U.S. home prices end first half of year on an even stronger note, Radian Home Price Index reveals

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PHILADELPHIA CREAM – (COMMERCIAL THREAD) – Home prices in the United States rose in the first six months of the year at an annualized rate of 10.7%, according to Radian Home Price Index (HPI) data released today by Red Bell Real Estate, LLC, a subsidiary of Radian Group Inc. company (NYSE: RDN). The company believes the Radian HPI is the most comprehensive and timely measure of US real estate market prices and conditions available on the market today.

The Radian HPI also rose 10.2% year-on-year (July 2020 to June 2021), which was slightly higher than the 9.9% year-on-year increase recorded last month. The annualized increase represents the continuation of record annualized annualized gains over the past few months. The Radian HPI is calculated based on the estimated values ​​of over 70 million unique addresses each month, covering all types of single-family properties and all regions.

“In our last post, the Radian HPI reported that home prices had risen at the fastest annual rate in over a decade and a half, and that momentum has not yet stopped,” noted Steve Gaenzler, Senior Vice President of Data and Analytics. “In the second quarter, mortgage rates fell 30 basis points and economic growth accelerated, helping to further increase home prices nationwide. It’s safe to say that not all talk about the re-emergence of a “buyer’s market” is yet backed up by the most recent home price data. ”

Historically, the spring months help build inventory for the summer season. Over the ten years 2010 to 2019, the lightest month in national listing volume (December) averaged 1.3 million listed properties while mid-year (June) averaged 1.6 million properties listed. While listing activity has increased in each of the past four months, the June 2021 listing inventory was just over 968,000 units, more than 500,000 units below the historical average. of June. “Taken in their historical context, recent increases in supply represent very little consolation for buyers compared to existing price increases,” added Gaenzler.

NATIONAL DATA AND TRENDS

  • The median price of homes in the United States rose to $ 282,967 in June 2021

  • Home prices rose 11.7% annualized in the second quarter

Nationally, the estimated median price of single-family homes and condominiums reached $ 282,967 in June, compared to $ 280,002 recorded in May. In the United States, home prices rose 11.7% in the second quarter, a solid increase from the 9.4% increase in the first quarter.

In the United States, the demand for housing does not appear to be declining. June 2021 saw the second-highest number of real estate closings on record with more than 370,000 closed sales. And homes continue to close in record time. Nationally, the number of days between listing and closing has fallen to 69 days, the first time the measurement has been less than 70 days in recorded history.

REGIONAL DATA AND TRENDS

  • Results for the first half of 2020 are positive for all regions

  • All regions recorded growth of 10% or more in the past month

In the first half of 2021, four of the six regional indices recorded positive house price appreciation rates above 10.0% (annualized). While not as strong as these four regions, the Midwest and MidAtlantic still recorded significant appreciation rates of 8.6% and 7.8% respectively over the past six months. All six regions have experienced annualized appreciation rates above 10% over the past month (May 2021 – June 2021), indicating that recent growth in price appreciation is not slowing in any region of the country. Based on recent appreciation data, the median US home price has gained over $ 15,000 in equity so far in 2021. Even as the most expensive region, with a median estimate of over 500 $ 000, the Western region was the fastest growing region in the first half of 2021.

The MidAtlantic region recorded the slowest rate of appreciation in the first half of the year. While Maryland continues to lag behind other states in the region, New York and Pennsylvania have seen stronger home price dynamics in 2021.

In the South, home prices in hot markets for remote work outsourcing like West Virginia and North Carolina led the South in terms of appreciation rates during the first half of the year. During the same period, Virginia was the worst performer in the region.

The estimated median price of a home in Idaho, the fastest growing state in the United States this year, was $ 320,000 at the end of June, increasing by nearly 100,000 $ in the last year only. Along with Idaho, states of Montana, Washington and Colorado helped make the West the top performing region in the first half of the year.

METROPOLITAN REGION DATA AND TRENDS

  • Metropolises end the quarter in good health

  • 70 percent of the largest central statistical domains (CBSA) had a T2 similar or better than the T1

In June, all but one of the 20 largest metropolitan areas (Minneapolis, MN) recorded higher annual appreciation rates than the previous month. In the first six months of 2021, six of the 20 largest metropolitan areas in the United States experienced slower rates of price appreciation than in the first quarter. The remaining 14 posted unchanged or higher rates of appreciation quarter over quarter. Of the six subways with a weaker second quarter than the first, three were in California (Riverside, San Diego, San Francisco) and two in the MidAtlantic region (Washington, DC; Baltimore, MD).

ABOUT RADIAN HPI

Red Bell Real Estate, LLC, a subsidiary of Radian Group Inc., offers national and regional indices for download at radian.com/hpi, as well as information on how to access the comprehensive library of indices.

Additional housing market content is also available on the Radian Insights page at https://radian.com/news-and-knowledge/insights.

Red Bell offers the Radian HPI dataset as well as a customer access portal for content visualization and data extraction. The engine behind the HPI Radian has created over 100,000 unique data sets, which are updated on a monthly basis.

The Radian HPI Portal is a self-service data and visualization platform that contains a library of thousands of high-value indices based on both geographic dimensions as well as market or property attributes. The platform provides monthly updated access to nine different geographic dimensions, from national level to postal codes. Additionally, the HPI Radian provides unique insight into market changes, conditions and strength across several property attributes, including number of bedrooms and living area. To help improve clients’ understanding of granular real estate markets, the library is regularly expanded to include more insightful clues.

In addition to the services offered by its subsidiary Red Bell, Radian ensures the American dream of responsible and sustainable homeownership through products and services that include leading mortgage insurance and a full range of mortgages, risks , securities, valuation, asset management and other real estate services. The business is powered by technology, informed by data, and motivated to deliver new and better ways to deal with and manage risk. Visit http://www.radian.com to see how Radian is shaping the future of mortgage and real estate services.


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