Real Estate on the Rebound
Housing starts, existing-home sales, new-home sales and home prices are all on the rise, indicating that real estate markets nationwide may be coming out their slump.
Going Up
Yesterday, The Wall Street Journal covered the upswing in “Home Prices Rise Across the U.S.” by Nick Timiraos and Kelly Evans. Findings (click here — subscription required) included:
- Home prices in major U.S. cities have seen their first increase in three years, up in May 2009 from April 2009 (click here);
- After 34 months of decreasing home prices, Standard & Poor’s Case-Shiller Index, which surveys 20 metropolitan areas, has recorded an increase in home prices for the three-month period ending in May, compared to the three months ending in April;
- As of June, housing starts are up 3.6 percent from May, existing-home sales are up 3.6 percent from May, and new-home sales are up 11 percent from May. New- and existing-home sales have now risen for three consecutive months.
- Regionally, new-home sales increased by 29.2 percent in the Northwest, 43.1 percent in the Midwest, and 22.6 percent in the West.
The Sun is Shining in California
The California Association of Realtors recently released information on June’s real estate figures. The increases below indicate that the real estate market may be changing faces. Here is a link to the full story.
- In June 2009 existing home sales increased 20.1 percent from June 2008.
- The statewide median price of an existing single-family home increased 4.2 percent in June, compared with May 2009.
Surpassing Expectations
Home resales rose by 3.6 percent more than analysts expected. A full report from Reuters (click here) tells all.
— Lauren Varga
