For those looking to take good news to ones clients, or those who have been on the fence deciding whether to purchase a new home, the typically morose Case Shiller report has some great news for you.
Outside of Detroit and Las Vegas, every one of the other 20 metro regions the study follows was up for the month of June in 2009. That reflects the sentiments we are hearing across the country.
All I can say is WOO-HOO!!!
Case Shiller June 2009 Report
Metro Area June09 May09-Jun09 Jun08-Jun09 Cleveland 106.38 4.2% -3.0% San Francisco 124.70 3.8% -22.0% Minneapolis 113.48 3.1% -19.8% Washington 174.32 2.8% -11.8% Dallas 119.68 2.7% -2.2% Boston 152.71 2.6% -5.9% Denver 126.92 2.5% -3.6% San Diego 147.31 1.6% -16.0% Atlanta 107.52 1.5% -13.7% Phoenix 104.73 1.1% -31.6% Los Angeles 160.90 1.1% -17.8% Chicago 124.99 1.1% -16.7% Portland 148.47 1.0% -15.2% Charlotte 120.66 0.7% -9.6% Miami 145.37 0.5% -23.4% Tampa 140.90 0.4% -19.5% Seattle 149.53 0.4% -16.1% New York 171.49 0.4% -11.9% Detroit 69.49 -0.8% -25.0% Las Vegas 107.31 -2.0% -32.4%
To download the full report, click here.
No related posts.
{ 14 comments… read them below or add one }
Very good information. It looks like there is evidence to support a substantial decline in areas that were historically investor driven.
Doesn’t surprise me, this just solidifies the rise in activity we’ve seen the last few months.
The latest news on property data and Home Prices should not come as a surprise and we should not begin celebrating an end to the crisis. In our article Cyclical, Seasonal and Emotional, we discussed the three critical phases of real estate selling patterns that have attributed to the housing bust.
The latest news and public records indicate that these critical phases are performing to historical levels. That is, the summer seasonal market is showing a correction to the cyclical change that began in 2007. Now the million dollar question is, will the fall seasonal market (which affects Florida, Arizona and Nevada) continue to show recovery or will the markets pause until the next “Selling Season in 2010?”
Our report: Housing in Crisis (published in March 2009 at the AccuriZ website under Real Estate Reports) addressed the broader issue of excess housing. Again, there is good news on this front. The excess housing is being absorbed at an annualized rate of about 1 million units. Having a glut of 5 million units at the end of 2008, this means we have another three to four years before the overall markets start to recover.
Housing Recovery is the focal point here. We predict that the Northeast will continue to show stability, with modest corrections in local markets from 3% to 5% through the end of 2010. The Midwest remains strong and will experience similar stability. In the five biggest areas where excess housing still dictates selling patterns, we are predicting that Arizona will recover sooner than sections of Florida and Vegas.
The latest news on the housing market is not a surpirse. Recovery and Stability are the focal points and we should start to see signs of this in the upcoming months.
The last column is what is telling. In every metro area, June of 2009 is still below June of 2008. How is that a recovery? Seasonally, as KGSII noted, June is pretty much always a busier month than May. That isn't news.
I would love to have great news for my clients, but this isn't it.
Glad to see my home turf of Washington, DC had a great quarter.
There are more indications that the economy is in the early stages of recovery. Even the National Association of Realtors is beginning to make encouraging conjectures in sync with Ben Bernanke’s assessment that the economy is beginning to turn around. Take all of the pieces of this puzzle and start putting them together. You’ll see a much prettier picture!
Thanks for all the info along with the interpretation
Well we are currently under 9000 available single family homes (resales) here in Vegas compared to ~over 21,000 a year ago:) (not counting the inventory banks are supposedly holding on to)
We are seeing a definite surge in sales and inventory is way down. Home prices have flattened out and in the lower price points they are starting to rise.
I am definitely not an optimist from where I sit. I sell apartment buildings here in NY. Further job losses and foreclosures will undo the improvements in the Case-Shiller numbers, assuming they are accurate and comprehensive. The New York Times, which was prominent in beating the drums warning about the impending real estate bubble, was surprisingly exuberant in reporting this story. NYT quotes Karl Case: “When I saw these numbers, I danced a jig,” said Karl E. Case, a co-developer of the index and an economics professor at Wellesley College. “It appears that the housing market is stabilizing quicker than people thought it would.” NYT waits until the last three paragraphs of its story for its on-the-other-hand cautionary note. WSJ, on the other hand, references Shiller’s caution up front in concluding that we’re out of the woods just yet. If unemployment numbers continue to kiss 10% for adult men, and foreclosures continue as more properties’ values go underwater, we’re probably not on the upslope of a V-shaped recovery. We’re probably approaching a double-dip recession. http://multifamilyinvestor.com/case-shiller-housi…
We are seeing inventory levels down to 2 weeks in some areas with multiple offers becoming the norm at lower price points.
The last column is what is telling. In every metro area, June of 2009 is still below June of 2008. How is that a recovery? Seasonally, as KGSII noted, June is pretty much always a busier month than May. That isn’t news.
Correct?
Case shiller is very accurate
The last column is what is telling. In every metro area, June of 2009 is still below June of 2008. How is that a recovery? Seasonally, as KGSII noted, June is pretty much always a busier month than May. That isn't news.
I would love to have great news for my clients, but this isn't