through September 2012 -- was released October 2.

 

Washington Metro Area Home Prices

Washington Core Based Statistical Area (CBSA) is defined as the District, Arlington, Alexandria -- reports the following market changes:

• Washington Metro home prices rose 12.2% over September 2011.
• Home prices rose 5.1% on a rolling quarterly basis.

U.S. Home Prices

 

• Home prices nationwide increased 3.6% over September 2011.
• Gains of 1.8% were seen over a rolling quarterly basis.

 

Regional Home Prices

• West - prices advanced 9.4% over September 2011
• Northeast - increased 0.9%
• South - prices rose 3.2% over September of last year
• Midwest - home prices rose 1.5%

Clear Capital Methodology

• Generates indices in patent pending rolling quarter intervals that compare the most recent four month to the previous three months, significantly reducing the multi-month lag time experienced with other indices.
  
  
• Includes both conventional fair market sales and “institutional transactions” – short sales and foreclosures.
  
  
• Uses resales with multiple property types, including single-family homes, multi-family homes, and condominiums.

Clear Capital is a premium provider of data for real estate asset valuation and risk assessment for large financial services companies. The Company's customers include the largest U.S. banks, investment firms and other financial organizations.

CoreLogic: DC Home Prices Rise 5.5%

The CoreLogic Home Price Index (HPI®) -- reporting data through August 2012 -- was released October 2.

CoreLogic methodology shows U.S. home prices rose 4.6% over August 2011 -- the biggest year-over-year increase since July 2006.  August 2012 figures mark the sixth consecutive increase in home prices nationally on both a year-over-year and month-over-month basis.

District of Columbia Home Prices

• DC home prices rose 5.5% over August 2011 -- including distressed sales.
• Prices increased 5.2% over last year -- excluding distressed home sales.

DC *Metro Area* Home Prices

Washington-Arlington-Alexandria, DC-VA-MD-WV

• Prices rose 5.1% over August 2011 -- excluding distressed home sales.
• Home prices are up 4.8% -- including distressed home sales.

U.S. Home Prices

• Home prices increased 4.6% over August 2011 -- including distressed sales.
• Prices increased 4.9% over last year -- excluding distresssed sales.

* * *

Methodology

The CoreLogic HPI provides a multi-tier market evaluation based on price, time between sales, property type, loan type and distressed sales. The CoreLogic HPI is a repeat-sales index that tracks increases and decreases in sales prices for the same homes over time, including single-family attached and single-family detached homes, which provides a more accurate "constant-quality" view of pricing trends than basing analysis on all home sales.

A few points on the CoreLogic research methodology:

• Results reflect repeat sales of existing single-family attached and single-family detached homes only.
• New home builder sales are not included in the analysis.
• CoreLogic's data excludes condos and coops from review.

For a more detailed discussion of differences in research methodologies and resultant statistics take a look at my recent blog post How to Evaluate Housing Reports.

 

About CoreLogic

CoreLogic is a leading provider of consumer, financial and property information, analytics and services to business and government. More than one million users rely on CoreLogic to assess risk, support underwriting, investment and marketing decisions, prevent fraud, and improve business performance in their daily operations. The Company, headquartered in Santa Ana, Calif., has approximately 5,000 employees globally. For more information visit www.corelogic.com.

Read the full Home Data Index Report.