After a strong finish to the first half of 2021, home prices
across the United States rose at an even faster pace in July as
compared to June. According to Radian Home Price Index (HPI) data
released today by Red Bell Real Estate, LLC, a Radian Group Inc.
company (NYSE: RDN), home prices nationally rose month-over-month
from June 2021 to July 2021 at an annualized rate of 14.7 percent.
The company believes the Radian HPI is the most comprehensive and
timely measure of U.S. housing market prices and conditions
available in the market today.
This press release features multimedia. View
the full release here:
Radian Home Price Index (HPI) Infographic
August 2021 (Graphic: Business Wire)
The Radian HPI also rose 10.9 percent year-over-year (July 2020
to July 2021), which was slightly higher than the year-over-year
increase recorded last month. Through the first seven months of
2021, the average monthly annualized increase was 10.7 percent with
each of the last three months reporting above average appreciation.
The Radian HPI is calculated based on the estimated values of more
than 70 million unique addresses each month, covering all
single-family property types and geographies.
“The addition of more active home listings into the market
inventory has not slowed the path of home price gains. Nationally
and in most local markets, homes sales volume remains at all-time
highs while supply is far below historic norms,” noted Steve
Gaenzler, SVP of Data and Analytics. “Home prices are not showing
any signs of softening or slowing their impressive gains of 2021.
However, while appreciation rates have continued to rise, price
affordability has declined. Even with recent reductions in mortgage
rates, consumers are buying into a less affordable market which may
impact future activity and price growth,” added Gaenzler.
NATIONAL DATA AND TRENDS
- Median home price in the U.S. rose to $286,434
- Home prices rose an annualized 13.1 percent over the last three
Nationally, the median estimated price for single-family and
condominium homes rose to $286,434. Across the U.S., home prices
nationally rose 13.1 percent over the prior three months, an
increase over the second quarter’s 11.7 percent increase. Homes
continue to sell briskly across the U.S. In July, the average
number of days a home was on the market prior to contracting for
sale dropped to 66 days, the shortest list-to-sale period on
record. In fact, homes that are listed but have not yet contracted
for sale have also set a record last month for the shortest number
of days on market. At only 85 days on market for actively listed
properties, the rate of turnover of homes continues to be buoyed by
lack of supply.
With the exceptions of only 2015 and 2020, in every year since
before the Great Recession, June has been the most active sales
contract month and July was the second most active. The same
pattern has emerged in 2021.
The average number of monthly home sales thus far in 2021 has
reached 305,000 per month. That is more than 10 percent higher per
month than the average 275,000 homes sold in each of the first
seven months of 2020.
And while listing volume has increased in each of the last eight
months, the number of listings remains significantly below prior
REGIONAL DATA AND TRENDS
- July gains were solid across all regions
- Regional sales and listing activity sets records
Similar to our national reporting, all six U.S. regions reported
positive price appreciation in residential housing markets in July
2021. Year-over-year increases in home prices ranged across the
regional landscape from 12.9 percent (West) to 9.2 percent
(MidAtlantic). Appreciation rates are higher over the most recent
months. The July appreciation rates annualized ranged from 12.7
percent (MidAtlantic) to 16.5 percent (South). In July, all regions
appreciated at annualized rates greater than 12 percent.
Demand was consistently strong across all regions as all six
regions notched record low days on market for sold properties. The
West region which carries the highest average sales price and the
highest estimated median sales price also recorded the shortest
days on market at 58. The MidAtlantic region took the longest to
sell, but still logged a record at 85 days.
Among the 51 states and territories the Radian HPI tracks, Idaho
continues to be the fastest appreciating state in the nation.
Nationally, states displayed a wide range of annualized
appreciation rates in July 2021 from the low of 5.4 percent in Iowa
to the high of more than 35 percent in Idaho.
METROPOLITAN AREA DATA AND TRENDS
- Pace of metro area gains eased in July
Across the 20-largest metro areas of the U.S, seven reported
slower price appreciation compared to the prior month. And, the
other four recorded rates were unchanged from the prior months.
Only nine of the largest metro areas recorded an increase in the
rate of home price appreciation from June. The Atlanta metro area
has the lowest estimated median price of the 20-largest metros
while San Francisco, the only metro with an estimated median of
more than $1 million dollars, has the highest.
ABOUT THE RADIAN HPI
Red Bell Real Estate, LLC, a subsidiary of Radian Group Inc.,
provides national and regional indices for download at
radian.com/hpi, along with information on how to access the
full library of indices.
Additional content on the housing market can also be found on
the Radian Insights page located at
Red Bell offers the Radian HPI data set along with a client
access portal for content visualization and data extraction. The
engine behind the Radian HPI has created more than 100,000 unique
data series, 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 by market, or
property attributes. The platform provides monthly updated access
to nine different geographic dimensions, from the national level
down to zip codes. In addition, the Radian HPI provides unique
insights into market changes, conditions and strength across
multiple property attributes, including bedroom count and livable
square footage. To help enhance customers’ understanding of
granular real estate markets, the library is expanded regularly to
include more insightful indices.
In addition to the services offered by its Red Bell subsidiary,
Radian is ensuring the American dream of homeownership responsibly
and sustainably through products and services that include
industry-leading mortgage insurance and a comprehensive suite of
mortgage, risk, title, valuation, asset management and other real
estate services. The company is powered by technology, informed by
data and driven to deliver new and better ways to transact and
Visit http://www.radian.com to see how Radian is shaping
the future of mortgage and real estate services.
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