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Home arrow News arrow North America arrow Downward trend in US property prices slowing, latest index suggests

Downward trend in US property prices slowing, latest index suggests

Friday, 10 June 2011

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Residential property sales prices in the US continued a downward trend in May, but only half as far and half as fast as in April, according to the latest report from Clear Capital.

Its latest Home Data Index shows that nationally prices fell 2.3% quarter on quarter and year on year they were down 7.6%.

The weakest market was the Detroit Metropolitan Statistical Area with a quarter on quarter change of -13.2%.

‘The latest Market Report results through May suggest that home prices are starting to ease back from the heavy declines seen over the winter,’ said Alex Villacorta, director of research and analytics at Clear Capital.
 
‘We are still far away from the strong demand needed to fully turn things around for the housing market; however, it is clear from the initial spring sales data that prices are softening, suggesting stabilization in the market,’ he explained.

‘The saturation rate has leveled off after climbing 10% since July 2010, with the latest data showing national REO saturation holding steady at 33%. The median price paid for distressed properties has risen over the past three quarters, which is a good sign that the REO market segment is seeing increased activity toward the upper end of this space,’ he added.

As winter home prices are replaced with early spring numbers, individual markets are showing signs of recovery. All 15 of the highest performing markets posted improved quarterly gains compared to last month's report. Peak REO saturation rates have subsided for now and the beginning of the typically positive spring and summer buying season have again started leading the quarterly price changes in a positive direction.
 
Washington, D.C., Pittsburgh and New York experienced both positive quarterly and yearly price changes. The majority of local markets, however, are still experiencing yearly declines off of last year's federal tax credit highs. Additionally, all markets except for Miami, New York, Virginia Beach and Washington D.C. saw yearly price changes deteriorate from last month's report.

Clear Capital's improving price trend moved in the same direction as Altos Research's May report which found prices were actually up 8.7 percentage points over the March trough. The difference in the two reports may stem in part from the fact that Altos' numbers are based on new listing while Clear Capital says its data is built on closed sales information available from recorder/assessor offices, which may reflect offers made months ago, and then further enhanced by the company's proprietary streaming market data.


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