Key housing indices continue to point up suggesting that the U.S. housing market has bottomed after a six-year decline.
NAR in late July reported the national median existing-home price for all housing types was $189,400 in June, an increase of nearly 8% from a year ago. This marks four consecutive monthly price increases from a year earlier, which last occurred in February to May of 2006. June’s gain was the strongest since February 2006.
The S&P/Case-Shiller 20-city composite index released July 31 showed that home prices increased 2.2% in May representing the second straight month of price gains. All 20 cities in the index saw monthly gains.
CoreLogic reported Aug. 7 that home prices were up 2.5 percent in June compared to the previous year. This represents the fourth consecutive increase in home prices nationwide on both a year-over-year and month-over-month basis, according to company figures.
Said CoreLogic CEO Anand Mallathambi: “At the halfway point, 2012 is increasingly looking like the year that the residential housing turned the corner. While first-half gains have given way to second-half declines over the past three years, we see encouraging signs that modest price gains are supportable across the country in the second half of 2012.”
The road to recovery may not be smooth but, according to the indices, the journey has at least begun. Hooray!!
Here in the St Petersburg area we have seen many well priced and in good condition homes receive multiple offers within days of going on the market, much to the dismay of my buyers. Most of these homes seemed to be in the $100,000-300,000. Our inventory is lower than it has been in years.
(By the way, how was it decided that indices should be the plural of index? I always wondered how that came about. The English language is very interesting.)