Home prices show monthly increase in June
August 5th, 2011 2:48am
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According to its Home Data Index Market Report, Clear Capital revealed home prices during the most recent rolling quarter showed a gain of 4.1 percent compared the previous three-month period.However, despite this improvement, prices are down 7.9 percent from June 2010 and 1.8 percent from June 2009.
While the nation's prices are down on a yearly basis, all four U.S. regions posted quarterly gains. Prices of homes in the Midwest were up 6.3 percent, followed by the Northeast at 5.2 percent, the South at 4.2 percent and the West at 0.7 percent. These increases are the first such quarterly improvements without the assistance of tax credits since 2006.
"Building off last month's minimal quarterly gains, prices continue to correct from winter's extended declines," said Alex Villacorta, director of research and analytics at Clear Capital. "Although this is encouraging, many markets are still near, or at record lows as REO saturation remains a significant proportion of all sales activity."
In terms of yearly prices, the Midwest, South and West all posted losses of at least 7.3 percent. The Northwest's market settled at a loss of 2.9 percent.
While prices may be down in the South, a recent report from the Federal Reserve Bank of Dallas showed a significant number of new jobs in Texas during June, which could spur more real estate activity in the Dallas and Houston real estate markets.
Courtesy of 2M Realty News
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