Metro home prices stabilize, sales rise

TRD New York /
Aug.August 11, 2010 11:30 AM

The upward trend in home prices solidified in the second quarter of 2010 with more metropolitan areas showing increases from a year ago, aided by a rise in home sales driven by the homebuyer tax credit, according to a survey released today by the National Association of Realtors. In the second quarter, 100 out of 155 metropolitan areas — including New York City, Miami and Fort Lauderdale — had higher median existing single-family home prices compared to the second quarter of 2009. Total existing-home sales, including single-family and condo, rose 9.1 percent to a seasonally adjusted annual rate of 5.61 million in the second quarter from 5.14 million in the first quarter.

“All year we’ve been seeing relatively flat national home prices,” said Lawrence Yun, NAR chief economist. He noted that many recorded home prices were significantly depressed last year because of distressed homes sold at discount. “Now, as more normal, non-distressed home sales are occurring, the median price in many areas is showing higher values,” Yun added. “Prices in some areas remain below replacement construction costs, so even with an elevated supply of existing homes on the market we don’t expect any consequential movement in home prices for the foreseeable future.” TRD

 

Related Articles

arrow_forward_ios
State Senator Julia Salazar and Assemblymember Harvey Epstein (Credit: Getty Images)

Pols take aim at private equity with plan to tax mezz debt

Donald Trump with Rep. Emanuel Cleaver II, Rep. Ron Kind and Sen. Cory Booker (Credit: Getty Images, iStock)

Trump’s Opportunity Zone program is under investigation

Seattle, Washington (Credit: iStock)

Good luck buying an affordable home in these US cities

Staten Island City Councilman Joe Borelli and City Council Speaker Corey Johnson (Credit: Getty Images)

Gentrification tax? Pols pitch fix for “completely screwed” system

Rep. Alexandria Ocasio-Cortez and Governor Andrew Cuomo (Credit: Getty Images)

House votes to lift SALT deduction cap — but don’t celebrate

Home prices are on the rise, and homeowners are opting to stay in their homes longer (Credit: iStock)

Home prices accelerate nationally as owners stay longer

The Mountain States saw the fastest home-price growth of any region (Credit: iStock)

Millennials head west for housing, and institutional investors follow

Realogy CEO Ryan Schneider (Credit: iStock)

Realogy’s plan to stop the iBuyers from gaining a foothold in Chicago

arrow_forward_ios
Loading...