Published on: Thursday, July 23, 2009
Written by: Diana Golobay
A majority of metropolitan statistical areas saw prices grow in May, according to tracking by Radar Logic. The price increases exceeded the growth expected from seasonal sales, which may mean the market is rebounding. For more on this, see the following article from HousingWire.
“The larger-than-average increase in home prices from April to May 2009 could indicate that seasonal price fluctuations do not fully account for the strength we are seeing in many areas and that seasonal gains are being augmented by a more general recovery in the housing market,” Radar Logic says in its RPX monthly housing market report.
Of 25 major metropolitan statistical areas (MSAs) tracked by Radar Logic, 22 — or 88% — posted month-over-month price gains in May.
The 25-MSA composite reading rose 3.7% overall since late March, when it hit its lowest point since the beginning of the housing crisis. Prices in the Western region performed “particularly well,” rising 6.9% since their low in late January.
“We have been observing strength in the RPX since April, and it now appears that this improvement in home prices was an early indicator of some strength in the general economy,” Radar Logic says.
The strongest monthly gains in price per square foot — the scale Radar Logic uses to eliminate the exaggerating effects of house size and location — occurred in the San Francisco (7.3%) and Minneapolis (5.5%) MSAs. The Milwaukee MSA followed with a 4.9% increase, while Charlotte and San Jose both gained 4.7%.
Only Atlanta, Las Vegas and New York took exception with the broader trend, posting monthly declines of 0.2%, 0.6% and 1.7%, respectively. Radar Logic attributed the price declines in Las Vegas and New York to the stron
Related Posts
- Home prices kept climbing even as existing home sales tanked last month
- Home prices could jump 5% in the next 12 months as high mortgage rates freeze the housing market, Zillow economists say
- The US housing market is set to cool this fall, setting up a rare opportunity for buyers as sellers slash prices, Zillow says
- Existing home sales sank to slowest pace in 30 years in 2023
- US pending home sales stuck at 22-year low despite dip in rates
- Homebuyers are ‘losing patience,’ no longer on the sidelines: survey
- Homebuyers can’t get a break as mortgage rates march back toward 7%
- We’re entering a brutal new era for the housing market
- Homebuilders are liking today’s housing market
- Homeowners Are Increasingly Reluctant to Sell, But Not For The Reason You’d Expect
- Housing market predictions: The forecast for the next 5 years