7 Places Where Home Prices are Falling - Local Records Office
LOCAL RECORDS OFFICE: Prices keep falling, The recovery in the U.S. property market has proved to be rough. National home prices still haven't returned to 2005 levels, according to Mark Seanner, chairman of the index committee at S&P Dow Jones Indices, who cites both new and existing home sales, says Local Records Office. “Many people predicted a huge surge in 2014, and we’re not quite seeing that,” says Don Frommeyer, president of the Association of Mortgage Professionals. Mortgage rates are up about a percentage point from last year, home prices are rising, housing inventory is low and the economy is still shaky, he says.
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While many Realtors remain confident about the expectation of sales of new and current homes and condos, a boost in mortgage interest rates, strict lending standards, and the continues withdrawal of investors from many major metropolitan areas have produced a triple threat for home sellers, says Daren Blomquist, vice president at RealtyTrac. “We’re already seeing some confirmation in a few markets that some prices are going into gloomy territory,” he says. The good news for those who do qualify for a mortgage: There are still aggressive priced homes for first-time buyers, From meyer says.
Here are 7 markets where existing home prices plunge — even slightly — in the first quarter, according to statistics released by RealtyTrac:
Oklahoma City, Oklahoma
House cost in Oklahoma City plunged 1% year-over-year in the first quarter after a 5% fall in the fourth quarter of 2013, according to RealtyTrac. Oklahoma had an intensely cold winter and greater health-care payments under the Affordable Care Act impacted some of her clients, says Ashley Pastor, real-estate agent with Dr. Francis Realty in Central Oklahoma. “I had individuals who qualified for one home, but who were not able to qualify for the same home after their insurance was adjusted,” she says. Frank Wenns the market to pick up in the second quarter and has seen “multiple offers” for one property. Meanwhile, institutional investors in Oklahoma have remained substantial. They accounted for 7.6% of all sales in the first quarter of 2014 versus 7.8% a year earlier.
Jacksonville, Florida
There was a 1% annual plunge in Jacksonville in the first quarter of 2014 after a 15% rise for both the third and fourth quarters of 2013, according to RealtyTrac’s sales price data, which is borrowed from public record sales deed data that includes all property transactions publicly recorded. “Homes are priced aggressive, but we have a higher demand than inventory,” says George Seers, spokeswoman for the Northeast Florida Association of Realtors. Seers says prices for new and existing condos and single-family homes (sold through a Realtor) actually rose 2.7% on the year in the first three months of 2014. However, RealtyTrac’s median prices are based on the sales price on the deed, which includes sales not listed on “Multiple Listing Services” — the industry’s main database that also includes data available only to licensed real estate agents — such as third party purchases at foreclosure auction and bulk transactions between investors.
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Tulsa, Oklahoma
Home prices in Tulsa fell 2% in the first quarter of 2014 after falling 3% in the third and fourth quarters of last year, according to RealtyTrac; prices went 6% higher in the second quarter of 2013. “That information is fairly accurate in reflecting the market as it applies to my experience,” says Patrick Tray, a Realtor in Tulsa. “I think we’ve been delayed by about six weeks for the spring selling season and I’m now seeing more houses come on the market. But the last quarter of last year was a very strange environment. There wasn’t much inventory out there but there wasn’t much demand either.” Retail investors have become more skittish in recent years and there’s a slight imbalance in market expectations, he says. “Buyers seem to be a bit more cautious and sellers seem to want a little more than the market can bear.” Institutional investors accounted for just 2.4% of all sales in the first quarter versus 10.3% a year earlier.
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