Despite improved quarterly figures, home prices still struggle to recover

New York /
Aug.August 05, 2011 09:42 AM

Though national home prices posted 4.1 percent quarter-over-quarter gains on improved summer numbers, year-over-year declines reveal that markets are still trying to find their footing, according to July 2011 Home Data Index from Clear Capital, released today.

The gains of 4.1 percent, the second consecutive month of positive price gains, represent an improvement over June’s 0.9 percent rolling quarter uptick but they have not been enough to alter the broader housing picture, Alex Villacorta, director of research and analytics at Clear Capital, said.

“Building off last month’s minimal quarterly gains,” he said, “prices continue to correct from winter’s extended declines. Although this is encouraging, many markets are still near, or at record lows as [real estate-owned] saturation remains a significant proportion of all sales activity.”

Northeast markets bucked the trend of year-over-year price declines, the report shows, with the broader New York City area posting positive growth year-over-year. Orlando, Fla. and New York, N.Y. both made it onto a list of top performing U.S. markets, ranking 14th and 15th respectively, both displaying quarterly growth of 6.7 percent.

All four U.S. regions are still experiencing yearly declines, the report shows. The Midwest was hit the hardest, experiencing a decline in price of 13.1 percent.

The national REO saturation rate, now at 28 percent, is improving, down 5.7 percent from last quarter.
— Katherine Clarke


Related Articles

arrow_forward_ios
KPMG chief economist Diane Swonk (Getty Images, KPMG, YouTube/LAI)
US home prices falling 15% looks “conservative”: KPMG
US home prices falling 15% looks “conservative”: KPMG
Case-Shiller, Home Prices, Housing Market,
U.S. home prices declined in August with record drop
U.S. home prices declined in August with record drop
Residential Real Estate, South Florida Real Estate, Florida, Home Sales, Home Prices
Investors eye Florida homes damaged by Hurricane Ian
Investors eye Florida homes damaged by Hurricane Ian
(Photo Illustration by The Real Deal with Getty)
Economists predict “ugly” fourth quarter for US housing market
Economists predict “ugly” fourth quarter for US housing market
(Illustration by The Real Deal with Getty Images)
Home prices cooled at historic rate in July
Home prices cooled at historic rate in July
Martha’s Vineyard, home prices, inflation
On Martha’s Vineyard, even doctors priced out of homes
On Martha’s Vineyard, even doctors priced out of homes
Residential Real Estate, Housing Market, Home Prices, Case-Shiller
Home price growth continues to slow
Home price growth continues to slow
(iStock/Illustration by The Real Deal)
Good news: NYC now only the 3rd least-affordable U.S. housing market
Good news: NYC now only the 3rd least-affordable U.S. housing market
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...