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LATEST CORELOGIC ECON TWEETS

Home Sales Increased by 10 Percent Year Over Year in March

New Construction Led Increase at 24 Percent Year Over Year

Molly Boesel

Home sales increased by 10 percent year over year in March 2014[1] to a non-seasonally adjusted annual sales pace of 5.17 million, 31.5 percent higher than the 3.93 million pace reported for February. Large month-to-month increases in home sales were expected as we entered the spring selling season. In fact, over the past 15 years, the monthly sales percent increase from the month of February to the month of March averaged 27...

New Home Prices Are Not Rising As Fast As You Think

Increase in Size and Quality of New Homes Skews Prices Higher

Sam Khater    |    Housing Trends, Valuation

Between 2010 and 2013, new home prices increased 18 percent. The strong price appreciation partly reflects the very tight supply of new homes, but it also reflects the changing nature of homes being built. In 2010, the size of the typical new home sold was 2,392 square feet, but that rose to 2,598 square feet by 2013, a 9-percent increase (Figure 1). New homes not only became bigger, but they came with additional features such as more bedrooms, bathrooms, fireplaces, etc. Given that the...

Cash is All the Rage – A Closer Look at Condos Bought with Cash

Over 80 Percent Cash Share of Condos in Florida and Nevada

Thomas Vitlo    |    Housing Trends

On the Insights Blog we’ve highlighted the cash share data but what hasn’t been blogged about yet is the share for the condominiums* subgroup. The chart above hones in on the share of condos purchased using cash by the largest 25 states by total sales.

As of January 2014, Florida and Nevada have the highest cash share for condos across the country with shares of 81.2 percent and 80.5 percent respectively. These high rates could be because of several factors...

Cash Sales Share Ticks Up in January

Florida CBSAs Take Four Out of Five Top Spots for Cash Shares

Molly Boesel    |    Economic Trends

Cash sales made up 41.2 percent of total home sales in January 2014, down from 43.5 percent the previous year, but up from 38.4 percent from the previous month. The uptick in January was most likely due to normal seasonal patterns, as the January cash sales share has been higher than the December cash sales share in 13 out of 14 years captured in CoreLogic data. Prior to the housing crisis, the cash sales share of total home sales averaged approximately 25 percent. The peak occurred in...

Applications Don’t Measure Up to Originations

Declining Purchase Applications Don’t Imply Fewer Loans Originated

Mark Fleming

Today, the Mortgage Bankers Association released its weekly application survey. Total applications are down 56 percent from a year ago, but most of that decline is due to the reduction in refinance applications (down 70 percent year over year). Because of the increase in mortgage rates over the last year, the refinance index is back to levels not seen since the end of 2008. The purchase application index is also down (14...

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