Another Index Rising
Home sellers like reading the happier news these days, and buyers don’t mind thinking that it’s safer to jump in. The lower volume could make for more volatile swings though – in either direction! From dsnews.com:
One recent price index puts the July increase for prices at 0.9 percent, with prices achieving their first sustained recovery on a year-over-year basis since the market went bust in 2007.
According to FNC, which recently released the Residential Price Index, property values also went up in July, securing gains for the fifth straight month.
More notably, the index shows that for the first time since the housing market collapsed in 2007, home prices are beginning to recover on a year-over-year basis, highlighting a major turning point in market trends.
Home prices also ticked up more than 4.6 percent since January this year, the firm said.
Figures for indices covering prices across the country and 40 metro areas revealed a sustained pickup, with home prices gaining cumulatively by 3 percent over the last three months.
The firm found two much larger indices reporting 12-month highs, with positive growth marking a first in five years. Prices rose in several cities, including San Francisco (4.4 percent), Detroit (3.6 percent), Boston (3.4 percent), San Diego (2.2 percent), and Riverside (2 percent).
Chicago showed signs that it may be suffering from a seasonal setback, according to FNC, with prices down 0.9 percent in the Windy City.
Roughly half of the markets showed signs of growth, helped along by Phoenix (10.1 percent), Detroit (7.2 percent), Houston (5.8 percent), Miami (4.3 percent), and Dallas (4 percent).
Some of the same cities also saw prices appreciate. Those included Detroit (10.1 percent), San Francisco (9.1 percent), Dallas (8.7 percent), Boston (8.1 percent), and Washington, D.C. (7.7 percent), FNC said.