Real Estate Report - Home Prices Increasing Nationally and in Raleigh
S&P/Case-Shiller Home Price Indices show a 6.8% increase in national home values since the bottom of the market.
Home prices saw a very definite increase in the second quarter of 2010. Good news for homeowners and those looking to sell.
- 2010 second quarter values increased 4.4% versus the first quarter.
- Home values have increased nationally by 6.8% since the first quarter of 2009 (the bottom point of the housing market)
- 17 of 20 areas evaluated saw home prices increase in June 2010 versus May 2010.
- Only one of the 20 areas evaluated in the S&P/Case-Shiller Home Price Indices showed a decrease in June versus May, Las Vegas.
- Two areas were flat, Seattle and Phoenix.
- The other 17 areas showed value increases.
According to all data from the S&P/Case-Shiller Home Price Indices, it appears the bottom of the housing market occured in the first quarter of 2009. As always, some areas saw a significantly higher rise during the bubble market, and thus saw a significantly steeper drop during the past few years.
Raleigh remains one of the strongest markets in the nation.
Trulia shows an 8.6% increase in Raleigh, year over year, for median sales prices in the June-August time period.
About the S&P/Case-Shiller Home Price Indices: The S&P/Case-Shiller Home Price Indices are constructed to accurately track the price path of typical single-family homes located in each metropolitan area provided. Each index combines matched price pairs for thousands of individual houses from the available universe of arms-length sales data. The S&P/Case-Shiller National U.S. Home Price Index tracks the value of single-family housing within the United States.
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Prices may indeed be going back up, but in Staten Island, VOLUME (sales) is down 30%. Not good for sellers.
Case Shiller is worthless for my area. It includes Washington, D.C., Maryland, Virginia and West Virginia. Four distinct market areas.
Once a market report crosses state lines, it becomes worthless, IMO.
Kenneth Cole is correct. Average price up/Volume down.
Kenneth and Lenn - thank you for your comments. It is very interesting that Case Shiller is showing positive numbers, after several years of showing negative growth on a national level.
Yes, volume has been down in June and July, but was also up significantly in April and May due to the tax credit. And we've just gotten August's numbers in, with the number of housing starts and pending sales showing a significant improvement from June and July.
Personally, we're seeing a great deal of activity, and with the record low interest rates and financing available, there's a lot of excitement about the opportunities that may not be available much longer.
As always, real estate is local. Fortunately the Raleigh area has not seen the kinds of decreases common in many other markets that saw bubble growth.