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More Signs That Home Prices are Steadying
For the first time since the summer of 2006, the analysts at S&P/Case-Shiller have detected price increases from April to May in 17 of the 20 metro areas they follow.
Month-to-month statistical changes can be blips, not the start of trends, and Case-Shiller still reports a 17 percent annual decrease in home prices nationwide. Still, any hint of a turnaround is worth notice. David M. Blitzer, chairman of S&P's Index Committee, called it "the first time we have seen broad increases in home prices in 34 months. This could be an indication that home price declines are finally stabilizing."
For the Washington metro area, they reported a 1.3 percent price increase compared to April, which followed a 0.8 percent increase the month before. The annual change, however, is still down 14.9 percent.
By Elizabeth Razzi |
July 28, 2009; 11:26 AM ET
| Category:
Statistics
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The economy
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The market
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Posted by: cavatellie | July 28, 2009 2:52 PM
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I think the key indicator though is still annual change.
This is usually the months that people move to settle into new schools for their kids, jobs, etc...lets see what Sept-Dec brings (which I believe will be more declines as the commercial real estate time bomb becomes more pronounced).