The Housing Market and the Economic Crisis

The Housing Market and the Economic Crisis

Back in September 2007, we devoted our first ever new ‘Inside Edge’ publication to examine the escalating sub-prime issue, and to predict how the financial instability was going to affect housing and community development in NYC. As the economic crisis became a reality, we have continued to use our expertise to conduct unique research and analysis to reveal the real impacts of the recession on the housing industry.

You can keep track of CHPC’s work in this issue here.

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Home prices continue to rise through the first quarter of 2016

Case-Shiller Update May 2016 CHART

The S&P/Case-Shiller Seasonally Adjusted Home Price Index rose 5.1% in the past year, ending in March 2016. In the last quarter of 2015, single-family home prices rose by 1.1%, followed by a 0.7% rise in prices during the first quarter of 2016. These increases follow a slight increase of 0.1% in the third quarter of 2015, which was preceded by a decrease of -0.4% in prices.

Since November 2015, New York’s single family home prices have been rising at a decreasing rate, until March 2016, where prices increased by 0.5%, up from a 0.2% increase in February 2016.

Home prices …

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NY home prices decline slightly

Case-Shiller 2015 SeptemberSingle-family home prices in New York declined by 0.1% in the third quarter of 2015 after remaining flat in the second quarter, according to new figures released for the S&P Case-Shiller Home Price Index. July saw a -0.3% decline from June, followed by no change in August and a 0.2% monthly increase in September.

Nationally prices increased 0.6% in the third quarter, up from -0.2% in the second quarter but down from 2.9% in the first.

Despite this slowdown, year-over-year price increases remained solid in September at 2.7% in New York and 5.5% nationally. New York was one of only …

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Home appreciation slows in second quarter

June 2015 figures for the Case-Shiller Home Price Index were released last week, showing single family home prices in New York rose just 0.1% in the second quarter (Q2) of the year. This is down from an increase of 1.7% in the first quarter (Q1), according to revised figures. The national 20-city index fell by -0.2%, having increased 2.9% during the first quarter.

There was an overall trend towards slower growth between Q1 and Q2, with some cities even experiencing price depreciation. After all markets appreciated in Q1, 11 markets depreciated in Q2 (Chicago and San Francisco experienced the strongest …

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National prices on par with NY

Single-family home prices in the New York area rose 2% in the first quarter of 2015, according to new seasonally adjusted figures for the Case-Shiller Home Price Index. Prices are up 2.7% in New York over the previous 12 months.

In comparison, the 20-city national index rose 3.1% in the first quarter and 5% over the previous year. The national index has been increasing at a faster pace than New York for at least the past year, finally catching up with it.

Speaking of the national index, a representative of S&P Dow Jones Indices indicated that home prices have also …

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Home price increases taper in 2014

Figures for the Case-Shiller Home Price Index through December 2014 show that single-family home prices (seasonally adjusted) appreciated 2% in New York in 2014, compared with 4.5% nationally. The appreciation happened in the first and last quarters of the year and compensated for six consecutive months of price depreciation between March and September, with a similar trend occurring nationally.

All cities ended the year with slower annual growth than they started it off, indicating that home prices tapered substantially in 2014. San Francisco saw annual home prices increase 23.2% in January, but ended the year with a 9.4% increase -the …

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New York Less Affected by National Decline in Home Values

Case-Shiller Home Price Index figures were released yesterday for August 2014. Seasonally adjusted home values in the New York metropolitan area fell by 0.2% in August, consolidating the fifth consecutive month of decline. Nationally, home prices declined 0.1%. Annual price changes since August 2013 are +3% in New York and +5.6% nationally.

Despite the decline in New York, home values remained more stable than in many of the markets that have seen strong growth recently. New York values are also among the closest to the 20-City composite index value, indicating that they do not significantly diverge from the national trend.…

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Annual home appreciation rates decline

Single-family home prices depreciated again in June, according to the latest data for the seasonally adjusted Case-Shiller Home Price Index, which was released last week. Prices in New York declined 0.1% from May, while the national 20-city composite index declined 0.2%. Since June of 2013 prices have increased by 4.3% in New York and 8.1% nationally, although year over year appreciation has been slowing down in recent months.

Non-seasonally adjusted data, however, revealed price increases from May to June of 1.6% in New York and 1% nationally, possibly as a result of the typical upswing in sales during the summer. …

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Home prices declined nationwide

The latest figures from the Case-Shiller Home Price Index were released today, indicating that in May home prices declined 0.2% in New York and 0.3% nationally (seasonally adjusted figures). Prices are still up 4.8% in New York and 9.3% nationally since one year ago.

This is the second consecutive month of price drops in New York after seventeen consecutive months of increases, although revised figures show the drop in April was lower than was initially reported. This decline also appears to be part of a wider trend: thirteen other cities saw lower prices in May than in April and the …

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April brings slump in New York home prices

Single-family home prices declined 0.3% in the New York region in April, the first slump in seventeen months according to the seasonally adjusted Case-Shiller Home Price Index. This was a significant decline from March, when prices increased 0.4%. Year over year price increases for New York declined from 6.5% in March to 5.4% in April. Nationally, home prices continued to increase in April but in most markets did so at a significantly lower pace than in March: the 20-city composite index increased just 0.2% in April compared to 1.2% in March, while year over year price changes were 12.3% in …

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Slow growth but high home prices

Single-family home prices continued to rise more slowly in New York than they did nationwide, according to the most recent figures of the Case-Shiller Home Price Index. In February prices increased 0.2% in the Big Apple metropolitan area compared to 0.8% for the national 20-city composite index. Year-to-year increases were 6.1% and 12.9%, respectively.

Increases in the national price index continue to be driven largely by the markets in Las Vegas, San Francisco, San Diego and Los Angeles, while price increases in New York are among the lowest in the country. Only the three California cities and Washington, DC, however, …

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