Talking Points …
- U.S. house price appreciation continued in May 2013, rising 0.7 percent on a seasonally adjusted basis from the previous month, according to the Federal Housing Finance Agency (FHFA) monthly House Price Index (HPI). In comparison to levels from a year ago, prices grew even more, rising 7.3 percent from May 2012. The U.S. index is 11.2 percent below its April 2007 peak and is roughly the same as the January 2005 index level.
- Due to a drop in distressed sales, equity home sales comprised four of every five home sales in California during June, according to data collected by the California Association OF REALTORS®. This is the highest share since December 2007.
- Twenty-one of the 36 reported counties showed a month-to-month decrease in the share of distressed sales, with San Mateo and Santa Clara each recording the smallest share at 7 percent for both counties in June, according to data from the California Association of REALTORS®. The combined share of all distressed property sales continued to decline in June, dropping to 20.1 percent in June, down from 21.8 percent in May and down from 42.2 percent in June 2012.
- The California Association of REALTORS®’ Pending Home Sales Index (PHSI) fell 6.4 percent in June to 114.3, down from 122.1 in May, based on signed contracts. Pending sales were down 5.5 percent from the 120.9 index recorded in June 2012.