Spring into Summer: Housing
Prices Heat Up in New City
845 544 4026
When I
update New City readers about the latest news in housing prices, it’s usually
not as ‘latest’ as I’d like. The reason is that there is a delay in most of the
truly reliable indexes that measure housing prices. The big indexes are
national (New City housing prices are another matter), and they have a built-in
two-month delay. Spring into Summer: Housing Prices Heat Up in New City
We can look
at trends and directions, but if there is a change afoot, we won’t be sure of
that for about 60 days. Spring into Summer: Housing Prices Heat Up
in New City
Last week, The
Wall Street Journal found a way to present unusually fresh numbers.
Reporter Nick Timiraos ignored the S&P/Case-Shiller Index, which reported
statistics from back in March, and leapfrogged into April with the first solid
news about our much-anticipated spring selling season. Spring into Summer:
Housing Prices Heat Up in New City
It shows a
startling 2.7% one-month increase: the largest March-to-April gain in any of
the 17 years since the series was first reported.
“The monthly
gain blew away all past Aprils,” said an economist at Credit Suisse. The basis
of the reports comes from last Wednesday’s release of the Bureau of Labor
Statistics’ producer-price index, which measures prices in the whole economy
(at least as seen by manufacturers and wholesalers). It’s a backdoor way to
gauge housing prices when you examine prices received by real estate agents. Spring
into Summer: Housing Prices Heat Up in New City
The numbers
showed a 9.1% gain over housing prices from a year ago…and remember, big price
rises were already happening by then. The takeaway, per the Journal,
“Don’t be surprised to see continued increases in prices and sales in the next
batch of housing reports.”
Professors
Case and Shiller are certainly standing by to give us those. And in case you
would like a more locally focused update on our recent New City housing prices,
I’m standing by, too — why not give me a call today? Marcella 845 544 4026 or
email me at riggsmarcella@gmail.com or
click here to see what’s happening in the market in New City NY! Spring
into Summer: Housing Prices Heat Up in New City
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