1. In the red-hot Washington, D.C. real estate market, a home in the 800 block of Fourth Street NE that was listed for $337,000 received 168 bids and sold for $761,000! Bidding wars are now common in the DC market as the average marketing time has fallen by 30% over the last year to 53 days, and the median home price has increased 14%.
2. In the Miami area, sales of existing homes and condominiums jumped 23 percent in November from a year earlier, while the median price of an existing condo surged 31.7 percent to $158,000 and the median price for single-family homes rose 15.9 percent to $195,000.
3. The Federal Housing Finance Agency (FHFA) reported this week on its House Price Index (HPI) for October, based on the purchase prices of houses involving conforming, conventional mortgages purchased or securitized by Fannie Mae or Freddie Mac. According to the HPI, home prices increased in October by 5.6% compared to a year ago, which was the largest annual gain in U.S. home prices since June 2006, more than six years ago. The year-over-year increase in October was the ninth consecutive month that home prices have increased on an annual basis. The last time home prices increased for that many consecutive months was back in 2006-2007.